Lekoil signs strategic agreement with NAMCOR

Lekoil, the oil and gas exploration and production company with a focus on Nigeria and Africa, has entered into a strategic alliance agreement with NAMCOR Exploration and Production Limited through its subsidiary, Lek Oil Exploration & Production Namibia Limited.

NAMCOR Exploration and Production, a subsidiary of the national oil company of Namibia, namely the National Petroleum Corporation of Namibia Pty Limited (“NAMCOR”), seeks to invest capital in the acquisition of interests in well-managed oil producing assets in politically stable jurisdictions as a means of securing long-term sustainability.

The strategic alliance agreement will leverage the technical capabilities of the respective parties towards the joint evaluation and acquisition of low-risk quickto-production oil and gas assets across Africa.

“We are excited by this opportunity to work with NAMCOR again in evaluating and subsequently investing and developing high value assets within Africa. We look forward to benefitting from the synergies of this partnership as we share our considerable technical experience in oil and gas development and production in Africa,” Lekan Akinyanmi, Lekoil’s Chief Executive Officer remarked.

Immanuel Mulunga, NAMCOR’S Managing Director, added that, “We will greatly leverage from LEKOIL’S wealth of experience in operating and managing oil producing assets, as well as its deep knowledge of key African markets. At the same time, I believe LEKOIL will benefit from strategic commercial relationships that NAMCOR, as a national oil company, enjoys with a number of oil majors.”

Lekoil has a long-standing history in Namibia with its holding of an 80 per cent. stake in LEKOIL Namibia, providing an entitlement to 90 per cent. of income distributed by the Subsidiary. Lekoil Namibia previously owned a 77.5 per cent Participating Interest in two Namibian offshore exploration blocks (Blocks 2514A and 2514B) and continues to maintain a strong relationship with NAMCOR.