Lekoil Ltd - oil and gas exploration and production company with a focus on Nigeria and West Africa - Reports operational update for November, with Otakikpo oil production 4,118 barrels of oil per day gross, down from 5,110 barrels per day in October. Says Otakikpo production was hit by well production control to arrest developing water and the shut in of several conduits to prevent tank tops. Notes that operational updates taken from information provided by Lekoil Nigeria, in which it holds 40% stake.
Lekoil on Thursday recommended shareholders reject Lekoil Nigeria's 1.9 pence per share offer, believing it "materially undervalues" company.
Current stock price: 0.95 pence
Year-to-date change: down 51%
By Lucy Heming; lucyheming@alliancenews.com
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