An independent oil and gas exploration and production company. Their main projects are based with in Africa and the FSU. Their biggest producing asset (as of the beginning of 2012) is Logababa which is in Cameroon.
Oh well, red dot better than no red dot. We'll see how long that 5.66% lasts before the snails and leaf miners get at it. I must say, I'm sure we could all grow this sp quicker in the Blue Peter garden. Still, mustn't grumble, I mean, Penny Lane wasn't that long ago.
In a joint venture you share operating profits and losses in the agreed % as well as capex costs.
so it was finished in sept
so why issue an rns now? pressure from investors wanting answers?..My guess is you will hear something concrete before xmas.Meanwhile anything else in the pipeline? They could have given you an update on progress imo..
There is a $72m P&L deficit to clear before any shareholder return is possible. It is illegal to pay a dividend with a deficit. Not that one is on the cards any time soon. If they decide to do a consolidation soon, hopefully they will do a capital reduction scheme to eliminate the deficit as well. Essentially this would write off the deficit against the share premium account. They are quite common but require court and creditor approval. And probably a shareholder vote. I'd like to see a proposal on the agenda for the AGM.
its a share of the start up costs, not losses he has to pay
It's a joint venture - he gets a share of the profits and pays a share of startup losses. Probably it's the share of losses that is the main haggle factor in the audit. The Capex part should be relatively uncontentious.
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