Adewale Sanyaolu

Lekoil, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced that it has secured $184 million funding for the appraisal drilling and initial development programme activities on the Ogo field within OPL 310.

The company stated that in securing the agreement, it has entered into a binding loan agreement with the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar for $184 million.

According to the company, the facility will be disbursed in five tranches over 11 months, with the first drawdown intended to occur in February 2020.

Lekoil said it would be looking forward to providing further details on the intended work programme in short order.

‘‘The tranching of the drawdown of funds under the terms of the facility is expected to enable Lekoil to meet the costs commitments under the envisioned work programme as and when they arise.

The facility, which has a tenure of seven years from the date of first disbursement, is secured against, amongst other things, the shares and assets of Lekoil 310 Limited (“Lekoil 310”) and Mayfair Assets and Trust Limited (“Mayfair”) and includes a moratorium on both the interest and principal repayments commencing from the date of the facility until six months after the commencement of commercial sale of production from the field.

Repayment of the principal and interest will occur subsequently in equal installments, on a semi-annual basis. Lekoil holds its interest in OPL 310 through Mayfair and Lekoil 310. The facility is not secured against any other assets or interests of the company, including its interest in the producing Otakikpo marginal field’’.

The company disclosed that annual interest rate payable on amounts drawn under the facility is 3.72 per cent with an upfront fee of 2.75 per cent of the amount drawn under the facility which is payable upon drawdown of the facility.

Lekoil noted that Debt Service Reserve Account will be established twelve months after the end of the moratorium period with a one-off amount equal to six months of debt service standing to its credit.

The company said it will be required to meet a number of covenants on an ongoing basis in order for the facility to remain in good standing, and adhere to QIA’s policies on procurement, environment and social responsibility and anti-corruption.

‘‘The facility is subject to event of default clauses, and a provision that the employment of the company’s CEO cannot be terminated without good cause during the term of the facility.

“The facility was arranged by Seawave Invest Limited, an independent consultancy firm specialising in cross-border transactions with an exclusive focus on Africa. After deducting the commission payable to Seawave by LEKOIL for arranging the facility, and the upfront fee payable by LEKOIL to the QIA as set out above, the net proceeds of the facility available to the company are approximately $174.3 million’’.

https://www.sunnewsonline.com/opl-310-lekoil-secures-184m-funding-for-drilling/

Investment is key.

Ok

gbagaun

It is well


Check my signature now

A

Dis is just a front

u try

Investment is Key and more employment ..

Big boys, big things

Oil money.










Baba God please answer my prayer this year

Hey

Always coming to drill the oil and take it abroad. What kind of country is Nigeria and the leaders? When countries are talking about refining their products and opening up market place they are talking about drilling oil. Nonsense

Big company

Good.

But the country can get more than ten times the money of oil from agriculture. But we don't have competent leaders.

Oshio baba, the government of your party is not doing well.

Youthleader22:
Always coming to drill the oil and take it abroad. What kind of country is Nigeria and the leaders? When countries are talking about refining their products and opening up market place they are talking about drilling oil. Nonsense

Military generals mainly destroyed the country.
APC is also not doing well.

Another looter awaits

Seems like a great partnership

make una dey drill na only wetin dey una head. look at elon musk for inspiration.

Must they announce it? Have the militants left the creeks? Next thing, they will start asking for their share of this "largesse".

I don't like the name. Sounds very close to Lukoil of Russia

While we welcome their good intentions,but the information given is insufficient for the world audience to deduce the much needed appraisal and credible conclusions for a better deals in overall Nigerian interest.For instance,who owns the Lekoil?
What are the short term,medium and Long term plans for this $ project to succeed?
Are they fronts to yet unknown investors?
The Six gentlemen and a lady in your Photos-who are they? What are their Portfolios like. indomie generation always gullibly sharing tread at expense of Nigerians.wish them well in this decade called Yr 2020.God bless Nigeria .

Any work for petroleum engineering graduate in an oil producing country with so many OPL, OML, and the likes?

Why are Nigerian youths so cowardly. The other day I stood out fighting to be a voice of reason and wisdom but they were looking at me gboor as if to say thank God they will soon disqualify this one. One gone 999 to go

After deducting the commission payable to Seawave by LEKOIL for arranging the facility, and the upfront fee payable by LEKOIL to the QIA as set out above, the net proceeds of the facility available to the company are approximately $174.3 million’’.

@blunt
The only detail necessary is above -
some cool dudes have secured themselves what a Happy New Year really is, in the form of almost $10m commission.

what kind of country is this.. allow people to come n drill the oil in your country, the people take it abroad and make 60 times the amount they paid Nigeria..




well, oil money.....

we must to collect our share of the yam..

this Nigeria na free for all

ok

Which state is that opl located?

Sunisonflex39:
what kind of country is this.. allow people to come n drill the oil in your country, the people take it abroad and make 60 times the amount they paid Nigeria..




well, oil money.....

we must to collect our share of the yam..

this Nigeria na free for all

How do they make 60 times the profit?

juman:
Good.

But the country can get more than ten times the money of oil from agriculture. But we don't have competent leaders.

Oshio baba, the government of your party is not doing well.

Not really, oil is more expensive than agricultural products. Food is the cheapest thin the world over. Agricultural products are perishable, if you want to sell your yams in Canada you will spend more than the money it cost you to produce the yam just to preserve the yams before you get to Canada. Drill crude oil put it in any conterner and off you go .