Court Grants Lekoil Injunction Against Optimum
17/04/2023 07:00
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RNS Number : 3938W Lekoil Nigeria Limited 17 April 2023
Lekoil Nigeria Limited
("the Company")
Court Grants Lekoil Injunction Against Optimum Petroleum Over Lagos Offshore
Oil And Gas Asset
LAGOS, Nigeria. 17, April 2023
Lekoil Nigeria Limited, the oil and gas exploration and production company
with a focus on Nigeria and West Africa, announces that it has been granted an
injunction by a Federal High Court in Lagos against its partner in the Oil
Prospecting Lease, OPL 310 asset, Optimum Petroleum Development Limited.
Optimum has 60 percent interest while Lekoil's affiliates collectively own 40
percent participating interest in OPL 310 for which Lekoil has invested over
US$250 million to date. Following its investments, Lekoil in 2013 announced
the Ogo discovery in OPL 310. Offshore Lagos State, with significant
resources it was the third largest discovery in the world that year.
Lekoil requested that the court grant an order of interim injunction
restraining Optimum Petroleum from taking steps to expropriate, appropriate,
transfer or extinguish Lekoil's rights and interests in the 40% participating
interest in Oil Prospecting Licence (OPL) 310.
Lekoil resorted to litigation after numerous efforts at reaching an agreement
with Optimum Petroleum with regard to securing Lekoil's 40% participating
interest in OPL 310
In 2013 Lekoil acquired a participating interest of 17.14% through its
affiliate Mayfair Assets and Trust (Mayfair) with Ministerial consent granted
in 2017. Lekoil would go on to acquire a further 22.86% in 2015 via its
acquisition of the entire issued share capital of Afren Investment Oil and Gas
Limited (AIOGL) from the court appointed Administrator of the insolvent parent
Afren. Thereafter, the company sought Ministerial Consent through the then
regulator and also the Operator with that application for consent remaining
pending.
The injunction granted by the Federal High Court in Lagos will prevent Optimum
Petroleum from interfering with Lekoil's rights and interests in the OPL 310
license area and will allow Lekoil to look forward to the conclusion of the
license conversion and retention.
Lekan Akinyanmi, CEO of Lekoil, said: "We are pleased with the decision of the
Federal High Court in Lagos to grant the injunction in our favour. This
signifies that investors' interests are protected in Nigeria's oil and gas
sector. It is a crucial step in protecting our rights and interests in the
OPL 310 license area, and will allow us to move forward with credible
development plans that will benefit the nation."
Lekoil is committed to working with all stakeholders to develop Nigeria's oil
and gas resources in a responsible and sustainable manner.
REF: Federal High Court of Nigeria Suit No: FHC/L/CS/563/2023 March 30, 2023
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