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Completed Placing of New Ordinary Shares to Raise $37.7m

Source: www.gulfoilandgas.com 5/21/2014, Location: Africa

Lekoil has conditionally raised gross proceeds of approximately US$37.7 million (approximately £22.4 million) through the placing of 33,000,000 new Ordinary Shares at a placing price of 67.75 pence per Ordinary Share with certain existing and new institutional and other investors via an accelerated book-build.

The net proceeds of the Placing are estimated to be US$36.5 million (approximately £21.7 million) and will be used to fund the equity portion, anticipated to be approximately 20 per cent., of the US$67 million initial work programme (“IWP”) on the Otakikpo Marginal Field, in which, Lekoil has acquired a 40 per cent. participating interest and economic interest.

It is intended that the balance of the Placing proceeds will be used for general corporate and working capital purposes, including the payment of fees associated with the Placing.

The Placing, which has been conducted by Mirabaud Securities LLP and UBS Limited, acting as joint bookrunners and Ladenburg Thalmann & Co. Inc., acting as US Placing Agent, pursuant to the terms and conditions as set out in Appendix I.

Application has been made for the admission of the Placing Shares to trading on AIM with effect from 27 May 2014. Following admission of the Placing Shares, the number of Ordinary Shares in issue will be 362,906,233. This figure may be used by shareholders as the denominator in the calculation by which they determine if they are required to notify the Company of their interest (or any change to their interest) in the Company under the FCA's Disclosure and Transparency Rules.

Olalekan Akinyanmi, Chief Executive Officer of Lekoil, commented: “We are pleased with the continued support exhibited in this equity raise and remain committed to our strategy of growing the business in a diversified manner in terms of exploration, appraisal and near term production. Acquiring an interest in Otakikpo - an exciting near term production asset - represents another important step for Lekoil and we look forward to developing this asset.”

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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