Lekoil confident of finance to fund OML 113 stake acquisition

Nigeria-focused Lekoil has expressed confidence over its ability to access capital to fund the proposed acquisition and associated capital expenditure related to the Oil Mining Lease (OML) 113.

The company, in its recently announced first interim results since listing on AIM market of the London Stock Exchange, said the high impact Ogo-1 well located on the OPL 310 licence offshore Nigeria discovered a significant light oil accumulation, and work is now underway on a side-track, after which testing will commence.

Lekoil is also in discussions regarding the acquisition of a 6.502 percent interest in an adjacent block, the OML 113 offshore Nigeria, which includes the Aje field, for which it is expected to pay about $30 million.

By: FEMI ASU