Lekoil Ltd has announced a “steady” performance from the Otakikpo field in Nigeria, amid financial turmoil for the oil producer after being duped by fake investors.
For 2019, Otakikpo produced 5,305 barrels of oil per day on average, 2,122 barrels of which was net to Lekoil. This net amount is 0.8% higher year-on-year.
The Otakikpo joint venture, which is made up of Lekoil and Green Energy International Ltd, has achieved its first crude oil lifting of 2020, and expects another one within the next four to six weeks. Lekoil will get around $7 million from the first lifting.
Chief Executive Lekan Akinyanmi said: “Otakikpo continues to provide steady production and cash flow for Lekoil. We are delighted with the collaborative progress being made by all parties towards the development and transformation project planned for Otakikpo, that is aimed at increasing production from the field.”
Earlier in January, Lekoil said a $184 million loan, supposedly from the Qatar Investment Authority, appears to have come from fake investors.
Since then, it has received breathing space from its partner at the OPL310 licence in Nigeria. It was required to pay USD10 million as a consent fee and $28 million for the cost of drilling a first well at the licence in February, but this has been deferred.
Lekoil shares were 1.6% lower on Monday morning in London at 2.95 pence each. Shares hit 10.50p in early January, when the supposed Qatari loan was first announced.
- Agency Report