Fenikso Limited - Receipt of funds for repayment of US$51.9m loan
22/12/2023 08:11
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RNS Number : 7672X Fenikso Limited 22 December 2023
Fenikso Limited
Receipt of funds for repayment of US$51.9m loan
22(nd) December 2023: Fenikso Limited (AQSE: FNK) (the "Company"), the Cayman
Islands enterprise company formerly known as Lekoil Limited, announces the
receipt of 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$695,521 as partial repayment of the loan of US$51,919,467
the remaining balance is US$45,187,584. The amount received equates to 8.65%
of the most recent payment from crude oil sales received by LOGI. The next
payment is scheduled before the end of January 2024. The proceeds will go
towards repaying the Savanah Energy Investments Limited loan, which currently
has an outstanding balance of US$14,061,409and towards building up cash in
Fenikso. Post the payment to Savanah Energy the Company expects to have over
US$2,000,000 of cash on its balance sheet.
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
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