Fenikso, previously known as Lekoil, has settled its disputes with its former CEO, with half its board also stepping down.
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 has signed service agreements with Schlumberger for drilling on the Otakikpo field, although it is continuing work on the financing.
Oil and gas exploration company Lekoil has received payment for its first cargo lifted from the Otakikpo Marginal Field, offshore Nigeria.
Lekoil today confirmed has kick-started production its Otakikpo Marginal Field.
Lekoil is ramping up to hit its production target of 10,000 barrels of oil a day.