Lekoil Ltd (LEK)


Lekoil starts continuous production at Otakikpo

Lekoil has started continuous production at Otakikpo following completion and commissioning of the six kilometre offshore pipeline leading from the storage tanks to the tanker offloading manifold.

Otakikpo is sited in a coastal swamp location in oil mining lease (OML) 11, next to the shoreline in the south-eastern part of the Niger Delta is being jointly developed by Green Energy International Ltd as the operator and Lekoil as technical and financial partner.

Lekoil said initial production (from the four production strings across both wells Otakikpo-002 and -003) was in line with expectations.

Initial production rates are 5,000 bopd, per current regulatory approvals for production commencement.

The company will now focus on gathering production data and optimising well performance.

With regular exports under way, the company is focused on ramping up to production of 10,000 bopd by end of Q2 2017.

Lekoil also announced that it has appointed Bruce Burrows as chief financial officer with effect from 27 February.

Burrows has been the CFO of Seven Energy, a private integrated gas company in south east Nigeria, with upstream oil and gas interests in the region, for the past six years.

Prior to Seven Energy, he was finance director of JKX Oil & Gas for 14 years.

At 9:24am: (LON:LEK) Lekoil share price was 0p at 25.5p