Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Lekoil Strikes USD3.5 Million Prepayment Deal With Shell

Thu, 02nd Jul 2020 09:51

(Alliance News) - Lekoil Ltd on Thursday said it secured a prepayment facility with oil major Royal Dutch Shell PLC, giving the Nigeria and west Africa-focused explorer "further short-term liquidity".

Lekoil Oil & Gas Investments Ltd, a 90%-owned subsidiary, penned the USD3.5 million agreement with Shell Western Supply & Trading Ltd, a Shell unit.

The financing expires in five months and charges a market margin over LIBOR, Lekoil explained. The company added that it is repayable through future crude oil liftings.

"This prepayment facility follows the renewal of the offtake agreement with SWST, which occurred in the second quarter of this year as announced on June 26, and will provide further short-term liquidity with the proceeds already received," Lekoil said.

"With the receipt of this facility, the offtake agreement between SWST and LOGL has been extended for an additional year and will now expire on April 28, 2022."

The offtake agreement with Shell was initially due to expire in the second quarter of 2020, before the extension was agreed last Friday.

Lekoil shares were 5.7% higher 2.32 pence each in London on Thursday morning. Shell's A shares were up 0.6% at 1,312.60p and B shares were up 0.8% at 1,246.20p

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Related Shares

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, par...

7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating th...

31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.