Repayment of Prepayment Facility

Source: www.gulfoilandgas.com 11/11/2020, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and Africa, announces that LEKOIL Oil and Gas Investments Limited ("LOGL"), in which the Company has a 90 per cent. economic interest, has fully repaid the Prepayment Facility, as announced on 2 July 2020, it entered into with Shell Western Supply and Trading Limited ("SWST"), a member of the Royal Dutch Shell group of companies.

The Prepayment Facility, repayable from crude oil liftings from Otakikpo, was fully repaid ahead of its maturity date. Following this repayment, as at 9 November 2020, LEKOIL has an outstanding balance of external interest-bearing loans and borrowings of approximately US$15.6 million, and a total cash balance of US$3.8 million, with US$1.3 million recognised as restricted cash.

Lekan Akinyanmi, LEKOIL's CEO, commented, "We would like to thank Shell Western for their continued support and the provision of a facility which provided short term liquidity for the Company. We look forward to continuing our mutually beneficial relationship."


Argentina >>  8/12/2022 - Echo Energy plc, the Latin American focused Energy company, is pleased to announce a proposed comprehensive debt restructuring together with a placing...
Nigeria >>  8/12/2022 - Seplat Energy PLC ("Seplat" or the "Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London S...

United Kingdom >>  8/12/2022 - Highlights
Share placement commitments to raise A$14.9 million gross proceeds.
Issue price of A$0.009 per share represents a 18.2% dis...

United States >>  8/12/2022 - The Board of Directors of Westlake Corporation authorized the company to repurchase an additional $500 million of shares of its common stock under its...

United States >>  8/12/2022 - Canadian Overseas Petroleum Limited ("COPL" or the "Company"), an international oil and gas exploration, production and development company with produ...
Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...




Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.