Lekoil saw the start of production from the Otakikpo Marginal Field in Nigeria on OML 11. Following the successful re-entry of the Otakikpo-002 well, first oil flowed to surface on September 5, with production testing being conducted over the weekend.
The Otakikpo-002 well produced from only the first of four planned production strings, and flowed oil at various choke sizes for over 24 hours at a peak rate of 5,703 bpd, significantly ahead of expectations.
Otakikpo-002 will now be temporarily suspended to allow completion and testing of the upper C5 zone following which an official well-test program will commence and the rig will move to start re-entry operations on Otakikpo-003. During the well test, oil will flow into onshore storage tanks. The second production well, Otakikpo-003, is expected to come on stream around year end.
The addendum to the CPR prepared by AGR TRACS International released by the company on January 21, 2015 indicated that it expected to produce around 6,000 bopd from the four strings at Otakikpo-002 and -003. Based on these preliminary results, the Directors of Lekoil currently believe that this guidance is likely to be exceeded substantially, although further testing and analysis will be required before the Company is able to provide formal guidance.
It has taken just nine months for the Otakikpo JV (Lekoil as financial and technical partner and Green Energy International as operator) to bring the Otakikpo field into production since it began operations on the field in December 2014, and less than 16 months in total since Lekoil entered into a farm-in agreement with Green Energ
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