Lekoil Challenges Ministerial Delay On Consent For OPL 310 Acquisition 

Yemisi Izuora 

Lekoil Ltd on Wednesday said it has applied to the Federal High Court in Lagos, Nigeria to “expedite” the consent process for the company’s acquisition of an additional 22.86 per cent interest in the OPL 310 licence. 

Lekoil holds a 40 per cent working interest in the licence and a 70 per cent economic interest.

The oil & gas exploration and production company said it has not received ministerial consent or received “satisfactory explanation” for why consent for the acquisition “has not been forthcoming”. 

Lekoil, despite this, has progressed with exploration and appraisal activities at the offshore licence in the Dahomey basin.

The company said a hearing before a judge was previously scheduled for last Thursday but was adjourned to November 29.

Lekoil said it is in “negotiations aimed at seeking a satisfactory conclusion”.

In 2015, Lekoil bought collapsed oil & gas firm Afren PLC’s stake in the OPL 310 licence.

The licence includes the Ogo oil discovery, and Lekoil paid USD13.0 million in cash to acquire the licence interest from Afren.

Following the deal, Lekoil held a 40 per cent participating interest in the licence, with the balance held by Optimum Petroleum Development Co, the operator and local partner for the licence.

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