LEKOIL (LEK) has confirmed that its joint venture with Green Energy International Limited (GEIL) has signed a contract with Sinopec Changjiang Engineering Services Limited. Under this contract LEK JV will acquire 197 sq km of 3D seismic data at the Otakikpo Marginal Field (Otakikpo) in 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.
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.
