Increased revenues during the period enabled GDC to build on our relationship with BGFIBank and the $26 million debt facility for GDC announced post-period end is a result of this. This facility, coupled with GDC’s share of revenue generated and contributions from our 40% partner in the Logbaba project, is expected, at this stage, to enable GDC to complete the 2016 capital expansion programme without recourse to any equity funding.
The Group’s reserves and resources at 31 December 2015 are as follows:
VOG is the operator of the 20km2 Logbaba Block and holds a 60% participating interest, through its wholly-owned subsidiary GDC, and RSM holds the remaining 40% participating interest.
13 April 2016- US$26m Debt Facility to Support Logbaba Expansion
It is the Company’s objective to fund the Logbaba development through operating revenues and capital contributions from GDC and RSM Production Corporation, our 40% partner. The facility announced today provides more than sufficient financing for GDC to fund its share of the production expansion programme.
Can't see RSM not having to pay up. Rig on site and ready, so assume vog will spud as planned, and wait for RSM to go through courts, and then pay up. I believe RSM now getting profit cut from vog, so will be interested if vog don't pay up for a bit! Given RSMs way of litigating, maybe it is protecting vog from any takeover.
maybe tomorrow morning we will get an RNS, a few sizable sells the last hour today , who knows whats going on , certainly not us, in the last round of court battles GRIMM CERTAINLY DIDN,T COME OUT A WINNER, could it be sour grapes ?
I think we are all forgetting one thing ...it is price sensitive info and surely if this was true then SH would have had an RNS informing us of the circumstances, but we have not so it must be fluff ? ...no ? aimho !
As bogus as certain poster's usernames. Why did he not sue re CHL or sue re the "inflated" wages. I mean, we have had our ears bled over these issues for the last 18 months or so. Noooooo, he has considered that all fair. He chooses the (pre-approved??) drilling costs which no one posted any concern about on here.
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