Gulf Oil and Gas accountACCOUNT

OPL 310 Licence Extension Terms Fulfilled

Source: www.gulfoilandgas.com 10/31/2019, Location: Africa

LEKOIL, the oil and gas exploration and development company with a focus on West Africa, announces that it has paid the US$7.5 million license extension fee for OPL 310 ("the Block") as mandated by the Federal Government of Nigeria and Ministry of Petroleum Resources, and previously first announced on 6 September 2019. The Company funded this payment from a mix of existing financial resources and debt facilities.

In addition, LEKOIL has paid in full the balance of outstanding G&A arrears of approximately US$3 million together with US$1 million of the US$5 million Operator's fee due to its partner on the Block, Optimum Petroleum Development Company ("Optimum"), as announced on 30 August 2019. The balance of this fee (US$4 million) is now due by 2 February 2020, which the Company expects to fund from a combination of existing financial resources and a potential funding partner, as previously announced.

Lekan Akinyanmi, LEKOIL's CEO, said, "We are pleased with the positive momentum being created with our partner Optimum and the Federal Government of Nigeria in taking the Block forward. We continue to expect to unlock significant value in this asset for all stakeholders involved, who we thank for their patience and support."

For more information about related Opportunities and Key Players visit West Africa Projects

Financials and Investment News in Nigeria >>

Iraq >>  12/10/2019 - United Arab Emirates-based energy firm Crescent Petroleum has invested over $3 billion in Iraq over the last 10 years. ...
Saudi Arabia >>  12/9/2019 - The proceeds from Saudi Aramco's record initial public offering have risen to $29.4 billion after the oil company exercised an option to sell 15% more...

Egypt >>  12/8/2019 - Egypt’s spending on fuel subsidies dropped by about 69% year on year to EGP 7.25 billion ($451 million) in July-September, Petroleum Minister Tarek El...
Saudi Arabia >>  12/8/2019 - Saudi oil behemoth Aramco has set a share price that will value the company's initial public offering (IPO) at $25.6 billion (€23 billion), making it ...

United States >>  12/4/2019 - Byron Energy has signed a binding Secured Promissory Note with Crimson Midstream Operating, a portfolio company of The Carlyle Group, to borrow an ini...
United Kingdom >>  12/2/2019 - UK Oil & Gas PLC has raised £2 million ("Proceeds") from a single institutional investor through a placing ("Placing") of 235,294,117 new ordinary sha...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.