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Arthur is in London from what I heard. So if we get an agm this year you are more likely to be able to attend in London as compared to Alberta ! I am waiting for a drill result and I am expecting that by January of 2021. Lord knows we are certainly going to be a takeout target at that point so our share price will finally correct .
No probs Cdn, just the one proviso that the info I posted with a link to the thinking suggests that no approval is needed but I'm not saying that's definitely the case.
Might actually be worth you going to the AGM this year:-)
ATB
Thanks NoEasy, that actually helps. So for relatively new people to this board, the only thing needed here is for government approval of an extension, following Ebola, elections and now Covid, so lots of justification to approve an extension. Which is why NoEasy is saying below - that Essar N should get that extension granted in a really short timeframe. The release confirming we have the extension moves our stock price. Because that will disclose the terms upon which Essar N has to drill. And from there, we will get a further release to confirm when Essar N is actually going to drill in compliance with the extension. At that point, investors will have to decide their risk tolerance to wait for the drill result. No idea what that price is in the drill lead up, but it certainly has to be much higher than where we currently sit. GLTA
Cheers Yacht, you were on my list of names so thanks for your help.
Hi Cdn, We were told on many occasions through the back door we were getting or even maybe in one case that we had approval for the 80% acquisition of the EEPL shares. But I don't believe we did, we never reached the point of having those shares approved and registered by the government. If that is indeed the case then there is no change of control to be approved. Essar M had control of the OPL 226 shares, we got legal control of Essar Nigeria (two separate things) but not a sanctioned control of the shares and following the settlement Essar M still have control of the shares. The only thing I see as changing is that Essar M now have legal control of Essar Nigeria to compliment their control of the shares in the licence. Maybe other scan chip in here.
I don't think the transfer from Essar M to Shorecan was ever put up to nnpc for approval. That was an action point still waiting to be completed.
NoEasy- I appreciate you pulling out the reference, but are we not dealing with a change of control? I understood our first delay in extension was approval of the transfer from Essar M to ShoreCan. Now ShoreCan is transferring shares back and Essar M again will be in the control position. Honestly - did we ever get approval of the transfer OUT of Essar M to ShoreCan approved? Maybe the license can be approved because we are back to Essar M being in the control position. However it is interpreted, I hope you are right the extension is approved in such short order.
NoEasy, good to hear from you. I agree totally with what you say and your reasoning. All the best, YM.
Cdn, I'm not sure that the government has to approve the share transfer from ShoreCan to Essar M because as far as I am aware ShoreCan never officially had the shares. They had legal control of OPL226 but I believe no shares registered by the government
Equally I am not sure (open to interpretation) that we need any DPR approval now as we don't hold a controlling share:
'It is noteworthy that in relation to share transactions, paragraph 3.1 of the Guidelines does not prescribe a threshold of shares but merely refers to “any part” of the shares of the relevant company. Ordinarily this would give rise to some further confusion especially in relation to publicly listed companies as it would suggest that the transfer of even a single share of a company which owns a licence or lease would require ministerial consent. However, we hold the opinion that the Guidelines should be read in conjunction with subsisting law and the Moni Pulo Case which clearly indicate that the relevant threshold for the trigger of obtaining ministerial consent is “controlling shares”.
https://www.banwo-ighodalo.com/assets/resources/fd208177f26253148eca17cad3030047.pdf
On the separate subject of the PSC extension based upon a past similar settlement of dispute involving an OPL I am expecting the licence extension as soon as Friday but with a real possibility of the next seven days.
May I also pass on my genuine thanks to all the people both in the UK and abroad who have helped me during my time on this board (some great new posters as well) with factual posts and reasoned opinions, arguments. I was going to name you but would feel bad if I missed someone out.
Also throwing my two pennies worth in on the view that fake info can be good for the companies exposure. I can't argue with that, it can, but where would it stop? Empowering such posters is a double edged sword and not in the spirit of what we have had here, let's not lose it for a few cheap headlines.
I am just happy that we are above 0.04p
That was when this company was touch and go.
I am now 100% certain the psc licence will be extended very soon and a drill will spud late this year or early next year.
Dsc, I have said that several times on this board. He is always looking for reassurance and hand holding. I guess he is 14 years old.
I think a fortune can be made here, once the releases come out to confirm Essar N is granted the extension, and Essar N announces the drill program and date the drilling starts. For those of you that are not faint of heart, I expect you will be able to day trade this for profits as the price is not going to move in a straight line - we will get profit taking as we push this share price up to where it should be. GLTA
Cdn, I agree totally.
It is simply that at present the market does not appear to be pricing COPL correctly, whatever the reason for that may be.
From such errors in pricing, fortunes can be made.
(I hope...)
slight correction below to my post - I meant that Nigeria has to approve the share transfer from ShoreCan to Essar M in Essar N as part of the license extension approval to Essar N.
skittish, I think from knowledgeable posters on this board that Nigeria NNPC and DPR had to see that we had firm settled agreements with Essar M so that they could approve a license extension to Essar N on appropriate terms, which would include ratification of the share transfer from ShoreCan to Essar N. So the next release on the extension could only ever follow the release confirming written agreements made between Essar M and ShoreCan. Now Nigerian authorities can approve the extension to Essar N on the right terms. I think that the extension is 100% certain to be given, the question is only one of how much time Nigeria take to give it. I have read people here posting it could be announced within a few weeks. But who knows? Other people posted here that a drill within 2020 is not likely, so I take that as suggesting a build in for time to get Nigerian approvals, and then its 60 to 90 days for Essar N to do the drill.
So why do I think it is a 100% certain to be given? Art and employees would not have settled their wages and debts for shares if they didn't think the data showed this property had oil and gas that could be extracted at commercial profit. And that only happens if Essar N gets a license extension. The big financing done, was by an unnamed key insider. Who agreed to put in more money than was initially requested. I expect those people are making investment decisions with more information than we have.
GLTA
LTH know to just sit back and watch this u fold, there is no need to panic on daily sp rises/drops as the goal is much bigger
Despite today's fall we are still above all the recent closing high's with the exception of yesterday's close.
There have been very significant recent share purchases over the last 10 days or so. One can speculate as to whom the buyers might be.
The shares remain in a strong short term uptrend.
If one looks at matters rationally and assigns a price of say 1.5p to the shares with the agreement and licence in place, then putting all other matters aside, the market is assigning around a one in three possibility that the licence will be extended.
If you think that ratio is too low then the shares are a buy.
To me the licence extension is now everything - no licence, then effectively no oil.
If you think the licence is a given (I think it probably is a near certainty, once the right people are fully loaded) then the shares are way undervalued.
But then the markets can remain irrational far longer than the average pi can remain solvent.
Looking forward to the next few weeks with interest.
Sam comes across as one nervous trader...!
take it you sold out eua sam
If it drops, get free money by buying.
If it spikes, get free money by selling.
What's not to love about this risk profile?
predator you'll be lucky hopefully goes to 0.50p+ tomorrow
it drops back into the 0.3s tomorrow might have a wee punt for the up coming drill when ever that will be. GLA