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Memorandum of Understanding Signed with General Electric for Ogo Work Programme in OPL310

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on West Africa, is pleased to announce it has signed a Memorandum of Understanding (“MOU”) with GE Oil & Gas (“GE”), a subsidiary of General Electric Company (NYSE: GE) for the development of a work programme for the Ogo field in OPL310. 

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Update on Ministerial Consent for OPL 310

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on West Africa, provides an update on the status of its applications to receive Ministerial Consent for its original 17.14% farm-in stake in OPL 310, completed in 2013 (the “Initial Interest”), and its further 22.86% interest in OPL 310 acquired in December 2015 via the acquisition of the entire issued share capital of AIOGL (the “Further Interest”). 

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Welcome to LEKOIL...

Lekoil is an Africa focused oil and gas exploration and production company with interests in Nigeria and Namibia. The Company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.



  • On 17 May 2013 Lekoil successfully listed on the AIM market of the London Stock Exchange with a US$50million fundraising.

  • Results of the significant discovery at the Ogo-1 well and subsequent sidetrack suggest potential net recoverable resources of 232 mmboe (P50) and 354 mmboe (P10) to Lekoil Nigeria with additional upside potential expected in the synrift play.

  • Post IPO, Lekoil announced further fundraisings with gross proceeds of approximately US$120 million to fund the drilling completion and testing of the Ogo-1 well and the Ogo-1 sidetrack.

  • A 3D seismic programme, designed by the partners in OPL 310 - Lekoil, Afren Plc and Optimum Petroleum Development Ltd – commenced on 20 March 2014 to cover the remaining 80% of the block.

  • Announced on 19 May 2014: the acquisition of a 40% interest in the Otakikpo Marginal Field, in OML 11 in Nigeria, adjacent to the shoreline, with estimated 2C resource estimates of 56.75mmbbls. 

  • Otakikpo Marginal Field scheduled to begin production in Q1 2016.

  • Announced on 27 October 2015: the acquisition of Interest in OPL 325, Offshore Nigeria.

  • Announced on 28 October 2015: the completion of US$46 million Placing.

  • Announced on 1 December 2015: the acquisition of Afren’s Interest in OPL 310,  consolidating Lekoil's Participating Interest to 40% pending Ministerial Consent.

  • Majority owner of Blocks 2514A&B in Namibia.