NIGERIA: Lekoil Sources $184 Million for Ogo Oil Project

NIGERIA: Lekoil and Optimum Petroleum Company Agree to Postpone OPL 310

Lekoil, a Discovery and Oil Production Company, Lekoil Limited Exploration and Production (E&P) Company has networked about $184 million for assessment and development of its proposed Ogo Filled Project located in Oil Prospecting Lease(OPL) 310.

Lekoil Limited has concentrated on Nigeria and other West Africa Countries. The company has signed a loan agreement with Qatar Investment Authority (QIA) in the state of Qatar for funds up to $184 million.

The Company stated that it intended to commence the project by February 2020. The loan agreement signed between the two-party Lekoil and Qatar Investment Authority has a period of seven years from the date of the agreement.

The Company is to start repayment of the fund both the original sum of money lend and interest after six months of establishment and commencement of commercial activities from the project field. The interest rate to be paid yearly on the amount borrowed is 3.72 percent with an upfront fee of 2.75 percent on the fund lent under the facility.

Lekoil noted that the Facility was organized by Seawave Invest Limited, an independent consultancy company that deals in cross-border business transactions with an exclusive target on Africa. And that the commission will be paid to Seawave by Lekoil for arranging the Facility.

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