Member Info for Ichi

About to go ballistic....!!!

RNS Options awards......
"...were issued on 30 October 2020 ..."!!!!!
So the options were awarded in October - and it takes until mid May to notify the markets.

Another example of the complete and utter contempt this company shows for shareholders!

It would appear that Metalon have their own internal issues to resolve before progressing any developoments at LEK.

It would also appear that they are being blocked by the fact that they have bought in to Lekoil, but have no rights or influence over Lekoil Nigeria.

Bit of a stalemate - and with the total cretin Akinyanmi we have as CEO, who's only interest is in feathering his own nest through loans and infglated salary - I cant see this going anywhere anytime soon.

We nned some fresh blood on the BoD, with the Companies best interests at heart.

If they got their fingers out- and developed some assets, there is no way the shareprice would be in the gutter, and that would prevent any further takeover thoughts!

https://leadership.ng/mass-board-resignation-hits-lekoil/

Mr. Michael Ajukwu and Mark Simmonds have stepped down as non-executive directors of Lekoil Ltd, an oil and gas exploration and production in Nigeria.
Both resigned on Wednesday in what Industry observers see as major internal crises.
Ajukwu was made chair only in January, and following his exit, Anthony Hawkins will step up to interim chair until a permanent replacement is found, report by MorningStar indicates.
In resigning, Lekoil said, Ajukwu noted that, “a fundamental misalignment of objectives amongst the shareholders of Lekoil Nigeria” and said he believes new directors are required to address the issue.
Lekoil appointed two new non-executive directors. Marco D’Attanasio is chief investment officer at London-based investment management firm Hadron Capital and is on the board of London-listed cryptocurrency miner Argo Blockchain PLC. Al Tindall is senior counsel at Hardwick Law Firm LLC in the US.
Apparent crises hitting South African mining company, Metallon Corporation has derailed its attempt to takeover Lekoil Limited
At the moment, two out of its three board appointees have resigned in quick succession.
Mr. Michael Ajukwu who was appointed chairman of the AIM listed Lekoil Limited in January 2021 by Metallon Corporation, as well as George Maxwell have both thrown in the towel.
Following a decline in the price of Lekoil Limited shares in 2020, Metallon which has unsuccessfully conducted mining business in Zimbabwe and South Africa mopped up 15 per cent of the company’s shares, thereby, becoming the majority stakeholder in a veiled bid to assume control of Lekoil Nigeria Limited (an affiliate company), its subsidiaries and assets.
However, the impracticability of Lekoil Limited or its board affirming or taking control of Lekoil Nigeria or its subsidiaries has become more obvious.
According to its shareholders agreement, Lekoil Limited is a minority shareholder in Lekoil Nigeria and thus Lekoil Limited cannot generally compel Lekoil Nigeria to follow a particular course of action.
Based on the relevant Nigerian laws and extant agreements between Lekoil Nigeria and its respective shareholders, Lekoil Nigeria and its subsidiaries remain directly responsible (to the exclusion of any third parties) for their governance.

https://www.thisdaylive.com/index.php/2021/05/02/end-of-an-era-as-lekoil-chairman-michael-ajukwu-bows-out/

End of an Era as Lekoil Chairman Michael Ajukwu Bows Out
May 2, 2021

Lekoil Limited, one of the top oil and gas exploration and production companies in Nigeria and West Africa, has emerged as one of the most talked-about companies in the last 72 hours. Their sudden ‘popularity’ follows the resignation of the company’s Chairman, Michael Ajukwu, from the chairmanship position. The action has tongues wagging because Ajukwu was appointed just three months ago.

It is not often that companies like Lekoil trend on social media. The recent trend has even got people asking questions about the circumstances that brought Michael Ajukwu to the chairmanship position in January of 2021 and sent him packing in April. It might be because of a transgression on Ajukwu’s part or the tides that nearly tore the company in two towards the end of 2020 have returned. The company has not released any information yet, so one can only imagine and conjecture.

Recall that Ajukwu came onboard as Lekoil Chairman after an acrimonious contest of authority between the Lekoil founder, Lekan Akinyanmi, and the company’s biggest shareholder, Metallon. According to reports, the struggle was about whether or not to increase Lekoil executive board members from four to seven (including Metallon’s CEO and two others from the same tangent).

With Metallon’s 15.1 per cent stake in Lekoil (ergo, its position as the top investor), one might have expected it to have its way. Thus, even though the majority of stakeholders agreed to Metallon’s proposal, the result was the resignation of Mark Simmonds from the chairmanship position and the appointment of Michael Ajukwu as his replacement.

Perhaps Simmonds’ removal (and consequently Ajukwu’s installation) is related to the dispute between Lekan Akinyanmi and Metallon. Perhaps not. Similarly, perhaps Ajukwu’s abrupt removal might be related to identical vying for more administrative power at Lekoil. Again, perhaps not.

What is certain at this point is that Michael Ajukwu has stepped back from his Chairmanship of Lekoil. What is suspicious, of course, is that he spent only three months there.

News update regarding the deferred Shell payment would be good.
We should also have had some more revenue from the latest oil lift, which at better oil prices should mean better revenues.

If we can clear the outstanding/overdue loan payments, it puts us in a much stronger position, and it would only take the merest hint of anything positive, and the SP could be away to the races.

Not much free float - any sells have been getting mopped up for some time.

Outstanding assets and Licences. Be interesting to see if we get a bid at some stage.

Having a good old clear out by the looks of it -0 and good riddance to them!
Too busy sipping champagne and milking the proverbial fatted calf, to notice that the ship was hitting the rocks...

Lets get some directors with intent, and the ability to drive the Company forward.

