Member Info for Danker

Think we are in a state of flux ..
Exit large seller
Welcome to the new buyers
And now the rise .

Now the 10-30% brigade and good luck to them

An Intraday would not go a miss or a reply from ‘da management’ At Seawave ....

Oh to be a fly on the wall inside LEK right now

Personally still massively down , still high four figures down on this one ha, it’s only money , but it’s a nice day, I am alive which is always a bonus

GLA

Bfath if 3.5 is your exit you may be leaving us this afternoon imo
GL

Morning
Got to love that seawave response ending in ‘the management’. Hale and Pace style

I think genuine massive fundamental error, BOD all assuming others are doing the DD.
Blinded by the offer.
Bizarre two directors leaving sharply prior, and that RNS without the previous position, another DD issue at best.
I thought the NED’s were employed for the farm in for OPL310 and potential JV announced for 325.
Maybe there was other issues that needed sorting out in house.

Who knows , SP could go anywhere tomorrow

Don’t blame Baron either if I found out I have invested a large sum only to find they had been potentially scammed in that way, I would remove or reduce my exposure.

GLA

With you on that Pion
Keep in touch , researching head is on again
Like being back at Uni ,

Rockets back
Not sure Rocket if it’s up or down , it’s AIM ....
As you know often goes the other way to a prediction. So I am saying it’s going down , but inside hoping it’s going up either way I am right.
GL

Pion
I do agree although it showed the current % not the previous , naughty, or generally omitted (.unlikley)
Seems bizarre as LA salary circa 1M and his shares value , he has a loan we know , for 600k or partially of it , makes no sense reputation , loss of LEK Mcap.
And the potential of the fields.
I feel they genuinely been scammed , took their eye of the ball as they wallowed in joy at the offer.
SeaW won’t be happy either as it’s their reputation on the line as well,
Going to need sorting and fast , .....

Good find Pion
Personally I am still in , although I have contacted LEK advising them that I will be seeking legally , reimbursement as I based my investment based on an RNS.
At this moment in time least of their worries but it’s been logged, I would think the major investors may be in discussions on a similar topic.
Let’s see how it plays out , worst case I lose, or I partially recover or fully.
Who knows which way this is going to play out but generally a half full type of person.
Hope those that have the opportunity make the most of it and those others that the losses are minimal as possible
GL

Agree in many circumstances it would be netted, that’s why the rate was so bloody attractive obviously stipulated an upfront fee.
I still laugh even though seriously down on this one
now just high four figures for me to recover.

BOD have to carry that with them for life, what a story if they have children or grandchildren.’ Well I was scammed once for 600k... and not just that impacted thousands of shareholders and overnight the company lost 70% of it value ...’ Really is that why everyone makes those scamming jokes to you ..... ‘your famous now’
Just goes to show if you want to be less risk adverse await the RNS which states the monies have been transferred and vetted and are in the bank prior to investing, still then AIM always risk.
Always learning......
GL all

Guess get this week over with , bad press , reduced holdings
Then next week start the LEK campaign
End of year results , Lift, funding or full/partial sale of 310
JV with a major
Use the disputed 13M we already paid
Producers already

So many positives but just an unbelievable and monumental screw up , probably based on being lazy as they were in such a strong position.

Will recover , will take time ...

Nickel , correct ..
just a shame as LEK were in an unbelievable position .... prior to his shocker

And not forgetting this piece of the jigsaw will no doubt come onto the negotiating table with Optimum , if applicable.

In 2015 Lekoil paid $13m to acquire shares of Afren Oil & Gas (Nigeria), which held the disputed 22.86% stake in the block.

However, the latest agreement does not address the recovery of the consideration paid by Lekoil, as both the parties plan to resolve the issue simultaneously while allocating the stake to the potential third party.

Some people ...
I do wonder if people actually spend the time researching the company , assets, reading the financial reports and the previous RNS’s before investing or making a decision.
People surprised at Baron reducing his exposure? , now that is out of the way, maybe we can continue the long journey.
Many options, still think they will raise the funding 10M and demonstrate the required funding, if I am
Incorrect , asset sale or percentage reduced to fund 310, they have to be earning their money at the moment and rightly so.
#monumentalerrorisanunderstatement
Just my opinion, not for the faint hearted this one.
GL in your strategy just my opinion.

To be honest I was thinking the same Rocket
Thank goodness
No hard feelings ... GL
No need to post now you are out

auf wiedersehen Rocket
You did make me smile for a while
Out/In/Out in the matter of an hour or two
Wish you well though

Woodie I would have to disagree with you
It won’t stay between those levels for months

Compelling reason Feb deadline , either they sell in full or partly 310 or they raise finance
Either option I would suggest that the share price would not be in that band.

Just my option of course.

Agree
Lekan won’t want to leave thats for sure, IMO such an error, he has to step down and take ownership as the CEO, unless he can rectify the situation fast and build confidence fast.
As stated many time’s by others and I, RNS (I know can you believe them) opening the discussions again with existing financiers prior to the balls up.
If they can’t finance 10M (have some cash) then they will need to reduce their stake in 310, or consider selling the complete asset, remembering the 13M they paid for the shares for Afren and the additional 22% in dispute 310 still which was planned for a farm in and a work around to help all parties.
Plus the other major assets they have potentially are huge and they are a producer.
What ever they do they don’t have too long Feb 2020
You could not write this ....
GLA

Roty no mention of placements if they miss the deadline ‘OPL310’ and also the on going 13M we paid for the Afren shares may come into play in the negotiation.
Hoping they step up and engage, communicate with the shareholders quickly, hoping for a RNS weds, thurs.

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.

Hahaha
Only on AIM
Don’t know why I am laughing 5 figures down on this.
Sure I will ok, only invest what you can afford to lose not that you want to obviously.
Considering my other investments awaiting funding hope they are not awaiting the Sheiks or Africans.. Hold on .....

Lekoil paid 13M for the Afren shares for 22.86% still unresolved , working between LEK and Optimum on a resolution, so this will be a negotiation tool, originally planned for the partner to be considered.

All Lek Oil costs will be recovers at a mark up of 150% plus compound 5%

Plus the agreement for Optimum to have 1.2 share capital at 25p, 50p,75p and 100p , their interest.

at 17.14% = 232 million barrels of oil at P50 from OPL310 for LEK

Interesting read the RNS the sale price of the 310 license , 232mmboe reserve and any assets would be even in a fire sale ......$M at $57 dollar a barrel with the above, and original investment would move the share price for certain

And not forgetting OPL325 , JV, Which could be huge and the 276

So either way, horrendous error but many ways out