Norton Rose Fulbright has advised Lekoil Limited, the AIM listed oil and gas exploration and development company with a focus on Nigeria and West Africa, in relation to the placing of 33,000,000 new Ordinary Shares at a price of 67.75 pence per Ordinary Share, raising gross proceeds of approximately $37.7 million (approximately £22.4 million net of expenses).

The placing was to certain existing and new institutional, and other investors, via an accelerated book-build. The net proceeds of the placing will be used to fund the equity portion, anticipated to be approximately 20 per cent, of the US$67 million initial work programme on the Otakikpo Marginal Field, which Lekoil acquired a 40 per cent participating interest in.

The placing follows on from the US$100 million placing by Lekoil in November 2013, also by accelerated book-build, on which Norton Rose Fulbright’s London office also advised.

The team was led by partner Bayo Odubeko. He was assisted by Julie Keefe and Kiran Radhakrishnan. Tom Vita and Amy Reed from the London US Securities team advised on US Securities matters. Sheldon Elefant and Michael Flamenbaum of the New York office provided advice on US Tax matters.

Bayo Odubeko commented:

“We are delighted to have supported Lekoil on yet another successful accelerated book build placing. The acquisition of Otakikpo Marginal Field, for the development of which the proceeds of the placing will be utilised, is certain to be transformative for Lekoil. Norton Rose Fulbright’s understanding of Africa, the Oil and Gas industry in Africa and its dynamics, enables us to deliver quality advice and service to our Oil and Gas clients invested in the region”.