Member Info for Bridgedogg1

Bashing on that door, its going to be beautiful when it breaks it down

Quite a few sells set at 3.1p after hitting 3.19p yesterday. Come on you know you want to break it

next resistance: 3.19p, then 3.4p, then it could go anywhere, 4-5p

boom, breakout

My thoughts on radio silence is that either 1) all is simply going to plan - PBU followed by planned interventions followed but dual flow testing. 2) there is an issue that they are trying to fix before releasing the news.
Looking at the last RNS I would be very surprised if there is something going on that we havent been told about. If plans changed they would have been required to tells us via RNS.

If the pump turns back on and tankers start leaving its happy days. Unfortunately that's our best source of information at the moment.

So its routine shut off of the water source, increasing oil cuts and better flow rates from both wells following planned interventions. CPR NPV is increasing by the day. Loan balances are reducing. IMO

The buyers are strong at 2.9p they know it’s breakout territory, but so are the sellers taking profit from the mid 2s. Just need to drop those sellers and push past 3p. Big buys are very positive.

All on schedule. Winx proved to be a nice clean and efficient drill and I have no doubts that this will be very similar, excepting hopefully the results! I guess people were hoping the last update would say the rig is nearly there and spud for early Feb? I don't know but its a good few weeks of drift before we get an indication of the Feb spud date, most likely towards the end of Feb if the Ice road is 25% complete in 2 weeks? If it starts moving FOMO may kick in, who knows? I still thing 1.5p is a reasonable expectation for spud day price and these levels should hold until then.

Agreed, good chance RNS today, almost certainly before close on Friday.

I think we may have found a range until the next update, which could drop anytime and I believe will be positive for shareholders

Even if this all results in the forced sale of OPL310 the remaining assets are worth multiples of the current MCAP and there will be a significant cash receipt from the sale which would also be in excess of the current MCAP.

Surprised the the scam at PET isn’t getting more headlines, much worse than this. No assets and no cash, brought on new board members who promised to give the company £100m Asset in the Middle East. Share price went up 20x, they were issued loads of shares which they promptly sold and scarpered. MCAP over there is still £12m! Much rather be here thanks very much.

The CEO was due to make a lot more than $600k (thanks) from the deal. All lost to him now.
Most likely we are working on an extension to the payment schedule while feeling our funding options. New blood on the board will be focusing on investigating what happened. At least there are some clean hands and clear heads on board that can guide us through this.

That’s my feeling anyway

You are suggesting corruption at LEK? There is no evidence of this.

After yesterday’s rise shorters are back in force hoping to get another drop.

The BOD got conned into believing that the funding was real and paid £600k to secure it. Most likely won’t see that £600k again. The MCAP lost £40m as a result. Yes there are questions but the assets are real, producing oil, or part owned by other companies that put a strong value on them. LEK isn’t a scam, they just fell for one. Baron sold half it’s holding, they were not the largest shareholder and no doubt some of the other large holders derisked too. Even if this all results in the forced sale of OPL310 the remaining assets are worth multiples of the current MCAP and there will be a significant cash receipt from the sale which would be in excess of the current MCAP. Shorters sowing doubt for there own ends.

Research, get the facts and ignore the noise.

Got that Friday RNS feeling

Failure to make this payment on time may result in Lekoil and Optimum jointly seeking, and agreeing on, a willing buyer to whom the transfer of Lekoil's 17.14% participating interest in OPL 310, as well as all the financial obligations related to OPL 310, can be made.

'jointly seeking, and agreeing on, a willing buyer"- doesnt sound like a fire sale

Also note the 'may' - The February date isn't set in stone, Optimum may well extend this deadline in light of what has happened, especially is some serious funding offers are on the table.

I'm sure there has been a lot of chatter with the previous potential funding partners and Optimum which could result in a very good outcome for LEK shareholders from these levels. Otherwise we sell up and move on, but the economics of the project remain compelling.

The next update should be interesting indeed...

Shrewd are you sure? PMO haven't committed to 3D on Area C as far as I am aware. Decision to be made after the drill.

So PHE will own W2T but the current owners will split an additionally issued 1.3m PHE shares to sell as they with, or likely with some sort of orderly market provision?
That's a lot of new shares out there. If the holders decided to realise only 10% of their new PHE shares how long would it take to absorb 130m shares? On a goodish day current buy volume is 2m? On the other hand current PHE shareholders will own a part fo W2T.

Without this deal what has the company got? (Serious question)