Repayment of Prepayment Facility

RNS Number : 9066E

Lekoil Limited

11 November 2020

 

11 November 2020

Lekoil Limited

("LEKOIL" or the "Company")

Repayment of Prepayment Facility

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and Africa, announces that LEKOIL Oil and Gas Investments Limited ("LOGL"), in which the Company has a 90 per cent. economic interest, has fully repaid the Prepayment Facility, as announced on 2 July 2020, it entered into with Shell Western Supply and Trading Limited ("SWST"), a member of the Royal Dutch Shell group of companies (LSE: RDSA, RDSB).

The Prepayment Facility, repayable from crude oil liftings from Otakikpo, was fully repaid ahead of its maturity date. Following this repayment, as at 9 November 2020, LEKOIL has an outstanding balance of external interest-bearing loans and borrowings of approximately US$15.6 million, and a total cash balance of US$3.8 million, with US$1.3 million recognised as restricted cash.

Lekan Akinyanmi, LEKOIL's CEO, commented, "We would like to thank Shell Western for their continued support and the provision of a facility which provided short term liquidity for the Company. We look forward to continuing our mutually beneficial 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 Hamilton Esi, Corporate Communications Ore Bajomo, Investor Relations	[phone]
Strand Hanson Limited (Financial & Nominated Adviser) James Spinney / Ritchie Balmer / Georgia Langoulant	[phone]
Mirabaud Securities Limited (Joint Broker) Peter Krens / Edward Haig-Thomas	[phone] / [phone]
SP Angel Corporate Finance LLP (Joint Broker) Richard Hail / Stuart Gledhill / Sam Wahab	[phone]
Instinctif (Financial PR) Mark Garraway / Dinara Shikhametova / Sarah Hourahane	[phone] [e-mail]

 

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