You are gem :)..did you actually compare the two companies before deciding for RRL specially with Afren's current SP. They are pumping over 30kBOPD against our's little over 600BOPD. Also when get time please check and compare P2 & P3, and also how many licences AFR holds and countries in which they are operating almost all of them are a lot better than T&T. If I am core I will pull out and buy whatever I can of Afren from open market.
Is it a done deal? Looking at market it seems they must be cursing themselves to commit for $60M. This could get them 15-20% of Afren. From my viewpoint both core and LO have been caught off guard by recent turmoil in O&G market. They both have got much better proved assets instead of ****e RRL is with that money and resource.
looking at past events with fresh mind I have come to following understanding 1) Towards the end of 2013 PL himself decided to replace him with some fresh face. The obvious reason seem to be major failures on his part namely IOP merger, Texas sale, and no sign of BOPD increase in near feature. In view of above major failures it was impossible for him to hold onto his positions due to constant scrutiny from shareholders. He decided to replace him with a kid RSR with expectation to grab the chair back at some appropriate time in future. 2) RSR doesn't seem to have any link with PL, he tried his best but was hugely unfit to run a company like RRL due to its difficult financial and operation position. 3) PL realized that wind is flowing against RSR, and time is appropriate to take control back. RSR and others shown the door with the help of Abraham who I have no doubt are connected to PL. It could be his own money you never know. 4) David Chen and team take control. I have no doubt now that David Chen is now connected to Landau and in effect Company is back to where it belongs 5) However, I do believe that this time PL and team are here to deliver results. As they have to prove their worth at some point, otherwise they will completely lose trust of market, which would make difficult for them to run other listed companies. 6) I have seem RIG have crossed 1.2B but still their holding is under 25%. This means that there are other holders who are not part of RIG. I would assume that these holders interest don't align with ordinary PIs, and somehow they are connected to PL and gang. These are the people allowing PL to still control RRL. 7) What is there for PI like us, I am afraid to say possibly nothing for those with 2P and above average. Once core dilution is done RIG will be irrelevant. In fact after looking at past few months / years events I would now tend to agree with CH / RTN that nothing will come out of their involvement.
alanloki - No worries, easily done when busy multi-tasking, and we do like our whopper paragraphs. ;) For what it's worth, RTN isn't a member (since he has no shares, only leveraged stuf), and he is fond of the :p device where others of us use ;) - with no malice intended, for sure. Ping in an email and we'll join you up. Cheers, Phil
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