(Bloomberg) – Lekoil Ltd. sank to a almanac low in London trading afterwards falling victim to an declared scam, abrogation the approaching of a Nigerian oil activity at risk.
A accommodation accord addled beforehand this ages is no best valid, the aggregation said, alleging that individuals claiming to be from the Qatar Investment Authority were in actuality fraudsters. Lekoil now has until February to accession abundant money to awning its conduct costs at the Ogo field, or accident accident the asset altogether.
Lekoil shares were temporarily suspended on Monday afterwards the QIA questioned the authority of the loan. At the resumption of trading on Tuesday, the banal angled 73% to 2.5 pence, the everyman back it debuted in London in 2013. The banal was trading at 3 pence as of 10:47 a.m. bounded time.
The aggregation paid a $600,000 agency to consulting close Seawave Invest Ltd. for introducing it to bodies purportedly from the QIA, and for alignment a $184 actor accommodation for the development of the Ogo field. It’s now acceptable that none of the allotment will be forthcoming, Lekoil said Monday.
“Lekoil has no allotment for the Ogo appraisement on Block OPL 310, has best acceptable absent $600,000 in fees it paid accompanying to accepting the loan, and we anticipate has austere catechism marks blind over it,” said Will Wallis, arch of analysis at Numis Securities Ltd., citation the abridgement of a abiding arch banking administrator and its due-diligence capacity.
The aggregation charge appearance it’s able to accession about $12 actor to assignment an appraisement able-bodied at Ogo. Failure to do so may force it to seek a client for its 17.14% pale in the block. It’s additionally appropriate to pay accomplice Optimum Petroleum an estimated $10 actor in sunk costs and fees by February. The authorization expires on Aug. 2.
Following acquittal of the $600,000, Lekoil has $2.7 actor in the coffer and is assured added gain from the auction of its assembly in January, it said in a statement.
Lekoil said two of its absolute non-executive admiral will investigate the alpha and beheading of the accommodation acceding and analysis whether any money paid in affiliation with the ability can be retrieved. However, it said there’s “no guarantee” that attempts to balance any fees will be successful.
Seawave Invest hasn’t responded to requests for comment. It’s based in Accra, Ghana, according to its website, which additionally lists an appointment cardinal in the Bahamas that goes to the voicemail of law firm Holowesko Pyform Fletcher.
To acquaintance the reporters on this story: Laura Hurst in London at email@example.com; Amanda Jordan in London at firstname.lastname@example.org
To acquaintance the editors amenable for this story: James Herron at email@example.com Amanda Jordan, Helen Robertson
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