Nigeria's indigenous oil and gas exploration and production company, Lekoil, said it has reached an agreement with Optimum Petroleum Development Company, the Operator of the OPL 310 License, on deferring the company's financial and operational obligations due in February 2020.
As previously announced, pursuant to the Cost Recovery and Sharing Agreement, Lekoil was required to pay a portion of Optimum's sunk costs and consent fees (previously estimated at $10 million) as well as provide evidence of its ability to fund 42.86 per cent of the costs and expenses for the drilling of the first appraisal well during February 2020 (estimated at a further $28 million).
...