Lekoil has agreed a new debt facility with Sterling Bank, totaling $17.7million.
Lekan Akinyanmi, Lekoil’s chief executive, said:”I am delighted that we have agreed to this additional facility with Sterling. This facility provides us with funding we need to complete phase one of our Otakikpo Field Development Plan, culminating in 10,000 bopd of production by year-end. We appreciate Sterling’s support, and look forward to building a long-term relationship with them.”
The facility has a maturity of three years and is repayable quarterly following a six-month moratorium with a margin of 10% over NIBOR.
The cash injection comes after agreed $10million and 2billion Naira debt facilities with FBN Capital Limited earlier this month.