Oil and gas exploration company, Lekoil Limited, has declared it has reached an agreement with Optimum Petroleum Development Company, operator of Oil Prospecting Licence (OPL) 310, to defer the final tranche of the payment of US$7.6 million due on or before 2nd May 2020.
The new development is in furtherance to the company’s announcements on 21st january, 25th March and 3rd April 2020.
Lekoil entered into negotiation talk's with Optimum Petroleum in late January with a view to postponing its financial and operational obligations due in February.
It said in January it had obtained a $184 million credit to fund the appraisal drilling and initial development programme works on the ogo field within OPL 310 offshore Nigeria.
The expansion move suffered a major setback on 15th January following the discovery that the proposed loan it was sourcing from Qatar’s sovereign wealth fund was a fraud.
Speaking on the latest agreement, Alhaji Yusuf N’jie, Managing Director, Optimum Petroleum Development Company said “the current challenges in the oil industry – the unprecedented supply and demand shock brought on by the COVID-19 pandemic, requires true partnership and collaboration and we are pleased to work with Lekoil in this regard.”
The two firms have collaborated to develop the OPL310 located on the Dahomey Basin.
As announced on 21st January 2020, Lekoil agreed that a final payment of US$9.6 million, in aggregate, would be made to Optimum Petroleum to cover sunk costs and consent fees.
The final payment was to be made in two tranches with the first payment of US$2.0 million completed as announced on 3 April 2020.
Regarding the second and final payment of US$7.6 million, Lekoil and Optimum Petroleum have agreed to the following deferred payment schedule: the sum of US$1.0 million to be paid on or before 15 July 2020, the sum of US$2.0 million to be paid on or before 2 September 2020, and the sum of US$4.6 million to be paid on or before 2 November 2020.
Lekan Akinyanmi, Lekoil’s Chief Executive Officer, said “we would like to thank Optimum for their continued support and understanding during these challenging times for the oil and gas industry and the global economy. We remain aligned and committed to delivering on our joint appraisal ambitions.”
The new development is in furtherance to the company’s announcements on 21st january, 25th March and 3rd April 2020.
Lekoil entered into negotiation talk's with Optimum Petroleum in late January with a view to postponing its financial and operational obligations due in February.
It said in January it had obtained a $184 million credit to fund the appraisal drilling and initial development programme works on the ogo field within OPL 310 offshore Nigeria.
The expansion move suffered a major setback on 15th January following the discovery that the proposed loan it was sourcing from Qatar’s sovereign wealth fund was a fraud.
Speaking on the latest agreement, Alhaji Yusuf N’jie, Managing Director, Optimum Petroleum Development Company said “the current challenges in the oil industry – the unprecedented supply and demand shock brought on by the COVID-19 pandemic, requires true partnership and collaboration and we are pleased to work with Lekoil in this regard.”
The two firms have collaborated to develop the OPL310 located on the Dahomey Basin.
As announced on 21st January 2020, Lekoil agreed that a final payment of US$9.6 million, in aggregate, would be made to Optimum Petroleum to cover sunk costs and consent fees.
The final payment was to be made in two tranches with the first payment of US$2.0 million completed as announced on 3 April 2020.
Regarding the second and final payment of US$7.6 million, Lekoil and Optimum Petroleum have agreed to the following deferred payment schedule: the sum of US$1.0 million to be paid on or before 15 July 2020, the sum of US$2.0 million to be paid on or before 2 September 2020, and the sum of US$4.6 million to be paid on or before 2 November 2020.
Lekan Akinyanmi, Lekoil’s Chief Executive Officer, said “we would like to thank Optimum for their continued support and understanding during these challenging times for the oil and gas industry and the global economy. We remain aligned and committed to delivering on our joint appraisal ambitions.”