LEKOIL OTAKIPKO PIPELINE COMMISSIONED

Lekoil, the oil and gas exploration, development and production company with a focus on Africa, announced that further to the announcement on 8 December 2016, the six km offshore pipeline leading from the storage tanks to the tanker offloading manifold has been completed and commissioned at Otakipko Marginal Field. All onshore facilities and the offshore pipeline have been fully commissioned and signed off by the regulators. Continuous production has now commenced from the Otakikpo Marginal Field in OML 11, jointly developed by Green Energy as the Operator and LEKOIL as technical and financial partner. Initial production (from the four production strings across both wells Otakikpo-002 and -003) is in line with company expectations. Initial production rates are 5,000 barrels of oil per day, per current regulatory approvals for production commencement. As is customary for a new field, the company will now focus on gathering production data and optimizing well performance. With regular exports underway, the Company is focused on ramping up to production of 10,000 barrels of oil per day by end of Q2 2017. (Source: Lekoil)