The Company also advises that negotiations with Sberbank remain ongoing to reset the technical production and reserves covenants under the Sberbank US$90 million credit facility (as announced with the Company's interim results on 30 December 2013) to reflect the current profile of reserves and production. The Company continues to meet its payment obligations under the facility.
total value of the oil and gas and capitalised exploration assets of the Company, = $299,600,000
Impairments minus capitalised exploration costs allocated to its post-salt assets = $64,600,000 minus a possible additional non-cash impairment charge of up to = $113,000,000
leaves $122,000,000 or £71,764,706 with 2,180,000,000 shares that gives a price of 3.292 pence per share Im not sure if the debt is included in the imparment charge. if not take another $90m off the price tag
this RNS is not positive . What it says to me is that unless they get a buyer soon sberbank will pull the plug on the credit facility. They are openly touting for a sale and as far as i can see from the RNS there is no buyers looming (i could be wrong). This story was never going to end well for shareholders and I do hope they dont get stiched up again. this is not a stock to average down on. may as well throw some spare cash at roxi or oex as you may multibag there. ATB MPG
no sale yet mate, its all speculation at the moment. depends who comes in with a view to buying/jv etc. would be surprised if there aren't any interested parties who want to take up the assets even for 3p with the debt. this could be a turnaround for mxp or it might not, see how events unfold!
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.