Optimum Petroleum and Lekoil have reached a resolution on the appraisal and development program at the Ogo discovery located in OPL 310 block offshore Nigeria.
This, is however subjected to receiving an extension of the OPL 310 license from the Ministry of Petroleum Resources for the Block and the companies securing the necessary funding for the program. Both companies have agreed to drill two additional appraisal-development wells, contingent on the results of the initial two-well appraisal campaign and the associated extended well tests to be undertaken.
When granted, the OPL to OML conversion is expected to extend the license by twenty years.
Lekan Akinyanmi, Lekoil CEO, commented, “We are pleased to have come to an understanding with Optimum, the operator of the OPL 310 Block. We look forward to working closely with them to unlock significant value for our investors and all stakeholders, not only with the appraisal potential identified at Ogo, but also with the other promising exploration leads readily identifiable in the OPL310 Block.”
Yusuf K. N’jie, Managing Director, Optimum Petroleum, commented, “We are pleased to be moving forward alongside our partner, Lekoil, toward the appraisal and development of OPL 310 and look forward to a successful campaign, achieving our collective objectives for the benefit of our respective stakeholders.”