Need to get rid of that other parasite Akinyanmi, next!

Wow - what a great update!
Surprised the market has not reacted more positively than it has so far!

It was a buy

Another 750k buy just gone through....!

Decent volume and a good rise over the past couple of sessions.

Lets hope it keeps going!

If Metallon are intending a low-ball buyout - Why have the current BoD facilitated it?
If the BoD are in favour of it - Why the waffeley rebuttal prior to the EGM?

It could have been so easily defused by releasing some good news and promoting the share price - thereby out pricing them!

Cant remember all the reasons for auctions - but a lot go into a set auction twice a day for MM's to balance the books.
This can even happen on some shares i watch that have had no shares traded for days...
Can't for one minute understand what is going on here though.
It would appear the share price is being held down, to allow Metallon to add. Crooked MM's?
They have also maintained a ridiculous spread between 20-30% for the past few months.
Again, what i can only surmise is a corrupt MM working in Metallons interest.
They now have an insider on the board, so will have access to privileged information.
Certainly won't be working in the best interest of shareholders.
I don't understand why the news blackout - we were due an oil lift a few weeks ago - nothing!
We were due to finalise Otakikpo phase 2 drilling at the end of last year - again Nothing!
Ludicrous situation!

It will never rise until the numpties running the company actually do something...
We need some positive action and news updates...

What on earth are they doing?

We need confirmation of financing for Spoton - once their Bond issue is confirmed, i think this will get a lot more credibility.
Ireland could certainly do with bolstering its energy resources, to reduce its dependency on Corrib and imports.
Once Barryroe gets the green light from the ministry - we will see a lot more than a doubling of the LOGP shareprice....

Otakikpo From December article...

Green Energy and Lekoil are working through financing to fund the second phase development of the Otakikpo marginal field in eastern Nigeria, currently producing around 6,000Barrels of Oil Per Day.

There has been a little delay, as the drilling was earlier expected to have commenced in October 2020.

The funds are to come from a consortium of financiers, including Standard Chartered Shell Trading and an EXIM bank. Drilling may now start by early December.

The original plan was to increase production from 6,000 barrels per day (BOPD) to 20,000BOPD, but the prevailing conditions may keep the immediate ramp up to around 12,000BOPD.

Schlumberger is the main subsurface service vendor.

Green Energy had signed a Memorandum of Understanding (MoU) with a consortium of international financiers for a package of more than $350Million, for the project funding.

The Field Development Plan FDP of the project involves the drilling of seven additional wells (there are two producing wells already) and expansion of the crude processing infrastructure. The plan also includes the construction of a 1.3Million barrels onshore terminal and a 17 kilometre export pipeline to connect the terminal to an offshore loading system.

Wonder what Metallons game plan is?

Will they continue the charade of minimal information and dire prospects, whilst they try to take a more controlling share?
Or will they see the true state of the situation we are in and start dumping?

Wonder where we are up to with Otikikpo....

Totally agree.

It would appear the past BoD have been more concerned with kicking Akinyanmi's £1.5m loan into the long grass - after having previously tried writing it off and rolling it into the fake sheikh loan!

We need to move forward now - urgently!

We desperately need an honest and frank update on what the current situation is.

According to this article from mid December - we are at risk of losing OPL310...

https://nairametrics.com/2020/12/12/lekoil-at-risk-of-losing-17-stake-in-oil-prospecting-licence-310-for-ogo-oilfield/

Lekoil at risk of losing 17% stake in Oil Prospecting Licence 310 for Ogo oilfield
Lekoil’s subsidiary, Mayfair Assets and Trust owes Optimum Petroleum Development $6.6million from sunk costs and consent fees.

Published 4 weeks agoon December 12, 2020By Adeyemi Adebayo
Optimum Petroleum Development (Optimum) has disclosed that it is $6.6 million short of receipt from Mayfair Assets and Trust (Mayfair), as a result of sunk costs and consent fees and that the company has also not paid more than $1million for G&A costs.

Mayfair is a subsidiary of Lekoil, a Nigerian company that has a 17.14% stake in the licence of Ogo oilfield (Oil Prospecting Licence 310).

A fraudulent $184 million loan announced by the parent company, Lekoil, at the beginning of the year to finance pre-operation activities at Ogo oilfield, still haunts the company. The shares of Lekoil plunged more than 70% in January 2020, following a suspension of trading, after the firm discovered that a $184 million loan it had announced was fraudulent.

The loan, which was arranged by Seawave Invest Limited, was meant to sort bills related to Ogo oilfield licence (Oil Prospecting Licence 310), as well as prepare the oilfield for operations.

A disclosure posted on the company’s website yesterday, 11th December indicates that the bills are not fully sorted yet and that unless Lekoil pays its bills at OPL 310, its 17.14% stake may be sold off. The company is also facing heated pressure from shareholder demands for board change.

Under the terms of the agreement on the licence, and if the bill cannot be paid, Optimum and Mayfair will jointly seek a buyer of the 17.14% stake. A new buyer would pick up the equity stake but also the financial obligations.

Thus, Optimum is seeking to enforce its default clause as payment of USD6.6 million to cover portion of sunk costs, and consent fees have not been received by the end of November.

To this effect, the operator of OPL 310, Optimum, has sent a letter to Mayfair on enforcement of the default clause.

What they are saying
Lekoil, in the disclosure on the company’s website, submitted that:

“The company continues to discuss with Optimum, a deferment of these payments as the company intends to focus its financial and other resources in support of securing funding for the second phase of the Otakikpo development, as well as the Ogo appraisal programme. The company, working with Optimum, has identified and engaged an appropriate rig for the appraisal drilling, where the service provider has accepted the result of the early performed site survey.”