StockMarketWire.com - Lekoil said it had agreed to a 45% stake in the oil prospecting licence 276, covering onshore area in the eastern Niger Delta basin for $5m.

The acquisition was made through the company's subsidiary Lekoil 276, who agreed to buy the stake from Newcross Petroleum for a total of $5m. Following the deal, Newcorss would continue to hold 45% stake in licence, with Albright Waves Petroleum Development holding 10%.

Lekoil 276 also said it had entered into an interim governance agreement with Newcross and Albright on the terms by which Lekoil 276 would provide technical support to the licence.


At 10:41am: [LON:LEK] Lekoil share price was +0.15p at 5p



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