Loan fraud: Lekoil defers oil drilling payment
Lekoil has announced that it reached an
agreement with Optimum Petroleum Development Company, the operator of
the OPL 310 Licence, on deferring its financial and operational
obligations due between February 2020 and July 2020.
Lekoil was required to pay a portion of
Optimum’s sunk costs and consent fees (previously estimated at $10m), as
well as provide evidence of its ability to fund 42.86 per cent of the
costs and expenses for the drilling of the first appraisal well during
February 2020 (estimated at a further $28m).
The company’s plans were disrupted after
it discovered that the $184m loan agreement with the Qatar Investment
Authority was fraudulent
London Stock Exchange on Monday suspended trading in the shares of Lekoil.
Lekoil shares were previously suspended
on Monday last week after an official with the QIA Investment Authority
approached it to query the validity of the loan.
The company had reported that it secured a $184m loan for the appraisal drilling and development programme of the OPL 310.
It said as a condition for the provision
of the facility, its Chief Executive Officer, Mr Lekan Akinyanmi, would
pledge his full holding of 39,138,601 ordinary shares in the company as
part of the security package for the facility.
Source: Punchng, January 22, 2020