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After a turbulent two years, LEKOIL (LEK) is working diligently to get its shares unsuspended so it can list again and shareholders can trade.
Interim executive chairman Anthony Hawkins says, “We have an extension from AIM regulation and we have a checklist of things we’re working through. We’ll be unsuspended as quickly as we can.”
While Hawkins can’t say what that checklist is for the Nigeria and West Africa focused oil and gas exploration and production company, at the heart lies a corporate restructuring which has been a priority since the company had a ‘Fake Sheikh’ fraud perpetrated against it.
That was in 2020 and since then LEKOIL has dismissed its founder and former CEO, experienced shareholder activism and a takeover attempt. Hawkins says litigation will continue to rumble on in the background, but this shouldn’t be defining narrative of the company.
As Hawkins reminds investors LEKOIL, “has a good asset base, a producing field in Otakikpo which is producing roughly 2000 barrels of oil to the day net to the company, a number of exploration appraisal assets, and we think with the right corporate governance and the right controls that can be a very profitable business and one that can grow as well.”
The board is being supported by cornerstone investor Savannah Energy (SAVE), which according to Hawkins, “have an option agreement to purchase the OPL 310 loan for us which will give us more liquidity and they can help us unlock value in Nigeria through their restructuring expertise. They have a very impressive track record in Nigeria, a very material business in Nigeria and are an ideal partner for us.”
Watch the full interview here - https://youtu.be/hoPS7dmQngY.
Some light at the end of the tunnel perhaps!
Small investor cal/lekan….wind your neck in…SAVE have saved the day and you’ll probably end up in prison you thieving bugger….save deal will get shareholders their money back and more so quit crying….looking forward to lekan sending $350 million back to the company
Lekoil Nigeria petition to wind up the company means ALL shareholders get nothing…lekan is a criminal imo
video unavailabe - is there an alternative source, please?
Give over fool check your previous posts….every single one about Lek and all against any action the company does…you’ve lost….accept it and let proper shareholders get some value rather than the 1.9p you offered and now you want to wind up the company….where’s the value for the shareholders if it gets wound down????….you’re a criminal imo