Nigeria-focused oil company Lekoil Ltd (LON: LEK) thought it had the cash to exploit its OPL310 project. It turns out that the funder was a fraud and it puts in question the prospects for Lekoil.
An appraisal drilling programme is planned on the Ogo prospect, which is part of the OPL310 licence area, where Lekoil has a 17.14% participating interest. Two wells are planned and the first should be drilled in the second half of 2020. Alternative funding is required.
Fraud
On 2 January, Lekoil believed it had agreed a $184m facility with Qatar Investment Authority, but it says that certain in...
