Member Info for jollygoodya

Thanks agkglg. May I ask where the $24 BEP is from? I saw $30 in one of the RNS'. Cheers :) Hi TR, Always good to see your posts. Hope all is well. Certainly have some very good informed posters. I noitced that there appears to be a seller around? Lek seems promising. Have not bought in yet, that seller is a bit disconcerting, especially with news imminent on first commercial. Rgds

Thanks agkglg. Just read your post. My guesstimate of 12-15k was not bad ( pretty jammy) ;). Thoughts on my post below? Cheers.

Just read up on it cheeese!!! :) Otakkipo is key, if lek can get around 12-15k bopd at phase 1 and some finance this is gonna be a strong case and if poo can hit and stay at $40-$45 that would seem to be a good basis. Lekan stated BEP at below $30 but on life of field basis. (I hate word play). IMO bep will be a fair bit higher at early stages, hope $40 would do it but then we have op costs too. Thoughts anyone, peteb? thanks in advance.

Thanks Peteb, cash at Dec15 was $33m odd. I notice that RNS said this was after opl310/325 acqustion. I also note that OPL 310 RNS stated $13m with $1m on sign off and rest upto two years later dependent on conditions, furthermore a further $13m to get things moving in 6mths etc. Plus whatever opex is on going etc. So cash call? Dont know how much Otakikpo will derive and I know that they now expect way beyond 6,000bopd. Any idea on production costs and Bep of Otakikpo? Looks as though there is good traction but cash burn will be high. Debt facility/finance plus further cash call. But is Lekan pushing too hard, too fast?

Hi Peteb & TR, hope you are well. What do you make of OPL310? Is it what it is as per previous RNS's way back from a certain Af, or was it egged up. This is genuine opinion ask, not a negative. I can see LEK doing very well, but a doubt arises given the past at AF. There has been some noise about Nigerian regulators and the use of incorrect or sub-standard rigs on the cheap that actually damage oil fields/wells. For me that could be a reason why AF had lots of revised production numbers and possibly here too, given the low extraction costs RNS's previously? Views appreciated, I have kept eye on Lek since opl310 was first announced. So am keen to get a drill down her. Debt funding?

Hi Peteb, Peeps need to think again whether ii's being invested means anything. Let's not forget that Afren had big ii's invested too. Imo sometimes a red herring. Everyone is vulnerable. The ii's tend to get a heads up to minimise their losses and Pi's shafted. LEK has a chequered history. Dont think this is at bottom price due to poo..

Thank you.

this up?

Tell us more please..

Based on values agreed. This is cheap imo. Should be 3x market cap atm. Also pays dividends and is profit making.

Your welcome. I do not see it as a reduction in capital. I think there are thinking to transfer the premium acccount to distributable reserves. hence increasing likelihood of dividends. No share reduction is possible. It maybe possible to issue further shares to the original shareholders who paid the premium. But I dont see that as likely(hope not). BoD did previously refer to reclassification of reserves to facilitate dividends.

bought 2.5m other day as per RNS. Presume other bought some today. IMO divis likely? Share premium account cancellation is first step to free up reserves.

1. Audited Accs to 30/6/15 be adopted. 2. Nexia Smith be reappointed as auditors 3. Louise Barton be re-elected as director Special Business: 4. Directors be authorised to allot shares upto £600k worth. 5. Dirs be empowered to allot shares above so long as upto £600k and not beyond/after 15 mths this resolution. 6. The share premium account be cancelled. Hope this helps.

You need to call brokers and ask them to set your account to receive agm notices etc for all your shares. Maybe too late for here but worth a try.

Yep. I am assuming so on divis. Given they said dependent on reclassification on reserves. The reclassification is happening. So my guess divis will follow.

Had me AGM papers in. Liked the reclassification of premium account. Looks like divis on the way. Now directors buys. Looking good here...

Yesterday director buy. Today more? good news coming..

Yeah unbelievable. A solid profit making company!! been treated like this....woooah. I will wait for some traction tomorrow. Still have some liquidity concern in regard to working capital and available cash in hand and headroom. But not overly worried. At same time cant afford for my money to be tied up to long as sblm has shown, good to have wonga available for opportunities. Waiting for the bounce here and it will be big imo.

At what has happened to fxpo. Very harsh market. Still looking for an entry point. Surely bottomed out now?

Thanks Granto. The cash at bank now seems to be $106m as opposed to $280m as partly tied up with F&C. Maybe a legal matter to match off with loans unless part of the loan agreement as you rightly said. Assume now that loan servicing will stop pending clarifcation and also can't access $174m. Working capital needs with $106m, is that sufficient. Assume debt servicing will be deemed to be met via cash held by F & C. Otherwise very tricky?