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E-AL ~~~ So true . Excellent summary .
Danker ~~~ " Think the scam was strategic in my opinion " .
I mentioned something similar along those lines a few weeks ago .
Funny how , in this age of sophisticated technical and financial interrogation capability , that we haven`t heard a squeak about the `Scam` that was ( i thought ) being thoroughly investigated .
Perhaps just my suspicious mind working overtime on the veracity of AIM , and , perhaps Nigeria .
Anyway i really don`t think it`s going to matter a dime now as we go forward .
GLA .
E AL
Totally agree with your comments
Think the only challenge for shareholders is time and patience.
Someone clearly been buying over the last week or two and some significant trades ,eg £151K, £121K previous week , and several other large trades in excess of 30k and other blocks consistently.
Think the scam was strategic in my opinion , ruthless business based on the value of the assets
But I feel confident will come good based on all our research, will catch a few out imo
All the best
Danker, Lekoil's share price is DETACHED FROM REALITY and has been savagely punished by the market for falling a victim of a scam. I see many "exploration O&G companies listed on AIM with 0% production but getting 10, 20 and 30% spikes every now and then because of a charismatic director interview telling the market what holders want to hear & other companies sitting at unrealistic share price because of the potential of their assets while on the other hand we have LEKOIL a company in production with world class strategic assets according to other pioneers in the O&G sector & a MASSIVE potential at a bargain cheap entry.
1 x Producing asset: Otakikpo marginal field (LEKOIL: 40% interest)
2x Appraisal assets: Ogo discovery and OPL 310 (LEKOIL: 17.14% interest) & OPL 276 (LEKOIL: 45% interest)
1 x Exploration asset: OPL 325 (LEKOIL: 62% interest) ONLY 50km away to the south of Lekoil's OPL 310 asset.
On top of all that we got LEKGAS which is a wholly-owned subsidiary of LEKOIL. LEKGAS is the gas midstream vehicle of LEKOIL, building strategic, commercial and technical partnerships with world-class companies to unlock gas and gas-to-power opportunities.
OPL 310 block has enough gas to produce 20% of Nigeria’s power generation & its close to the $900m , 421-mile long regional high-pressure gas West African Gas Pipeline (WAGP) .
All of the above for under 4p/share in a company with over 50% of its shares in BOD & institutional hands
The share price will not be sitting here for longer, I strongly believe that someone is taking advantage of the impatient holders and loading up on the cheap. Lekoil can't hold the overdue updates for any longer to allow mates rates topups & we will see change in the market's sentiment once the news is out.
Danker ~~~ Agree . Well said !
Floppyjaloppy ~~~~ " Crazy last 10 minutes " Yes , a bit of an under statement . Quite exciting :)
Almost a change of underwear required !
Pleasant surprise, a blue finish, I thought back to 3.2 it will go , maybe someone has now finished buying, selfish haha can we now move up, maybe a step change.... time will tell.
Thanks all for the informative posts.
Think most of us have done all the research and due diligence and just await an RNS or two, we know what we have invested our hard earned money in.
Keep sharing opinions, news, anything of relevance, helps us all win in our own way, wish everyone success.
GLA
Fwiw ~~~ I think that was more than just a rustling under the logs , something definitely moved !
MM`s didn`t seem to know what to do toward the close , whacked up the offer , held the bid then dropped the offer .
I`m thinking there might be a gap up at tomorrow`s opening , which I would prefer before news .
If there is a news update , then definitely a strong move north . imo .
GL Guys .
it looks like, MMs are paying the middle price for selling
Hello ! ~~~~ Is something stirring down in the woodshed ?
the 100K buys are back 2 of them just now
Big order being filled???
Just been offered 3.32 to sell.... nice!! Something going on!
Thank you E_AL and Danker. Can't wait for this to turn blue in my portfolio.
StockTracker thanks for the group invitation but unfortunately I am not active on social media. However, feel free to share my posts on the twitter group if you like.
Nice buying pressure building up since the morning on the L2, Otakikpo 2nd oil lifting should be anytime within the next two weeks (No later than 10th of March) and I'd expect the company to release the Dahomey Basin survey report shortly (OPL 310 Ogo discovery which is the largest discovery in Nigeria over the past 10 years, the gas reserve at the OPL 310 block is quite substantial and according to the CEO it will be enough gas to produce 20% of Nigeria’s power generation).
