(Ecofin Agency) - Oil and gas exploration and production company, Lekoil, says it has gotten Ministerial approval to complete the transfer of its original 17.14% participating interest in OPL 310 to Mayfair Assets and Trust Limited, the company’s subsidiary.

“We are delighted to have received ministerial consent on our original 17.14% participating interest in OPL 310. This is an asset with tremendous potential and I am delighted that we have achieved this significant milestone,” Lekan Akinyanmi, Lekoil’s CEO said.

Let’s recall that Lekoil in February 2013 acquired Afren Oil & Gas’ 17.14% participating interest and 30% economic interest in OPL 310 via its subsidiary. However, in July 2015, Afren Plc, the parent company of Afren Oil & Gas, was put under receivership and its assets were put up for sale.

In order to protect its interest in the licence, Lekoil in November of the same year, signed an agreement with the administrator of Afren Plc to buy its entire 22.86% participating interest for $13million. These stakes altogether gives Lekoil a combined 40% participating interest while the operator of OPL 310, Optimum Petroleum Development Company, holds the remaining 60%.

According to the West Africa-focused company, the acquisition of Afren’s remaining 22.86% participating interest in the licence, is still subjected ministerial approval.

Anita Fatunji