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The seeking alpha article makes for difficult reading. Scandalous.
Seeing the figures laid out like this I wonder why on earth other IIs would be willing to accept this offer.
Trying to stay positive, there are two ops for us a) other counter offers coming in (for which I feel there must be a good chance); and b) chance to vote down h this offer.
I for one am going to hang on to my shares so I can vote accordingly.
GLA
I agree completely. The management have given no credible reason as to why they are throwing the towel in with what appears to be( and was hyped up by the management) a highly profitable company with huge exploration and production potential. We are producing at over 6400 bopd and have significant infrastructure ownership. It's not for the directors to decide to call it a day for the company. We the shareholders especially the small PI who kept this company going through thick and thin, decide whether we are going to sell and on what terms. If the directors don't have the time or the stomach for it any more than they should leave gracefully and forego any share awards which are for performance related - NOT firesale related.
This decade has been an unchecked transfer of wealth from shareholders to the management class in the US with buy back financial engineering and massive, unprecedented share options. AIM management believe they can replicate this. I did not invest in this company for two years only to see this happen.
Every holder of shares get the right to vote because all shares are issued with the same right of votes. It does not matter if it is held in a CREST account or in a nominee account. The only difference is that in a nominee account you have to contact the nominee account to get a voting form. In other words, they do not automatically post the voting form to you, you have to request it. Every share is a vote for every one.
As i said but others dismissed, you do get vote if you are the registered CREST ( alot own there shares via nominee account) and only in person if it goes by the takeover code..... which Geo has reserved the right to act upon...there a reason why its an all cash offer, there a part in Takeover code which activates and follow different rules on completion of a deal
What a sheite BOD the NAV 5p is cash FFS, Never mind, NAY Prod'n 14p Peaky Fecking Blinders - As a said for a Year ONGC are trash scum offfit - Geopark beware - Minch no cohenegss - its like being let down in Wild Geese 1 - FFS - However -Footsie Euro
Hungary did you listen
Euro Cup is a glistening
We've come today
And taken it away
Walking in a Gigg'se Wonderland
Either Court meeting or General Meeting.
Do we vote at a Court meeting. I do not understand whether we are able to vote to stop this, or get bypassed.
Speaking with another PLC contact, it was suggested that the show of hands at an AGM, if majority approve, makes the proxy votes a non event.
Therefore I am thinking that meeting attendance to vote is essential. Will it be in Wales or Columbia?
Do we attend “court” ..... really do not understand, though all should be clear when docs issued.
Relative to NAV. Between the estimated value of the CPO-5, Platanillo, OBA, Oxy carry, and cash, the net asset value of Amerisur roughly comes to the neighborhood of US$670 million. By paying US$315 million, GeoPark gains the control of assets that are worth US$670 million, with an implied discount of over 50%. In other words, the acquisition helps add approximately US$5.9 per share of additional intrinsic value to GeoPark stock.
I would ask why why why did they agree to sell at 19.21? If it's not a fire sale , why have they not said sorry but that's undervaluing us so we'll just walk away and grow us some more?
IT JUST DOESN'T ADD UP.
Why are they so keen to sell the whole shebang for what we think is below par?
They either KNOW something else is pending , otherwise they are being handsomely paid off imho.
Why would JW buy 1.2 million pounds worth at 17p if he thought 10% was all he'd get in return?
Lets hope it gets defeated and the board get booted off.
Mav - yes really.
Even if some other party comes in and pushes the price up. they IMO have betrayed investor who trusted them.
You think what you like, I no longer care to try to appease those that will never see what is obvious. We've had months of various poster refusing to consider any fault on the part of the BoD, most PI's now appear to have woken up to the true situation.
Simple mechanics - Have we actually been stitched up if 19,20 isn't the final selling price ? Yes its a disappointing and frustrating starting point but please try and have some perspective !
Samroy - there you hit on what is perhaps the problem Oxy bought Anadarko for Cash and Shares, even the super=major they outbid was offering shares - but we have told everyone "Cash Only".
Oxy, M&P or some other party may well make an offer but they will need to by-pass the BoD, who some might allege have delivered treacherous deal after abandoning the bulk of shareholders.
It's very simple - we're being stitched-up.
It's a disgrace and all bidders should have been told to sod off in a normal circumstance, if management had achieved anything like par in the last few years we would not be in this position, we'd be sitting on handsome profits.
