Lekoil Extends Nigerian Licence

West Africa-focused Lekoil has secured a licence extension for its OPL-310 block off Nigeria, containing the 2013 Ogo oil and gas discovery.

In return for a $7.5mn fee, Lekoil has agreed with authorities on the exploration licence’s extension for three years, it said in a statement on September 6.

Lekoil and its Lagos-based partner Optimum Petroleum Development have agreed to move ahead with the block’s appraisal. After finishing this work, Lekoil and Optimum plan to carry out a full field development programme. They are in advanced talks with a potential funding partner for this stage.

The Ogo discovery lies in the Keta-Togo-Benin basin and has 774mn boe in gross recoverable resources, according to Lekoil.