Lekoil Ltd (LON:LEK) have updated shareholders on Monday on two new appointments.
LEKOIL is an Africa focused oil and gas exploration and production company with interests in Nigeria and Namibia.
The Company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.
The firm said that it has hired hired Mark Simmonds and Tony Hawkins as non-executive directors with immediate effect.
Additionally, interim Chief Financial Officer Greg Eckersley and Non-Executive Director John van der Welle step down from their respective roles.
Simmonds has a wealth of experience as he served as the as the UK’s Foreign & Commonwealth Office Minister. He was also a member of the UK Parliament as well as a senior adviser to former prime minister David Cameron.
Hawkins is currently chief executive at oil & gas exploration company Columbus Energy Resources PLC (LON:CERP) having previously been Legal and M&A Director there.
He also previously worked as General Counsel & Head of Commercial for oil & gas firm Sterling Energy PLC (LON:SEY).
Eckersly was appointed as interim financial officer in May 2019, will be stepping down from his role as non-executive director upon completion of his term in the finance role. Lekoil said the process to appoint a new chief financial officer is ongoing.
Lekoil Chair Samuel Adegboyega commented: “I would also like to welcome Mark and Tony to the Board and thank both Greg and John for their significant contribution. I know I speak on behalf of the full board when I say that we will miss their contribution to the board function, and we wish them all the best in their future endeavors.”
Lekoil receive approal for loan to fund Ogo Field Drilling
Last week, Lekoil said that it had obtained funding from Qatar’s sovereign wealth fund for appraisal drilling and initial development of the Ogo field offshore Nigeria.
The loan was secured against the shares and assets of Lekoil subsidiary Lekoil 310 Ltd, as well as Mayfair Assets & Trust Ltd.
The loan will carry a 3.7% interest rate and has an upfront fee of 2.8%, and the firm will have to ensure that it meets numerous criteria to remain in good standing.
Chief Executive Lekan Akinyanmi pledged his entire 39.1 million holding of Lekoil shares as part of the facility’s security package.
He will receive a fee of $1.8 million offset against a $1.7 million loan that was made to him in December 2014.
“Following the recent achievements of the OPL 310 license extension and the securing of funding for the appraisal drilling and development programme, we are delighted to have made strong progress, as promised, towards the start of the appraisal drilling programme on Ogo. We will continue to work closely with our partner and the Operator of the OPL 310 License, Optimum Petroleum, as we pursue value for our shareholders,” said CEO Akinyanmi.
Shares of Lekoil trade at 10p, spiking 15.03% on the announcement. 6/1/20 12:42BST.
