Lekoil Share Price (LEK)

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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 Shares Traded Last Trade
  0.00 0.0% 1.25 408,416 08:00:09
Bid Price Offer Price High Price Low Price Open Price
1.10 1.40 1.25 1.25 1.25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 31.69 -3.71 -1.51 7
Last Trade Time Trade Type Trade Size Trade Price Currency
14:59:50 O 24,146 1.40 GBX
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Bp (BP.), Royal Dutch Shell (RDSA), Curzon Energy (CZN), Nautilus Marine Services (NAUT)

Lekoil (LEK) Latest News

Lekoil News

Date Time Source Headline
10/6/202118:23ALNCIN BRIEF: Sacked Lekoil CEO also held post at Lekoil Nigeria
10/6/202107:00UKREGLekoil Limited Corporate Update
04/6/202119:57ALNCIN BRIEF: Lekoil Nigeria stands by CEO Akinyanmi after parent ousts
03/6/202109:17ALNCIN BRIEF: More upheaval at Lekoil as CEO fired for "governance breach"
03/6/202107:00UKREGLekoil Limited Directorate Change
17/5/202107:00UKREGLekoil Limited Award of Options
20/4/202115:36ALNCEXECUTIVE CHANGES: James Fisher names new CFO; Lekoil loses new chair
20/4/202107:07UKREGLekoil Limited Directorate Change
15/4/202112:27ALNCEXECUTIVE CHANGES: Norcros chair out; new Pennpetro, AFC Energy chairs
15/4/202108:15UKREGLekoil Limited Directorate Change
More Lekoil News
Lekoil Investors    Lekoil Takeover Rumours

Lekoil (LEK) Discussions and Chat

Lekoil Forums and Chat

Date Time Title Posts
11/6/202108:13LEKOIL PLC * - Penny Share with Multi Billion Barrel Potential9,293
06/3/202014:39LEK - Oil Heading for $9 - $10 per Barrel According to BNP Paribas13
02/1/202016:13Lekoil PLC330
25/8/201322:02Lekoil24
13/8/201323:54Lekoil Charts1

