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Yes def +ve news, introducing good house-keeping, controls and reporting, building confidence and restoring trust. Looking forward to more +ve news.
Agree , be a shame as the potential 232mmboe at $64 P50.
Such a huge potential four times the original estimate, think that why the 13M LEK paid Optimum , after a dispute both parties agreed to work it out when a 3rd party farms in , and license holders and government had some influence obviously.
Then this happens ... interesting and two BOD leave at the same time.
Thinking so would someone or some organisation want LEK to fail , maybe, but maybe not now there is a great investment opportunity at the current SP , yes 310 is for debate , and we know with funding what the SP is capable of , so maybe some background buyers.
Seplat ? Maybe , and don’t the MOU JV with major as well planned ?
Interesting for sure
Agree Danker a few of us are looking at this from a wider angle, which is good. People should always think outside the box. I am a analyst by training so when I read .....I read and when someone speaks I listen and I mean I really break it down! Subconsciously all my research has led to these conclusions thus far....could be totally wrong but there is some much more to this than meets the eye!
I wish you well Danker .
Just to add if they do not raise the finance in time for OPL 310 they can sell it and it is on their books at 117 million dollars! That would not be such a terrible outcome not as lucrative as moving it forward but still lucrative considering our current panic sold market cap!
OMITEC
Totally agree with your comments , as per my previous posts , imo someone wants 310, Lek 17% and the disputed 22% soon to be a mining license.
Ironically they had to pay 10M upfront for the funding which would have meant no option but for the sale of 310
Think they can recover, if not sell percentage of 310 or in full,
Interesting times ahead ,!be interested if someone is acquiring!
Thanks
Yes liquid, same company. Looks like they started implementation in October 2019 and are now live with the finance and asset management system. Not bad 3 months to map, migrate the data and go live.
I think Lek were on the verge of turning the corner, getting everything in place for the next stage of the journey. This Qatar deal has really put them on the back foot and with the information leaking out it seems there was real intent to take them for the full 10 million and then leave them with no way of moving OPL 310 forward.
Looks like fate was on their side as the December lifting was delayed and the QIA contacted just in time prior to Lek getting their funds and paying the full 10 million.
The Nigeria oil is extremely dirty in terms of corruption it is evident that opl 310 is a monster and they do not want Lek to progress it and benefit from it based on my research.
However I think lek have sufficient resources and access to short term financing to salvage the situation on a temporary basis. This will buy them enough time to find a farm in partner for opl 310 and then repay any bridging finance they may get now to make the payments in Feb.
There is still the oml 11 expansion MOU which should be sealed any day now and I believe that is the main reason the infor finance and asset management systems were implemented.
If they can move these 2 projects forward as was the original plan then we should see a decent recovery in the share price.
Even if they achieve all of the above in the next few weeks I still believe another Nigerian oil company more aligned to the political elite will snap Lek up on the cheap before they realise their true potential. I AM PUTTING MY MONEY ON SEPLAT but could be proven wrong time will tell.
All down to the next few RNS announcements.
GL All after the last 2 weeks we are going to need it!
Omitc
Is this the same Infor????
Infor Announces $1.5 Billion Investment Ahead of Potential IP
https://www.infor.com/en-gb/news/infor-announces-1-5-billion-investment-ahead-of-potential-ipo
OMITC thanks, good find
Putting the systems in place , ‘to underpin future growth plans’
Would say it’s definitely a little step forward.
They won’t be placing... they have said they were going to reignite talks with the ‘Major’ or sell interest only 2 options given... mcap too low for placing!! This is a company that is already producing 5800 bopd with 2400 bopd to LEK.... looking at other companies we out shine them big style! Very Bizarre... this will come back they do not want to loose this... even though talks for takeover that last bit of news I doubt it now!!
"Guys we still need the funding sorted.."
To be fair, those wanting to invest / loan to LEK are probably demanding better financial controls before they even start to talk imo.
Hence this now being put in place to see exactly the state of affairs .... clearly lacking until now. What will this uncover is the question and will also take time to implement too.
Yep we know that Akers... looks like they have something in the pipeline already with this bit of news!! They would not be prepping this if funding not around the corner with a definite agreement!! This is actually better news than it reads imo... funding news by Friday then!! IMO
Whats the funding options?
Would they place at this levels?
Guys we still need the funding sorted
Good find OMTIC ;-)
Welcome Bride, let us all work together to share news positive or negative. There has to be a way forward.
15:26:07 2100 code? Let it run
Danker that’s exactly how I read it!! Liking it already!! Have that warm cosy feeling!
Interesting, thanks for the link OMITC
more expenses with money LEK haven't got ...
However good progress... the start of good news!! More to follow... lining up the ducks it would seem!! Gla
Maybe new exec directors taking control, standardising the IT for efficiency and control
Good step forward imo
Long way to go but suggests they are not going anywhere
Hardly a boom, read the article Pineapple 288.
Wait... what boom?? Stop scaring me like that Pineapple lol keep having to log in to find live price!! Not boom yet!!
System.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.prnewswire.com/news-releases/lekoil-selects-infor-and-progressive-tsl-to-support-expansion-300989216.html&ved=0ahUKEwjf-rqwyJLnAhVLa8AKHYYXDekQxfQBCEswBw&usg=AOvVaw10hkCsYYHOGfmsVNh7GEIg
Get ready for OML 11 expansion?