London, UK | – Lekoil an Africa focused oil and gas exploration and production company with interests in Nigeria and West Africa said it was still on the lookout for acquisitions as it reported half-year results.
Lekoil said it believed its transition to a producing company would enable it to grow further in the coming years, even in a prolonged lower oil price environment.
The company said it was in discussions with offtakers and debt providers to seek extra funding for growth and expansion.
It achieved first oil from the Otakikpo marginal field, in which it acquired a 40% stake from Green Energy International in May last year, on September 5.
Otakikpo is in oil mining lease (OML) 11 in the south eastern coastal swamp of the Niger Delta.
Chief executive Lekan Akinyanmi said: “We will continue to look for acquisitions, subject to the availability of finance that can add the kind of value for our shareholders that Otakikpo looks likely to do.”
Lekoil reported a net loss of US$6.6mln in the six months to June 30 against a net loss of US$5.3mln a year ago.
It said it continued to focus on increasing cash flow and production base at Otakikpo and appraising the significant Ogo find on the OPL 310 licence, in which it bought an interest in February 2013.
Lekoil said the exploration well and sidetrack subsequent to the farm-in made Ogo, as described by a leading oil and gas research consultancy, one of the most significant exploration finds in Africa in recent times.
Shares in Lekoil fell a penny to 21p at lunchtime in London.