Receipt of funds for repayment of US$51.9m loan

RNS Number : 7026R

Fenikso Limited

02 March 2023

 

Fenikso Limited

Receipt of first funds for repayment of US$51.9m loan

2^nd March 2023: Fenikso Limited (AQSE: FNK) (the "Company"), the Cayman Islands enterprise company formerly known as Lekoil Limited, announces the receipt of first funds under the Lekoil & Gas Investments ("LOGI") Loan entered in to on 31 December 2022 as part of the Fenikso restructuring. Fenikso Limited received US$665,054 as partial repayment of the loan of US$51,919,467 . The amount received equates to 8.65% of the value of the crude oil sales from the January sales of crude oil by LOGI. The next payment, from the February production, is scheduled for the end of March. The proceeds will go towards reducing the creditor balance at the Company which is currently in excess of US$2,000,000.

Tom Richardson, Chairman, commented:

This is an important first step towards the Company rebuilding itself for the future. The board is focused on first repaying the creditor balance and then looking to ensure any additional cash received is used to maximise shareholder returns. Under current oil prices and production at Otakikpo the Company expects to have repaid creditors, excluding Savannah, by Q3 2023.  

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

For further information, please visit www. feniksoltd.com  or contact:

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) Brian Stockbridge

[phone]

 

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