Miner Metallon has sold off its stake in Lekoil, sparking a near 30% rise in the Nigerian oil company’s share price.
The London-listed oil company locked in a battle with its former chief executive fired him in part for being hired as boss of a different company, which he now refuses to leave.
Lekoil has sacked its CEO Olalekan Akinyanmi with immediate effect, the company has said.
Lekoil shareholders have backed Metallon Corp.’s proposed board, despite some concerns flagged by the Nigerian government.
Zimbabwean miner Metallon Corp. faces a new challenge in its pursuit of Lekoil with possible difficulties emerging over local content in Nigeria.
Lekoil has accused minority shareholder Metallon of attempting to seize control of the Nigerian minnow, ahead of the EGM planned for January 8.
Lekoil has received a warning that unless it pays its bills at OPL 310 its stake may be sold off, while also facing shareholder demands for board change.
Nigeria’s Lekoil has struck a strategic alliance agreement to find producing assets with Namibia’s state-owned Namcor.
Numis Securities has opted to cut its natural resources division, driving a number of companies to seek new brokers.
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.
Lekoil’s plans in Nigeria have been thrown into doubt, and trading in the company’s shares suspended, as a finance deal that was supposed to have been signed with the Qatari Investment Authority (QIA) appears to have been bogus.
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.
Lekoil has paid off its debt to Shell Western Supply and Trading through the raising of a new loan from FBNQuest Merchant Bank.
Oil and gas exploration company Lekoil has received payment for its first cargo lifted from the Otakikpo Marginal Field, offshore Nigeria.
Africa focused exploration and production firm Lekoil (AIM:LEK) has signed a memorandum of understanding (MoU) with American multinational GE Oil and Gas for offshore work in Nigeria.
Nigeria-based Lekoil said today it had agreed a $15million advance payment facility with Shell.
Lekoil today named Bruce Burrows as its chief financial officer.
Lekoil today confirmed has kick-started production its Otakikpo Marginal Field.
Lekoil has raised $12.4million through share placing, it confirmed today.
Lekoil is ramping up to hit its production target of 10,000 barrels of oil a day.
Lekoil has agreed a new debt facility with Sterling Bank, totaling $17.7million.
Lekoil today confirmed it had successfully refinances and secured an additional $10million in funding.