Member Info for Bridgedogg1

Agreed. Corporate governance is key for large and institutional investors. A solid professional update laying out what is known and the way forward in terms of investigation and funding plan would open the coffers of those large investors. The muted recovery has largely been driven by PIs who are more flexible. I think a wall of cash is building in anticipation of the right noises from LEK.
In the meantime fun and games with the steady rise.
Wouldn’t want to be out...

A big push is building, I see 3.3p fairly quickly then a pause

3.1p. Next move down to 3.05p then I’ll to 3.3p. Very predictable upward trend since bottoming out. Running into close will be very interesting.

It’s easy, look at the last 10 or so trades, consider the size, spread and direction of travel. Voila.

May get close to the 3.39 barrier, once it starts battling against that this will move very very quickly to 4-5p imo

Moving back up.

I think accumulating LEK at under 3p is on of those share success stories I’m going to be boring people with for a few years.

Few nice buys moved the price back up to normal range. Was hoping for an update today but good chance for Monday. Good luck all holders.

Definitely overdue an update considering.
In the meantime I picked up some more near 3p, this is great, like printing my own money :)

Clearly this is moving to 4-5p recovery without news. Hope to see double figures again once funding sorted.

Is L2 worth the signup fee?

Actually the original tweet just stated the pump was pumping and the flare was flaring. It’s only on the retweet by another user when the flare picture was added, stating it was an old picture. Doesn’t seem that confusing. Looking forward too tomorrow. Might be our first blue day in a very long time. Want to see those tankers coming in.

Since then they have a new 11.5m funding facility in place and have paid off the whole loan mentioned in the article. Due to all the cash flow. And assets.

If be comfortable under 5p here if you’ve got a few weeks to leave it in. Don’t see why precious value won’t be achieved

Noting the derampers and shorters cant produce anything solid to support there visions of doom from here. The worst has literally already happened.

The company has an independently verified asset of £180m. This has been verified by a CPR which is what Institutional Investors use to value companies like this (hence the confidence expressed by the large holders bar one).

I'd be overjoyed if the company turned around and said we are closing up shop, did a fire sale and got £100m for the assets and distributed it to shareholders. That's 12p a share after paying debt BUT that wont happen because the assets are worth much more than that. Some people will look back in a months time and realise they missed a very rare opportunity here.

I cant see them getting any money back, 'Seawave' execs are sunning themselves in Bahamas

Dinlas, do you know what a CPR is?

Independent CPR puts a value of £180m net to LEK on one of the assets. More money has been spent on it since then and would be hugely upgraded if the current appraisal plan is implemented. How is that hype?

Its all about confidence and perception. Majority of the large IIs still have confidence in the assets though clearly not the CEO who will be under incredible pressure to go. Unfortunately the company own him money and he is a big shareholder so it wont be easy to shift him. You could argue that he didnt do anything wrong, we dont know the details yet - whose responsibility it was to do what, but ultimately a screwup of this scale has to be taken responsibility for by the CEO.

I expect once this is cleared up he will step down.

Yes, 70x the exposure of the vertical well which was declared commercial

New US$11.5 million debt facility with FBNQuest Merchant Bank
Recently fully repaid the outstanding Advance Payment Facility with Shell Western Supply and Trading Limited

Appraisal - OPL 310
production averaged 5,822 bopd gross with 2,329 bopd net to LEKOIL
CPR released 26 June 2019 - gross 2P reserves of (19.4 MMbbl net to LEKOIL
2P NPV10 of US$226 million, after income taxes, net to LEKOIL
Planning completed to increase production towards 15-20,000 bopd (6-8,000 bopd net to LEKOIL)
Lekoil continues to generate positive cash flow at the operational level and will seek alternative funding for the future development of OPL 310 as a priority

Exploration - OPL 325
Awaiting the execution of the Production Sharing Contract for OPL 325 and readying one of the prospects for drilling - farm-down process to commence once these activities are complete.

Appraisal - OPL 276*
Acquisition announced in August of a 45 per cent participating interest in the Production Sharing Contract