Nigerian based energy firm, Lekoil Ltd, is shopping for about $100 million to enable it commence the drilling of its Ogo oilfield.

Reports said company is seeking new funding after it discovered that the former one it thought was from the Qatar Investment Authority (QIA) was a “complex facade”.

Reuters said in a report yesterday that the company reached a deferred payment deal earlier this year to keep its stake in OML 310, where Ogo is located, after it discovered a $184 million loan it wanted to use for the purchase was fraudulent.

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Source: OrientEnergyReview