Lekoil
Open-knowledge reference entry
LEKOIL is a Cayman incorporated company, which is focused through its shareholding in Lekoil Nigeria on African oil exploration and production, with interests in Nigeria and offshore Namibia. The company was founded in 2010 by a former analyst from Alliance Bernstein and listed on the Alternative Investment Market of the London Stock Exchange in 2013.
Their Mission, Vision & Values can be found on their website, https://lekoil.com
History
LEKOIL was founded in 2010 by Olalekan ("Lekan") Akinyanmi, a native Nigerian and former analyst for Alliance Bernstein, and a group of professionals from the finance and oil industry.
LEKOIL initially struggled to secure any of the Nigerian opportunities available from the Shell and ConocoPhillips divestment programmes. It subsequently secure the Namibian offshore Blocks 2514 A and B located in the prospective Luderitz Basin although not considered one of the major prospective zones on the continent., and a farm out agreement with a subsidiary of Afren PLC on OPL310, an offshore Nigerian asset located in the Dahomey-Benin Basin.
In May 2013, on the basis of these assets LEKOIL listed on the Alternative Investment Market of the London Stock Exchange raising net proceeds of approximately £27 million with a market capitalisation of £73m at the placing price. Strand Hanson Limited acted as the Nominated Advisor with Mirabaud Securities acting as Broker and Revere Securities Corp. as US Placing Agent. It was the largest fund raise on AIM at that point in 2013.
At the time of listing, LEKOil's indirect interest in the OPL310 asset equated to approximately a 27 percent economic interest and a 15.43 percent participating interest.
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This entry incorporates text from “Lekoil” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.