Lekoil Share Discussion Threads

[shaun09] 29/1/2020 14:47

Strange i could not get a buy quote at all just now but can small amount now,is it in auction ??

[harry tp] 29/1/2020 14:39

Sam cheers for your post,i would say without a doubt Mr During is aware of something very positive happening at Lek that we dont know yet.And we will find out very shortly what it is :-)

[sam_] 29/1/2020 14:29

“ It makes you think why the the Chief Financial Officer of Addax Petroleum , a subsidiary of Sinopec Group the third largest worldwide third & the biggest oil refiner in Asia joined a small O&G company in Nigeria?

If you check Addax's website you'll find that they have a very interesting portfolio of valuable assets in Nigeria:

ONSHORE
•OML 124 100% - Operator: Addax Petroleum

OFFSHORE
•OML 123 Working Interest 100% -Operator: Addax Petroleum
•OML 126 Working Interest 100% -Operator: Addax Petroleum
•OML 137 Working Interest 100% -Operator: Addax Petroleum
•Okwok Working Interest 12% 12.00 -Operator :Oriental

The level of China's investment in the continent of Africa has been increasing at a steady rate & Mining and oil remain a primary focus of China's investments. There are three key players taking an almost equal share in the forecasted US$15 billion development and production capital expenditure in Africa’s upstream sector:

1-The China National Petroleum Corporation (CNPC)
2-The China National Offshore Oil Corporation (CNOOC)
>>>>>>>>>>3-The China Petroleum & Chemical Corporation (SINOPEC) <<<<<<<<<<<<br />
Coa Chai, an upstream analyst at data and analytics company GlobalData, says, “Around two-thirds of the spending is in Nigeria, Angola, Uganda and Mozambique. SINOPEC and CNOOC are well established in Nigeria and Angola, while CNPC has a stake in the Rovuma LNG project in Mozambique.”

One of China's largest trade partners is Africa's largest oil producing nation, Nigeria. Nigeria currently pumps 2 million barrels of oil a day and has a goal of producing 3 million barrels per day by 2023. As China’s domestic oil production continues to decline, experts predict that in the next 15 years up to 80% of China’s crude oil supply will be imported.

Back in November 2018 the 3D seismic acquisition and processing operations undertaken by Sinopec at Otakikpo
was completed to optimise the planned Phase Two development. First Bank Nigeria Plc issued a guarantee on behalf of Otakikpo Joint Operation (LEKOIL and GEIL) in favour of SINOPEC towards the release of final report on the 3D seismic data acquired from the Otakikpo marginal field. The obligation on the SINOPEC contract was fully settled in January 2019 and guarantee withdrawn.

The Chinese have good presence in Nigeria and I do believe they had their eyes on LekOil for quite long time. They are known for being pragmatic when it comes to business so I think Sinopec tested the water with LekOil in Otakikpo's 3D seismic acquisition and processing operations contract. They liked company and waited for the best opportunity to potentially take over the company while the share price is on its knees.

I do believe there is alot going in the background & appointing Edward During Addax Petroleum's CFO for the past 10 years as the new CFO of LeKoil is to conduct pre-acquisition due diligence from within "the seller's" business.”

[sam_] 29/1/2020 14:29

True Harry, two interesting posts I read on LSE in regards to the new Chief Financial officer:

"
“Edward During as seen on linkedin started this month.

Edward brings a wealth of knowledge & experience to LekOil, he was the CFO of Addax petroleum for 10 years which is a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide ! He must saw something special in LekOil that made him quit his prestigious job and move to LekOil.

From linkedIn: Edward During, a leader with strong finance and people management skills, with a track record of leading and developing high calibre finance and commercial teams in challenging environments. UK Chartered Accountant, with over 30 years UK and international experience in the oil and gas industry. Currently working for Lekoil Limited since January 2020 as their CFO. Prior to that worked for Addax Petroleum (a subsidiary of China’s SINOPEC) for 10 years in various leadership positions, including General Manager Business Services, Director Finance and Administration and CFO for all Addax companies in Nigeria. Prior to that, held several leadership finance positions in Marathon Oil Corporation, in various countries for 20 years, including UK, US, Gabon & Indonesia, overseeing: Finance and Accounting, Commercial, IT, HR, Administration, SCM, Regulatory Affairs (PSC & JOA) & CSR.

