Lekoil Ltd - oil and gas exploration and production company focused on Nigeria and West Africa - Applies for admission to trading on the Access segment of the AQSE Growth Market operated by the Aquis Stock Exchange.
Company expects admission to take place on Wednesday, and actual trading to start when Lekoil's audited accounts are released, on track to take place by the end of June. This will lead to the cancellation of Lekoil's AIM shares.
Operationally, from Otakikpo produces 4,289 gross barrels of oil per day in April, and continues drilling of Otakikpo-4.
"The board of the company considers AQSE to be a suitable exchange to provide for the continued listing of its shares. The board is of the view that the company's primary activity is now the recovery of its investment through litigation against the Lekoil Nigeria group and Akinyanmi. This characterisation will allow the company to fulfil its disclosure obligations to the AQSE market, noting that a successful recovery of the intercompany debts due to the company will be the primary source of value for shareholders," said interim Executive Chair Anthony Hawkins
Current stock price: suspended
By Dayo Laniyan; dayolaniyan@alliancenews.com
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