have Taips listed under one of their assets on their website if they havent yet completed the deal? silly isnt it
"A newly-formed subsidiary of Hawker Energy – Tapia Holdings, LLC has invested $1.5 MM and will acquire 80% of the assets of seller which include the Tapia and Eureka Canyon Oil fields. The transaction is expected to close by year end 2014. There can be no assurances as to a successful completion of this acquisition. For more information please review the Company’s public filings.
The Tapia Canyon field covers an area of approximately 280 acres located about 40 miles north of the Los Angeles metropolitan area and one mile south of the town of Castaic, which lies on interstate 5. The area is rich in hydrocarbons; the crude oils are predominantly heavy with a high viscosity. Texaco found oil in the area in 1954, but the Tapia Canyon field was not discovered until 1957, when the Yule No. 2 well tested at 120 barrels of oil per day of 18 degree API oil. The field commenced production in August 1957. Since inception, oil has been produced from the Tapia Canyon field by natural depletion, and conventional pumping, augmented by a small natural water drive, and the cumulative recovery percentage, currently is about 14% of oil in place. The Yule sand, which is the producing reservoir, is greater than 100 feet thick over the majority of the oilfield"
As log as the bank think there is more money to be rescued by keeping the company as a going concern than closing it down they willnot close it, it is totally in heir hands. There is nothing illegal as some have suggested in what is going on. Somebody has made an offer subject to certain things but the deal has not been finalised. until that time happens if the premises of the deal change substantially people can oull out although I would assume there would be some price to pay to compensate Sefton for not being able to negotiate elsewhere ( yes, I know fat chance , but we are talking in theory here). That compensation has already been paid , I am sure , by the money Hawker has already paid to keep Sefton alive.
Looking at Hawkers 10-k report we learn quite a lot about this company. They have a total of 0 full time employees. They have allocated their directors 480k in bonuses although they of corse have no money to pay that. I do share the frustration that when Sefton had been through the mill as a company they managed to find another company which if possible is in an even worse state than themselves. I find it difficult just now to see an angle where they can come to a solution that will retain any shareholder value, but there is still a heartbeat so you can never say never. What a mess!
The date when the next forbearance payment is due as I think that will be the time the bank will pull the plug as it will then be two payments that Hawker will have missed. Also a guide IMO as to when any deal Has to be done by
Its mind boggling but they must have a plan otherwise an rns would have been issued why say key points have been agreed if they know its going down not sure what to make of this all decided to wait for the next update if its good it will multibag if its bad i lose my shirt somple
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