Conflicted Nigerian minnow Lekoil is dropping out of London’s AIM for good on May 18. It will shift to the Access segment of the AQSE Growth Market.
Savannah Energy has agreed to provide a convertible facility agreement to Lekoil, which intends to redouble its efforts to seize back control of its Nigerian subsidiary.
Lekoil shareholders have backed Metallon Corp.’s proposed board, despite some concerns flagged by the Nigerian government.
Nigeria’s Lekoil has struck a strategic alliance agreement to find producing assets with Namibia’s state-owned Namcor.
Lekoil has signed service agreements with Schlumberger for drilling on the Otakikpo field, although it is continuing work on the financing.
Lekoil has won some breathing space at OPL 310 where it had been due to stump up some cash in February that it could ill afford following a botched financing deal.
London-listed Lekoil was the victim of a scam that has all the hallmarks of a classic advance fee fraud case, the company admitted at the close of January 13.
Nigeria’s Lekoil has begun a site survey on OPL 310, marking the restart of progress after the discovery well was drilled in 2013.
Lekoil has set out plans to raise a $184 million loan from the Qatar Investment Authority (QIA) to fund work on the OPL 310 area, offshore Nigeria.