Fenikso Limited (LEK.L) Share Price & News

Fenikso is the restructured holding company that used to be Lekoil Limited. Fenikso is based in the Cayman islands and holds one main asset which is a US$51.9 million loan made to Lekoil & Gas Investments (“LOGI”) a wholly owned subsidiary of Lekoil Nigeria. The repayment of this loan will take place from the oil sales by LOGI. Fenikso is entitled to 8.65% of the revenue generated from oil sales by LOGI. The company will update the market when it has received the first payment under the loan agreement with LOGI. The proceeds from the loan agreement will initially go towards the repayment of Fenikso liabilities. Once all the liabilities have been cleared the board will discuss with shareholders the various options available to create shareholder value from the funds it will receive in the future.