Just like its indigenous counterpart, Seplat that is listed in the Nigerian and London Stock Exchanges, Nigerian Oil and Gas production Company, Lekoil Limited is on its way to the Stock Exchange. The company is contemplating a listing on the stock exchange, as it boosts output by more than threefold over the next three years. This innovative idea was revealed by the Chief Executive Officer, Lekan Akinyanmi.
The energy firm, which trades on the London exchange is considering offering shares in Nigeria, Akinyanmi said in an interview in Lagos. It is looking to appoint advisers in the next 12 to 18 months and will probably list by 2022.
Lekoil Limited is an oil and gas exploration and production company, with interests in Nigeria and Namibia. The Company is engaged in exploration, development and production of petroleum oil and natural gas.
The Company’s geographical segments include Nigeria, Namibia, USA and Cayman. Lekoil assets include the Otakikpo marginal field, Nigeria-Dahomey Basin OPL310 and Nigeria-Dahomey Basin OPL 325 in Nigeria, and Blocks 2514A and 2514B in Namibia. The Namibia 2514A & B has over two blocks in Luderitz Basin. The Otakikpo marginal field lies in a coastal swamp location in Oil Mining Lease (OML) 11, adjacent to the shoreline, in the southeastern part of the Niger Delta. The OPL 310 license is located in the Upper Cretaceous fairway that runs along the West African Transform Margin.
The company’s subsidiaries include Lekoil Nigeria Limited, Lekoil Exploration and Production Limited, Lekoil Management Corporation, Lekoil Limited SARL and Lekoil 310 Limited.
Lekoil entering into the Stock Exchange will boost indigenous oil companies’ interests in and outside the country. This is a welcome idea for Nigerian independent companies to grow its oil sector as Lekoil plans to raise $170 million by the end of 2019 to boost production.