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RBL....imho. It's either that or share issuance. I prefer a loan over more equity, however I wouldn't be surprised if more stock was issued to land a big one. I am not that clued up up on RBL's...but I feel AA wouldn't want a third party in his rear view mirror all the time.
Well I would take on the debt (investment) and retain the cash as a buffer, but that is just my preference. PE could take RRE private then use the fire power to take on debt. Dunno. But the options are looking good. !!....;0)))
MTS.
I’m sure if we all voted on here and it would be that we DONT want debt.
Debt is what’s killing Enq, Pmo, Tlw and many others.
I see the 30% id spirit that Cna don’t own as the best piece of business on the market that ties in with our assets and STILL leaves us DEBT free albeit by year end or debt of max $100m.
I just have a feeling as newkotb mentioned that now the oil market is primed for action with a floor in place.
RRE would be the first to move. Apart from Arran there’s a need for more growth .... AA knows that ..... his 30% holding needs boosting in £££££ value.
RRE have (or had pre-covid ) $1bn to spend. $200m for Tolmount would still leave $800m for other acquisitions. Huge potential.
Premier oil has renegotiated it’s $625 million deal to acquire North Sea oil fields from BP cutting the upfront payment price by $115 million and slashing the decommissioning liabilities by more than half. Premier will now pay $210 million upfront With the remaining hundred and $15 million contingent on oil prices returning above $55 a barrel. Originally they were to pay $325 million upfront. BP will now retain the decommissioning liabilities for the Shearwater field and half of those of the Andrew field reducing premiers obligations from $600 million to $240 million.
This is great news for companies like rockrose as we should be able to pick up a bit of a bargain from the majors. Maybe knock 15 to 20% off the Tolmount asking price from Dana. $200m.
Premier will subsequently register the Schemes but the BP Acquisitions and the acquisition of the additional interest in Tolmount will not proceed on the terms originally envisaged, which in turn means the original amendment and extension of the Group's credit facilities contemplated under the Schemes will not take effect. The agreement with ARCM also provides for a comprehensive settlement of all claims relating to the schemes and related matters (including costs).
From the Rns , certainly maybe an opportunity open . Good looking asset, how cheap will Dana let it go for?
Premier have renegotiated more favourable terms with BP. Some costs won’t be paid by Premier unless Brent goes above a certain price.
I haven’t followed Premier or North Sea activity until very recently but it looks like Premier have bitten off far more than they can chew. Were they also acquiring these fields when the POO was at $70-80 prices?
Looks like Premiere will pull out of the proposed purchase of a slice of Tolmount off Dana. $246 for 25% or 14000 boepd. Southern North Sea gas.....interesting. AA would likely look to pay less than $246 in current climate. Would take RRE to over 40000 boepd by 2021 and add 22mmboe reserves.