Member Info for nozzla

When you look into those other companies and the so called money's they're owed, i'm not too sure it adds up. I'm not even sure they still have a license for OPL 310. It's so messy, but at the end of the day it all comes down to the 40% buy in to lekoil nigeria.

Clearly whatever contract was signed for the 40% buy into lekoil nigeria wasn't written very well, otherwise this would be a very simple thing to close out. they either have 40% of everything, or nothing, simple as that.

Why would they delist? just get another extension. Although it is very worrying, given all that has gone before, plus the legal proceedings that are happening, and the fact they're getting no income at present. Just hoping they're trying to secure a deal with Lekan.

If the terms are largely what was agreed back in February, and given the drilling results were out months ago, this has taken far too long to get over the line, and i imagine it is Conroy trying to penny pinch, as he has done for many many years.

Can't help but think this company is done!

Leaving it very last minute aren't they. Given that its being left to friday, i can only imagine that these results aren't going to be pretty. On top of that they have legal proceedings to look into, and also their CFA is being challenged by Lekan. Almost feels like this company could fold, unless they can prove that their 40% stake in Lekoil Nigeria does actually allow them to funds raised by oil sales.

I imagine a big sell off today following that RNS. No one wants money tied up, and with the distinct possibility that they've no cash flow, the results could be very bad. Also, why was there a need to open a new bank account?! all smells very fishy.

Seems very odd that they put out that RNS 4 weeks ago which was very brief and now we're another month on and no more news, or news of EGM. This has taken a ridiculous amount of time to get even close to the line.

Nothing changed. Still primed for a buy out. Could lekoil Nigeria even be buying up cheap shares for a takeover? Would make sense. But then they need a big backer for further drilling.

I wonder if the long term goal here to is to secure as much money as possible from lekoil Nigeria and then look to buy into a new company and therefore sever all ties with Nigeria? If they can get the millions in the bank that they’re owed they’d be a good cash rich shell.

they should allow all shareholders to see the original agreement document with lekoil nigeria.

Seems like Lekan thinks there is a get out clause of whatever the agreement states. Looking at all news and RNS Lekoil Cayman should have 90% of control of commercial of Lekoil Nigeria. Be interesting to see how Lekan gets away with this one.

There is a legally binding contract. they can't just "run off with the assetts". This has a long way to go.

Reading past RNS, it also states that Lekoil Cayman had 90% economic interest in Lekoil Nigeria. Surely this is Lekan playing games. We wouldn't take such a large loan to cover legal costs if they weren't confident. In theory it shut be a clear case based on contract docs.

He was talking about lekoil nigeria, not lekoil cayman. Would love to understand the details of the agreement. what exactly do we have 40% of?! madness

Wow. I expect a huge drop today. How can you have 40% of a company but no access to profits from the producing assets. That’s shocking news. This could go below 1p. What a mess.

So Metallon are completely out. I expect board changes will follow soon. Only hope here is that someone must have been picking up all those shares (15%), so another TR1 to follow? I wonder whether Lekoil themselves will buy back the 40% holding of Lekoil cayman?

A very vague RNS. Doesn't sound massively convincing. I expec the terms of the deal will change, hence the EGM.

Almost 6 months since they announced the demir jv deal and it’s barely any further on. I cannot fathom why it’s taking so long to finalise. Have demir found issues with their so called drilling results? I simply cannot see this ending well. IMO.

Fake pump to let big hodlers out. No news for weeks. I wouldn’t risk buying at this level.