- Following the current significant drop in oil prices from recent levels, Lekoil said it had approved the immediate implementation of the company's cost reduction measures targeting an annual reduction of $8m or at least 40% in costs.

The company said it had commenced the immediate execution of these measures which would be completed within the next four to six weeks. Production from Otakikpo for the rest of this year would be unaffected by these cost reduction measures, the company added.

At 10:07am: [LON:LEK] Lekoil share price was +0.3p at 1.7p

Story provided by