Business
Placing and Admission to AIM
Placing and Admission to AIM.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \nRNS Number : 9469E Lekoil Limited 17 May 2013 \n \n\n17 May 2013\n \n \nLekoil Limited\n \nPLACING OF 80,000,000 NEW ORDINARY SHARES\nTO RAISE GROSS PROCEEDS OF £32 MILLION\nAND\nADMISSION TO TRADING ON AIM\n \nLekoil Limited (the \"Company\", or together with its subsidiaries, the \"Group\") is a holding company that intends to use its access to potential oil and gas licence interests and its experienced management team to build a multi-asset exploration, development and production business in Africa. Its founders consist of a group of leading professionals with extensive experience in the upstream international oil and gas sector and in the global fund management/investment banking industries. \n \nThe Company's principal subsidiary, Lekoil (Nigeria) Limited, a company incorporated in Nigeria, (\"Lekoil Nigeria\") has entered into a farm out agreement through a subsidiary, Mayfair Assets and Trusts Limited (\"Mayfair\"), with a subsidiary of Afren PLC by which Mayfair will ultimately acquire, upon completion, an overall 30 per cent. economic interest (including a 17.14 per cent. participating interest) in OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin. OPL310 represents an early stage asset with significant potential and strong partners.\n \nThe Company is entitled to 90 per cent. of the income and capital distributed from Lekoil Nigeria and therefore has an indirect 27 per cent. economic interest and an indirect 15.43 per cent. participating interest in OPL310. Unrisked net recoverable prospective resources attributable to the Company have been estimated by Netherland, Sewell & Associates, Inc. (\"NSAI\") at c.128.5 mmboe with production estimated to commence, assuming positive drilling results, in late 2015 at the earliest. Exploration drilling, using the GSF Transocean Monitor rig, commenced on 23 April 2013 and is currently drilling at a depth of 3,500 ft. \nIn addition, the Company's Namibian subsidiary, Lekoil Exploration and Production (Pty) Ltd (\"Lekoil Namibia\"), is the operator of Namibian offshore exploration blocks, located in the prospective Luderitz Basin. Lekoil Namibia holds a 77.5 per cent. participating interest and economic interest in Blocks 2514 A & B. Subject ...