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DateSubject
12/6/2021
09:20		Lekoil Daily Update: Lekoil Limited is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker LEK. The last closing price for Lekoil was 1.25p.
Lekoil Limited has a 4 week average price of 1.15p and a 12 week average price of 1.15p.
The 1 year high share price is 3.20p while the 1 year low share price is currently 1.15p.
There are currently 536,529,893 shares in issue and the average daily traded volume is 908,688 shares. The market capitalisation of Lekoil Limited is £6,706,623.66.
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11/6/2021
08:13		josephrobert: Sounds like Lekan's poison pill to protect his ownership of his company - we thought we owned it, but looks like the suitors gave him, in his mind, little choice. A few notes Today's RNS ties in with the RNS of the 20th April. Lekoil Nigeria (LN) owns everything of note. 40% is owned by the company we invest in, 60% by Lekan 33.33%, Employee Benefit Trust 20.66%, and a Director's Share Trust 6%,i.e. our ex CEO has an equity interest larger than our company. Our company has the right for 90% of the dividends or capital returned to Lekoil Nigeria, i.e.the economic interest. Our company cannot stop LN from following a 'particular course of action' but has 'considerable scope to prevent LN from making certain decisions'. So LN can do nothing and it appears there may be nothing we can do about it - that said the company has being doing next to nothing for quite some time. Looks like the newly appointed NEDs are there to resolve the Lekan issue. This I guess will take months to years. When I saw a a video of Lekan from a few years back I thought he looked shifty, but the projects had great upside and were cheap. Guess I wasn't alone to overlook why they were so cheap. Like sludgesurfer says 'You couldn't make it up....'
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15/3/2021
16:04		josephrobert: A lot of purchases throughout the day are at the same price which suggests there is a decent sized seller at these levels. We will need a lot more buys to get this share price up significantly. Metallon bought a lot at these levels before and then stopped; unless they become serious quickly their strategy could be to stop at the current share price for a while and mop up supply. Following on from the default RNS there is an increasing chance that power is slipping away from the incumbent which is increasing the chances we can get the company being seen in a positive light. A lot of institutions will have given the guy a chance to redeem himself with repaying the loan and again he hasn't given them any reason to be loyal to him. That said he does appear to have political favor behind him which perhaps explains why loyalty has been stretched so much. Institutions will be favourably inclined to see what the suitors bring. The postive conditions in oil prices will be putting pressure on them to look to develop these reserves and resources sooner rather than later. If we can't get the share price up in these conditions we have no chance if conditions get worse.
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17/12/2020
13:27		ianio5691: Interesting letter.... Doesn't seem unreasonable either. Current BoD certainly not acting in shareholders interests......: Dear fellow shareholders, Metallon Corporation Limited (“MetallonR21;) is writing to request your support for the proposals we have requisitioned at the forthcoming extraordinary general meeting of Lekoil Limited (“Lekoil”; or “the Company”) including the addition of three non-executive Directors with significant industry, commercial, financial and in-country expertise to significantly bolster the management oversight and governance at the Board. Metallon is a private natural resources and infrastructure company focused on investing in Africa with a long-term investment horizon. We are the largest shareholder in Lekoil with a 15.10% interest in the Company’s shares. Metallon is categorically not seeking to take control of Lekoil and is not working in concert with any other shareholders. We believe Lekoil’s assets, specifically Otakikpo, are being substantially undervalued by the market and that the value of these assets could be realised if the proposed changes are made to the Lekoil Board. Since notice of the requisition was given on 19 November, we are aware that a significant number of shareholders have the same concerns regarding the Board’s lack of governance and oversight of management. Furthermore, Metallon is aware that historically shareholders have tried to strengthen the Board and Lekoil has continually found ways to avoid the necessary changes needed to ensure the Board is truly independent from the CEO. Since our submission we have engaged with the Board to seek the appointment of the nominated directors without the Company incurring the costs of an EGM. However, the Board was unable to reach a decision on the proposed appointments, although we understand that it was broadly supportive of such appointments. We believe the Board has been poorly advised by third parties aimed at highlighting problems, rather than seeking solutions and a stronger more experienced Board would reduce the likelihood of such situations arising in the future. We are very concerned that - underlying the incorrect accusations around a takeover - there is simply a lack of desire by certain Directors to have a Board with proper governance structures and oversight of management. Our concerns: 1. A lack of accountability of management by the Board has led to shareholder value being destroyed a. Lekoil has raised over US$264m of equity from shareholders since listing in 2013. The Company’s shares were suspended on 23 November 2020 with a market cap of US$13m. b. During this period Lekoil has spent US$129m on G&A and invested