Fenikso Ltd on Tuesday said it received $841,779 as a partial repayment of a $43.5 million loan, agreed at the end of 2022 as part of its restructuring plan.
The investor in Nigerian oil and gas assets, previously known as Lekoil Ltd, noted the loan was entered into with Lekoil & Gas Investments, with the remaining balance of the loan being $43.5 million.
Fenikso said the amount received equates to 8.7% of the most recent payment from crude oil sales received by LOGI, while the next payment is scheduled before the end of this month.
The proceeds will go towards repaying the Savanah Energy Investments Ltd loan, Fenikso said, which currently has an outstanding balance of $13.7 million, alongside building up cash in Fenikso.
After the payment to Savanah Energy, Fenikso said it expects to have over $3.0 million of cash on its balance sheet.
In late January, Fenikso said it received $695,521 in partial loan repayment from LOGI. In December, it received $695,521, in November it received $884,976, in October it received $992,674, in September it received $800,785, and continuing on a similar basis in prior months.
Shares in Fenikso were quoted at 1.20 pence each on the Aquis Stock Exchange in London on Tuesday afternoon, having last traded at 1.25p each on Monday around midday.
Copyright 2024 Alliance News Ltd. All Rights Reserved.