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LEKOIL Announces Independent Technical Study of OPL325

Source: 1/31/2018, Location: Africa

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LEKOIL, the oil and gas exploration, development and production company with a focus on Africa, announces the completion of a Technical Evaluation Report for OPL325, located offshore in the Dahomey Basin, straddling the western Niger Delta, 50km south of OPL310. The Company holds 62% equity interest in OPL325, through Ashbert Oil and Gas Limited.

Oil and gas industry specialists Lumina Geophysical ("Lumina") carried out a geophysical evaluation of approximately 800 sq km of 3D seismic data provided by LEKOIL. As a result of this seismic review, Lumina have identified and reported on a total of eleven prospects and leads on the block, estimated to contain potential gross aggregate Oil-in-Place volumes of over 5,700 mmbbls (un-risked, Best Estimate case).

Lumina's efforts focused primarily on the Paleocene section of the block, generating new structural and stratigraphic maps using 3D pre-stack time migration seismic data. These maps were used in the volumetric approach to come to an estimation of potential resources in OPL325.

The Company intends to farm-down a portion of its working interest in OPL325 following a detailed prospect/lead risking study.

Lekan Akinyanmi, LEKOIL's CEO, said, "This independent report underlines our belief in the prospectivity of this asset that was part of our original Dahomey Basin study. The deep water turbidite fan play is particularly exciting for OPL325. As one of LEKOIL's key assets, we are delighted to have third party endorsement of our prospective resources, and our significant equity holding in the block gives us plenty of optionality for the next phases of exploration."

Review by qualified person

Samuel Olotu, Chief Technical Officer, and technical expert for the Company, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person under the AIM Rules. Mr. Olotu holds a BSc degree in Geology and an MSc in Geophysics from the University of Ibadan, and has over 20 years' experience in the oil and gas industry (ranging from asset management, field development, reservoir management and seismic data processing and interpretation) in Nigeria, Europe, Middle-East and Asia. He is a member of the Society of Petroleum Engineers, Society of Exploration Geophysicists, the National Association of Petroleum Explorationists and the Nigerian Mining and Geosciences Society.

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