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.
Lekoil has paid off its debt to Shell Western Supply and Trading through the raising of a new loan from FBNQuest Merchant Bank.
London-listed Lekoil is to take legal action to speed up the process of acquiring shares in an exploration license off Nigeria.