The following warnings occurred:
Warning [2] Undefined array key "avatartype" - Line: 783 - File: global.php PHP 8.0.30 (Linux)
File Line Function
/global.php 783 errorHandler->error
/showthread.php 26 require_once
Warning [2] Undefined array key "avatartype" - Line: 783 - File: global.php PHP 8.0.30 (Linux)
File Line Function
/global.php 783 errorHandler->error
/showthread.php 26 require_once
Warning [2] Undefined variable $awaitingusers - Line: 34 - File: global.php(844) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/global.php(844) : eval()'d code 34 errorHandler->error
/global.php 844 eval
/showthread.php 26 require_once
Warning [2] Undefined array key "mybb" - Line: 1952 - File: inc/functions.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions.php 1952 errorHandler->error
/inc/functions_indicators.php 41 my_set_array_cookie
/showthread.php 629 mark_thread_read
Warning [2] Undefined property: MyLanguage::$ratings_update_error - Line: 5 - File: showthread.php(732) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(732) : eval()'d code 5 errorHandler->error
/showthread.php 732 eval
Warning [2] Undefined array key "additionalgroups" - Line: 7162 - File: inc/functions.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions.php 7162 errorHandler->error
/inc/functions_user.php 844 is_member
/inc/functions_post.php 406 purgespammer_show
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "profilefield" - Line: 6 - File: inc/functions_post.php(474) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php(474) : eval()'d code 6 errorHandler->error
/inc/functions_post.php 474 eval
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showimages" - Line: 741 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 741 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showvideos" - Line: 746 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 746 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "additionalgroups" - Line: 7162 - File: inc/functions.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions.php 7162 errorHandler->error
/inc/functions_user.php 844 is_member
/inc/functions_post.php 406 purgespammer_show
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "profilefield" - Line: 6 - File: inc/functions_post.php(474) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php(474) : eval()'d code 6 errorHandler->error
/inc/functions_post.php 474 eval
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showimages" - Line: 741 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 741 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showvideos" - Line: 746 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 746 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "additionalgroups" - Line: 7162 - File: inc/functions.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions.php 7162 errorHandler->error
/inc/functions_user.php 844 is_member
/inc/functions_post.php 406 purgespammer_show
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "profilefield" - Line: 6 - File: inc/functions_post.php(474) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php(474) : eval()'d code 6 errorHandler->error
/inc/functions_post.php 474 eval
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showimages" - Line: 741 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 741 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "showvideos" - Line: 746 - File: inc/functions_post.php PHP 8.0.30 (Linux)
File Line Function
/inc/functions_post.php 746 errorHandler->error
/showthread.php 1070 build_postbit
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "threadprefix" - Line: 4 - File: showthread.php(1168) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1168) : eval()'d code 4 errorHandler->error
/showthread.php 1168 eval
Warning [2] Undefined array key "invisible" - Line: 1506 - File: showthread.php PHP 8.0.30 (Linux)
File Line Function
/showthread.php 1506 errorHandler->error
Warning [2] Undefined variable $threadnotesbox - Line: 30 - File: showthread.php(1533) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1533) : eval()'d code 30 errorHandler->error
/showthread.php 1533 eval
Warning [2] Undefined variable $addremovesubscription - Line: 79 - File: showthread.php(1533) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1533) : eval()'d code 79 errorHandler->error
/showthread.php 1533 eval
Warning [2] Undefined variable $forumjump - Line: 86 - File: showthread.php(1533) : eval()'d code PHP 8.0.30 (Linux)
File Line Function
/showthread.php(1533) : eval()'d code 86 errorHandler->error
/showthread.php 1533 eval




Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
OPL 310: Lekoil Secures $184m Funding For Drilling
#1
Quote: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/

[Image: 10861296_oilandgasbusinessideas_jpeg21c4...fbb64dd0af]
[Image: 10861308_images_jpeg_jpegeb6c065c105cfe1...aeadfb7a99]
[Image: 10861309_lekoil_jpegd410e79d5546b4b6525023c0cac349f1]
Reply
#2
Quote:Lekoil Duped Into Thinking It Received $184 Million Loan


A Nigerian oil producer thought it had received a critical $184 million loan from a sovereign wealth fund to drill and develop an offshore field.

The company, Lekoil Ltd. LEK, +16.40%   , told the London Stock Exchange on Jan. 2 it had received the loan from the Qatar Investment Authority.

