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% 1.75 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 31.69 -3.71 -1.51 9
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.75 GBX

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Date Time Title Posts
28/11/202015:40LEKOIL PLC * - Penny Share with Multi Billion Barrel Potential9,210
06/3/202014:39LEK - Oil Heading for $9 - $10 per Barrel According to BNP Paribas13
02/1/202016:13Lekoil PLC330
13/8/201322:54Lekoil Charts1

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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 1.75p.
Lekoil Limited has a 4 week average price of 1.25p and a 12 week average price of 1.25p.
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 1,689,166 shares. The market capitalisation of Lekoil Limited is £9,389,273.13.
marky23: anyone have any news on lek today? hate these waiting games! gla.
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.
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.
josephrobert: Alamaison wasn't keen on LEK at the end LEK is crazy cheap as this tweet shows hTTps:// 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.
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."
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.
oilrich1: 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.”
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.
shaun09: Remember this is 8000 bopd to Lek,some very nice revenues indeed :-) hTTps:// Nigeria to drill seven wells, add 50,000bpd infrastructure at Otakikpo field: Development of seven oil well and crude oil processing infrastructure that would push up the nation’s oil production by about 50,000 barrel per day has commenced at the Otakikpo marginal field in Oil Mining Lease (OML) eleven, which is located at Ikuru town, Rivers state. Coming on the heels of the Field Development Plan (FDP) and Environmental Impact Assessment (EIA) approval granted by the Department of Petroleum Resources (DPR) the development is under the second phase of the field, which is being operated by Green Energy International Limited, (GEIL). The Company and its technical partner, LEKOIL Oil and Gas Investments may have taken advantage of the Niger Delta dry season window to start the land reclamation exercise for its onshore terminal, flow station, and well sites. For the full year 2019, production from Otakikpo averaged 5,305 bopd gross with 2,122 bopd net to LOGL (full year 2018: 5,345 bopd gross with 2,138 bopd net to LOGL). For the first twenty (20) days of this year, production at Otakikpo has averaged 5,860 bopd gross with 2,344 bopd net to LOGL. “Otakikpo continues to provide steady production and cashflow for LEKOIL. We are delighted with the collaborative progress being made by all parties towards the development and transformation project planned for Otakikpo, that is aimed at increasing production from the field. We remain fully focused to generate value on this asset for all shareholders,” Lekan Akinyanmi, LEKOIL’s CEO, commented. With the construction of 1.3 million barrels capacity onshore terminal, GEIL’s Director of Corporate Affairs, Olusegun Ilori disclosed that critical long-lead items for well construction have also been identified and ordered to meet the project 2020 drilling campaign timelines. “It is expected that the first piece of the development will, in the short-term, increase production to up to 12,000 bopd using ullage on existing infrastructure while the long-term will see Otakikpo production of up to 20,000 bopd and opportunities to aggregate production from other producers,” Ilori said in a statement. The oil firm would also conclude installation of a 17 Kilometer export pipeline connecting the terminal to an offshore loading system. The field development was sanctioned in July 2019 with the signing of a Memorandum of Understanding (MoU), with a consortium of international firms, valued at $350million. The Consortium is expected to form multidisciplinary project management teams from LEKOIL and GEIL. Chief Executive Officer, GEIL, Prof. Anthony Adegbulugbe reiterated the significance of continued collaborative efforts between the JV Partners that would be instrumental in obtaining the required financing to increase production at the site. “This marks a major step forward for us and our partner, LEKOIL to fully develop the Otakikpo field, we are happy to see our asset moving forward into full development stage and generate significant cashflow,” he said.
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.”
Lekoil share price data is direct from the London Stock Exchange
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