Many things going on in the background, it's like compressing a spring to its complete tightness and then releasing it to spring forth into its full potential to regain the market's confidence. I can't see anything that concerns in the short term so the current sp level should be a bargain for the bottom feeders and new value investors/traders.
2/2
*What is the current state of exploration in Nigeria and how can the government promote more exploration?
When I came back to Nigeria in 2011, the first thing I said was that Africa and Nigeria is underexplored. Today, I still think the country is clearly underexplored. The only way for Nigeria to promote exploration activities is to improve fiscal terms. The challenge is that when our fiscal terms are priced based on existing production, it is not attractive enough for exploration. I also believe that there has to be sanctity of contracts to make exploration in Nigeria more attractive. Deals cannot be changed after discovery as this does not help to encourage investment. I hope that the PIB will address fiscal terms and that the enforcement of the bill will promote sanctity of contracts.
*In addition to fiscal uncertainty, what challenges does Lekoil face in Nigeria?
Lekoil’s onshore business is quite close to the coast and we have been able to leverage this in terms of evacuation in case of security emergencies. The reason why our evacuation has 95% uptime and minimal losses is because we built our own infrastructure. The entire industry has challenges and the best is thus to preempt. Before Lekoil started operations, we took time to understand the communities, put a MOU in place, and found a way to align community interest with ours. The oil and gas industry is long term and therefore we have to think ahead.
*Is Lekoil looking to get involved in the renewable energy space?
If you look at the growth trajectory of the world, we are going to reach a point where the fossil fuel industry will actually not be able to keep up with global demand. From a Lekoil perspective, the energy mix includes gas and I believe that moving forward, the mix is going to shift more towards gas. This is very beneficial to the company as gas is a major part of our resource base. It will be necessary to update the physical and legal infrastructure to support the country’s move to gas. Lekoil’s vision has always been to be the world’s leading E&P company focused on Africa. We are trying to achieve our goals in terms of skill in production and our impact on the community. We want to make a difference in the lives of the people in the communities we operate in.
https://www.gbreports.com/interview/lekan-akinyanmi
1/2
Global Business Reports - February 2020
Lekan Akinyanmi - CEO, LEKOIL
*Can you give a brief overview of Lekoil and the company milestones over the last 10 years?
We have four assets of which our flagship is OPL 310, which has both oil and gas. The OPL 310 asset is offshore, 20 km from Lagos and contains the Ogo discovery which is the LARGEST discovery in Nigeria over the past 10 years, producing about 770 million barrels.
Another important asset to note is OPL 325 of which we own 62%. This is an exploration block approximately 100 km south of Lagos. We have not yet drilled this block but have access to 3D seismic data over 740 km2. A preliminary review of the prospects suggests oil in volumes of up to 5.7 billion barrels with an estimated 2 billion barrels recoverable based on analogues.
Our third asset is the Otakikpo marginal field, which is a producing field delivering 6 000 barrels per day (bpd). The asset was discovered in 2014 and was brought into production within two years. Three wells drilled in the field encountered hydrocarbons at multiple intervals. 2D and 3D seismic analysis revealed reserve estimates considerably in excess of those available at the time of acquisition in May 2014. We have also put a unique evacuation infrastructure in place so that we have more than 95% uptime and no losses.
Our final asset is OPL 276 on which we have a 45% participating interest in. This asset was acquired in 2019. Historically, four wells have been drilled in the licence area, resulting in four discoveries (two oil and two gas) with preliminary resource estimates of gross recoverable volumes of 29 million barrels of oil and 333 Bcf of gas, with upside of 33 million barrels of oil and 476 Bcf of gas (recoverable). We are currently waiting to renew the license on the asset to start working on the block.
*Can you elaborate more on Lekoil’s flagship asset OPL 310?
OPL 310 is located in the Dahomey Basin and has both oil and gas reserves. The main prospects are in water depths ranging from 100 m to 800 m and are within close proximity to the West Africa Gas Pipeline. Lekoil is just starting to develop the asset and we will continue with exploration activities and appraisal planning in 2020. The gas reserve at the OPL 310 block is quite substantial ——->and we have enough gas to produce 20% of Nigeria’s power generation.< ——-