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I will be more comfortable seeing an updated Fenikso balance sheet but on the face of it subject to the nuances of Nigerian commercial life impacting our future receipts of cash, hoping for a significant upward movement here. I can’t understand who would be selling out at this stage given the upside but I suppose some people just have to sell or lose interest. We shall see in due course.

Another $614k received bringing the creditors down to $1.1m - at this rate they will be cleared by August 2023. The amounts owed by LOGI will, by then, in theory, be $48m. Fenikso has a current market cap of $5m. Am I missing something here or do people, perhaps rightly or wrongly, don’t believe that LOGI will, or will be able to, continue to settle their debt?

Director buying in - good to be a good sign.

3 million shares traded today which is unusual. Could be someone / one party buying in. I repeat my (personal) opinion that at a current market cap of less than $5m and a receivable owing to Fenikso of circa $50m and the recent (albeit limited) track record of payments against that receivable having been paid by Lekoil Nigeria, there is scope for this share to be marked up and at some stage, I expect someone to make an offer to buy the receivable (at a discount to par). But heavily caveated with DYOR.

Yes saw that. So net of the remaining unpaid creditors $1.75m, Fenikso should be worth $49m or so based on the face value of the loan, discounted back into today’s money but say north of $[30-35]m and currently trading with a market cap of $5m or so albeit on minimal trades. All obviously assuming that Lekoil are able and do actually keep selling and exporting out oil - A biggish assumption but probably not a bad punt now and I for one will be holding to find out..

Would be useful to get an updated balance sheet but I suspect this share is worth between 250-300p based on the value of its 1) cash and current assets net of debt, 2) its Egypt assets based on the net yield in cash after development expenditure related to keeping the asset going and 3) its London listing. Hopefully, someone will offer to take us out or New Med increases its offer in order to provide a premium to the current market share price wallowing around 240p which has little downside but a bit of upside. Views welcome.

Why not buy more up to 1,925p and arbitrage the offer?

Anyone with a view on why the share price would drop substantially below the agreed price? The RNS sounds like it is a done deal

Tenapenny, how do you get to a GBP300m annual profit number?

If it is ok with you, SmallInvestorCal, and thanks for the warning, but I think I’ll stick with Hawkins and SAVE and see what happens once we get to the Nigerian Courts. I’d hope that SAVE’s external lawyers took a read of the legal docs before they invested and gave a high probability of success otherwise, why would SAVE have invested. Are you saying SAVE are stupid?

“Currently drilling wells” with money that should be being paid up to Lekoil plc in accordance with the agreements Lekoil Limited entered into in [2015] in order to raise the $200m or so from the shareholders of Lekoil plc or so. I think you need to add this to your chat for completeness.

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Pointdexter - I concur. Right old game going on here with IIs with far more money and probably better insight into what is going on. I still feel that broadly this share is heading north but dangerous game to be trading this share given the volatility and the uncertainty around the overall asset base.

Will be interesting to see what Lekan does next. Feels like his options are narrowing but still plenty of resistance likely until this hits the Nigerian legal system which it probably will and that could be a long old journey with the lawyers enjoying a lot of fees and both parties ending up with very little to show for it all. Unless of course, somehow but unlikely, both parties can negotiate a settlement of some description. We shall see.

Pandou - I’m trying to get a handle on what Lekoil’s net interest in Otakikpo might be worth. Admittedly, there is the issue of that cash not being passed up to Lekoil plc (in theory a 90% share of the cash being generated by Lekoil Nigeria) and that cash either being used badly or leaking out before it gets to plc but I would find it helpful to calibrate the size of the prize that is being fought over net of the bank debt and the patient creditors that are owed of course. Any ideas? $5m, $10m per month at today’s oil prices?

I’m intrigued and still hopeful of getting something back from my investment north of the GBP1.9p previously offered.

Anyone got a view on what Otakikpo is worth in a $100 POO world and who controls the cash being generated by that asset and where is it going or being held somewhere? An up to date set of accounts would be useful.

I am a STH here and just pleased the GoI did actually turn up with a cheque. I don’t understand why the shares price is rummaging around at 190p. I’d be surprised if a sum-of-the-parts valuation didn’t come in at 250-300p. No doubt a bunch of people and traders far smarter than me in the room trying to make a quick buck due to the convoluted TO process which the PIs don’t need (as they can easily sell into a liquid market) and probably done simply for the benefit of some IIs who would need to sell as CNE is getting smaller and they may not be allowed to hold a smal m/cap stock in their portfolios. For me, will keep holding and ride it out and see what happens. Hopefully, one of the smart guys in the room will see an opportunity for a complete take-out and at a significant premium to current SP in due course.

I think that the deal the Board have just done will prove in time to be a better deal than the (alleged) current 1.9p per share offer. Just an opinion and I may well be wrong but it is my prerogative as a LEK shareholder to find out. LEK now has the cash funds and the Partner to resource a legal pursuit of its ownership and contractual rights in Cayman and Nigeria.

I have 2 decades experience of Nigeria and oil/gas and whilst the Nigerian judicial system is not perfect and can often be derailed, eventually, with the right support, the Courts will eventually get to the right answer - but, it may take a while and we shall find out in due course.

Positive momentum and encouraging developments. The SAVE team will have experience of operating in Nigeria and the legal gymnastics and patience that the process to monetise our assets / contractual rights will require. I’m holding in the hope that Lekan realises that he has to come to the table with a better offer or suffer the financial consequences. As for Lekoil plc, as I have said before, I don’t believe it has a future in itself and hopefully we either get a better offer from Lekan or SAVE take us out and absorb LEK. GLA.

Unexpected and strange movement downwards in the SP today. The stated NAV 31-12-21 is about GBP1.4bn versus a market cap of GBP1bn or so with a lot of that actual NAV in US$ cash and significant upward swing in the value of its oil and gas assets in 2022 to date due to market oil and gas price increases. I guess it will have to be a hold then until the market price reflects the value of this company’s assets. Tender will probably be a bust but with a special dividend in its place maybe doesn’t matter and will just have to hang around for the Company’s strike price offer, a takeover approach and the analyst broker reports. Unless, the experts know something we don’t!