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Lekoil Ltd - London-based oil and gas exploration and production company with projects focused in Nigeria and West Africa - Confirms that it has drawn down £885,672 under the convertible facility agreement as part of the Savannah Energy PLC agreement.
Earlier in March, both companies signed a convertible facility agreement for Savannah to provide a £900,000 loan, repayable on Wednesday and bears 5% per annum interest.
Should Lekoil not pay, Savannah can convert the outstanding amount to 177.1 million new shares in Lekoil at a price of 0.5 pence each.
However, shareholder Lekoil Nigeria's CEO Olalekan Akinyanmi was granted an interim injunction by Grand Court of Cayman Islands to prevent investment agreement between Lekoil and Savannah Energy PLC.
Lekoil has applied for the injunction to be lifted, which will be heard on Thursday.
Current stock price: suspended
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