Lekoil completes £22m placing

Aim-listed oil and gas explorer Lekoil yesterday said it has raised around $37.7m (£22.4m) from a share placing, to fund its development of the Otakikpo oil field in Nigeria. On Tuesday Lekoil said it had bought a 40 per cent interest in the field. Mirabaud Securities and UBS are acting as joint bookrunners on the placing, with Ladenburg Thalmann & Co acting as US placing agent. Lekoil’s share price closed 6.6 per cent higher.