A Review of the Nigerian Energy Industry

Nigeria: Lekoil misses Aje deadline

Lekoil at the LSE07 November 2013, News Wires – Lekoil has failed to meet the deadline to make a final payment on its proposed acquistion of a stake in Nigeria’s Aje field from Panoro Energy – and could risk losing out if the Norwegian seller decides to pull the plug on the deal.

The London-listed Nigerian company was due to pay the balance of $27 million, including $1 million in working capital adjustment, by 6 November to gain the 6.502% stake in offshore block OML113.

Lekoil is now in talks with Panoro to secure a further extension of the payment deadline to 25 November but the latter is now entitled to cancel the $30 million transaction, as well as retain $4 million already paid into its account and call a $3 million bid bond.

– Upstream

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