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Lekoil Ltd - London-based oil and gas exploration and production company with projects focused in Nigeria and West Africa - Notes that 40% shareholder Lekoil Nigeria has offered to acquire the OPL 310 loan worth $110 million made by Lekoil to Mayfair Assets & Trust Ltd for an initial $1.5 million, and a deferred payment of $110 million.
‘The offer from Lekoil Nigeria will provide the company with the necessary working capital that it purports to require whilst averting the consummation of the value destructive Option Agreement and the likely loss of OPL 310 to Savannah. Whereas the acquisition of the Mayfair Loan by Lekoil Nigeria will not only prevent the loss of OPL 310, it will have neutral effect on the value of your shares,’ Lekoil Nigeria stated.
‘The offer by Lekoil Nigeria to purchase the OPL 310 loan and the outstanding amount under the Savannah Convertible Facility Agreement is not capable of acceptance as it would put the Company in breach of its legally binding contractual obligations to Savannah,’ said Interim Chair Anthony Hawkins.
Current stock price: suspended
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