The terms seemed favorable — an upfront fee of 2.75% and a 3.72% annual payment, arranged by a consultancy firm that specialized in African transactions.

Its CEO, Lekan Akinyanmi, pledged his full 39.1 million–share stake to get the loan, so the company said it would cancel a $1.7 million loan it had previously made to him as well as grant an award of up to 30 million shares depending on performance.

All was well until Sunday, when, according to Lekoil, the Qatar Investment Authority got on the phone to the company’s advisers with some bad news: It had no idea Lekoil was talking about.

In a new statement to the London Stock Exchange, Lekoil said it was the victim of a “complex fraud in order to masquerade as representatives of the QIA.”

Lekoil shares plunged 73% on Tuesday after a trading halt Monday.

Lekoil said it had performed due diligence, meeting with people it thought were QIA representatives, and also carrying out legal and technical due diligence. Lekoil also performed what it said was due diligence on the consultancy firm, Seawave Invest Ltd., and sought legal advice.

An email sent to an address on Seawave’s website was not returned.

Lekoil said it’s out $600,000, though it’s trying to recover the fees. “Whilst Lekoil will take all reasonable actions to recover the fees paid to Seawave, there can be no guarantee that such attempts will be successful,” the company said.

It’s also scrambling to get financing in place, and could be forced to sell its stake in an oil block off Lagos, Lekoil said. Optimum Petroleum Development is the operator of the field.

Mark Simmonds, who joined Lekoil last month and previously was a minister in the U.K. Foreign Office when David Cameron was prime minister, will lead the investigation alongside Tony Hawkins, who is chief executive of another U.K.-listed oil firm, Columbus Energy.

A spokeswoman for Lekoil said it wouldn’t comment further due to the investigation.

https://www.marketwatch.com/story/nigerian-oil-producer-duped-into-thinking-it-received-184-million-loan-from-qatar-2020-01-14

[Image: 10892977_lekoil_jpegd410e79d5546b4b6525023c0cac349f1]
Reply
#3
OPL 310: Qatar suspends $184m funding for Lekoil drilling
17th January 2020
 





Less than two weeks after securing $184 million  funding for the appraisal drilling and initial development programme activities on the Ogo field within OPL 310 from Qatar Investment Authority (QIA), indications  have emerged that the funding plan has been suspended forthwith.

Following announcement by Lekoil on January 2, 2020, representatives of QIA approached Lekoil’s advisers, questioning the validity of the agreement.


The company is currently seeking to establish, alongside its legal counsel and nominated adviser, the full facts of the matter, and pending this clarification, the company’s ordinary shares were suspended from trading on AIM at 7.37am on January 13, 2020. However, the release of this announcement facilitates lifting of the suspension and trading is expected to recommence.


With this development, the facility agreement can no longer be considered to be legally binding or enforceable and it should therefore be assumed that none of the funding, as set out in the announcement of January 2, 2020, will be forthcoming.

Lekoil disclosed that it continues to generate positive cash flows at the operational and corporate level and would seek alternative funding for the future development of OPL 310 as a priority.


‘‘As previously announced on August 30, 2019, Lekoil is required to provide 42.86 per cent of the cost of drilling and pay Optimum Petroleum Development Company Limited sunk costs and consent fees by February 2020 – a payment estimated at $38 million.


Failure to make this payment on time may result in Lekoil and Optimum jointly seeking, and agreeing on, a willing buyer to whom the transfer of Lekoil’s 17.14 per cent participating interest in OPL 310, as well as all the financial obligations related to OPL 310, can be made.
The company explained that no capital commitments have been made based on anticipated drawdowns, and that the company would cover the cost of the site survey (estimated at $4 million) on OPL 310 as announced on January 10, 2020 from a mixture of existing cash resources and income from operations at Otakikpo.


Lekoil, had in the January 2, 2020 statement announcing the funding deal by QIA, said 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.
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Oil discoveries across Africa may remain untapped over funding’ Edoman 0 801 12-13-2019, 03:16 PM
Last Post: Edoman
  Neconde secures $640m refinancing deal to drive oil production Edoman 0 973 06-19-2019, 09:58 AM
Last Post: Edoman
  Oil, gas bid round as elixir for 2019 budget funding Edoman 0 1,157 03-11-2019, 09:55 AM
Last Post: Edoman



Users browsing this thread: 1 Guest(s)