(Ecofin Agency) - Lekoil Limited has announced that it has agreed to purchase Afren’s 22.86 % interest in the OPL 310 block which holds the Ogo discovery, offshore Nigeria, Offshore Energy Today reports.

Under the agreement, Lekoil is to pay $13 million for the deal. Meanwhile, Lekoil through its subsidiary Mayfair Assets and Trust, holds a 17.14% participating interest and a 30% economic interest in OPL 310, secured through a farm-in agreement signed in 2013 with Afren. When the deal is concluded the company’s ownership in the licence will rise to 40%.

According to the company, subsequent to a delay triggered by Afren’s indebtedness and administration processes, the deal will fast-track exploration activities and field appraisal planning.

 “The licence hosts world class exploration and appraisal potential at the Ogo field and also further upside potential in several other targets. Lekoil has a dedicated geological and geophysical team working on OPL 310 and in the coming months we expect to announce the interpreted results of the 3D seismic survey as well as the work programme as soon as it is approved by the relevant authorities”, Lekan Akinyanmi, Lekoil’s CEO, commented.