Fenikso, previously known as Lekoil, has settled its disputes with its former CEO, with half its board also stepping down.
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 largely endorsed the current management plans, even while the company’s Nigerian subsidiary plans to make its move.
Lekoil Nigeria has made an offer to acquire its London-listed parent company, following a major corporate falling out.
Lekoil has finally posted its accounts for 2020, taking an impairment of more than $100 million on a Nigerian asset and acknowledging going concern worries.