Lekoil Denies Special Placement to Raise $37.5m

Africa-focused exploration and production company, Lekoil has issued a statement denying media reports that it is set to raise $37.5 million through a special placing of 33,000,000 ordinary shares. Various media organisations had reported that the company was hoping to raise the funding for the development of Otakikpo marginal field in which Lekoil acquired a...

Jacka Resources Granted Halt Pending Nigeria Update

Australian Stock Exchange (ASX) listed Jacka Resources, which owns a 5 per cent net revenue interest in oil mining lease (OML) 113 which contains the Aje Field has been granted a trading halt by the ASX. The trading halt will remain pending an announcement to the market relating to an update on the Final Investment Decision on the Aje Field, offshore Nigeria...

Niger Delta E&P Plans $450m Capital Raise Through Public Offer

Successful Nigerian independent, Niger Delta Exploration and Production (NDEP) has announced plans to raise $450 million through a “public offer or special placement of shares.” The company intends to use the funds to redevelop and ramp up production in Ogbele field in OML 54, develop its newly acquired Omerelu gas field in OML 53, increase the...

NSIA Signs $100m Commitment with Seven Energy to Fund Gas to Power Projects

The Nigeria Sovereign Investment Authority (“NSIA”), Nigeria’s sovereign wealth fund, has signed a commitment with Nigeria focused indigenous integrated oil and gas development, production and gas distribution company, Seven Energy, to invest at $100 million in gas to power projects. The investment is to be made through NWIA’s Gas to...

Oando Plc to Sell 60 Million Shares in OER to “Encourage Market Liquidity”

Oando Plc is putting up 60 million of its directly and indirectly held 746 million shares in Oando Energy Resources (OER) up for sale. OER, which is listed on the Toronto Stock Exchange (TSX) has announced that a wholly-owned subsidiary of Oando Plc has filed the required notice of intention to sell up to 60 million shares of OER through the TSX facilities....

Oil and Gas Firms’ Indebtedness to Nigerian Banks Stood at N2.45 Trillion at December 2013

The Central Bank of Nigeria (CBN)’s recently released Financial Stability Report shows that the indebtedness of oil and gas firm to Nigeria banks stood at N2.644 trillion at the end-December 2013. The report revealed that total bank loans and advances to the various sectors of the economy grew by 13.9 per cent to N10.043 trillion at the end of December...