Fenikso Limited, the Cayman Islands enterprise company, announces the receipt of funds under the Lekoil & Gas Investments ("LOGI") Loan entered in to on 31 December 2022 as part of the Fenikso restructuring. Fenikso Limited received US$1,290,672 as partial repayment of the loan of US$51,919,467 the remaining balance is US$42,248,833. The amount received equates to 8.65% of the most recent payment from crude oil sales received by LOGI. The next payment is scheduled before the end of June 2024. The proceeds will go towards repaying the Savanah Energy Investments Limited loan, which currently has an outstanding balance of US$13,298,493 and towards building up cash in Fenikso. Post the payment to Savanah Energy the Company expects to have over US$4,000,000 of cash on its balance sheet.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
