Lekoil Ltd (LEK)

 

About us

Lekoil is an African focused oil and gas exploration and production company which currently holds interests offshore Nigeria and offshore Namibia. The Company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.

 The Company recently entered into a farm out agreement with Afren PLC to acquire an overall 30 per cent economic interest, including a 17.14 per cent participating interest, in OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin. OPL310 represents an early stage asset with significant potential and strong partners. The initial exploration well, Ogo-1, was spudded on 23 April 2013. In addition, Lekoil is the operator of two Namibian offshore exploration blocks (Blocks 2514 A & B) located in the prospective Luderitz Basin.

The Company was established on 3 December 2010. The Company acts as the holding company for the Group, which intends to use its access to potential oil and gas licence interests and its experienced management team, to build a multi-asset exploration, development and production business in Africa.
Since the Company is not incorporated in the UK and the rights of the shareholders may be different from the rights of shareholders in a UK incorporated company.
The company’s shares are not traded on any other exchange or trading platform and the AIM shares are freely transferable.
Lekoil Limited is an exempted limited liability company incorporated and registered in the Cayman Islands on 3 December 2010 (Registration Number WK-248859). The Company’s principle subsidiary, Lekoil Nigeria, was an incorporated under the laws of the Federal Republic of Nigeria (Registration Number RC 920325). The Group’s subsidiary, Lekoil Namibia, was incorporated in Namibia in August 2011 (Registration Number RC 2011/0523). In addition, the Group has further subsidiary companies in Benin and the USA.
The Company was established on 3 December 2010. The Company acts as the holding company for the Group, which intends to use its access to potential oil and gas licence interests and its experienced management team, to build a multi-asset exploration, development and production business in Africa.
Since the Company is not incorporated in the UK and the rights of the shareholders may be different from the rights of shareholders in a UK incorporated company.
The company’s shares are not traded on any other exchange or trading platform and the AIM shares are freely transferable.

At a glance

Background

  • Africa focused exploration and production company
  • Management and board with strong technical and financial experience and relationships on continent
  • Lekoil Nigeria recently entered into a farm out agreement with Afren PLC to acquire an overall 30 per cent economic interest, including a 17.14 per cent participating interest, in OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin

On-going corporate activity

  • Participated in Shell and Conoco Nigeria divestment processes and reviewed opportunities through the continent
  • Majority owner of Blocks 2514A&B in Namibia

Group Overview

  • Lekoil Cayman has been formed by professionals who have extensive experience in both global oil exploration and global financial markets.
  • Our value proposition focuses on "local implementation facilitated by global resource access".
  • Our experienced management team and board understand the operational, regulatory, environmental and security issues that drive successful operations in Africa.
  • Board members managed portfolio of $15Bn+ equity investments in listed natural resource companies.
  • Technical team has deep expertise in exploration, production and geophysics in Nigeria, Middle-East and Europe.
  • At board and management level we have existing strong and long-developed relationships with Government, major International Oil Companies (IOC's), large independent Exploration & Production companies (E&P's) and global financial institutions.
  • LEKOIL's African activities are centralised through a group holding company structure based in the Cayman Islands. We coordinate our African activities from Lagos, Nigeria.

Past transactions

  • Joint bid for Shell Nigeria's OML 30 (Shell Divestment Asset) with Afren and Dragon Oil.
  • Joint bid for OML 40 (Shell Divestment Asset) with local partner and PE firms.
  • Joint bid for ConocoPhillips Nigerian Divestment Asset with Strategic Partner.

Following Lekoil's introduction to AIM on 17 May, chief executive officer Olalekan Akinyanmi introduces the company to Interactive Investor.

Company Information

Company Address

Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9005

Ticker SymobolLEK (LSE:LEK)
Country of IncorporationCayman Islands
Company NumberWK-248859
MarketAIM
SectorOil & Gas Producers
Company Websitewww.lekoil.com

Company Advisors

Financial & Nominated Adviser

Strand Hanson Limited
26 Mount Row
London
W1K 3SQ

Broker

Mirabaud Securities LLP
33 Grosvenor Place
London
SW1X 7HY

Solicitors (England)

Dentons UKMEA LLP
1 Fleet Place
London
EC4M 7WS

Solicitors (Nigeria)Banwo & Ighodalo
98 Awolowo Road
Southwest Ikoyi
Lagos 

Solicitors (Namibia)

Ellis Shilengudwa Inc
24 Orban Street
PO Box 3300
Windhoek

Solicitors (Cayman Islands)

Walkers
190 Elgin Avenue
George Town
Grand Cayman
KY1-9001 

Auditors

KPMG Professional Services
KPMG Tower
Bishop Aboyade Cole Street
Victoria Island
Lagos
Nigeria 

Reporting Accountants

BDO LLP
55 Baker Street
London
W1U 7EU 

Financial PR

Tavistock Communications Limited
131 Finsbury Pavement
London
EC2A 1NT

Registrars

Computershare Investor Services (Cayman Islands) Ltd
The R & H Trust Co Ltd
Winward1
Regatta Office Park
West Bay Road
Grand Cayman
KY1-1103