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From the announcement you have 24hrs to register and pay a 200 pound admin fee or they take your share off you. ( alternatively scroll back to page 2)
as a small holder can you tell me do our shares merge automatically ? or do we need to apply ?
eeg, Last day of trading 'FOGL' Friday 15th Jan 2016 ( 17th is a Sunday ).... All applicable dates are listed in the previous RNS!
Cheers eegbvi. So until then don't expect much action?
17 Jan is last day for trading FOGL shares. Merger effective 19 Jan unless there is a Court delay.
Does anyone know when the merger comes into effect?
9) RKH is at the mercy of PMO and the share price. As per previous meeting I detected a lot of hositility from the BoD to PMO and rightly. The open ended agreement to develop is coming back to bite RKH. So long as you think POO will rise then RKH has hope. 10) A disturbing thought was presented to me: had RKH gone it alone to develop Sealion, they would currently be leveraged up to the nines, with the imminent prospect of pumping 50k barrels of oil a day at a cost of 45 dollars a barrel and a sales price of 35 dollars a barrel. Today's meeting may well have been a meeting to petition for company wind up! 11) Main listing will not be happening prior to next year's AGM. RKH fell foul of a number of criteria for a premium listing… Market cap ( I think), being not in control of their own destiny given that PMO are the operator (the FOGL buy out may help here), and lastly they were deemed to not be diverse enough with regard to their asset base. 12) The BoD are very much aware of these forums. I may well have forgotten some pertinent bits. Any questions fe
So I attended the GM. Terrible turnout again. Surely it must be better to attend than pontificate on this forum? I would estimate that just 10 or so PIs, the board, the registrar and a couple of RKH/ clerical staff were in attendance. You can't blame the board if you don't hold them to account / attend such meetings. As one would expect, the meeting was a complete formality. Sam presented a little on the rationale for the deal. Basically, for the project to be viable at 50 dollar oil prices and for a partner to farm in the division of the fields needed to be simplified. Basically farmees are more likely to buy in to a consolidated field. I noted a sense of a lack of confidence re Issy 2 drill. I could well have imagined this especially as they are miles from TD (more below). Issy stands in at 150-200 currently and 500-600 million barrels if the drill is a complete success. The BoD are still confident of a billion barrels in the NFB. Those in attendance completed the entirely pointless show of hands with relation to the resolution which I believe passed unanimously. 97% of the proxy votes were also in favour. The meeting can have lasted no more than 5 minutes. Whilst the formalities were entirely pointless the board did a good job of mingling with those in attendance and I must say that whilst downbeat, they are clearly exceptionally knowledgeable and you can see why they command their high salaries. They would do better providing more in the way of communication. In summary it was a downbeat chat. The following was gleaned from the board via various chats. 1) The ER was widely acknowledged as not being great. There are a number of insurance claims in motion but none are resolved. 2) The rig has encountered BOP issues again (as of yesterday) and it was emphasised that the rig is weeks and weeks away from TD. So the theory that FOGL shareholders will be voting with prior knowledge of Issy 2 results looks to be a fallacy. 3) Obrina Mare may well be dead and buried, RKH need to consult with the Italian authorities with regard to the new legislation passed yesterday. 4)The BoD were keen to stress that OM is not one of the core MOG assets, with Monte Grosso being he important field. They didn’t seem too concerned re OM not being 5) FID was acknowledged as being unlikely for 2017 (no surprise there). 7) FEED to be extended i.e. double the length of time, half the workforce involved in order to reduce burn - 9mths to 18mths. Not sure this makes any sense as it is a fixed cost & you are just spreading it over more time. Sounds to me like a huge scale back to avoid chasms of nothingness into the future. 8)FOGL are in receipt and were kept in the loop with regard to Humpback. RKH have been privy to the high level results and hence the assignation of zero value to the SFB. Basically SFB is deep and only suitable for the big boys of the drilling world. 9) RKH is at the mercy of PMO and the share price. As per previous meetin
I am hearing BOP problems again, was posted on iii
Fron OD2S on III BB
Does anyone know whether the RKH merger share-issue was approved by its shareholders this morning??
I wonder what the date is? Bl**dy hell its the 14! Hahahahaha hahahaha (crazed laughter) (again).
YEEEEEEESSSSSS
2016 is the high number of mergers and acquisitions. You see, the current low price environment is ushering in a wave of M&A activity that will stabilize the oil sector by making it leaner and more consolidated. This will lower the number of U.S. producers and birth a new group of heavyweight companies that will strengthen prices. Full article: http://moneymorning.com/2015/12/11/wti-crude-oil-price-prediction-2016-where-will-the-market-go-from-here/
time for fantasy rumours to begin to provide amusement in anotherwise dull results run up? I know for a fact the only reason Isobel is not already pumping oil is because all the worlds storage is full and there is no where to put it. All the excitement of keeping the lid on a large pot boiling several live lobsters.
With the merger of FOGL and Rockhopper, do my FOGL shares automatically transfer across to Rockhopper?
Think people still reeling from the shock of the last month but nothing has changed ref this drill if it comes in as good as we all hope it will be the gamechanger for the FIs imho, will bring prospects of production a huge step closer and help attract another major partner.
No rumours regarding this drill. Seems like nobody cares any more. Had enough of all the bull....
You're correct I think. Too many people on here are shooting the messenger instead of the culprit NBL. NBL simply rode roughshod over FOGL and more or less said 'we're in charge here and you do as we say'. The NBL Humpback announcement buried as just a few words in everything else gave FOGL no room for manoeuvre at all. I suspect FOGL wanted a quite different RNS but was sunk by NBL. So now we need to wait for RKH experts to look at the Humpback results later in 2016 after NBL is playing with its new toy in NFB. The outcome may not be quite so gloomy with NBL out of the way.
You or your bank or your broker needs to surrender your FOGL shares on 17 Jan and you get back the RKH shares at 1 FOGL to 0.2993 RKH. So 10k FOGL equates to 2993 RKH shares.
As someone new to this, what does this mean in terms of 'my shares in FOGL' ? Do they get transferred over or does something else happen? Have to say though, pretty disappointed how this has all panned out... was expecting greater things
Sorry to the many angry people on here but this merger is the best option imho, if you want to blame anybody then yes the bod must take their share but so must noble who i believe saw an opportunity to put their smaller partner between a rock and a hard place and look to claim the spoils, just my humble opinion.
Fogl bod Burn in hellyou cheating b,stards