Lekoil has raised $12.4million through share placing, it confirmed today.
The firm, which focuses on exploration in West Africa, amassed the cash through the placing of 48.33 million new ordinary shares at a placing price of 21 pence per share.
The funds will be used to bring its Otakikpo project into commercial production.
Lekan Akinyanmi, chief executive officer of Lekoil, said: “This placing, and our undrawn debt facility, gives us a cushion with which to bring Otakikpo into commercial production and to ramp the field up to our phase one target of 10,000 barrels of oil per day. I look forward to announcing shortly the Company’s first production and cash flows.”