Date set for Lekoil’s Nigerian offshore license hearing

Africa-focused oil and gas company Lekoil has been given a hearing date by the Nigerian Federal High Court in a process to increase its stake in license OPL 310 off Nigeria.

Lekoil holds an unconditional 17.14 percent interest and an additional 22.86 percent interest, subject to Ministerial consent, in the OPL 310 located in shallow water offshore Lagos.

The 22.86 percent interest, for which the company is still awaiting consent, was bought from Afren Oil & Gas in early 2016.

Since the Ministry of Petroleum Resources did not complete due diligence for the transfer of the stake to Lekoil, the company applied to the Federal High Court in October for a declaration that was expected to expedite the consent process and preserve the unexpired tenure in the license.

Also, the company requested relief last month from enforcement of expiration of the exploration license for OPL 310 from the Nigerian Federal Ministry of Petroleum Resources.

Lekoil said on Monday that the hearing was held on November 29 and that the court granted Optimum Petroleum Development Company, Lekoil’s partner in the license, an application to be joined as the second defendant in the suit.

The company added that the court acknowledged the urgency of the matter and ordered the accelerated hearing of the case.

With the court closing for the holidays on December 12, the hearing is scheduled for January 9, 2019, shortly after the Court resumes session.