Lekoil Limited reported unaudited consolidated earnings results for the six months ended June 30, 2017. For the period, the company reported revenue of $6,946,444. loss from operating activities was $13,718,741 compared to $10,524,583 a year ago. Loss before income tax was $13,594,254 compared to $8,147,531 a year ago. Loss attributable to owners of the company was $12,914,852 or $0.02 per diluted share compared to $5,384,626 or $0.01 per diluted share a year ago. Net cash used in operating activities was $9,133,170 compared to $3,223,007 a year ago. Acquisition of property, plant and equipment was $107,594 compared to $10,743,366 a year ago. Acquisition of exploration and evaluation assets was $125,313 compared to $292,309 a year ago.

The company continues to focus on ramping up to Phase One target production of 10,000 bopd, which the company still targets around year-end 2017.

The company announced an increase in current production at the Otakikpo Marginal Field in OML 11. Since starting production on 20 February 2017 at an initial rate of 5,000 bopd, production has averaged approximately 5,500 bopd through 31 July 2017. Current production at Otakikpo is now approximately 7,000 bopd.