Continental Focus, International Reach

Otakikpo Production on the Rise

Tuesday, December 5, 2017

Lekoil saw an increase of production at the Otakikpo Marginal Field on Nigeria’s OML 11. Since starting production in February at an initial rate of 5,000 bpd, daily production levels have steadily increased through November 27.  Average production for October was approx. 6,400 bpd and current production at Otakikpo from both wells is now around 7,600 bpd.

Additional perforations in one of two production strings at well-003 were recently performed before subsequently re-opening it for production. The Otakikpo JV partners, Lekoil as Financial and Technical Partner and Green Energy International Ltd. (GEIL) as operator, have agreed to hold production at current levels for a few more weeks to gather and analyze essential production and reservoir data and information prior to increasing production at the field.

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

Phase Two includes 3D seismic coverage of the entire Otakikpo field, neighboring prospects and the incremental development of the rest of the field with new wells planned. Next steps will be to gather the 3D seismic data, process and interpret the data, and subsequently release an updated Competent Person’s Report.

The company expects the Phase Two development to be fully funded by industry players, whom the company is already in discussions with.