Remember Jim's wise words. Last sentence.7 Feb 2020 10:08
Lekoil (LEK) announced that its Otakikpo field is currently producing 2,122 barrels of oil per day net to LEK's subsidiary, LOGL. Their expansion project has the potential to increase production on the field up to 8,000 barrels of oil per day net to LOGL, although the subsidiary also carries a term loan debt of $19.2 million at LIBOR + a rather large 10%. The big play at LEK is OPL 310, in respect of which $2 million has to be paid on or before 20 March 2020, $7.6 million has to be paid on or before 2 May 2020 and evidence of their ability to fund 42.86% of the costs and expenses for drilling the first OPL 310 appraisal well has to be provided by July 2020. A financing is certainly coming up and I doubt it will just be debt this time.