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Jonmo91. I wasn't talking about takeover activity either, I was talking about voluntary suspension while deals of any kind are being finalised. Why don't you read what has been written before replying?
Further to Morocco, An article from Business Insider would suggest that the decision and probable in near time announcement of new gas pipelines and upgrades from Spain to the EU is on the cards to remove the current bottleneck of restrictive gas supplies, hence then the EU being able to take large amounts of gas directly from North Africa, moreover through the Maghreb pipeline and PRD in particular.
"The only problem that we have is the interconnections. That is why I think it was very important that the commission made a clear statement that we need to increase and to intensify the interconnections from the Iberian peninsula with the European energy market," he said.
Also it looks like Morocco has received natural gas through the Maghreb pipeline through the re gasification and reverse flow procedure as highlighted in previous news release’s.
I know Trinidad doesn't set hearts racing but, with PG or LB or both over there this coming Tuesday, very interested to learn the details of their LO deal which should be by now little more than a signing off event.
Hopefully more too on the FRAM asset they have in mind in lieu of debt repayment. In both cases we should learn more very early in June.
Simon Thompson IC. “ CHAR has announced a £23.6mn fundraising to advance its low-cost Anchois Gas development. Hopefully PRD will force him to recalibrate his definition of low cost :)) !! Worth noting also he claims since first recommending CHAR in 2017 they have delivered a 543% return with he thinks a 3 fold increase on the cards as a conservative expectation . Given our comparative development timeline and costs alone , the returns for whoever owns it will be something to behold.
Ho hum. Let's try one last time. If a listed company is undertaking a deal which is likely to be of a transformational nature, it may take a while to finalise all the details, and it may require shareholder approval - hence the issue of a circular. The scale of the deal may in effect be a reverse takeover, which will definitely result in suspension. While all the details are being sorted out, the company would request suspension so that people are not trading on the basis of incomplete information, which could result in a disorderly market.
As an example of what could happen, you may wish to take a look at the history of Savannah Energy (SAVE:LSE), since that is also an O & G African-operating E & P company.
2nd June 2021: RNS - discussions with Exxon re acquiring assets in Chad & Cameroon. Suspension from trading. 13th December 2021: RNS - deal signed. 31st December 2021; RNS - shareholder circular & admission document published, restoration of trading.
The same company went through a lengthy voluntary suspension in 2019/2020 while it was sorting out the very complex assets acquired from Severn Energy, some of which were sold on.
So, this does happen, and for very good reasons. It may happen with PRD, if so, it is likely to be before the end of July - I am assuming that since 12th May announcement, PRD have finalised proposals to the selected partners, and the 60-day period should have started around now.
The share effectively suspends everyday when the market closes. Unless there’s a leak and the price starts running away prior to news, I don’t see suspension serving any purpose. If it’s re rating news the market will be as orderly or disorderly when it starts trading again, regardless of when.
Jonmo91 It would not be "any" news that would cause suspension, it would have to be "significant" news to cause suspension. Personally I have no experience of this so cannot comment on its likelihood but I feel that at this moment in time it is just speculation of what might happen as one of several possibilities.
As for my tuppence worth on the current PRD situation, (anything to help with funding eh :-)), I would say that the management are confident that further dilution will not be needed. Of course nothing is guaranteed. The thing is they know that they have a discovery with MOU-1, as has been stated before the reserves have been upgraded from prospective to contingent. The only thing that I have seen to state that it will not be commercial is the 25% chance given within the report of paperwork being completed. Furthermore progress is being made with constructing well pads for the next drills, so all is in hand.
What do people think would happen if we flow tested just MOU-1 on its own? Is it likely that a bid could come in to take the whole of the Geurcif licence? If so any bid may severly undervalue this asset. In truth this share should already by in the 40pps range. All we have to do is wait, as frustrating as it is. Quick question, is the start date for the 60 days exclusivity period for farmin to the Geurcif licence known?
Cube will hopefully have PRD related reasons for returning at the end of May. Possible share suspension for orderly market has been discussed by wiser heads . Timing and duration ? End of week to allow ample time ? A day or a weeks suspension ? Is there any particular form generally observed ?