Lekoil obtains $184m loan for OPL 310

Jumoke Adelabu – Lagos

Lekoil Plc says it has secured a $184m loan for the appraisal drilling and development programme of the OPL 310.

The company said in a notice filed at the London Stock Exchange that as a condition for the provision of the facility, its Chief Executive Officer, Mr Lekan Akinyanmi, would pledge his full holding of 39,138,601 ordinary shares in the company as part of the security package for the facility.

It said in connection with the share pledge, Akinyanmi would be compensated with a one-time fee in an amount equal to $1.84m, which would be used to offset the loan of $1.704m acquired by him in 2014.

The statement read in part, “The CEO shall be fully discharged and released from his obligation to repay the director loan to the company and the balance of the amount would be paid to him.

“If the pledged shares are foreclosed upon, the company shall issue to the CEO such number of new ordinary shares of nominal value $0.00005 each in the capital of the company as is equal to the number of the pledged shares.

“In connection with securing the facility, Akinyanmi will also be granted an award of up to 30,000,000 new ordinary shares in the company to be issued at nil cost and allotted in five equal instalments if and when the company’s ordinary share price reaches the following hurdles: 20 pence, 25 pence, 30 pence, 35 pence and 40 pence per share.”

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