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Lekoil Ltd

Lekoil shares rise as it lands key licence extension

"We are pleased to be working efficiently with Optimum and the Nigerian Department of Petroleum Resources to ensure timely approvals for our upcoming drilling and work programmes," said Lekan Akinyanmi.

Lekoil Ltd - Lekoil shares rise as it lands key licence extension

Lekoil Ltd (LON:LEK) shares moved forward in Friday’s early deals after the Nigeria focussed oil firm announced that it had extended the exploration licence for the OPL 310 exploration licence for three years.

With the payment of US$7.5mln to the Nigerian authorities within 90 days the company will confirm the extension. In a statement, the company noted that it expects to fund 100% of the licence fee from a mix of existing financial resources and a funding partner.

Alongside the company’s partner Optimum Petroleum Development Company, Lekoil intends to progress the appraisal of the resources within the licence in order to advance towards a development scenario.

"We are pleased to be working efficiently with Optimum and the Nigerian Department of Petroleum Resources to ensure timely approvals for our upcoming drilling and work programmes and we now look forward to unlocking significant value from the asset for all stakeholders, who we thank for their continued patience and support through this prolonged process," said chief executive Lekan Akinyanmi.

Lekoil shares gained 0.5p or 8.06% to change hands at 6.61p.

Quick facts: Lekoil Ltd

Price: £0.06

Market: AIM
Market Cap: £32.78 m
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