Lekoil reveals intention to farm-down Nigerian block

Africa-focused oil and gas company Lekoil has revealed an intention to farm-down its working interest in OPL 325 license offshore Nigeria, following completion of an independent study which identified eleven prospects and leads on the block. 

The OPL 325 license is located offshore in the Dahomey Basin, straddling the western Niger Delta, 50 kilometers south of OPL 310. Lekoil holds a 62 percent equity interest in OPL 325, through Ashbert Oil and Gas Limited.

Lekoil said on Wednesday that Lumina Geophysical carried out a geophysical evaluation of around 800 square kilometers of 3D seismic data provided by the company.

As a result of this seismic review, Lumina identified and reported on a total of eleven prospects and leads on the block, estimated to contain potential gross aggregate oil-in-place volumes of over 5,700 mmbbls (un-risked, best estimate case).

Lumina focused primarily on the Paleocene section of the block, generating new structural and stratigraphic maps using 3D pre-stack time migration seismic data.

Lekoil revealed its intention to farm-down a portion of its working interest in OPL 325 following a detailed prospect and lead risking study.

Lekan Akinyanmi, Lekoil CEO, said: “This independent report underlines our belief in the prospectivity of this asset that was part of our original Dahomey basin study. The deepwater turbidite fan play is particularly exciting for OPL 325.

“As one of Lekoil’s key assets, we are delighted to have third-party endorsement of our prospective resources, and our significant equity holding in the block gives us plenty of optionality for the next phases of exploration.”

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