Fenikso Ltd - Cayman Islands-based litigation asset company with an investment in oil & gas assets in Nigeria, previously known as Lekoil Ltd - Receives first funds under Lekoil & Gas Investments loan as part of the company's restructuring. Says it receives USD665,054 as partial repayment of the USD51.9 million loan. The next payment, from the February production, is scheduled for the end of March. Says the proceeds will go towards reducing the creditor balance at the company which is currently in excess of USD2.0 million.

Chair Tom Richardson says: "This is an important first step towards the company rebuilding itself for the future. The board is focused on first repaying the creditor balance and then looking to ensure any additional cash received is used to maximise shareholder returns. Under current oil prices and production at Otakikpo the company expects to have repaid creditors, excluding Savannah, by the third quarter 2023."

Lekoil current stock price: last traded on AQSE in London at 0.69 pence on December 1 for GBP5.5 million market capitalisation.

By Sophie Rose, Alliance News reporter

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