Lekoil receives $184M loan for Ogo field drilling and development

Lekoil (OTCPK:LEKOF) obtains funding from Qatar's sovereign wealth fund for appraisal drilling and initial development of the Ogo field offshore Nigeria.

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The Qatar Investment Authority will loan 184M to Lekoil in 5 tranches over a period of 11 months, with first drawdown scheduled for February 2020, and the loan facility has a 7-year tenure from the date of first disbursement.

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Chief Executive Lekan Akinyanmi will pledge his entire 39.1M holding of Lekoil shares as part of the facility's security package, and will receive a one-time fee of 1.8M offset against a $1.7M loan that was made to him in December 2014.

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Further, in connection with securing the loan, Akinyanmi will be granted an award of up to 30M new shares at no cost in five equal installments