Continental Focus, International Reach

Lekoil Looks for Extension on OPL 310

Tuesday, November 27, 2018

Lekoil has written to the Ministry of Petroleum Resources for a relief from enforcement of expiration of the exploration license for OPL 310 in which it holds an unconditional 17.14% interest and an additional 22.86% interest, which is subject to Ministerial consent.

Lekoil has requested that the Ministry grant an extension of the license beyond February 2019 in order to recover the three years and one month lost due to regulatory delays beyond the control of Lekoil and its partners and thereby enable the current holders of participating interests to fulfil the requirements for the conversion of OPL 310 to an OML.

Lekoil believes it has valid grounds under the relevant Petroleum Act of 1969 for being granted an extension and will provide an update in due course.