Lekoil Plc is an African focused oil and gas exploration and production company which currently
holds interests offshore Nigeria and offshore Namibia. The Company was founded by a group of
leading professionals with extensive experience in the international upstream oil and gas industry
as well as in global fund management and investment banking.

Lekoil Operations

http://www.lekoil.com/index.php/continental-africa-map.html

Latest News

http://www.lekoil.com/index.php/latest-news.html

26.06.2013

Significant oil discovery offshore Nigeria

Lekoil is pleased to announce that the high impact Ogo-1 well located on the OPL 310 licence offshore Nigeria has discovered a significant light oil accumulation, based on the results of drilling and wireline logs.

The Ogo-1 well is being drilled by Afren Plc (“Afren”), as technical partner, under a farmout to Lekoil of OPL310, offshore Nigeria (“OPL310”), as announced on 14 May 2013. The well has been drilled to a total measured depth of 10,518ft (10,402ft true vertical depth subsea (“TVDSS”)), and has encountered a gross hydrocarbon section of 524ft, with 216ft of apparent stacked,net pay.

Further wireline log evaluation is currently underway prior to extending the well to target deeper prospectivity above basement, to a total measured depth of 11,800ft (11,684ft TVDSS). The expected timetable for completion of this further drilling together with additional testing is four to six weeks (inclusive of drilling a planned Ogo-1 side-track well).

The Ogo-1 discovery, testing a four-way dip-closed structure in the Turonian, Cenomanian, and Albian sandstone reservoirs, confirms the extension of the same Cretaceous play that has yielded other significant discoveries along the West African Transform Margin.

The results also indicate a working hydrocarbon system that is weighted more towards liquids than gas. This has been confirmed by MDT samples; light oil samples in the Turonian and Cenomanian sands and condensate samples in the Albian sands.

Following the completion of drilling and testing operations at Ogo-1, the Partners in OPL310 (the “Partners”) plan to drill a side-track well, Ogo-1 ST, which will test a stratigraphic pinch-out trap on the flanks of the basement high – a new potential play in the area.

Lekan Akinyanmi, CEO, said: “The discovery of oil in the Ogo-1 well opens up a new oil basin in an under-explored region and represents a possible extension of the Cretaceous play along the West African Transform Margin. The discovery is a clear validation of Lekoil’s technical analysis and of our extensive studies on the Dahomey Basin.

“Results to date indicate that the discovered resources could be significantly in excess of P50 estimates prior to drilling. While Lekoil notes these results are preliminary, we believe there exists substantial scope for upward revisions to the data announced today as drilling and interpretation continues.

“We look forward to working with our Partners to realise the full potential of Ogo and the additional prospects on the license.”

Mack,there is some serious upside coming here and i think Ogo will just be the start
of it.I predict this will be trading £1+ by end of year and if the markets settle down
maybe a fair bit higher.

News update on the sidetrack drill coming this week :-)

Robbie

What will be interesting if this proves to be a 500 mmboe field is will they be tempted to take an offer for their stake (say at 10 times their investment ) or will they use the block to fund the other big plays they working on.Either way i see this discovery as a very good start indeed for the company.This could soon be a very big company IMO

Mack,standby for news :-)

Keep ramping P - we know it's you.

Why big drop today ?

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