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Fair point E_AL.
Firmly believe this will turn out well. And can’t believe LEK is not an attractive proposition for a number of suitors.
Hope their will be news tomorrow.
Fair dues.
RNS dated 27 January 2020 “Update on Otakikpo Operations”
“A further update on the progress of this project will be provided shortly.” ?
Yes must be due soon !
https://ir.q4europe.com/Tools/newsArticleHTML.aspx?solutionID=2064&customerKey=lekoil&storyID=14582771&language=en
"RNS- Investigation Committee
The Board has appointed Mark Simmonds and Tony Hawkins, who are Independent Non-Executive Directors of the Company, to investigate the origination and execution of the Facility Agreement, what steps can be taken to retrieve any monies already paid in association with the Transaction and the Company's wider corporate governance practices.
The Company notes that Mr Simmonds and Mr Hawkins were appointed to the Board after the signature of the Facility Agreement and did not have any connection with the origination or execution of the Transaction, making them suitable, in the wider Board's opinion, to lead a fully independent review. They will be assisted by third party forensic investigators and legal counsel, as appropriate. "
Hi Hullaballoola, I can understand your point of you but Mark Simmonds is a powerful person and has being paid to be a part-time Non-Executive Director in Lekoil so I would like to see him assisting the company with the ongoing investigation whenever needed and to facilitate access to financial bodies and institutions beyond the UK-Nigerian jurisdictions to locate the fraudsters and/or to recover the fees paid to them, something a small O&G Nigerian company can not do via its local resources.
Anyway, Thursday is Lekoil's board meeting day so let's hope that we'll get a couple of updates tomorrow morning : ) ...they've been very quiet since the 27th of Jan which is unusual knowing that since April 2018 they released at least 1 RNS per month so I am expecting update(s) from Lekoil to drop VERY soon.
E_Al,
thanks for the update. Good to be reminded. Agree with all you say except a nitpick that the ex FO Minister will be networking and guiding, with the embarrassed lawyers and others responsible for tracking the fraudsters. That is not where Lekoil should be channelling their energies, other than to implement robust controls, procedures and systems, that they seem to be doing.
Am optimistic for us shareholders.
Ha
First ‘official’ buy just gone through today phew
SP held up ok for the last 3 hours considering
Have to laugh .. and be patient
You're all welcome !
I think the market has already punished LekOil for the QIA fraud&losing $600K, hence our share price lost over 60% of its value but what if they are able to recover the money knowing UK ex-Foreign Office minister is involved in tracking the fraudsters ;)
As I said before many things have been going in the background & the new BOD must be very busy at the moment after last month's agreement with Optimum Petroleum, there are several imminent catalysts on the way, confirming cargo lift &new CFO appointment RNSs should land anytime very soon
The company has been listed on AIM for 7 years and since 2013 it only fell below 4p on two occasions, once last June before it bounced back up in July and last week so its a waiting game atm for the patient ones but very much worth the reward in my humble opinion !
work already commenced in Otakikpo and a very supportive partner in a world class strategic asset. Sooner or later the share price should see recovery from the current heavily undervalued level:
Engr. Yusuf K. N'jie, Managing Director, Optimum Petroleum Development Company, commented, "We are pleased to continue to support LEKOIL by deferring their obligations which were due this quarter.
We remain confident in LEKOIL's ability to by July this year, raise the financing that is required for the commencement of the appraisal drilling programme for OPL 310
which we truly believe is a world class strategic asset."
Edward brings a wealth of knowledge & experience to LekOil. He was the CFO of Addax petroleum for 10 years which is a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide ! He must saw something special in LekOil that made him quit his prestigious job and move to LekOil.
Again, I do believe many things going in the background & appointing Edward During Addax Petroleum's CFO for the past 10 years as the new CFO of LeKoil is to conduct pre-acquisition due diligence from within "the seller's" business.
It's not a matter of if it's going to happen, it's a matter of when it's going to happen. I can't stress enough on how undervalued LekOil is at this level for the assets it holds.
