Lekoil has confirmed that the Otakikpo field, a shoreline location in Nigeria, has achieved first oil. Two intervals (of four) in just one well yielded rates of 5,703 b/d, whereas two wells had been expected to flow 6,000 b/d, Proactiveinvestors.co.uk reported.

Lekan Akinyanmi, CEO of Lekoil, said, “We are delighted to announce that Lekoil is now an oil producer. We always believed in the potential of Otakikpo but the production rate from the first re-entered well has exceeded our expectations,” Oil Review Africa published.

Lekoil’s management now expects production will substantially exceed previous guidance, though it cautioned that further testing and analysis will be required before it gives investors any new guidance.

“We always believed in the potential of Otakikpo but the production rate from the first re-entered well has exceeded our expectations,” said Akinyanmi.