LEKOIL Starts Continuous Production at Otakikpo

Source: www.gulfoilandgas.com 2/20/2017, Location: Africa

LEKOIL, the oil and gas exploration, development and production company with a focus on Africa, is pleased to announce that further to the announcement on 8 December 2016, the six kilometre offshore pipeline leading from the storage tanks to the tanker offloading manifold has been completed and commissioned. All onshore facilities and the offshore pipeline have been fully commissioned and signed off by the regulators. Continuous production has now commenced from the Otakikpo Marginal Field (Otakikpo) in OML 11, jointly developed by Green Energy International Ltd as the Operator and LEKOIL as technical and financial partner.

Initial production (from the four production strings across both wells Otakikpo-002 and -003) is in line with company expectations. Initial production rates are 5,000 bopd, per current regulatory approvals for production commencement. As is customary for a new field, the Company will now focus on gathering production data and optimizing well performance. With regular exports underway, the Company is focused on ramping up to production of 10,000 bopd by end of Q2 2017.

Lekan Akinyanmi, LEKOIL's CEO, said: "LEKOIL is now a producing company. I would again like to thank the entire team that has worked so hard on this project, our partner Green Energy, our investors and debt financiers, our host communities and our government regulators for their continuing support. The Otakikpo project began in a swamp location with no infrastructure and our team delivered production in under two years with, importantly, nearly 915,000 hours without any lost time injuries. I am extremely proud of our people's achievements."

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