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EPIC LEK
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Lekoil – dynamite accusations from its own operating subsidiary, and also more woe for SP Angel?

Previously writing on Lekoil (LEK) I noted announces results but shares still suspended. Yet more farce. Today its operating business in which it has a 40% equity interest, Lekoil Nigeria, has released a letter concluding that “in the absence of any satisfactory response, we shall initiate requisite steps to enforce the interests of all minority shareholders”. From bad to worse?...

EPIC LEK
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Lekoil – “Director Loan – Update”, why don’t I think this is going to be good news?...

Describing itself as an “oil and gas exploration and production company with a focus on Nigeria and West Africa” despite having admitted principal subsidiary, Lekoil Nigeria, “has stated it will no longer fund any of the costs of the company from the cash flow generated from its producing asset, Otakikpo”, Lekoil (LEK) has now made a “Director Loan – Update-titled announcement. Now why don’t I think this is going to be good news?...

EPIC LEK
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Lekoil – yet more farce as states it “is pleased to provide” an update which suggests cash crunch ahoy!

I previously wrote on supposedly “oil and gas exploration and production company with a focus on Nigeria and West Africa” Lekoil (LEK) in June, noting SHOCKER AGAIN!; from fake sheikhs to now subsidiary CEO farce… you couldn’t make it up!. That was with the company’s recent CEO Olalekan Akinyanmi having “without the prior knowledge or consent of the company, entered into an employment contract with Lekoil Nigeria Limited, to act as its Chief Executive Officer, with effect from 1 January 2021” – Lekoil Nigeria Limited supposedly being Lekoil’s principal subsidiary! Now Lekoil reckons it “is pleased to provide” a corporate & operational update...but the shares are further lower...

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