Personally I'd be astounded if it's not a done deal.
It would be career suicide for Fanning if it didn't happen, and at a time when Rawicz, and with it, first gas production, is progressing at pace, it would be a huge risk he didn't need to take. The SP would rise nicely on Rawicz results alone.
I therefore conclude he must have a very high degree of certainty this deal would close. I personally have every confidence.
Yes we can afford the fine Smithy but don't think we will commit the crime Tosca will not let this fail. Many have suggested they are financing/underwriting the $100m. With their potential profit on the deal they are not going to let this slip. OF is putting his head in the line to say the $80 is in advance stages if it isn't. Some time is being bought ahead of R-15 too testing results too maybe? Possible scenario is that they are pressurising Mart sh 'no voters' by suggesting the deal may not go ahead and they will be left with stock worth $0.17 rather than $0.25 on the table and then become 'yes' voters. Mind you is their 'vote' relevant?
To apply the balance of net Placing proceeds of up to £15 million to funding the Company’s share of farmed-out projects should there be any such costs, as well as to target any low-risk acquisition opportunities in the current market climate.
"OML 18 is the second most prospective of the four acreages that Shell and Co divested from between 2013 and 2015. It holds 1.5BBOE (Billion Barrels of Oil Equivalent) as remaining reserves, according to Shell. In 2012, its production averaged 21,000BOPD from six fields, with 12MMscf/d of gas. Shell’s forecast is that it can deliver up to 90,000BOPD oil and 220MMscf/d of gas in the fifth year of an aggressive redevelopment by the new operator."
" Its 1.5Billion Barrels of Oil Equivalent (BBOE) (P1+P2 remaining reserves) are found in eight fields, the largest being Cawthorne Channel, Buguma Creek and Alakiri, according to Shell estimates.
The hydrocarbon fields in the acreage could deliver as much as 80,000BOPD and 250MMscf/d, with focused, aggressive work programme, in the opinion of the Anglo Dutch major."
Ibeneche Takes Hold of Eroton
Section: Petroleum People · June 8, 2015 · 7 comments | Tags: featured
By Sully Manope, in Abuja
He’s the third former Shell MD to work for an indigenous company operating a former Shell Nigeria asset.
Four years after he retired as CEO of the Nigeria Liquefied Natural Gas Limited (NLNG), Chima Ibeneche has taken charge at the helm of Eroton, the Nigerian E&P independent.
In this position he oversees the re-development of the Oil Mining Lease (OML) 18, an oil and gas producer purchased from Shell/TOTAL and ENI in late 2014 and approved by the Nigerian Minister of Petroleum in March 2015. Eroton is a special purpose vehicle consisting of Nigerian companies Midwestern Oil and Gas Limited and Suntrust Oil and Gas Limited as well as the Canadian junior Mart Resources Limited.
OML 18 averaged 21,000BOPD from six fields in 2012. Liquid export from the acreage is evacuated through the Nembe Creek Trunk Line to the Bonny Crude Oil Terminal. Eroton holds 45% operatorship of the asset, with the state hydrocarbon company NPDC having the remaining 55%. OML 18 is the second most prospective of the four acreages divested of by Shell &Co in 2014. Its 1.5Billion Barrels of Oil Equivalent (BBOE) (P1+P2 remaining reserves) are found in eight fields, the largest being Cawthorne Channel, Buguma Creek and Alakiri, according to Shell estimates.
The hydrocarbon fields in the acreage could deliver as much as 80,000BOPD and 250MMscf/d, with focused, aggressive work programme, in the opinion of the Anglo Dutch major.
Ibeneche was Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO), essentially the explo
Once the purchase price is delivered into escrow Mart resources will need to inform the market as this is price sensitive news for a stock that remains in trading. Therefore I conclude that funds have not yet been raised and each day that passes without an update is a day closer to having to pay a reverse break fee to Mart of US$2.2 million.
I remain calm and will continue to enjoy nice bottles of wine regardless of any outcome. I am not being negative, there is still every chance that this will come off; I have just prepared myself for possible disappointment as well as having a bottle of champagne on ice.
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