Previous position:

Chief Financial Officer
Addax Petroleum
Jul 2009 – Dec 201910 years 6 months
Lagos, Nigeria
Held various leadership positions including General Manager Business Services, Director Finance and Administration and lastly as the CFO for all Addax companies in Nigeria (SINOPEC group company). Led the organization's Accounting and Finance, Commercial, Business Planning, Insurance and Risk Management, Internal Control and Audit and IT functions. Member of the Board of Directors, the Leadership team, and the Tender Board.
Held various leadership positions including General Manager Business Services, Director Finance and Administration and lastly as the CFO for all Addax companies in Nigeria (SINOPEC group company). Led the organization's Accounting and Finance, Commercial, Business Planning, Insurance and Risk Management, Internal Control and Audit and IT functions. Member of the Board of Directors, the Leadership team, and the Tender Board.

I am expecting a lot this year from the newly appointed BOD, those directors are experienced & very well connected in the O&G sector.. 2020 will be a transformational year for LekOil !”

[elias jones] 29/1/2020 14:28

Seven mm,s have now moved out over 4p ask ( 4p to 5.3p ) all happened in last 90 minutes.Suggests someone has been buying heavy but not been published yet.

[harry tp] 29/1/2020 14:18

This caught my eye on twitter and have to say i agree,join the dots with recent events and the pipeline news also and i would say someone has positioned LEK here to make alot money.


UkSteve
@entropick
·
Jan 26


#LEKOIL #LEK It makes you think why the the Chief Financial Officer of Addax Petroleum , a subsidiary of Sinopec Group the third largest worldwide third & the biggest oil refiner in Asia joined a small O&G company in Nigeria?

[shaun09] 29/1/2020 13:48

Sometimes they put trade through nex market but my 200k not showing anywhere yet.

[computercoders] 29/1/2020 13:43

Strange how no trades ao must be delayed buys imho GLA sit tight

[harry tp] 29/1/2020 13:40

Keep an eye on the newsfeeds chaps something is brewing for sure.

[elias jones] 29/1/2020 13:37

shaun,it is also highly unusual to see such a tight range and spread on something that has just had a mighty fall.It usually signals some major buying behind the scenes and delayed trade reporting till they are done.So keep an eye on the TR1,s when they land.

[elias jones] 29/1/2020 13:31

Shaun,i think the likely buyer would be Seplat too and like you say Mr During has been appointed for a reason he is a dealmaker.Could easily see some multi level deals covering a few of the assets.

[shaun09] 29/1/2020 13:24

compcode i have seen many times before this type of situation,the AT buyer will take out the first 3 or 4 positions on the ask in a heartbeat and within moments it goes 10% to 15% up.Now is a good time to top up IMVHO

[computercoders] 29/1/2020 13:20

Spoke too soon bud juat changed to 2.98p. Something happening it seems!

[computercoders] 29/1/2020 13:20

Bid 2.97 now highest all day i believe

[shaun09] 29/1/2020 13:16

Harry you are right there were some strong rumours last year that Seplat were eyeing Lekoils assets,and the appt of Edward During would make that more likely imvho

Something is defo brewing here on newswires.

[computercoders] 29/1/2020 13:13

I"ve just added a lot more

[ih_676530] 29/1/2020 13:13

Nice move Harry!

[harry tp] 29/1/2020 13:11

I have just sent Sunny Law an email via his oilvoice contact and will report back any reply.Does look rather an interesting potential development given the recent goings on here.


Are SEPLAT finally going to show there hand ?? have been rumours before that they are interested in some of LEK,s assets.

[ih_676530] 29/1/2020 13:07

Me too several updates expected soon; The share price obviously found its rock bottom and it tend to move fast whenever rns drops ;)

[shaun09] 29/1/2020 12:59

Cheers harry i will be adding more :->

[harry tp] 29/1/2020 12:44

shaun that backs up my view that some big transaction is going on right now and we will find out soon just how big it is.The clues are there!

[shaun09] 29/1/2020 12:37

Have just bought 200k at full ask 3.05p and trade not showing whats going on??

[elias jones] 29/1/2020 12:33

Also consider normally directors would be buying big at the moment,the fact they are not points to a close period and imminent announcement.

[computercoders] 29/1/2020 12:32

It does seem like last change saloon to buy at these lows

[harry tp] 29/1/2020 12:29

If they do sell something off and able to clear most if not all current commitments and add to the two huge payments coming this will seriously bag again.Not often you get a chance like this these days.