Share Name Share Symbol Market Type Share ISIN Share Description
Lekoil Limited LSE:LEK London Ordinary Share KYG5462G1073 ORD USD0.00005 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.75 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 31.7 -3.7 -1.5 - 9

Lekoil Share Discussion Threads

Showing 9426 to 9438 of 9525 messages
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An impressive amount of buying over the last few weeks; no doubt canny lads. Today 11 x 250k plus seller's remnant in 10mins. Potential here is always temptingly huge but never been delivered. Hopefully the well published debacle will focus management on delivery for stakeholders rather than their own rewards. Thankfully there should be some delivery on cost reduction. Institutions would need the share price to be much stronger before letting a takeover on a cash basis, maybe they will be tempted with some better quality paper.
Issue dated 04/05/2020 First fraud then Covid-19: Lekoil's leaders take fright In the wake of the Qatar Investment Authority "fake loan" and the global health crisis, several senior executives have deserted the Nigerian junior oil company Lekoil, leaving just a hardened few behind. hxxps://,108403744-ar1
Nigeria and Angola face particular pressures as a result of the oil price crash, a new report from Verisk Maplecroft has warned. 01/05/2020, 10:31 am hxxps://
this is big problem
adnexal schevsur
LEKOIL would not be able to raise the extra funds required for the Otakikpo field project expansion which has been delayed till 2022 until oil price gets better. COVID-19 takes toll on Lekoil ON APRIL 28, 20203:47 PM hxxps:// …
LEKOIL Experts moot bankruptcy protection, loan as oil companies struggle against COVID-19 impacts By Editor 27 April 2020 hxxps:// Apart from the immediate effects of the deadly coronavirus pandemic, COVID-19, on human lives, it has also caused oil demand, the mainstay of Nigeria’s economy, to drop so rapidly that the world has run out of storage for produced crude. Consequently, oil prices have plummeted to an -time low and gradually collapsing to levels that make it impossible for some Nigerian independent oil companies to make money. As stringently faced in other human endeavours across the globe, the coronavirus pandemic is tilting the oil sector towards massive job loss and downsizing of labour, with its attendant social and economic effects. The Guardian gathered from stakeholders in Lekoil, who pleaded anonymity, that at these prices, most of these companies may need to either file for bankruptcy or consider other strategic opportunities. “Many of these companies had engaged in high-profile debt during the good times and currently account for 90% of the N3 trillion or $8 billion of all debts owed by companies producing oil in Nigeria, mostly at high-interest rates to local banks. “These companies also suffer from very high average cost of production and unlike oil majors operating in the country whose average cost of producing is about $22 a barrel, the indigenous operators need between $35 to $40 a barrel to survive.” It was also revealed that a couple of those indigenous companies and major stakeholders in the sector are deploying unprecedented and sometimes aggressive strategies to survive the global oil price rout. “For instance, Eroton Exploration and Production Company, the fifth-biggest independent producer in the country, said that, while it was still able to service its debts, the firm had suspended a planned $1.5 billion, 50-well campaign to more than double output to 100,000 barrels a day by next year. “Lekoil, an AIM-listed indigenous company’s situation is more critical since it has several factors working against it. The company’s high General and Administration (A&G) expenses make the company dependent on the high price for crude oil. “And the company has made the decision to use its cash flow to cover its G&A and not on Capital Expenses (CAPEX) expansion. The company has also made an effort to reduce its G&A by laying off almost 40% of his staffs and upper management in April 2020.” The sources added, however, that this effort may not be adequate enough since the company have not been meeting its contractual obligations and the company may not be able to pay the salaries of its employees from April 2020, a first in the Oil and Gas industry. “The staff of the company are currently considering other options, but with these options are limited to this oil price environment.” Meanwhile, the stakeholders argued that in saner climes, the company should have filed for bankruptcy protection instead of owing employees’ salaries; but the company may have depended on the lack of Nigerian institutional capacity to take undue advantage of the weak. They also confirmed that banks have refused to fund the Ogo Project, which is a high-profile gas reserve, offshore asset due to the reputational damage suffered by the company in January from the Qatar investment fund fraud. Industry sources also claimed that the company would not be able to raise the extra funds required for the Otakikpo Field Project expansion and the project is delayed till 2022 until oil price gets better. “The loss of appetite from the banks in funding Lekoil’s initiatives is mainly due to the corporate credibility and weak corporate governance concerns of the QIA transactions and the recent acrimonious departure of two of its credible, high-profile board of directors. “However, this nightmare scenario could present lucrative buying opportunities for the industry’s bigger players. That is because struggling oil companies, either in bankruptcy or before it, will be forced to sell off prime assets at fire sale prices. “For instance, with the recent unfortunate events surrounding Lekoil, i.e. QIA, its share price has been depressed and makes it a target for takeover by other oil companies like Savannah, Aiteo or Eroton.” They raised an alarm that there will be a lot of companies that will not survive this low-price and dismal-demand environment, urging indigenous operators to come up with more disciplined and balanced capital programmes; and focus more on profitability. According to them: “The companies that survive will be the leanest left standing and the Nigerian Oil and Gas industry space will not be the same once prices recover.”
little breeches you have to believe in your own convictions
I don't get it. How can anyone believe this company has any chance of survival?
ho ho ho! hxxp:// what do you think?
whats the target price? 30p? then... when you expect it? :>
I see they have moved head office lock stock and barrel to the Cayman Islands, Are more shenanigans to be expected soon?
This company needs to file chapter 11 they need to do it now Almost bust
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