Africa-focused Lekoil says it expects to raise around £13million through a share issue aimed at raising funds for a new well in Nigeria.
The company is looking to generate capital to fund the drilling and testing of its Ogo-1 sidetrack well on the OPL310 licence off Nigeria.
“We are pleased with the interest and support we have seen from both existing and new investors in Lekoil’s growth strategy, following the recent discovery of oil in the Ogo-1 well on OPL310,” said
Lekoil chief executive Olalekan Akinyanmi.
“The net proceeds from this entire fundraising will allow the Company fully to complete the drilling and testing of the Ogo-1 sidetrack, as well as continuing to identify and progress further opportunities.”
The share issue, via the AIM, will begin next week.