LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and Africa, has announced that LEKOIL Oil and Gas Investments Limited (LOGL), in which the Company has a 90 percent economic interest, has fully repaid the Prepayment Facility, as announced on 2 July 2020, it entered into with Shell Western Supply and Trading Limited (SWST), a member of the Royal Dutch Shell group of companies.
The Prepayment Facility, repayable from crude oil liftings from Otakikpo, was fully repaid ahead of its maturity date. Following this repayment, as at 9 November 2020, LEKOIL has an outstanding balance of external interest-bearing loans and borrowings of approximately US$15.6 million, and a total cash balance of US$3.8 million, with US$1.3 million recognised as restricted cash.
Lekan Akinyanmi, LEKOIL’s CEO, commented, “We would like to thank Shell Western for their continued support and the provision of a facility which provided short term liquidity for the Company. We look forward to continuing our mutually beneficial relationship.”