LEKOIL raises $50m to fund oil and gas exploration in Nigeria

LEKOIL has raised $50m to fund oil and gas exploration in Nigeria just as it has also been admitted to London Stock Exchange.

The London Stock Exchange Group today welcomed Lekoil Limited to its growth market, AIM. The company raised approximately $50 million and has a market capitalisation of $112.1 million at admission. It is the largest capital raising on AIM this year, and the latest Nigerian firm to float in London following recent admissions by Zenith Bank and Eland Oil and Gas.

In a special gesture, Lekoil was welcomed into the market by Alderman Roger Gifford, lord mayor of the City of London, who presented a commemorative plaque to the company to mark the occasion.

Founded in 2010 and headquartered in Lagos, Lekoil is an independent, Africa-focussed oil and gas exploration company. While most of its assets are in Nigeria, it also has interests in offshore Namibia.

Ibukun Adebayo, head of primary markets for Africa, London Stock Exchange Group, said:

“We are delighted to welcome Lekoil to AIM. This is the third Nigerian company in eight months to raise money and issue shares on our markets, highlighting London’s role as the leading international equity finance centre for the economic development of Nigeria.”

Lekan Akinyanmi, Chief Executive of Lekoil, said: “This is an important step for Lekoil on our journey towards becoming a leading EandP company with an aim of shaping the future of oil exploration and production in Africa.”

Lekoil is the fourth oil and gas explorer with significant operations in Nigeria on London’s markets. Since 2007 oil and gas companies have raised over US $21.6 billion on London’s markets.

London Stock Exchange is the largest international stock exchange for African companies. Since 2008, Africa-focused companies listed on London Stock Exchange have raised over $6.5 billion in new and further issues.

About 98 sub-Saharan Africa-focussed companies are listed on or admitted to London Stock Exchange markets, comprising, 23 equity listings on the Main Market, 2 GDR listings on the Main Market,70 equity admissions on AIM, 2 GDR listings on PSM.

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