Dentons, global law firm, has advised oil and gas company Lekoil to list itself and trade on AIM, a sub-market of London Stock Exchange
Lekoil raised US$48.7mn, placing 80mn shares on AIM in what is considered the biggest listing to be completed so far in 2013. It is the seventh Nigeria-focused company to list in London.
The company’s Nigerian subsidiary recently signed a farm-out agreement with Afren on OPL 310, an offshore asset located in the Benin Basin.
Upon completion, Lekoil will have an indirect 27 per cent economic interest and an indirect 15.43 per cent participating interest in the block.
OPL 310 has unrisked net recoverable prospective resources estimated at around 128.5mn barrels of oil equivalent (mmboe).
In addition to OPL 310, a Lekoil subsidiary operates two Namibian offshore exploration blocks located in the prospective Luderitz Basin.
Lekoil is the latest in a long line of African energy companies to turn to Dentons, which has a network of offices and associate firms spanning 21 countries across the African continent.
