Business
Results for six months ended 30 June 2021
Results for six months ended 30 June 2021.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 4451Q\n Lekoil Limited\n 27 October 2021\n \n \n \n \n \n \n \n 27 October 2021\n \n \n Lekoil Limited\n \n \n (\"LEKOIL\" or the \"Company\")\n \n \n \n \n \n Results for six months ended 30 June 2021 - Corporate update\n \n \n LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces its results for the six-month period ended 30 June 2021 (the \"Half Year Report\") and a corporate and operational update.\n \n \n Operational and Corporate Summary\n \n \n · \n On 18 October 2021, the Company released its Annual Report and Accounts for the year ended 31 December 2020 (\"Annual Report\"). \n \n \n · \n To assist the Company to conserve its cash resources, it will commence implementation of a Contractor Shares Arrangement (\"CSA\"), whereby service providers and directors (\"Contractors\") who provide goods, services or loans to the Company will be paid in the Company's ordinary shares (the \"Contractor Shares\") rather than cash. The use of the CSA was authorised at the 2020 Annual General Meeting, is consistent with the Company's cash management strategy and will align the interests of the Company with the Contractors who are helping it achieve its objectives. The Board currently expects that the issuance of Contractor Shares in 2021 will be circa 5% of the current issued share capital. \n \n \n · \n Noting that the Company's shares are currently suspended from trading, the Company is in the process of clarifying, for the purposes of the AIM Rules, its relationship with its operating subsidiary. It is doing this as a matter of urgency and will provide updates on the suspension when it has further information. \n \n \n · \n The Company continues to pursue the repayment of the CEO Loan from Mr. Olalekan Akinyanmi, with an application for summary judgement in the United Kingdom. The Company is also challenging a claim bought by Mr. Akinyanmi in the United States and will update the market as necessary. \n \n \n \n \n \n Financial Summary\n \n \n · \n The Company's review of the intercompany and related party debt position between Lekoil Cayman Group and Lekoil Nigeria (and its subsidiaries) shows that the par value of amounts (including accrued interest) which were owing to Lekoil Limited at 3...