Further Details for Lekoil’s Newly Acquired Nigerian Stake

Thursday, May 22, 2014

As Petroleum Africa reported on May 21, Lekoil Nigeria Ltd.’s subsidiary, Lekoil Oil and Gas Investments Ltd., acquired a 40% stake in the Otakikpo Marginal Field on Nigeria’s OML 11. The company said that it has raised about $37.8 million in capital after the placement of 33 million new ordinary shares.

The net proceeds of the placing are estimated to be around $36.5 million to be used to fund the equity of the $67 million initial work program on the Otakikpo Marginal Field.

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