Though they arrived just 12 weeks after 2015’s full-year figures, LekOil (LEK) picked a good day to issue its half-year results, just hours after Opec agreed to pursue a supply cut. The 3 per cent share price rise that greeted the results was therefore due to the improved outlook for Brent crude than the Nigeria-focused driller’s latest financial update.
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That’s because cash balances fell from $26m (£20m) to just $7.6m during the period, meaning the group is increasingly reliant on a new debt facility it took out over the summer, at least until it's pumping the 10,000 barrels a day expected from the Otakikpo field by the end of the year.
