Otakikpo Field to begin commercial production

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LEKOIL has confirmed that the Otakikpo Marginal Field in OML 11 will commence commercial production with 10,000 barrels a day output.

The Otakikpo-002 well flowed oil from two upper zones during two production tests concluded on 10 April 2016.  The C5 zone flowed at a peak rate of 6,404 bopd at a 36/64 choke while the C6 zone successfully flowed oil at a peak rate of 5,684 bopd at a 36/64-inch choke, for over 24 hours.

Production testing at the well was curtailed due to storage capacity limits on well-testing equipment.  The JV expects to start commercial production by the end of Q2 2016.

Following the completion of Otakikpo-002, well re-entry operations on Otakikpo-003 are expected to begin later in Q2 and will target the E1 and C5 zones.

The Company expects to commence commercial production from Otakikpo-003 in Q3 2016 and expects to be producing 10,000 bopd by year-end 2016.

The facilities construction and permits are at an advanced stage to meet the Company’s timeline for commercial production.

Following the conclusion of Phase 1 of the FDP, which is expected by the end of 2016, the Company will then proceed to Phase 2 with new wells planned to bring aggregate production to an estimated 20,000 bopd by the end of 2017.

The Otakikpo Joint Venture with LEKOIL as Financial and Technical Partner and Green Energy International Limited (“GEIL”) as Operator began operations in December 2014.

Lekan Akinyanmi, Lekoil’s CEO, said, “In about a year and half, Lekoil and its partner GEIL have managed to bring to life a marginal oil field which is expected to produce 10,000 bopd by year-end demonstrating its technical and financial strengths as well as illustrating the fast-track approach by the Department of Petroleum Resources to developing previously marginal fields and unlocking value for the benefit of Nigeria.

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