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Nigeria: LEKOIL re-structures financial obligations to Optimum

30 Apr 2020

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LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced that, further to the Company's announcements on 21 January 2020, 25 March 2020 and 3 April 2020, the Company has reached an agreement with Optimum Petroleum Development Company, the Operator of the OPL 310 License, on deferring the final tranche of payment of US$7.6 million due on or before 2 May 2020.

As previously announced on 21 January 2020, the Company agreed with Optimum a final payment of US$9.6 million, in aggregate, would be made by the Company to Optimum to cover sunk costs and consent fees. This final payment was to be made in two tranches with the first payment of US$2.0 million completed as announced on 3 April 2020. For the second and final payment of US$7.6 million, Optimum and LEKOIL have agreed a deferred payment schedule as follows:

  • The sum of US$1.0 million to be paid on or before 15 July 2020;
  • The sum of US$2.0 million to be paid on or before 30 September 2020; and
  • The sum of US$4.6 million to be paid on or before 30 November 2020

Alhaji Yusuf N'jie, Optimum's Managing Director, commented: 'The current challenges in the oil industry - the unprecedented supply and demand shock brought on by the COVID-19 pandemic, require true partnership and collaboration and we are pleased to work with LEKOIL in this regard.'

Lekan Akinyanmi, LEKOIL's CEO, commented: 'We would like to thank Optimum for their continued support and understanding during these challenging times for the oil and gas industry and the global economy. We remain aligned and committed to delivering on our joint appraisal ambitions.'

Original article link

Source: LEKOIL

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