By Jaime Llinares Taboada
Shares in Lekoil Ltd. plummeted Thursday after it acknowledged a dispute for the control of the group with Lekoil Nigeria and suggested it will raise equity in the fourth quarter.
The Africa-focused oil-and-gas company said that it has limited control over the day-to-day operations of Lekoil Nigeria and its subsidiaries, and that it will take legal advice to recover as much value from its assets as possible.
In addition, Lekoil said that it has agreed on a convertible facility for up to 200,000 pounds ($275,400), and that the repayment will come from either a capital raise in the fourth quarter or after the recovery of a $800,000 loan that the company is claiming.
Shares at 0714 GMT were down 41% at 0.90 pence.