LEKOIL is concerned that this letter proposing to terminate the CRSA is not valid as the relevant provisions of the CRSA have not been adhered to by Optimum.
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Chief Marinho was a leading light in Nigeria’s oil and gas industry as he devoted his entire career to developing the industry, which is today the mainstay of the economy.
According to the plaintiff: “Despite progressing exploration and appraisal activities on OPL 310 as previously announced, LEKOIL has, to date, not received Ministerial Consent for its acquisition of the additional 22.86 per cent interest in OPL 310 or a satisfactory explanation of why such consent has not been forthcoming. As a result, the Company has taken the decision to apply to the Federal High Court for a declaration that is expected to expedite the consent process, and preserve the unexpired tenure in the licence.”
It is the largest capital raising on AIM this year and the latest Nigerian firm to float in London, following recent admissions by Zenith Bank and Eland Oil & Gas