Global law firm Norton Rose Fulbright has advised Lekoil Limited (Lekoil), the AIM-listed oil and gas exploration and development company with a focus on Nigeria and West Africa, in relation to the acquisition of, Ashbert Oil and Gas Limited, the licencee of OPL 325, (located to the south of OPL 310 in the Dahomey Basin) offshore Nigeria, for an initial consideration of US$16.08 million, with additional payments totalling US$24.12 million due at developmental milestones (the OPL 325 acquisition).
The firm has also advised Lekoil on the acquisition of a further 22% participating interest in OPL 310 (the OPL 310 acquisition) through the acquisition of Afren Investments Oil and Gas Limited, and approximately US$150 million of intra-group loans from Afren Plc (in administration) and Afren Nigeria Holdings Limited (in administration) for total consideration of US$13 million. The OPL 310 acquisition takes Lekoil’s interest in OPL 310 to a 40% participating interest and 70% economic interest.
The OPL 325 acquisition and the OPL 310 acquisition will be financed out of a combination of Lekoil’s existing financial resources and proceeds of a placing of new ordinary shares in Lekoil raising approximately US$46 million before expenses (the placing). In addition to providing funding in relation to the OPL 325 acquisition and the OPL 310 acquisition, the proceeds of the placing will also be applied for other corporate purposes.
The Norton Rose Fulbright team for the placing was led by partner Bayo Odubeko, assisted by of counsel Julie Keefe, associate Kiran Radhakrishnan and Johannes Ruppel. The OPL 310 acquisition was also led by Bayo Odubeko, assisted by partner James Stonebridge, senior associate Hussain Kubba, senior associate Mark Craggs, senior associate Matthew Thorn, Kiran Radhakrishnan, and trainee solicitor Lelo Majozi-Motlogeloa. The OPL 325 acquisition was led by partner Geoff Peters.
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