Lekoil confirms repayment of Shell loan from Nigerian oil production


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.”

 

Source: Lekoil

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