Nigeria: Lekoil placing raises $100m

AIM-listed Lekoil has raised $100m through a placing of 113.28m new shares at 55p/share. The proceeds will be used to fund the company’s share of drilling and testing of the Ogo-1 well and sidetrack, the development of the OML 113 licence, which contains the Aje field, and for general working capital purposes, including the repayment of a $15m loan from Afren. The placing was conducted by Mirabaud Securities. “Following its successful IPO on AIM in May this year raising $50m, Lekoil has now raised further funds of $20m in July and $100m primarily to finance its successful drilling on its OPL 310 licence,” said Field Fisher Waterhouse corporate finance partner Anthony Brockbank, who advised Mirabaud Securities.