20 Dec 2019 07:00
20 December 2019
Lekoil Limited
("LEKOIL" or the "Company")
Repayment of Outstanding Advance Payment Facility
LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces today that LEKOIL Oil and Gas Investments Limited ("LOGL"), a member of the LEKOIL Limited group, has fully repaid the outstanding Advance Payment Facility with Shell Western Supply and Trading Limited ("SWST") (a member of the Royal Dutch Shell plc group of companies) from the proceeds of the new US$11.5 million debt facility obtained from FBNQuest Merchant Bank ("FBNQuest"), as announced on 25 October 2019.
Following this repayment, LOGL has an outstanding balance of interest-bearing loans and borrowings (excluding intercompany loans) of US$21.4 million.
Lekan Akinyanmi, LEKOIL's CEO, commented, "We would like to thank Shell Western for their support with our business operations and look forward to continuing our mutually beneficial and value enhancing relationship."
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information, please visit www.lekoil.com or contact:
LEKOIL Limited Ore Bajomo, Investor Relations |
+44 20 7457 2020 |
Strand Hanson Limited (Financial & Nominated Adviser) James Spinney / Ritchie Balmer / Eric Allan |
+44 20 7409 3494 |
Mirabaud Securities Limited (Joint Broker) Peter Krens / Edward Haig-Thomas |
+44 20 7878 3362 / +44 20 7878 3447 |
Numis Securities Limited (Joint Broker) John Prior / Emily Morris | +44 20 7260 1000 |
Instinctif (Financial PR) Mark Garraway / Dinara Shikhametova / Sarah Hourahane | +44 20 7457 2020 lekoil@instinctif.com |