Lekoil asks Nigerian authorities for more time at OPL 310

Africa-focussed oil and gas exploration, development and production company Lekoil has written to the Federal Ministry of Petroleum Resources in Nigeria for a relief from enforcement of expiration of the exploration licence for lease OPL 310, it announced on Monday.

The AIM-traded firm holds an unconditional 17.14% interest in the licence, and an additional 22.86% interest subject to ministerial consent.

It said it requested that the ministry grant an extension of the license beyond February, in order to recover the three years and one month lost due to regulatory delays beyond the control of the company.

Lekoil said that would enable the current holders of participating interests in OPL 310 to fulfil the requirements for the conversion of OPL 310 to an OML.

“Lekoil believes it has valid grounds under the relevant Petroleum Act of 1969 for being granted an extension, and will provide an update in due course,” the board said in its statement.