Lekoil raises $46m to acquire stake in Nigerian project

Oil and gas explorer Lekoil has raised $46m to back its planned acquisition of a project in Nigeria.

In a short statement released on Wednesday, the London-listed company said it successfully completed the fund raising process after reaching a share placing agreement with BMO Capital Markets and Mirabaud Securities.

Under the terms of the deal, the Africa-focused group issued 125.2m shares at 24p each, with part of the profits to be used to fund the acquisition of an indirect controlling stake in the OPL 325 block located off the coast of Nigeria.

Lekoil shares were up 4% to 26.00p at 1536 GMT on Wednesday.