LEKOIL, the oil and gas exploration and production company has until September 30, 2020 to finalise and publish its 2019 Audited Annual Results.
This followed a 3-month extension to the filing deadline received for its audited financial results for the year ended December 31, 2019.
Lekoil, which focuses on Nigeria and West Africa, sought extension due to the disruptions caused by the Covid-19 pandemic.
But the Company intends to publish its 2019 Audited Annual Results in advance of September 30, 2020. Its current target is July 2020.
Lekoil also renewed its off-take agreement with Shell Western Supply and Trading Limited for at least another year.
There is potential to extend it for a further year following the provision of a prepayment facility.
Lekoil Production
Production has been sustained. Average production for the first five months of the year was 5,755 bopd gross with 2,302 bopd net to LEKOIL Oil and Gas Investments Limited (“LOGL”).
LOGL is a wholly owned subsidiary of Lekoil Nigeria Limited, the Company has a 90 per cent economic interest.
LOGL has lifted 372,136 barrels in equity crude this year through its nominated offtaker, Shell Western Supply and Trading Limited.
The last lifting occurred on May 25, 2020 with cash proceeds of $2.7 million received by the Company on 25 June 2020. The next lifting, of a similar quantity, is expected to occur in mid July 2020.
Seatimes Africa learnt that perations continue to run effectively despite the wider impact of COVID-19.
Production at Otakikpo for the first five months of the year, averaged 5,755 bopd gross with 2,302 bopd net to LOGL.
LOGL reported revenue of US$13.9 million over the same period. This represents LOGL’s share of crude oil sales from its Otakikpo operation during the period. (“equity crude”).
LOGL lifted 372,136 barrels in equity crude this year in three liftings through its nominated offtaker, Shell. The third lifting for the year occurred on May 25, 2020, with cash proceeds of US$2.7 million received by the Company on June 25, 2020 in line with the offtake agreement.
