Lekoil to acquire Afren’s Ogo stake for $13m

West Africa-focused junior oil firm Lekoil reported Tuesday that it has agreed to acquire Afren’s entire 22.86-percent participating interest in the Nigerian OPL 310 license.

OPL 310 is an offshore license that contains the Ogo discovery. Lekoil’s acquisition of Afren’s stake in the license will bring its total holding in OPL310 to 40 percent.

Lekoil CEO Lekan Akinyanmi commented in a company statement:

“I am delighted to say that today’s acquisition significantly enhances one of the key assets of our portfolio, OPL 310. The license hosts world class exploration and appraisal potential at the Ogo field and also further upside potential in several other targets. Lekoil has a dedicated geological and geophysical team working on OPL 310 and in the coming months we expect to announce the interpreted results of the 3D seismic survey as well as the work program as soon as it is approved by the relevant authorities.”

Akinyanmi added that the firm’s near-term focus is to bring its Otakikpo field into production. The field has the potential in its initial phase to hit 10,000 barrels per day.