US$210m into Oil & Gas activities but delivered no production growth at Otakikpo since first oil in 2017. c. The Board has continually missed the market expectations it sets, with production levels at Otakikpo averaging 5,676 barrels of oil per day (“BOPD”) (gross) in H1 2020, despite setting targets of 10,000 BOPD by 2017 year-end and 20,000 BOPD in 2020. Otakikpo, its only asset generating returns, has been starved of investment whilst G&A and other costs remain at extremely elevated levels. d. Since its listing, the Board has awarded the CEO a total remuneration of over US$10m, close to the current market capitalisation of Lekoil. It also recently entered into a related party transaction to extend a material part of the longstanding US$1.8m Directors loan to the CEO at a time when the Company is short of cash. 2. Corporate governance failures by the Board a. The entry into a US$187m fake loan agreement in January 2020 was an embarrassment for everyone involved from management to the Board. Lekoil paid US$450,000 of fees to a fake intermediary in the process. Inadequate Board oversight and a lack of management accountability are directly responsible for this situation occurring. b. The Board promised in March 2020 “to improve its standards of corporate governance”. However, we understand the extension of the Director loan to the CEO did not follow the correct process under the AIM rules and ignored a very clear message from shareholders to the Board, via the previous NOMAD. Ignoring shareholders’ views is an extremely concerning position for a Board to take and raises questions of its independence. We understand the Board extended the loan, without obtaining a fair and reasonable confirmation. We note the CEO’s current interest in the Company’s shares. Metallon will separately raise this issue of non-compliance with AIM Regulation. c. We are concerned by the Board’s loose interpretation of the dissemination of price sensitive information in relation to notice of the requisition delivered on 19 November 2020 that was only announced to the market four days later. d. We sought to impose additional restrictions on the Board in relation to the steps it can take pending a full review of its governance procedures. The Board has – in our opinion – wrongfully rejected this proposed resolution and has not included it within the notice of EGM. This is further evidence of the Board’s blatant disregard for the valid views of shareholders. e. We are aware of other shareholders in the last six months seeking to strengthen the board with one of the candidates that Metallon has proposed, given their outstanding track record operating in the region. The Board did not adequately engage with shareholders and avoided making any changes leading us to believe there is a desire by certain Directors to avoid both the Board and management team being held to account. Conclusion and next steps Metallon believes the poor governance and excessive approach to spending at Lekoil has to stop now. The Board has categorically failed in its duty to oversee the actions of the Executive team and implement best practice governance to the detriment of all shareholders. We believe the Board would greatly benefit from the addition Michael Ajukwu and George Maxwell as independent non-executive directors and Thomas Richardson as a non-independent non-executive director representing Metallon, to provide the relevant governance, competence and oversight to ensurethat the Executive team is held to account. We strongly urge all shareholders to support these proposals by voting FOR the resolutions. For further information please email Georgia.edmonds@camarco.co.uk. Sincerely, Metallon Corporation Limited
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11/12/2020
13:17		josephrobert: When was that charlie1712? Amazing assets absolutely Iani05691 - there is a old video sugegsting what sort of flow rates could be there at 310. Plenty of resource and reserves elsewhere in the portfolio. At the moment it appears that nobody would fund LEKs share in anything partially becuase of what charlie1712 has said; a new team would give credibility - IMO I think the share price would be higher if it wasn't suspended - these prospective directors are not here for the sake of it. Always odds on to be delisted following the NOMAD withdrawing - but the central outcome is that it will be relisted when the new directors come on board and bring a pot of money with them - shareholders wil get behind them then. The company will need shareholders to get these assets developed. I was one of the lucky ones on the flurry to just over 10p, but in retrospect I can surmise that it was a pump and dump, but the assets are still here.
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24/11/2020
11:42		josephrobert: 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.
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20/11/2020
17:47		josephrobert: 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.
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29/10/2020
08:04		ianio5691: Interesting RNS.... Lekoil Limited Strategic Alliance Agreement with NAMCOR Strategic Alliance Agreement with NAMCOR Exploration and Production LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and Africa, today announces that it has entered into a Strategic Alliance Agreement ("SAA") with NAMCOR Exploration and Production (PTY) Limited ("NAMCOR E&P") through its subsidiary, LEKOIL Exploration & Production (PTY) Namibia Limited ("LEKOIL Namibia" or the "Subsidiary"). NAMCOR E&P, a subsidiary of the national oil company of Namibia, namely the National Petroleum Corporation of Namibia Pty Limited ("NAMCOR"), seeks to invest capital in the acquisition of interests in well-managed oil producing assets in politically stable jurisdictions as a means of securing long-term sustainability. The SAA will leverage the technical capabilities of the respective parties towards the joint evaluation and acquisition of low-risk quick-to-production oil and gas assets across Africa. LEKOIL has a long-standing history in Namibia with its holding of an 80 per cent. stake in LEKOIL Namibia, providing an entitlement to 90 per cent. of income distributed by the Subsidiary. LEKOIL Namibia previously owned a 77.5 per cent Participating Interest in two Namibian offshore exploration blocks (Blocks 2514A and 2514B) and continues to maintain a strong relationship with NAMCOR. Lekan Akinyanmi, LEKOIL's CEO, commented, "We are excited by this opportunity to work with NAMCOR again in evaluating and subsequently investing and developing high value assets within Africa. We look forward to benefitting from the synergies of this partnership as we share our considerable technical experience in oil and gas development and production in Africa." Immanuel Mulunga, NAMCOR's Managing Director, added, "We will greatly leverage from LEKOIL's wealth of experience in operating and managing oil producing assets, as well as its deep knowledge of key African markets. At the same time, I believe LEKOIL will benefit from strategic commercial relationships that NAMCOR, as a national oil company, enjoys with a number of oil majors."
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27/8/2020
13:40		ianio5691: Positive interpretation on Proactive..... Company News Lekoil* (AIM:LEK): FY19 results, strong operational progression Share price: 2.6p, Market Cap: £14m LEK’s FY19 results saw a 13.7% drop in net revenues to US$42.0m (FY18: US$48.7m) despite a small average increase in production tempered by prevailing commodity pricing. This led to FY19 a loss of US$12.0m (FY18: loss of US$7.8m) and ended the period with cash and bank balances of US$2.7m (FY18: US$10.4m). Total outstanding debt financing net of cash was US$16.5m (FY18: US$10.1m). In March 2019, documentation for the partial refinancing and re-denomination of the outstanding Naira Debt Facilities, totalling N3.1bn, into one new US$8.6m facility with FBNQ MB was completed. The new facility priced at LIBOR + 10%, had a six-month principal repayment moratorium effective June 2018 followed by quarterly principal repayments. As part of the transaction, the tenor on facilities with FBNQ MB (including the existing USD facility, amounting to US$5.0m) was extended to 30 June 2021 from 30 June 2019. This partial refinancing and re-denomination transaction was undertaken to reduce the high financing costs of local currency debt. Further debt capital of US$11.5m was raised in October 2019 to fund Licence extension fees on OPL 310 and OPL 276 and to fully repay the outstanding balance on Shell Western Supply and Trading Limited Prepayment Facility. The facility has a maturity of four years and is repayable quarterly with a margin of LIBOR + 10%. Earlier this month, it was announced that the existing three interest-bearing term bank loans were restructured into one secured loan with FBNQuest Merchant Bank. The restructuring provided an extension of loan tenor with new term loan maturity date of 31 March 2024 representing an increase on the average maturity of the three existing bank loans by 15 months. A cash saving of over US$3.0m over the next 15 months was also delivered from the new sculpted loan principal repayment schedule compared to the previous loan structure. Operationally, the Company reported average FY19 production volumes of 2,122bopd net (FY18: 2,076bopd net). The year saw a deliberate effort to reduce the cost of sales to achieve a lower cost of production at the Otakikpo marginal field which remains the sole revenue source. In 2019, underlying cost of sales were reduced by 22%, and the Company has confirmed it intends to progress the work programmes in OPL 310 and OPL 276 to bring them to commercial production. In terms of outlook at Otakikpo, Phase Two plans underway, subject to the securing of funding, for a five to seven well drilling programme, targeting the increase of production to around gross 15,000 to 20,000bopd (6,000-8,000bopd net to LEK). Operations are also progressing at OPL 310 which contains the significant Ogo discovery. LEK and its partners have advanced plans for the Ogo appraisal drilling programme with well locations selected. Funding discussions currently underway with industry partners. The Company also executed a legally binding Cost and Revenue Sharing Agreement to progress the appraisal and development programme activities at the Ogo discovery and conversion to an Oil Mining Licence (OML). In addition, the OPL 310 Licence was extended to 2 August 2022, following the payment of an extension fee by LEK. Our take: Shareholders will be encouraged by the preservation of a stable production base at Otakikpo which underpins the Company’s advancement of the drilling programmes at both Otakikpo and Ogo in OPL 310. The next two years could therefore prove to be transformative and provide key catalysts as LEK progresses its multiple appraisal campaigns whilst simultaneously growing its production base.
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28/4/2020
13:42		oilrich1: LEKOIL Experts moot bankruptcy protection, loan as oil companies struggle against COVID-19 impacts By Editor 27 April 2020 hxxps://guardian.ng/energy/experts-moot-bankruptcy-protection-loan-as-oil-companies-struggle-against-covid-19-impacts/ 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.”
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08/3/2020
23:34		nash81: oil down yes. however, our mcap is very low vs the money coming in next few days for 7m, as is valuing our oil assets at very tiny valuation already. so, i expect once we get confirmation money received, LEK share price should be multiple from here.
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