Lekoil, the oil and gas exploration firm focused on Africa, has reported a significant upgrade to 2C oil reserves estimates for Lekoil Nigeria’s 40 per cent interest in the Otakikpo field offshore Nigeria.
Lekan Akinyanmi , Lekoil’s CEO, said, “As the Technical & Financial Partner, we are very pleased that AGR TRAC’s review has confirmed our initial view of the attractiveness of the Otakikpo project. This CPR increases estimated unrisked oil resources net to Lekoil by over 45% and has reinforced the economics of the development. This is a robust project that will provide us with near term production, cash flow and exploration upside as we continue to pursue our wider goal of becoming a much larger, Africa-focused E&P company.”