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

Lekoil logo.jpg

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

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.

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.

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

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