Who would not want to be banging out RNS' s during the most exciting growth phases of the company, espcially when a new drilling campaign gives every reason to issue updates ?
This funding will be targeted at significantly increasing oil production this year with the drilling of at least seven new development wells at Goudron, as a follow on from last year's successful eight well drilling program, and also to upgrade the field's oil handling infrastructure which is needed to meet anticipated sales capacity through the second half of 2015.
Neil Ritson, LGO's Chief Executive, commented:
"We are now entering one of the most exciting growth phases of the Company and are delighted that this finance facility is now in place and that our development program at Goudron will be carried out through a long term funding arrangement with a first class lending institution. As our business grows in Trinidad we look forward to the relationship with BNP Paribas growing to match our needs."
Correct closed periods end as soon as the market sensitive info is released. They may or may not be in a closed period of 2 months depending on when year end results to be released.
I am sure NR is / will be rewarded with favourable share options as the company continues its excellent progress so will not be overly concerned by these numerous closed periods he finds himself in.
He has always been good at releasing updates on progress both here and at SOLO and has provided updates on news such as the cocompletion of the FTG survey already and promised an update on rig mobilisation.
We will get our steady news flow have no doubt of that, he knows how important they are and has never held any back either here or on SOLO before so would not suddenly start to do so now.
NR and the other directors have been in a closed period for a long, long time due to the ongoing drilling campaign. Once that gets underway, and they are privy to technical info which is yet to be released to the market, they will enter another 6 months or so of continuous closed period.
As they havn't seen the CPR yet , we are not drilling, funding news is public and, presumably not about to sign TI off in the immediate future......once the EOY are out, if this is before we start drilling again, the directors shall presumably be able to purchase some shares.
That is the way I see it.
Certainly there us no closed period of 8 weeks initiated by the 17th March RNS.
lol , I must stop reading after I have signed off but you are correct as after publication it is an open market, only 8 weeks prior counts for directors and even then it has to be deemed price sensitive. Not every RNS is deemed price sensitive so could get interesting very shortly . GN for real lol
"This unique survey in Trinidad has been completed well within the planned timeframe and we look forward to receiving the data to integrate into our various technical studies at Goudron. The data will also allow us to better understand the Cedros Peninsula and other areas of onshore Trinidad where we believe there to be considerable further untapped oil production potential."
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