LEKOIL Identifies A Queue Of Prospec...

LEKOIL says it has completed technical evaluation on Oil Prospecting Lease (OPL) 325 in ultradeepwater Benin Basin offshore western Nigeria.

The evaluation utilised over 740km2 off three dimensional (3D) seismic data. The acreage lies in water depths between 2,500 and 3,000metres.

Eleven prospects and leads stand out after the technical evaluation, with preliminary estimates assessed at potential gross aggregate Oil-in-Place volumes of over 5.7Billion barrels (un-risked, Best Estimate case) identified.

LEKOIL expects 2Billion barrels of the 5.7Billion barrels in place are “recoverable based on analogues”. It's a bit of a stretch.

After finalising terms for a Production Sharing Contract on the block, LEKOIL intends to farmdown a portion of its 62 per cent working

interest following a detailed prospect/lead risking study.