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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Lekoil Limited    LEK   KYG5462G1073

LEKOIL LIMITED

(LEK)
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Delayed Quote. Delayed London Stock Exchange - 07/13 11:35:18 am
2.7 GBX   +12.50%
06/26Lekoil Extends Supply Deal With Shell, Sees $10 Million Annual Cost Reductions
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04/21LEKOIL : Directorate Changes
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01/27LEKOIL : Update on Otakikpo Operations
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Lekoil Extends Supply Deal With Shell, Sees $10 Million Annual Cost Reductions

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06/26/2020 | 05:08am EDT

By Jaime Llinares Taboada

 

Lekoil Ltd. said Friday that it has renewed its offtake agreement with Royal Dutch Shell PLC subsidiary Shell Western Supply and Trading Ltd., and that it expects yearly cost reductions of $10 million starting from the second half of 2020.

The Africa-focused oil-and-gas company said the deal was due to expire in the second quarter of 2020 and has been extended for a year, with the option for an additional year following the provision of a prepayment facility.

The group said it has made progress with its previously announced general and administrative cost-reduction initiatives as it seeks liquidity flexibility while oil prices are low.

Lekoil also reported a cash balance of $700,000 and debt of $17.5 million as of May 31, and said that its gross production in the January-May period averaged 5,755 barrels of oil a day.

The company said it has extended the deadline for the release of its 2019 results to Sept. 30 due to the coronavirus pandemic.

Shares at 0842 GMT were down 0.30 pence, or 13%, at 2.05 pence.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.12% 464.57 Delayed Quote.-13.63%
LEKOIL LIMITED 12.50% 2.7 Delayed Quote.-48.39%
LONDON BRENT OIL -1.52% 42.17 Delayed Quote.-35.04%
ROYAL DUTCH SHELL PLC 1.98% 14.414 Delayed Quote.-45.98%
S&P AFRICA 40 INDEX 0.13% 153.74 Delayed Quote.-11.11%
WTI -1.35% 39.565 Delayed Quote.-35.40%
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Latest news on LEKOIL LIMITED
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Financials (USD)
Sales 2019 45,3 M - -
Net income 2019 - - -
Net Debt 2019 20,3 M - -
P/E ratio 2019 -
Yield 2019 -
Capitalization 14,5 M 18,3 M -
EV / Sales 2018
EV / Sales 2019 0,77x
Nbr of Employees 56
Free-Float 66,7%
Chart LEKOIL LIMITED
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Technical analysis trends LEKOIL LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 4
Average target price 0,02 $
Last Close Price 0,03 $
Spread / Highest target -6,33%
Spread / Average Target -30,7%
Spread / Lowest Target -76,7%
Managers
NameTitle
Olalekan Akinsoga Akinyanmi Chief Executive Officer & Director
Samuel Akinbamijo Adegboyega Non-Executive Chairman
Adeleke Adedipe Chief Operations Officer
Samuel Olotu Chief Technical Officer
Aisha Muhammed-Oyebode Independent Non-Executive Director
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