Member Info for Upside

Looks like its a go for development.

http://reports.platou.com/Pages/NorthSea.aspx

VLAD 19/01/2017 ITHACA UK NORTH SEA 1 X PSV - 800M2, 1 WELL (CIRCA 150 DAYS) SUPP. JU ENSCO 122 15/03/2017 18/01/2017 ITHACA UK NORTH SEA CLASS B ERRV ENSCO 122, 1 WELL (150 DAYS) 15/03/2017

Vlad I agree with your view, infact I will go further and say with November 2015 still standing as the all time peak for global liquids production we may never see that record fall. In short this may have been the last ever period of low prices due to over production. Oil may be low again in the future but more likely due to demand side problems ( read global recesssion/depression.)

They should have finished the welding by now. Could be an RNS is on the way.

Hi Vlad Saw this article today. http://www.ogj.com/articles/2017/01/maersk-oil-to-halt-tyra-field-production-in-2018.html?cmpid=enl_OGJ_OGJDailyUpdate_2017-01-03&email_address=matthewz@pennwell.com&eid=291635365&bid=1625722

The 30k production was revised to 20k as calculations based on reservoir parameters top side capacity etc suggested the lower rate was more cost effective over the life of the field. I have always received replies to my emails to the company although not always as specific as I would like. Incidently they have started to tweet again https://mobile.twitter.com/lekoil?p=s

Oil now flowing to onshore storage tanks pipeline to export manifold 80% complete. Finally we have production and sales soon.

Sounds like you got caught up in Afren yourself.

On 31 July 2015, Afren Plc, the parent company of Afren Oil & Gas that held interests in the OPL 310 licence, was put into administration and its assets put up for sale. LEKOIL Limited moved quickly to protect its interests in OPL 310 by beginning discussions with the administrator of Afren Plc for the potential acquisition of its subsidiary interests in OPL 310. On 25 November 2015, the Company entered into an agreement with the administrator of Afren Plc and Afren Nigeria Holding Limited to acquire the shares of Afren Oil & Gas which held a 22.86 per cent participating interest in OPL 310 for a total consideration of US$13 million.� Application for Ministerial Consent for this interest has been made and is pending.

Read the whole RNS Background on OPL310 On 1 February 2013, Mayfair Assets and Trust Limited, a wholly owned subsidiary of Lekoil Nigeria Limited, farmed into Afren Investments Oil and Gas (Nigeria) Limited's interest in OPL 310 for a 17.14% participating interest and 30% economic interest. � Later that year the first exploration well (Ogo-1) drilled by the OPL 310 partners - then consisting of Optimum, LEKOIL Limited and Afren Plc - was the Ogo prospect, a four-way dip-closed structure in the Turonian to Albian sandstone reservoirs. The drilling programme included a planned side-track well (Ogo-1 ST) which aimed to test a new play of stratigraphically trapped sediments at the basement of the Ogo prospect. The Ogo-1 well encountered a gross hydrocarbon section of 524ft, with 216ft of net stacked pay whilst the Ogo-1 ST well encountered the same reservoirs as Ogo-1 in addition to the syn-rift section which encountered a 280 ft vertical section gross hydrocarbon interval. Owing to well data collected from the two wells, the partners estimated P50 gross recoverable resources to be at 774 mmboe across the Ogo prospect four-way dip-closed and syn-rift structure.

Very easy to understand really. LEK farmed in to the licence in 2 tranches the first tranche has gained ministerial approval the second tranche is pending.

http://www.ftsenews.co.uk/2016/10/26/lekoil-ltd-di-lonlek-new-price-targets-6/

2 big buys at lunch time

Exxon have made a large discovery offshore Nigeria. http://news.exxonmobil.com/press-release/exxonmobil-announces-significant-oil-discovery-offshore-nigeria

Engie and Halo have both applied for the F5 offshore exploration licence, but in addition Engie have been awarded block L3 on 13/05/16 and granted an extention on block K01c until 30/06/18.

Just bought 50K shares at 8.13p showing as a sell though and was the most offered on fixed price.

Placing complete. LEKOIL (AIM: LEK), the oil and gas exploration and development company with a focus on West Africa, is pleased to announce that further to the announcement made on Friday 14 October 2016, it has raised gross proceeds of approximately US$12.4 million (approximately £10.15 million) through the placing of 48.33 million new Ordinary Shares (the "Placing Shares") at a placing price of 21 pence per Ordinary Share (the "Placing Price") with certain existing institutional and other investors via an accelerated book-build (the "Placing").

The last placing RNS was at 18:26 on 27th October last year. It was completed the following morning at 24p. Given the strange price flutuations over the past few sessions I am expecting completion on Monday at around 20p. Then onwards to production, for an AIM company Lek has a very large proportion of it's shares held by institutions.

The last news I saw was that Bridge petroleum was negotiating to buy the Orlando field. So I would guess it is a different assett. Also if they plan a reverse takeover why did they just not announce that. http://m.offshoreenergytoday.com/#newsitem-204345