LEKOIL and NAMCOR Form Strategic Alliance to Acquire African E&P Assets
LSE-listed LEKOIL Ltd., through its Namibian subsidiary, has entered into a Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of the Namibian state-owned National Petroleum Corporation of Namibia Pty Ltd. (NAMCOR).
Under the terms of the SAA, NAMCOR Exploration & Production (Pty) Ltd. (NAMCOR E&P) will seek to acquire interests in oil-producing assets in politically stable jurisdictions overseas. The SAA will leverage the companies’ technical capabilities towards the joint evaluation and acquisition of low-risk, quick-to-production oil & 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 benefiting from the synergies of this partnership as we share our considerable technical experience in oil and gas development and production in Africa,” said Lekan Akinyanmi, CEO of LEKOIL.
LEKOIL is a Nigerian E&P company focused on exploration, development and production activities in West Africa, and currently holds upstream interests in Nigeria.