Lekoil Share Discussion Threads

[marky23] 30/11/2020 13:01

checked other sites, still saying SUSPENDED, poss lse got wording wrong? gla.

[marky23] 30/11/2020 12:44

on the london south east site, its says lek is now DELISTED?

[mr woodland] 28/11/2020 19:07

LEKOIL has an outstanding balance of external interest-bearing loans and borrowings of approximately US$15.6 million, and a total cash balance of US$3.8 million, with US$1.3 million recognised as restricted cash.

[bakero] 28/11/2020 15:40

No. Perhaps we will get an RNS on Monday to say 'The resignation of the NOMAD seems to have been communicated to the Company by individuals who have constructed a complex facade in order to masquerade as representatives of Strand Hanson Limited' ;-)

[marky23] 25/11/2020 15:18

anyone have any news on lek today? hate these waiting games! gla.

[josephrobert] 24/11/2020 11:42

Really think we need to know why the NOMAD resigned to understand the chain of events. I don't get the gap between the approach and the resignation. If known a week ago the content in yesterday's RNS had to be released a week ago.

I'm very much against conspiracy theories but I am beginning to wonder how such assets managed to be valued so low. The 310 debacle - well could this be part of bringing the price down to these bonkers levels? Did the Chairman leave in September to leave another to be the fall guy? Steering the company to a place where they have the assets but no finance to make progress for many years seems difficult to achieve without design. Could the company be looking to take it private themselves - by first taking out the NOMAD relationship - then once the other party saw what could happen it forced their hand with yesterday's RNS.

However looking at the names in the last RNS makes me think that the company wil be relisted - certainly after looking at Eland's historic share price performance - and perhaps LEK can be the vehicle for them to do the same. Wonder if another party indicates their intentions - there just seems to much money to be made.

[mr woodland] 24/11/2020 09:50

Not trades

[josephrobert] 23/11/2020 22:21

I'll read the takeover code tomorrow to see if it helps

[josephrobert] 23/11/2020 22:20

Even if it is not relisted then I am sure you will get more for your shares than last week.

[josephrobert] 23/11/2020 22:18

Fair enough GS - clearly an offer has not been made.

[josephrobert] 23/11/2020 22:16

Thansk GS,realised that I missread the RNS,and adjusted my second post. Makes more sense now; this feels like this busts the balls of the takeover code.

Unless we know otherwise the NOMAD resigning fits into this earlier post - Ianio5691 - 16 Nov '20 - 11:27 - 9191 of 9200 - Part of a ploy to take the Company over on the cheap or take it private? This strategy must have been done before, but does anybody know of a similar example?

Like I have mentioned in earlier posts this has been damn cheap for too long, then
COVID19 Vaccine announced closley followed by the oil price on the way up, then this takeover.

As an aside does this theory fit in with the Shell PrePayment facility being repaid recently.

[josephrobert] 23/11/2020 22:15

Thansk GS,realised that I missread the RNS,and adjusted my second post. Makes more sense now; this feels like this busts the balls of the takeover code.

Unless we know otherwise the NOMAD resigning fits into this earlier post - Ianio5691 - 16 Nov '20 - 11:27 - 9191 of 9200 - Part of a ploy to take the Company over on the cheap or take it private? This strategy must have been done before, but does anybody know of a similar example?

Like I have mentioned in earlier posts this has been damn cheap for too long, then
COVID19 Vaccine announced closley followed by the oil price on the way up, then this takeover.

[josephrobert] 23/11/2020 20:23

Just odd - never heard of a takeover this way. Seems off that NOMAD resigns, a week goes by, gets suspended, then a takeover announced.

Guess the other party needs 50% of the votes.

Whatever happens shareholders should do well but it will take some time - months - until the process is completed.

[josephrobert] 23/11/2020 19:18

Wow.

Takeover. At last.

Michael Onochie Ajukwu - Oil and Gas Specialist in Banking etc, Thomas Donald Richardson - Nostrum Oil & Gas - and George Maxwell - of Eland Oil & Gas which got taken over by Seplat

Sure wish I was holding now.

Don't understand why the NOMAD resigned. Conflict of Interest?

[mr woodland] 22/11/2020 15:22

Hi I am new is time to buy this price?

[josephrobert] 20/11/2020 17:47

Well I sold up completely over the last few days; I had plenty,and sold each day this week. Unless a NOMAD resigns as it withdraws from offering the business to any company then I can't see any good will come of it. The NOMAD confirms the appropriateness of the company for listing to the London Stock Exchange, so it looks like something seriously has gone wrong for it to resign. Certainly based on what I understand of what drives this company, the progress it has made, both highlighted by the debacle of the 310 finance package that never was, I, rightly or wrongly, don't believe another NOMAD will take this on. Doesn't matter why, we might not know exactly why the NOMAD resigned.

Monday will give a us an RNS and that may tell us something. Very little selling this week as I guess most are seriously under the water and are using the stock more as an option and there is no clarity why they should one way or the other. The largest shareholder semmed to stop buying at the 2.6p ish level a few weeks ago and I wonder if it knows more than we do.

This CEO sure has appeared to have screwed these great looking assets up, at least for us.

Still scratching my head about the NAMCOR RNS, let alone the Shell facility - in reality did Shell ask it for it to be repaid?

The two largest share transactions this week were buys, and the share price hasn't fallen off a cliff,so I hope there is a pleasant surprise on Monday.

[bakero] 20/11/2020 07:49

I couldn't see any content either. Didn't pay though, you do get a limited number of free articles a month and hadn't used those up.So, we are suspended at 07.30 on Monday if there isn't a NOMAD in place by then, and we presumably haven't yet paid Optimum the £2M due at the end of September, or will be paying the £4.6M that is due in 10 days.

[josephrobert] 16/11/2020 22:36

I paid £2 to view the - but there was no content. Has anybody else tried to view it?

[josephrobert] 16/11/2020 22:26

Alamaison wasn't keen on LEK at the end

LEK is crazy cheap as this tweet shows


But the elephant in the room sure is the NOMAD resigning. This company does feel like it is making it's life difficult for itself

The repayment of the prepayment facility announced a few days ago is odd as from the 13th July the RNS stated

-- LOGL expects to raise, according to its participating interest, its own portion of the required funding for the first two wells from a combination of offtake financing from a subsidiary of a major international oil company and cashflow from existing production. Funding for subsequent wells is expected to come from the cashflow generated by incremental production.

That was far fetched in itself unless the oil price jumped xfold. Presumably on the same low oil price scenario they loose 310, which has the 'potential' to be a world class asset.

Maybe the NOMAD resignation has something to do with the repayment of the Shell facility - the timing is right after all.