Lekoil says that its joint venture (JV) with Green Energy International (GEIL) has signed a contract with Sinopec Changjiang Engineering Services to purchase 197km2 of 3D seismic data at the Otakikpo Marginal Fieldin OML 11, onshore and offshore in the south-eastern part of the Niger Delta, to update the existing 2D coverage.

The seismic acquisition over Otakikpo is expected to commence in Q1 2018 to kick-off phase two development of Otakikpo. All relevant permits are currently being pursued prior to commencing mobilszation.

Following the completion of this seismic acquisition, the Company will then process and interpret the new 3D seismic data, subsequently releasing an updated Competent Person's report.  Otakikpo currently has an estimated 56.6 mmbls of gross unrisked 2C contingent resources and an additional 163.0 mmbls gross of Stock Tank Oil Initially In Place (STOIIP) upside on a P50, unrisked basis (AGR TRACS International, Competent Persons Report 2014).

As the Otakikpo field nears Phase One target production of 10,000 bopd, the Joint Venture is now focused on Phase Two of the Otakikpo Field Development Plan which aims to increase steady state production up to approximately 20,000 bopd.

Lekan Akinyanmi, LEKOIL's CEO, said, "With significant milestones already achieved in 2017 as the Otakikpo Technical and Financial Partner, today's announcement demonstrates LEKOIL's progress into the next phase of delivery and growth.  The Company expects the Phase Two development to be fully funded by industry players, which the Company is already in discussions with."