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VOG does not make any sense in my opinion ... they are looking for a company maker asset or larger play OR will pay out cash .... with this cash SEY shareholders can do the next capital increase at VOG or something better :-) .... why should they give away the listing here to merge with a small London listed junior? Time will tell us
why are you promoting VOG as an interesting investment for SEY?!
VOG is burning money and there is in this market environment in my opinion NO prospective outlook to change this in the near term - just my opinion but lots of downside here ... maybe sell your VOG and buy some SEY ... at SEY they are looking for REAL projects able to produce profitable at low oil and gas prices ... AND if they do not get a great asset they will pay out cash to shareholders! Happy weekend
trading at 16 mil. market cap. while sitting on 45 mil. cash - there are just 2 ways ... buyback as much as pos. shares or pay back the cash OR the guys involved here plan to steal the money what should make no sense for them as they are the largest holders ... BUT who knows ... time to get DETAILS from our BOD!
RETURN the CASH !!! and if they like they can do a deal with their dividend they get ... if you are positive in Oil there are enough bargains in major companies in the market to buy instead of doing the risky XXX to start a new adventure here ...
why should it go down? It should go up instead - cash is worth way more in this crisis and it is still 50% below cash!!
Its TIME TO PAY THE CASH OUT to us shareholders!!!
lets hope they are not that stupid / or not up to date that the time for OIL and GAS is out! especially in gangster countries... maybe when we are back at 10 US or 20 US ... but not here
yea - the valuation here is giving the impression that this guy is not willing to work for all shareholders and more interested in moving the rest of the money into his own pockets...
its time that they sell Odewayne and pay back CASH to their shareholders! Not able to do a value creating deal since 2017 and the capital reduction ...
"The nominal value of each of the ordinary shares in the capital of Sterling (the "Ordinary Shares") has been
reduced from 40 pence to 10 pence, the amount standing to the credit of the Company’s share premium
account has been cancelled and the Reduction of Capital has created distributable reserves of
approximately US$36.8 million for Sterling."
.... new all time lows and still NO insider buying even at these levels
come on - there are way better investments out there - even buying back the own shares than this CLNR which is running at close to zero cash without any perspective BUT 20 Mil. market cap for what? SEY is 50% below cash PLUS they have an outstanding exploration asset!! Maybe when SEY trades at 200 Mil. Market cap. its a good buy.
9.10p ASK
best acquisition and risk/reward is to buy back own shares at 30 or 40% below cash!
Any discussion with a potential deal makes no sense for us below 20p because of our Odewayne asset... BUT who really wants to start discussing 20p or 25p when the stock trades at 9p ??
new lows 8.90 !!! what a great management !!!
Egyt? Who really wants to spend money... nightmare! There is no better deal or return on capital from company perspective/investors as buying back shares 50% or even 20% below cash - especially as we do not only have cash we have a great low risk asset in Africa also valued with ZERO right now!
Directors and management needs to wake up and act
why have you started to promote this thing and volumes picks up?
It looks we see increased selling at 0.10 which started the same time?? ... YES here is a big discount to cash value - BUT current management AND directors are doing NOTHING to change this! NO share-buyback, NO insiders buying (instead they are SELLING!) ... and so on! This company in the hand of some people willing to create VALUE could trade tomorrow at 0.17-0.20 (with the African asset)
in the end we have the risk here that they do some bad investments like they have done with JPR at the ASX or Gulfsands which is already DELISTED!
1 July 2019
LEKOIL Limited
("Lekoil" or the "Company")
Memorandum of Understanding Signed with Schlumberger and Major International Oil Company for Further Development at Otakikpo in OML 11
LEKOIL (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, is pleased to announce the Otakikpo Joint Venture (JV) between Green Energy International Limited ("GEIL") and LEKOIL (with LEKOIL as Technical Partner). The JV has signed a Memorandum of Understanding ("MOU") with Schlumberger and a subsidiary of a major international oil company which has been operating in Nigeria for more than half a century ("Major Oil Company"). The MOU covers a comprehensive infrastructure sharing and drilling programme around a group of marginal field assets in OML 11. Standard Chartered Bank ("SCB") is to act as the lead financial advisor for the Project and perform financial advisory, security and banking services required for the Project.
The phased development plan of the project consists of drilling up to five new wells in Otakikpo, expanding processing infrastructure to comprise an onshore terminal to be located outside the Otakikpo field operations area, construction of an export pipeline connecting the onshore terminal to an offshore buoy to handle Otakikpo and other fields in OML11. The Otakikpo Joint Venture will partake in the costs of its field development with funds provided for such participation by the development consortium ("Consortium") (see below for further details). Project management and associated asset management costs provided by Schlumberger will be shared between the Otakikpo Joint Venture and the operators and owners of other marginal fields participating in the Project.
Capital expenditure to be incurred by the Otakikpo Joint Venture is expected to be approximately US$170 million covering new wells and processing infrastructure, of which LEKOIL is expected to fund US $68 million. The anticipated costs consist of debt repayment to financing parties, including the Major Oil Company, in addition to a project implementation fee paid to Schlumberger. Repayment of the facilities anticipated to be provided to the Otakikpo Joint Venture pursuant to the project will be made from production revenues from Otakikpo, in priority to any existing lending facilities (subject to agreement with existing lenders), future CAPEX and returns to equity holders.
Under the terms of the MOU, the Major Oil Company will provide funding to the Otakikpo Joint Venture alongside the other funding partners, subject to due diligence, project economics, entry into definitive documentation and final investment decision. The Otakikpo Joint Venture will enter into an exclusive offtake agreement with the Major Oil Company for the sale of crude produced pursuant to this project. Schlumberger will act as technical and project execution partner to provide oilfield services and project mana
interesting comparison... BUT major reason nobody really takes care about this company is that management and major owners are not interested/able nor willing to communicate in a transparent way with their shareholders ... really shortsighted because they would have been able to finance at the markets and get a good valuation for their assets/holdings
on the other side this is the chance... IF they really get it ... the gap between what´s possible here is huge... IF !
Teaboy it would be great if this thing is now at the bottom and the "gift" most writing here because of this mass of (retail?!) investors buying into it ... it "LOOKS" like a steal but together with all the selling into good news and massive positive postings on twitter and all chats... sceptical... but will try to do again more dd on it and maybe try to get some from management or IR for a meeting or call
leaves the question why this one gets steady sold down !? Any opinions on that or what´s the message from IR or management on that? Why are insiders not buying more in the market?
....any working-commitments/capital they have to deliver to keep their other projects?
Really strange and as its AIM (one of the worst markets for real investors i think) it really smells bad