Fenikso Limited - Receipt of funds for repayment of US$51.9m loan
02/03/2023 12:01
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230302:nRSB7026Ra&default-theme=true
RNS Number : 7026R Fenikso Limited 02 March 2023
Fenikso Limited
Receipt of first funds for repayment of US$51.9m loan
2(nd) March 2023: Fenikso Limited (AQSE: FNK) (the "Company"), the Cayman
Islands enterprise company formerly known as Lekoil Limited, announces the
receipt of first funds under the Lekoil & Gas Investments ("LOGI") Loan
entered in to on 31 December 2022 as part of the Fenikso restructuring.
Fenikso Limited received US$665,054 as partial repayment of the loan of
US$51,919,467. The amount received equates to 8.65% of the value of the crude
oil sales from the January sales of crude oil by LOGI. The next payment, from
the February production, is scheduled for the end of March. The proceeds will
go towards reducing the creditor balance at the Company which is currently in
excess of US$2,000,000.
Tom Richardson, Chairman, commented:
This is an important first step towards the Company rebuilding itself for the
future. The board is focused on first repaying the creditor balance and then
looking to ensure any additional cash received is used to maximise shareholder
returns. Under current oil prices and production at Otakikpo the Company
expects to have repaid creditors, excluding Savannah, by Q3 2023.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
For further information, please visit www.feniksoltd.com or contact:
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)
Brian Stockbridge +44 203 989 2200
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXSSFFEEEDSESD