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% 2.40 1,489,242 16:35:16
Bid Price Offer Price High Price Low Price Open Price
2.30 2.50 2.50 2.30 2.49
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 38.18 1.80 -1.57 13
Last Trade Time Trade Type Trade Size Trade Price Currency
16:36:16 O 1,000,000 2.40 GBX
Related Shares
Bp (BP.), Royal Dutch Shell (RDSA), Spitfire Oil (SRO), Nautilus Marine Services (NAUT)

Lekoil (LEK) Latest News (1)

Lekoil News

Date Time Source Headline
10/7/202007:00UKREGLekoil Limited Holding(s) in Company
03/7/202016:41UKREGLekoil Limited Second Price Monitoring Extn
03/7/202016:36UKREGLekoil Limited Price Monitoring Extension
02/7/202009:51ALNCLekoil Strikes USD3.5 Million Prepayment Deal With Shell
02/7/202007:07ALNCFAlliance News Flash Headline
02/7/202007:00UKREGLekoil Limited Prepayment Facility
26/6/202014:40ALNCLekoil Cost Cutting Successful; Renews Offtake Agreement With Shell
26/6/202010:22DJNLekoil Extends Supply Deal With Shell, Sees $10 Million Annual Cost..
26/6/202007:00UKREGLekoil Limited Extension of annual results and trading update
17/6/202012:08UKREGLekoil Limited Second Price Monitoring Extn
More Lekoil News
Lekoil Takeover Rumours

Lekoil (LEK) Discussions and Chat

Lekoil Forums and Chat

Date Time Title Posts
08/7/202021:52LEKOIL PLC * - Penny Share with Multi Billion Barrel Potential9,146
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
11/7/2020
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 2.40p.
Lekoil Limited has a 4 week average price of 2p and a 12 week average price of 2p.
The 1 year high share price is 11p while the 1 year low share price is currently 0.70p.
There are currently 536,529,893 shares in issue and the average daily traded volume is 1,446,116 shares. The market capitalisation of Lekoil Limited is £12,876,717.43.
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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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30/1/2020
16:20		sam_: I am abit surprised that no one managed to find the partial-sale tweet anywhere but thanks very much Harry for sharing your correspondences with the journalist. I have no doubt in my mind that the share price will show recovery sooner or later, as for the on going selling, I think Lekoil has a couple of good updates to share with the market soon but they wont release them until the selling is over otherwise they'll be helping the seller to offload his shares to the spike and kill the share price recovery (like he did earlier this month)
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29/1/2020
14:29		sam_: “ 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.”
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27/1/2020
09:24		ih_676530: Once Baron Capital is out the share price will bounce. On the 14th of January baron held 15m shares so I think they are almost out by now, hence the desperate selling to the rise today. In my opinion they are the only reason Lek Oil's share price is not back anywhere above 4p
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14/1/2020
09:11		josephrobert: It might be hard to imagine but this whole debacle could have been made by a third party who wants the LEK assets. After all who else is gaining from this? I am not a fan of conspiracy theories, but it is the only thing that makes sense based on the information we have all read. Informed investors had much greater expectations of a 20p share price last week, but have sufficient fear now that they will be conditioned to take a low bid. Who else could gain? Shorters? Baron Capital Management who sold down their exposure? The Baron on twitter who is not as altruistic as what he appears? Someone who wants the valuable LEK assets is one that obviously gains from this. Not the CEO - the CEO has 7.8% of the shares, but also has a $1.7mUSD loan that has been rolled over once and set to expire at the end of this year. Large scale investors will be clambering for the CEO's head - the assets are there - but they are not being developed and the CEO incentives'in the announcement on the 2nd January looked ludicrous and following over indulging with a hefty salary for many years is surely the last step. Shareholders were owed $1.7USD by the CEO - so the incentive as announced on the 2nd meant $1.7mUSD would move from the company - ie the shareholders to the CEO. No one cared at the time because on paper a lot of people doubled their money in 2 days. With the share price at these levels they certainly care now. Without the poison pill in the bogus finance package I think they have a better chance than before.
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09/1/2020
08:21		jenny tulwought: Morning all, Having bought several batches of LEK during the summer, for once in my life, I've managed to make a decent profit. I sold 75% of my holding on Tuesday - and again, I 'got lucky' with my timing (not like me at all). I would like to apologise to LGraham for a sarcastic comment I posted earlier this week - it was uncalled for. As for whether I re-invest at these lower levels, I simply don't know - it would be a pure gamble. I don't think 'in-depth' research would be of much use since the share price direction appears to be dictated by trading sentiment rather than company fundamentals. The funding has resulted in the doubling of the share price since the turn of the year, but now we're in a period of wondering 'what happens next - and when?'. I would suggest that the vast majority posting on this board (whether long or short), who 'predict' which way this is going next, do so with 'research' based on 'wishful-thinking', and/or, in a pathetic/futile attempt to influence others - and with the belief that said influence with affect the share price direction in their favour.
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05/1/2020
21:24		ak62: In connection with securing the Facility, Mr Akinyanmi will also be granted an award of up to 30,000,000 new ordinary shares in the Company to be issued at nil cost and allotted in five equal instalments (the "Award Shares") if, and when, the Company's ordinary share price reaches the following hurdles: 20 pence, 25 pence, 30 pence, 35 pence and 40 pence per share. Each of these share price hurdles must be satisfied by the seventh anniversary of the date of grant of the Award Shares (being today) and each share price hurdle must have been met for a minimum period of 30 consecutive dealing days
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15/4/2019
11:29		trigger blade: arteespresso, I can't go back as far as 20p, but here's a few of the recent LEK purchases by our resident Gallic Warren Buffet. The thing they have in common is that the share price is lower than all of them, such consistency! alamaison5 - 26 Mar 2019 - 16:02:09 - 15568 of 15580 LAMPRELL : UAE Oil & Gas Engineer - LAM order confirmation Thank you. Your order is confirmed Buying 42,028 LEKOIL LIMITED ORD USD0.00005 (DI) (LEK) Status:Executed Placed at:16:00:06 26/03/19 Price:£0.091 Order Type:Market alamaison5 - 11 Feb 2019 - 16:24:15 - 4761 of 4818 LEKOIL PLC * - Penny Share with Multi Billion Barrel Potential - LEK Buying 28,379 LEKOIL LIMITED ORD USD0.00005 (DI) (LEK) Status:Executed Placed at:16:20:18 11/02/19 Price:£0.1055 alamaison55 Feb '19 - 15:42 - 4733 of 4742 Edit Order Buying 19,200 LEKOIL LIMITED ORD USD0.00005 (DI) (LEK) Status:Executed Placed at:15:41:52 05/02/19 Price:£0.100494 alamaison55 Feb '19 - 15:45 - 4734 of 4742 Edit Order Buying 11,169 LEKOIL LIMITED ORD USD0.00005 (DI) (LEK) Status:Executed Placed at:15:44:21 05/02/19 Price:£0.099975 Order Type:Market
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03/12/2018
13:54		bad gateway: ala are you trying to bury bad news? Can't believe you never saw this share price action coming after lambasting everyone else for not researching and you kept averaging down? Lunacy just lunacy and now you're telling others to buy in too? What a git. How on earth are they EVER going to be able to operate in Nigeria after peeing off the Oil and Gas regulator, Government Ministers and the President like this? Reckon they'll get the early decision they're attempting to force and it'll be On your bikes son Nigeria's done with you! THE NIGERIAN VOICE 6 October 2018 07:25 CET Assault on Nigeria’s Presidency: Ogo OPL 310 Fiasco and Nigeria High-Powered Politics"- The Nigerian Government and the Oil and Gas Industry is still reverberating, scandalized and shocked by the impetuousness exhibited by the Nigerian minnow, Lekoil Oil and Gas ltd, a London quoted company, otherwise known as Mayfair Investment in the ill-informed decision to sue the substantive Minister of Petroleum of the Country, the sitting President, Muhammad Buhari and the regulatory agency, the DPR.The case is even more enthralling given the fact that the Company does not have a legal, moral or technical case on the Ogo field brouhaha since the claim to have purchased defunct Afren’s 17.14 % share of the field from the UK black market, at much less than the market value, without obtaining requisite approval is illegal, illicit and tantamount to an attack on the Sovereignty of the Country. Impeccable sources close to the Presidency claims that the Nigerian Government, given its anti-corruption and pro-business policies has determined to thoroughly investigate the lingering saga and deal with it once and for all. The intent of the Government, we gather is to ensure equity is served without fear or prejudice, while protecting the perceived assault on the integrity of the Government. Although Industry observers are astonished with the Lekoil’s grandstanding, and brazen bravado, the Company may be depending on her closeness with the current Minister of State for Petroleum, Dr. Ibe Kachikwu and the Vice President, Yemi Osinbajo who is a Yoruba like Lekan Akinyanmi, Lekoil’s CEO. Some Yoruba Kings, Senators and other politicians are also said to be running errands,lobbying for the Company. Despite these connections and the obvious intense politicking, we note that the Operator of the Ogo field, Optimum Petroleum is also highly connected with both the Federal Government and NNPC and has recently intensified her efforts to protect her interest and salvage value from the controversial asset. Lekoil is not without blame in the unending saga around OPL 310 since the Company has developed a reputation within the Nigerian Oil and Gas sector as one that does not honor agreements. The companyhas demonstrated it does not have the capital-raising prowess nor Afren’s technical acumen and has tremendously impaired the value of the Ogo field. It is also a Company that has not cultivated the required ability to manage JV relationships nor the deftness to navigate the corridors of power in Nigeria. For instance, there had been several attempts by the DPR, the regulator in the past to reach mutually-agreeable consensus between the two Companies, but Lekoil had consistently rejected even after such agreements were signed by both parties with the regulator as witness. The inconsistency and somersaults has significantly eroded trust between the two parties and had drawn the ire of the regulators and the NNPC. The sympathy of other indigenous oil Companies and independents in Nigeria lie with Optimum resources since her hopes as a thriving indigenous Companies have been dashed and she appears increasingly helpless. Most of these Companies have their own horror stories to tell, but the case of Optimum is sorrier since the Company never had a definitive agreement with Lekoil but were forced to consider them through defunct Afren without required due-diligence or regulatory approval. One critical lesson from the OPL 310 story is that the regulator and Government need to do more to protect indigenous Oil Companies against dubious, portfolio Companies that saunters the Nigeria Oil and Gas space luring indigenous Companies and leaving mostly bankrupt Companies in their trail. If care is not taken, the goals of the Government in developing vibrant local Companies will be sacrificed to flashy Companies that take the unexperienced indigenous Companies to the cleaners. There may be respite for Optimum petroleum however, since sources close to the presidency has revealed that Lekoil’s claimed approval for the 17.14 %, obtained from the Minister of State for Petroleum in 2017 did not follow proper regulatory provisions since it is only the Minister of Petroleum, in this case, President Muhammad Buhari, that can approve the assignment of interests in Nigeria Oil fields. It is because of these intense lobbying, corruption and backhand deals rampant in the Nigeria Oil and Gas industry that the incorruptible President has not designated anybody as the substantive Minister of Petroleum since 2015. The industry is still awashed with the sleaze generated by the last substantive Minister of Petroleum, Mrs. Alison Madueke. The legal fiasco has introduced an extra layer of uncertainty on the viability of the geologically challenging Ogo field and has cast a doubt on Lekoil’s plans for the field. The deepwater field is gas-prone with about 2TCF of gas reserves which makes gas development and monetization key to the field’s profitability. Geographically, this is a huge challenge since the Nigerian economy is not developed enough to optimally utilize such gas rates and the option of floating LNG may be too capital intensive for a small Company like Lekoil to fund. In addition to these, most of Lekoil’s executives are Nigerians and it has been difficult for them to shake-off the corruption and incompetence tag associated with Nigerian Companies. Lekoil’s hapless investors that had invested significant amount of money on the Ogo field since 2013 continue to watch as their value erodes with permanently depressed share prices subsequent to the 2008 economic meltdown. This is in sharp contrast to Lekoil’s competitors in the industry whose investors had enjoyed appreciable increase in the rate of returns and share price in the last two years riding on the global increase in Oil Price. Lekoil’s directors who are savvy financial experts may as well know that the investors have been taken to the cleaners and that they have been sold a lemon on the Ogo field. Industry experts believe that Lekoil has lost interest in developing the field and may change her focus in the near term to cash generating assets with the intent to gradually charge off the book value the Ogo field as impairments against the free cash flows in the next couple of years. This would leave the investors, the Nigerian Government and Optimum Energy with an asset they cannot benefit from. The audacity of the company is probably dependent on the high-powered 2019 elections since the future of the Company in Nigeria lies squarely on who the President of the Country is after the election. It is very difficult, given the legal opprobrium and the undeserved affront on the blameless Nigerian President for Lekoil to make friends at Aso rock, the seat of Power. While some investors had cut their losses by divesting most of their equity in 2018, others may be watching the 2019 election with keen interest to make decision since the Company seems to be war with a powerful Northern Hegemony, the Regulator and the Presidency. This decision is made more imperative since another global downturn and oil price reduction may be imminent given the current trade war between the USA and China. hTTps://www.thenigerianvoice.com/news/271319/assault-on-nigerias-presidencyogo-opl-310-fiasco-and-nige.html
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03/12/2018
13:03		bad gateway: THE NIGERIAN VOICE 6 October 2018 07:25 CET Assault on Nigeria’s Presidency: Ogo OPL 310 Fiasco and Nigeria High-Powered Politics"- The Nigerian Government and the Oil and Gas Industry is still reverberating, scandalized and shocked by the impetuousness exhibited by the Nigerian minnow, Lekoil Oil and Gas ltd, a London quoted company, otherwise known as Mayfair Investment in the ill-informed decision to sue the substantive Minister of Petroleum of the Country, the sitting President, Muhammad Buhari and the regulatory agency, the DPR.The case is even more enthralling given the fact that the Company does not have a legal, moral or technical case on the Ogo field brouhaha since the claim to have purchased defunct Afren’s 17.14 % share of the field from the UK black market, at much less than the market value, without obtaining requisite approval is illegal, illicit and tantamount to an attack on the Sovereignty of the Country. Impeccable sources close to the Presidency claims that the Nigerian Government, given its anti-corruption and pro-business policies has determined to thoroughly investigate the lingering saga and deal with it once and for all. The intent of the Government, we gather is to ensure equity is served without fear or prejudice, while protecting the perceived assault on the integrity of the Government. Although Industry observers are astonished with the Lekoil’s grandstanding, and brazen bravado, the Company may be depending on her closeness with the current Minister of State for Petroleum, Dr. Ibe Kachikwu and the Vice President, Yemi Osinbajo who is a Yoruba like Lekan Akinyanmi, Lekoil’s CEO. Some Yoruba Kings, Senators and other politicians are also said to be running errands,lobbying for the Company. Despite these connections and the obvious intense politicking, we note that the Operator of the Ogo field, Optimum Petroleum is also highly connected with both the Federal Government and NNPC and has recently intensified her efforts to protect her interest and salvage value from the controversial asset. Lekoil is not without blame in the unending saga around OPL 310 since the Company has developed a reputation within the Nigerian Oil and Gas sector as one that does not honor agreements. The companyhas demonstrated it does not have the capital-raising prowess nor Afren’s technical acumen and has tremendously impaired the value of the Ogo field. It is also a Company that has not cultivated the required ability to manage JV relationships nor the deftness to navigate the corridors of power in Nigeria. For instance, there had been several attempts by the DPR, the regulator in the past to reach mutually-agreeable consensus between the two Companies, but Lekoil had consistently rejected even after such agreements were signed by both parties with the regulator as witness. The inconsistency and somersaults has significantly eroded trust between the two parties and had drawn the ire of the regulators and the NNPC. The sympathy of other indigenous oil Companies and independents in Nigeria lie with Optimum resources since her hopes as a thriving indigenous Companies have been dashed and she appears increasingly helpless. Most of these Companies have their own horror stories to tell, but the case of Optimum is sorrier since the Company never had a definitive agreement with Lekoil but were forced to consider them through defunct Afren without required due-diligence or regulatory approval. One critical lesson from the OPL 310 story is that the regulator and Government need to do more to protect indigenous Oil Companies against dubious, portfolio Companies that saunters the Nigeria Oil and Gas space luring indigenous Companies and leaving mostly bankrupt Companies in their trail. If care is not taken, the goals of the Government in developing vibrant local Companies will be sacrificed to flashy Companies that take the unexperienced indigenous Companies to the cleaners. There may be respite for Optimum petroleum however, since sources close to the presidency has revealed that Lekoil’s claimed approval for the 17.14 %, obtained from the Minister of State for Petroleum in 2017 did not follow proper regulatory provisions since it is only the Minister of Petroleum, in this case, President Muhammad Buhari, that can approve the assignment of interests in Nigeria Oil fields. It is because of these intense lobbying, corruption and backhand deals rampant in the Nigeria Oil and Gas industry that the incorruptible President has not designated anybody as the substantive Minister of Petroleum since 2015. The industry is still awashed with the sleaze generated by the last substantive Minister of Petroleum, Mrs. Alison Madueke. The legal fiasco has introduced an extra layer of uncertainty on the viability of the geologically challenging Ogo field and has cast a doubt on Lekoil’s plans for the field. The deepwater field is gas-prone with about 2TCF of gas reserves which makes gas development and monetization key to the field’s profitability. Geographically, this is a huge challenge since the Nigerian economy is not developed enough to optimally utilize such gas rates and the option of floating LNG may be too capital intensive for a small Company like Lekoil to fund. In addition to these, most of Lekoil’s executives are Nigerians and it has been difficult for them to shake-off the corruption and incompetence tag associated with Nigerian Companies. Lekoil’s hapless investors that had invested significant amount of money on the Ogo field since 2013 continue to watch as their value erodes with permanently depressed share prices subsequent to the 2008 economic meltdown. This is in sharp contrast to Lekoil’s competitors in the industry whose investors had enjoyed appreciable increase in the rate of returns and share price in the last two years riding on the global increase in Oil Price. Lekoil’s directors who are savvy financial experts may as well know that the investors have been taken to the cleaners and that they have been sold a lemon on the Ogo field. Industry experts believe that Lekoil has lost interest in developing the field and may change her focus in the near term to cash generating assets with the intent to gradually charge off the book value the Ogo field as impairments against the free cash flows in the next couple of years. This would leave the investors, the Nigerian Government and Optimum Energy with an asset they cannot benefit from. The audacity of the company is probably dependent on the high-powered 2019 elections since the future of the Company in Nigeria lies squarely on who the President of the Country is after the election. It is very difficult, given the legal opprobrium and the undeserved affront on the blameless Nigerian President for Lekoil to make friends at Aso rock, the seat of Power. While some investors had cut their losses by divesting most of their equity in 2018, others may be watching the 2019 election with keen interest to make decision since the Company seems to be war with a powerful Northern Hegemony, the Regulator and the Presidency. This decision is made more imperative since another global downturn and oil price reduction may be imminent given the current trade war between the USA and China. hTTps://www.thenigerianvoice.com/news/271319/assault-on-nigerias-presidencyogo-opl-310-fiasco-and-nige.html
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