Africa-focused oil explorers Lekoil has secured a new £62 million funding package to pay for its Nigerian drilling projects.
The new share placing, which saw 113, 282, 000 new shares being placed, was successfully completed by Mirabaud as the firm looks to secure its operations in the country.
The £60 million net raised will fund the completion of the Ogo-1 well and future development of the Aje field off the Nigerian coast and also allowing the company to clear its loan with Afren.
"This equity raise reflects Lekoil's success in implementing the strategy, set out at the time of our IPO in May this year, to build a business focused initially on West Africa and diversified in terms of exploration, appraisal and near term production", said chief executive Olalekan Akinyanmi. "I am delighted that our existing and new shareholders have responded so positively".
The company, which announced a post-tax loss of $8.7 million last month, announced a second 'significant' discovery at the Ogo-1 site earlier this week.
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