Lekoil provides Update on the Proposed Acquisition of Interest in OML113, Offshore Nigeria

Lekoil provides Update on the Proposed Acquisition of Interest in OML113, Offshore Nigeria

Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa, announces that, further to the announcement on 31 October 2013 (‘Intention to raise approximately US$100 million’), the Company is currently in discussions with Panoro Energy ASA (“Panoro”) with regards to securing an extension to the deadline of 6 November 2013 until 25 November 2013.

This is in relation to the final outstanding payment of approximately US$27 million (inclusive of cash calls, and net of a US$1 million payment made on 31 October 2013) to be paid to Panoro in order to complete the Aje Acquisition. Whilst Lekoil is hopeful that an extension will be agreed, Panoro has the right to call the bid bond and terminate the agreement for the Aje Acquisition until such time as an extension is formalized.

Further updates will be provided as and when appropriate.

Source: lekoil.com

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