Lekoil Limited Pays A license Extension Fee Of US$7.5 Million fFor OPL 310 block

  • Oct 31, 2019 GMT
  • Team Kalkine
  • Lekoil Limited (LEK), as mandated by the Federal Government of Nigeria and Ministry of Petroleum Resources has paid a license extension fee of US$7.5 million for OPL 310 block.
  • The company funded the payment of license extension fee from a mix of existing financial resources and debt facilities.
  • The company also paid in full the balance of outstanding G&A arrears of around US$3 million and $1 million of the US$5 million Operator's fee due to Optimum Petroleum Development Company, its partner on the Block.
  • On 31st October 2019, at the time of writing, GMT 08:12 AM, LEK shares were trading at GBX 5.30, up by 0.55 points or 11.69 per cent against the previous day closing price.

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