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US$50m invested in drilling appraisal well and sidetrack

Recoverable resources

P50 gross recoverable resources attributable to LEKOIL of 232 mmboe

Nigeria Dahomey Basin OPL 310

LEKOIL commissioned a regional basin study and identified the Dahomey Basin block OPL 310 as a key target.

In 2013, we invested $50M in drilling an appraisal well and sidetrack targeting Eko, Agege and the Syn-rift prospects. The result was a significant discovery in the Ogo prospect.

Based on data from the vertical and side track wells, revised estimates for the P50 gross recoverable resources attributable to LEKOIL from the Ogo field were identified as being 232 mmboe (P50) from gross recoverable resources of 774 mmboe. This far exceeds the expected pre-drill estimate of 202 mmboe.

Additionally, Syn-rift leads identified within OPL 310 are expected to contain light oil or condensate-rich gas, and further shallow water leads are being explored. Seismic processing and interpretation is now complete, to be followed by an appraisal well.

December 2015

Lekoil agrees to acquire Afren’s 22.86% participating interest (40% economic interest) in OPL 310, increasing LEKOIL’s consolidated participating interest from 17.14% to 40%, subject to Ministerial Consent, and will become the technical and financial partner. Optimum Petroleum Development Company, the operator and local partner in OPL 310, retains a 60% participating interest.

The OPL 310 Acquisition allows the OPL 310 partners to progress with exploration activities and field appraisal planning, following a delay caused by Afren’s insolvency and administration processes.

Asset overview  
Asset stage Exploration
Participating interest* 40 per cent
Reserves LEKOIL net recoverable estimates of ~232mmboe (P50) from the Ogo prospect only
LEKOIL operating status Non-operated stake (Technical and Financial Partner)
Transaction status requirements Executed farm-in agreement with Afren

*Subject to Ministerial Consent