Lekoil Provides Corporate and Operational Update

Source: www.gulfoilandgas.com 9/15/2021, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to provide the following corporate and operational update:

Operational Development for the month of August 2021 taken from information provided by Lekoil Nigeria

· Otakikpo:
o Oil production in August 2021 of circa 1,714 bopd (gross)/685 bopd (net).
o As in July, Oil production in August 2021 was negatively impacted by oil evacuation issues affecting the FSO and the export terminal. In addition a delay in renewing an environmental permit also had a production impact. Production that was intermittent during August has now recommenced.
o Ongoing subsurface studies for drilling additional production wells.
o No material progress/update on financing required to drill additional production wells.

· OPL 310 (Ogo):
o Assessing wellhead deliver options.

· OPL 325:
o Asset status reviewed with external partners.

· OPL 276
o Ongoing technical work to optimize appraisal well locations.
o Developing non-associated gas plans.

Corporate Developments
· The Company has received a letter from shareholders associated with Lekoil Nigeria related to the entry into Convertible Facility Agreement ("CFA"). The Company will consider the letter and respond in due course.


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