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Lekoil shares suspended after Qataris question loan

Mon, 13th Jan 2020 12:39

(Sharecast News) - Shares in Lekoil have been suspended after doubts were raised about the validity of a loan agreement supposedly struck with the Qatari Investment Authority.
Lekoil announced at the start of the month that it had struck a $184m financing deal with the sovereign wealth fund, thereby securing funding for the appraisal drilling in the Ogo field off the cost of Nigeria. Shares in the company soared on the announcement.

The seven-year facility was due to be disbursed in five tranches over 11 months, with the first drawdown due in February.

But on Monday, Lekoil said that the QIA has since approached it "questioning the validity" of the loan. Sources at the QIA reported having no knowledge of talks or of the loan, according to specialist website Energy Voice and the Financial Times.

"Lekoil is urgently seeking to establish, alongside its legal counsel and nominated advisor, the full facts of this matter, and pending this clarification, the company has requested that its ordinary shares be suspending from trading on Aim with immediate effect," Lekoil said in a statement.

Lekoil added that it had so far paid out $600,000 "in good faith" to Seawave Invest, which introduced the company to people purporting to be from the QIA.

Seawave is a consultancy based in Accra, Ghana, that specialises in Africa-focused cross-border transactions. It has so far declined to comment, including hanging up the phone on the Financial Times.

Shares in Lekoil closed yesterday at 940p, having started the month at 465p.
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16 Jan 2020 11:54

No one at Seawave knew of loan from QIA to Lekoil, lawyers say

(Sharecast News) - The plot around the fraudulent loan that sank shares of Nigerian oil company Lekoil thickened overnight after lawyers for the firm that allegedly brokered the transaction denied that it had played any role.

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14 Jan 2020 13:02

Lekoil shares crash after it confirms alleged fraud

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10 Jan 2020 10:23

Lekoil confirms start of site survey on OPL 310

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2 Jan 2020 11:14

Lekoil shares surge as it secures funding for Ogo drilling

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31 Oct 2019 15:38

Lekoil pays fee to extend licence on OPL 310 block

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Nigerian Government Approves Extension For Lekoil's OPL 310 Licence

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30 Aug 2019 11:41

Lekoil Inks Agreement With Optimum Petroleum Over OPL 310 Licence

(Alliance News) - Lekoil Ltd on Friday said it has signed an agreement with Optimum Petroleum Development Co to progress the Ogo discovery at the offshore OPL 310 licence in Nigeria.Optimum

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