Lekoil – next steps in West Africa

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Young oil company Lekoil Nigeria raised $48.6 million from investors as part of its listing on London’s Alternative Investment Market. The firm plans to use the funds to become a pan-African oil and gas business.

Until now it has an agreement with Afren witch gain a 27-percent interest in the OPL310 license, offshore Nigeria, and its holds a 69.75-percent interest in Blocks 2514 A & B, offshore Namibia.

OPL310 license located in the Dahomey-Benin Basin , has prospective resources estimated at around 128.5 million barrels of oil equivalent (MMboe).

According to Chief Executive Olalekan Akinyanmi, Lekoil plans to take advantage of the undoubted opportunities in Nigeria for indigenous businesses. Obviously these are great steps towards development and production business in Africa.

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