Lekoil to buy OML 113 stake offshore Nigeria

oil rig nigeria-marriane muegenburg cothern flickrThe asset lies within the Benin Basin, about 24km from the coast of Nigeria. (Image source: Marriane Muegenburg/Flickr)Lekoil Nigeria Limited is set to acquire 6.5 per cent participating interest in Nigeria's offshore oil mining lease (OML) 113 from Pan Petroleum Aje Limited for US$30mn

The asset lies within the Benin Basin, about 24km off the coast of Nigeria. The licence covers an area of 960 sq km with water depths ranging from 100 metres to 1,500 metres.

The OML113 licence area contains the Aje oil and gas field, for which the estimated contingent resources is 198.7mn barrels of oil equivalent.

About 50 per cent of the reserves in the Aje field are liquid hydrocarbons comprising gas, gas liquids and condensate as well as a significant oil in one of the reservoirs, according to company resources.

Pan-Petroleum Aje Limited is a wholly-owned subsidiary of the Panoro Energy.


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