Lekoil starts continuous production from Otakikpo

… Production ramping up to 10,000 bopd .

Lekoil, the oil and gas exploration and development company with a focus on West Africa, has announced commencement of continuous production from the Otakikpo Marginal Field (“Otakikpo”) in OML 11. This follows the completion of a six-kilometer offshore pipeline leading from the storage tanks to the tanker offloading manifold at the Otakikpo field. The company also stated that all onshore facilities and the offshore pipeline have been fully commissioned and signed off by the regulators.

Otakikpo field is in the southern part of Oil Mining License 11 about 35 km east of the Bonny export terminal. The field is jointly developed by Green Energy International Ltd as the Operator and Lekoil as technical and financial partner.

Lekan Akinyanmi, Chief Executive Officer of Lekoil said, “Lekoil is now a producing company.  I would again like to thank the entire team that has worked so hard on this project, our partner Green Energy, our investors and debt financiers, our host communities and our government regulators for their continuing support.  The Otakikpo project began in a swamp location with no infrastructure and our team delivered production in under two years with, importantly, nearly 915,000 hours without any lost time injuries.  I am extremely proud of our people’s achievements.”

Akinyanmi further stated that initial production (from the four production strings across both wells Otakikpo-002 and -003) is in line with company expectations.  According to him, “Initial production rates are 5,000 bopd, per current regulatory approvals for production commencement.  As is customary for a new field, the Company will now focus on gathering production data and optimizing well performance.  With regular exports underway, the Company is focused on ramping up to production of 10,000 bopd by end of Q2 2017”.