Lekoil Confirms Repayment Of Shell Loan From Nigeria Oil Production

Yemisi Izuora

Lekoil Ltd African oil exploration and production firm with interests in Nigeria and offshore Namibia has said that its subsidiary Lekoil Oil & Gas Investments Ltd has fully repaid the prepayment facility it entered into with Shell Western Supply & Trading Ltd, part of Royal Dutch Shell PLC.

The facility, repayable from crude oil liftings from its Otakikpo field in Nigeria, was fully repaid ahead of its maturity date, Lekoil noted.

Following this repayment, Lekoil has an outstanding balance of external interest bearing loans and borrowings of about USD15.6 million, and a total cash balance of USD3.8 million, with USD1.3 million being restricted cash.

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