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**You want as many operators as possible. But what the FI needs is a medium sized operator - not minnows**
Argos will have their license extended....etcccc.....
The chairman is against any dilution, done 2 times so far.
Wait & See.
" I expect FIG would prefer dealing with 1 operator here, and one they trust. Argos look in an incredibly weak position here"
Wrong - Licensing 1.01 refers to Denmark -where the Govt gave a small consortium of big companies all the offshore acreage for years - and then 20 years later they had about 10% of the activity of Norway, NL, UK and had to legislate to remove the monopoly.
You want as many operators as possible. But what the FI needs is a medium sized operator - not minnows
Very interesting stuff.
Probably a dazzling statement of the bleedin' obvious, but whatever happens is likely to be indicative of Navitas' way of working, which I suspect (and hope) will be resolutely unsentimental.
I agree Deus. I expect FIG would prefer dealing with 1 operator here, and one they trust. Argos look in an incredibly weak position here...........I can see the latter scenario playing out
To any that are not happy with the fund raising and our dilution, it sure looks like we are in a much better place than Argos right now.
I guess if the FIG just delay the license extension a bit Navitas or Rockhopper could buy the company at a discount to the 1.75 suspended price
Sorry BB3 - started my post earlier, got interrupted, returned to PC and clicked Send. Thanks for full text.
DEM
Was mentioned in ARG RNS of 24th June. See:
http://otp.investis.com/clients/uk/argos_resources_ltd/rns/regulatory-story.aspx?cid=1692&newsid=1598670
I suspect that ARG have always assumed that RKH will buy them out. Their problem is if FIG refuse to renew the PL001 licence yet again, when it expires 31-12-2022 then RKH/NAV may be able to acquire the licence without buying ARG. Whilst it would be nice to acquire the other half of the Johnson gas field - I'm sure Sea Lion will get developed first.
DEM
RNS Number : 1629Q
Argos Resources Ltd
24 June 2022
Update on Licence PL001, Funding and Publication of Results
Licence PL001
XXXXX info can be found on rns XXXX
Update on Funding Position
XXXXX info can be found on rns XXXX
Publication of Results
Alongside the provision of the Loan Facility, the Company has been in discussions with its auditors to ascertain the basis on which its annual audited accounts for the year ended 31 December 2021 ("FY21 Accounts") should be prepared. It is now expected that the FY21 Accounts will be prepared on a going concern basis as, in the opinion of the directors, there is a reasonable expectation that the Group and the Company will continue in operational existence for the foreseeable future.
Under Rule 19 of the AIM Rules for Companies, an AIM company must publish annual audited accounts which must be sent to its shareholders without delay and in any event not later than six months after the end of the financial year to which they relate.
As a result of the Company's extended discussions regarding its funding position, and the associated impact on the timing for the FY21 Accounts, the Company will not be in a position to publish its 2021 Financial Statements by the deadline of 30 June 2022. Consequently, the Company's shares will be temporarily suspended from trading on AIM as of 7.30 a.m. on 1 July 2022, pending publication of the FY21 Accounts. The Directors are endeavouring to complete the procedures required for audit completion and will publish the FY21 Accounts as soon as possible.
Notwithstanding the temporary suspension of trading in the Company's shares, the Company will continue to make announcements as and when there are any developments that require to be notified under the AIM Rules for Companies.
Well, unless someone here can tell us something, it's yet another case of 'wait and see'.
Still, we're pretty used to that, aren't we!
Any views out there on this