Lekoil Nigeria Ltd. said Wednesday that it has secured an injunction against Lekoil Ltd. and Savannah Energy PLC in the Federal High Court of Nigeria.Thank you for reading this post, don't forget to subscribe!
Lekoil Nigeria said the injunction prevents Lekoil Ltd. and Savannah from taking any steps regarding the transfer of interests in Lekoil Nigeria assets, or from altering the ownership, equity or capital structure of Lekoil Nigeria.
“The board of Lekoil Nigeria is delighted that the injunction has been granted, prohibiting a substantially dilutive issuance of equity and an option agreement with Savannah Energy Investments Ltd. which would have denied shareholders of significant value,” Lekoil Nigeria said.
Lekoil Nigeria is an oil-and-gas company which is 40% owned by AIM-listed Lekoil Ltd.
Lekoil Ltd. said later on Wednesday that it will take appropriate legal advice so it can assess its position. The London-listed company added that the application was made and the order was granted without it having the opportunity to state its position.