Petroleum Africa
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Wednesday, November 20, 2013
Lekoil has decided to terminate the binding conditional SPA that Pan Petroleum Aje Ltd., Pan-Petroleum Nigeria Holding BV, and Pan-Petroleum (Holding) Cyprus Ltd. entered into on June 17, according to which it proposed to acquire an interest in OML 113 in Nigeria.
Lekoil said the inability of the parties to agree to final terms led to its decision to terminate the SPA.
The company understands that the other companies have a right to call in the $3 million bid bond entered into as part of the SPA or receive an equivalent cash payment in lieu of the bid bond which Lekoil will finance out of its current cash reserves. This cost is in addition to the $4 million already paid to the parties as part of the consideration (inclusive of cash calls) under the SPA.
This decision will allow the company to fully focus on developing its discovery at OPL 310, which as announced earlier today, has produced results significantly ahead of Lekoil’s initial resources estimates at the time of the IPO.
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