Lekoil Considers Stock Exchange Debut by 2022


Company ‘seriously considering’ local offer of shares by 2022

Plans to raise $170 million by year-end to boost production

Nigerian oil and gas production company Lekoil Ltd. is contemplating a listing on the West African nation’s stock exchange as it boosts output by more than threefold over the next three years, Chief Executive Officer Lekan Akinyanmi said.

The energy firm, which trades on the London exchange, is “seriously considering” offering shares in Nigeria, Akinyanmi said in an interview in Lagos, the country’s commercial hub. It is looking to appoint advisers “in the next 12 to 18 months’’ and will probably list by 2022, he said.

Lekoil Limited (Lekoil) is an oil and gas exploration and production company with interests in Nigeria and Namibia. The Company is engaged in exploration, development and production of petroleum oil and natural gas. The Company’s geographical segments include Nigeria, Namibia, USA and Cayman. The Company’s assets include the Otakikpo marginal field, Nigeria Dahomey Basin OPL310 and Nigeria Dahomey Basin OPL 325 in Nigeria, and Blocks 2514A and 2514B in Namibia. The Namibia 2514A & B has over two blocks in Luderitz Basin. The Otakikpo marginal field lies in a coastal swamp location in Oil Mining Lease (OML) 11, adjacent to the shoreline in the southeastern part of the Niger Delta. The OPL 310 license is located in the Upper Cretaceous fairway that runs along the West African Transform Margin. Lekoil’s subsidiaries include Lekoil Nigeria Limited, Lekoil Exploration and Production (Pty) Limited, Lekoil Management Corporation, Lekoil Limited SARL and Lekoil 310 Limited.» Full Overview of LEK.L