Everyone, including II's should vote against the deal and demand they go back to the drawing board. This is not supposed to be a distressed/fire sale
Something tells me we are going to get more offers here. OXY paid 93.5 million for the farm in for 50% of 4 or 5 blocks. They can have the whole company if they are the highest bidders.
Sorry didn't mean to paste so much, the 1st paragraph says it all.
Relative to NAV. Between the estimated value of the CPO-5, Platanillo, OBA, Oxy carry, and cash, the net asset value of Amerisur roughly comes to the neighborhood of US$670 million. By paying US$315 million, GeoPark gains the control of assets that are worth US$670 million, with an implied discount of over 50%. In other words, the acquisition helps add approximately US$5.9 per share of additional intrinsic value to GeoPark stock.
Strategic implications
Establishing a strong presence in Putumayo. With the acquisition of Amerisur, GeoPark significantly strengthened its presence in the Putumayo-Oriente Basin (Fig. 4).
Prior to the acquisition, GeoPark already had a small foothold on the Ecuadorean side of the border by winning bids on the Espejo (50% WI, operated by GeoPark) and Perico (50% WI, non-operated) blocks in March 2019 in partnership with Frontera Energy Corporation (FEC.TSX)(OTC:FECCF)(see here; Fig. 2).
Fig. 4. Two core basins, Llanos and Putumayo-Oriente, modified from source.
In contrast to the Oriente Basin on the Ecuadorean side, the geologically contiguous Putumayo Basin on the Colombian side of the border is relatively under-explored and under-developed, thanks to security risks caused by FARC. The peace agreement reached in 2016 between the Colombian government and FARC re-opened up the Putumayo Basin.
As an early entrant, between 2005 to date, Amerisur has gradually built a land package totaling 1.21 net acres (Table 1). McDaniel & Associates estimated a mean of 184 MMbo in consolidated working interest unrisked exploration resources across Amerisur’s Putumayo portfolio (see here). Oxy's farm-in confirms the great exploration potential hidden in these blocks.
Amerisur also built OBA, the only cross-border pipeline in the area and dedicated infrastructure in support of its Putumayo production. OBA materially de-risks the egress of the Putumayo crude oil production; it provides optionality in marketing arbitrage and helps lower operating costs substantially.
It is worth noting that the Putumayo Basin still has residual security risk in spite of FARC demilitarization. There remain some dissident members of the demobilized FARC who refuse to adhere to the 2016 peace agreement and still operate in the area. In October 2018, a pipeline owned by Gran Tierra Energy (GRE) was damaged by a bomb blast triggered by an unidentified armed group, causing fire and oil spillage (see here). The acquisition of Amerisur's Putumayo assets, it seems, may introduce some security risks to GeoPark's asset portfolio.
PTO-5, a significant bolt-on to GeoPark's Llanos asset complex. Adding to its flagship LLA-34, GeoPark recently acquired LLA-87, LLA-86, and LLA-104 totaling 679,292 acres, in an equal-right partnership with Hocol, a subsidiary of the state company Ecopetrol (EC) (see here). With Amerisur's CPO-5, GeoPark assembles a contiguous land position covering more than 1 million gross acres in the heart of the prolific Llanos Basi
https://seekingalpha.com/article/4307773-geopark-value-accretive-acquisition-amerisur
This proves just how much we’ve been ripped off. $670million
Couldn't agree more hand-some.
Going to buy some Geo shares
this article is such a good overview of the deal BUT its a painful reading for any Amer shareholder. how it is great deal for Geo and a great price for them...arghhh
It actually confirms our anger at this terrible deal undervaluing Amer and its assets by 50% . basically on any value metric e.g. reserves, production, cash flow, development potential we got screwed. Because of this I expect more development here. Hope I am right!
No it’s 50% more
GeoPark: The Value-Accretive Acquisition Of AmerisurIt’s a Seeking Alpha article
Is $670m really 19.21p?
GeoPark: The Value-Accretive Acquisition Of Amerisur $ASUXF
Comprehensive info valuing Amer at $670m
Add my 48k
IMO ONGC have been (and are) making sure they give shareholders absolutely no reason to vote against the deal and competitive bidders to challenge. It looks so obvious and IMO they will do a deal with Geo after we've been screwed.
We should not surrender easily.
Add my 743,719