A South African based mining firm with an unimpressive track record has perfected plans to take over an oil company operating in Nigeria. Stakeholders believe that it will replicate its poor performance in Nigeria if left unchallenged.
Four weeks ago, Metallon Corporation Limited, a South African company with an unimpressive track record, started a process that could significantly alter the management and allegiance of LEKOIL Nigeria Limited, a 10-year-old Nigerian company.
On 15, November 2020, Lekoil received a notice from Strand Hanson of its resignation as nominated adviser, with effect from close of business 20, November 2020. On the same date that Strand Hanson’s resignation took effect, Lekoil received a letter from Metallon requesting an extraordinary general meeting.
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Information on the Company The Company would like to take this opportunity to share with its Shareholders an update on its operations and commercial developments. The Company has acquired a balanced portfolio of assets including Otakikpo, a producing asset with near term upside; OPL 276, a potential near-term producing asset with significant resource potential; OPL 310, where the world-class appraisal asset Ogo is located; and OPL 325, which provides additional exploration optionality. Otakikpo - producing asset Despite the wider impact of COVID-19, operations at Otakikpo continue to run effectively. For the first half of 2020, production from Otakikpo averaged approximately gross 5,676 bopd, (2,271 bopd net to LEKOIL Nigeria). This year, the Company announced the execution of definitive agreements for the next phase of the Otakikpo marginal field development. These definitive agreements comprise of service agreements with Schlumberger which cover th