Fenikso receives partial repayment regarding 2022 USD43.5 million loan

(Alliance News) - Fenikso Ltd on Tuesday said it received USD841,779 as a partial repayment of a USD43.5 million loan, agreed at the end of 2022 as part of its restructuring plan.

The investor in Nigerian oil and gas assets, previously known as Lekoil Ltd, noted the loan was entered into with Lekoil & Gas Investments, with the remaining balance of the loan being USD43.5 million.

Fenikso said the amount received equates to 8.7% of the most recent payment from crude oil sales received by LOGI, while the next payment is scheduled before the end of this month.

The proceeds will go towards repaying the Savanah Energy Investments Ltd loan, Fenikso said, which currently has an outstanding balance of USD13.7 million, alongside building up cash in Fenikso.

After the payment to Savanah Energy, Fenikso said it expects to have over USD3.0 million of cash on its balance sheet.

In late January, Fenikso said it received USD695,521 in partial loan repayment from LOGI. In December, it received USD695,521, in November it received USD884,976, in October it received USD992,674, in September it received USD800,785, and continuing on a similar basis in prior months.

Shares in Fenikso were quoted at 1.20 pence each on the Aquis Stock Exchange in London on Tuesday afternoon, having last traded at 1.25p each on Monday around midday.

By Greg Rosenvinge, Alliance News senior reporter

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