The share price of LekOil (LEK) was boosted after the Africa-focused driller announced that the Nigerian government has granted consent to complete the transfer of a 40 per cent interest in the Otakikpo field to the company. LekOil first struck a deal with Green Energy for the project in May last year and it can now exercise its right under the farm-in arrangements.
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LekOil also revealed that "operations are at an advanced stage", which could mean that first oil from Otakikpo will flow in fairly short order. Management expects to provide an operational update ahead of initial production at the flagship project.