The sp should have settled at least above 4p without news.
They have their board meeting on Thursdays so based on the recent volumes and several pending imminent updates I am guessing we'll get RNS today afternoon or tomorrow.
*First piece of news should be, and I'll quote their IR email to me from last Thursday " we can confirm that a candidate has been identified and the appointment process is being finalized. An announcement will be made once this appointment (which includes an appointment to the Board) is complete"
**I also expect them to confirm receiving 7M USD from Shell Petroleum for Otakikpo's 1st oil lifting.
Excellent posting again E-AL .
My `Spider Senses` are tingling , and my suspiciuos mind makes me wonder - again - if there was some nefarious plot behind the more obvious plot to defraud , to devalue the business and make any T/O a more acceptable and cheaper outcome .
i`m not up to speed with the fraud enquiry progress , indeed is anything meaningful happening ?
An interesting article about LekOil for the new holders:
https://businessday.ng/analysis-sub/article/resolute-in-the-face-of-setback/
I found it very informative and gave me confidence that the company will recover from its current heavily undervalued level very soon.
OMITC,
Thanks for bringing this up, I think it’s worth to repost my previous research &thoughts about the new CFO for the newbies on here:
It makes you think why the the Chief Financial Officer of Addax Petroleum, a subsidiary of Sinopec Group the 3rd largest worldwide third &the biggest oil refiner in Asia joined a small O&G company in Nigeria?
If you check Addax's website you'll find that they have a very interesting portfolio of valuable assets in Nigeria:
ONSHORE
•OML 124 100% -Operator: Addax Petroleum
OFFSHORE
•OML 123 Working Interest 100% -Operator: Addax Petroleum
•OML 126 Working Interest 100% -Operator: Addax Petroleum
•OML 137 Working Interest 100% -Operator: Addax Petroleum
•Okwok Working Interest 12% 12.00 -Operator :Oriental
The level of China's investment in the continent of Africa has been increasing at a steady rate &Mining and oil remain a primary focus of China's investments. There are three key players taking an almost equal share in the forecasted US$15 billion development and production capital expenditure in Africa’s upstream sector:
1-The China National Petroleum Corporation (CNPC)
2-The China National Offshore Oil Corporation (CNOOC)
>>>3-The China Petroleum & Chemical Corporation (SINOPEC) <<<
Coa Chai, an upstream analyst at data and analytics company GlobalData, says, “Around two-thirds of the spending is in Nigeria, Angola, Uganda &Mozambique. SINOPEC and CNOOC are well established in Nigeria& Angola, while CNPC has a stake in the Rovuma LNG project in Mozambique.”
One of China's largest trade partners is Africa's largest oil producing nation, Nigeria. Nigeria currently pumps 2M barrels of oil a day & has a goal of producing 3M barrels per day by 2023. As China’s domestic oil production continues to decline, experts predict that in the next 15 years up to 80% of China’s crude oil supply will be imported.
Back in Nov 2018 the 3D seismic acquisition and processing operations undertaken by Sinopec at Otakikpo
was completed to optimise the planned Phase Two development. First Bank Nigeria Plc issued a guarantee on behalf of Otakikpo Joint Operation (LEKOIL &GEIL) in favour of SINOPEC towards the release of final report on the 3D seismic data acquired from the Otakikpo marginal field. The obligation on the SINOPEC contract was fully settled in Jan 2019 &guarantee withdrawn.
The Chinese have good presence in Nigeria for &I do believe they had their eyes on LekOil for quite long time. They are known for being pragmatic when it comes to business so I think Sinopec tested the water with LekOil in Otakikpo's 3D seismic acquisition &processing operations contract. They liked company &waited for the best opportunity to potentially take over the company while the share price is on its knees.
I do believe there is alot going in the background & appointing Edward During Addax Petroleum's CFO for the past 10 years as the new CFO of LeKoil is to conduct pre-acquisition due diligence from w