On 23 August 2019, Lekoil (Nigeria) Ltd (Lekoil) reported that it agreed to acquire 45% working interest in Newcross Petroleum Ltdâs OPL 276, a coastal permit located in the eastern Niger Delta, south of Calabar city. Upon governmental approval, Lekoil through its wholly owned subsidiary Lekoil 276 Ltd, will buy half of current operatorâs stakes, for a total staged consideration of USD 5 Million, payable in three steps explained in detail in the company statement. The resulting new ownership for OPL 276 will be Newcross Petroleum, with 45% operated interest, Lekoil 276 with 45% WI and Albright Waves Petroleum Development Ltd holding the remaining 10% WI.  Lekoil stated that with this deal, it âsees a clear opportunity for re-entering one or more of these discovery wells, with the potential for rapid monetization of resources due to existing export facilities nearbyâ.  OPL 276 was awarded in February 2006 to Centrica plc while Newcross Petroleum took over operatorship four years later in 2010. The coastal permit (c.a. 500 sq km) is the host of four gas and oil discoveries, made between 1972 and 1990, by previous operator in the area, Royal Dutch Shell plc. Recoverable reserves to date are estimated around 600 Bcf of gas. However, Lekoil intends to commission an independent Competent Persons Report (CPR) in due course.  Before that deal, Lekoil (Nigeria) Ltd was partner in Green Energyâs producing marginal field Otakikpo (5,300 bo/d in 2018), partner in Optimum Petroleumâs OPL 310 appraisal block (Ogo oil discovery), and co-operator in Ash-Bertâs OPL 325 exploration permit.
Lekoil reported that it agreed to acquire 45% working interest in Newcross Petroleumâs OPL 276, a coastal permit located south of Calabar city.