Consensus Entered between Lekoil and OPL 310
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leone- Lekoil, an oil and gas exploration and production company with a focus on Nigeria and Western Africa, said it has attained an authorization with Optimum Petroleum Development Company – the Operator of the OPL 310 License; on postponing the last tranche of expenditure of $7.6 million payable on or before May 2nd, 2020.
Nonetheless, Lekoil asserted that, this is in conformity to its reports on January 21st, 2020, March 25th, 2020 and April 3rd, 2020.
Alhaji Yusuf N’jie – Managing Director Optimum Petroleum Development Company uttering on the agreement, said: “The recent challenges in the oil industry – the remarkable supply and demand shock brought on by the COVID-19 pandemic, proposes true alliance and affiliation and we are delighted to work with Lekoile in this regard.”
Over the years, Lekoil and Optimum have operated concurrently to improve OPL310, discovered on the Dahomey Basin.
As recently declared on January 21st, 2020 Lekoil endorsed that conclusive expenditures of $9.6 million in entirety, would be given rise to Optimum to insulate sunk expenses and approval fees.
This final payment was to be made in two fractions with the first payment of $2.0 million finalized as announced on April 3rd, 2020.
The succeeding and last payment of $7.6 million, Optimum and Lekoil have decided on a deferred payment roster as follows: the sum of $1.0 million to be paid on or before July 15th, 2020; the sum of $2.0 million to be paid on or before September 2nd, 2020, and the sum of $4.6 million to be paid on or before November 2nd, 2020.
Lekan Akinyanmi – the Chief Executive Officer of Lekoil, noted: “We would like to thank Optimum for their ceaseless assistance and tolerance during these tough times for the oil and gas industry and the global economy.
“We remain aligned and committed to delivering on our joint appraisal ambitions. The partnership between Lekoil and Optimum is a demonstration of the rare synergy and progress that is possible if indigenous companies work together.”
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