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TAF
Yes I meant Oct (not July)
You will need to look at the RNS of 07th Oct to see the proposed uses of the £24M. As you will see the Rathlin Investment was assigned £16-£20M for specific work activities.
Regarding the £7M equity swap, all we are doing here is swapping paper, no cash changes hands.
Regarding Connaught, they could retain their direct interest in Rathlin or swap some/all of their Rathlin shares for RBD. They will do very nicely out of the transaction. .....along with all other Shareholders
Jack
Can't fault you on most of that Jack.
1. Yes Connaught bailed Rathlin for £33m and it is now of the books. You don't think Connaught have just forgot and never want any money back though do you?
7. RBD will have 75% on 29th July when a further £16M goes in to fund WN to value creation.
I think October not July, and also £23m not £16m, have you forgotten the £7m equity swap?
A big chunk of this will be going to Connaught IMO.
Share action
Your posts today @ 13:51 and 14:32 are completely inaccurate in a number of respects :
14:32 -Rathlin has two Canadian Directors John Alexander HODGINS a petroleum geologist and Paul MCGARVEY
13:51 -
1. £33m was owed to Connaught in 2017 and was out of the books by 2018, as this was part of RBDs deal. I suggest you take another look at the Balance Sheet (Page 11) as you have your years mixed up.
2. Cash at Dec 2018 was £4.7M. Hardly dire.
3. RBD put another £1M in on 22nd Aug. Hardly dire
4. Rathlin Directors have signed a 12 month Solvency Statement in Aug 19, as part of their £8M Capital Reduction. Hardly dire.
5. You appear to suggest that UJO have paid Rathlin for the EWT. Was that the £700k estimated by “Angel” on the 09th July lol. Could you provide a reference?
6. From Nov 2018 RBD was the controlling party of Rathlin due to their 37% Shareholding, so they have been in good hands since
7. RBD will have 75% on 29th July when a further £16M goes in to fund WN to value creation.
8. Rathlin currently own 66.67% of WN. Hardly dire - did someone not tell you this is the largest hydrocarbon find since the 70s
Wake up - your posts today reek of errors!!
Jack
Hope you're right gkb47. I just wonder whether DB is still on good terms with Humber. I didn't understand the whole business of Frazer Lang resigning from UJO and selling his shares.
shareaction I don't think we need to worry at all about Reabold getting shareholder support for the raise. They are picking up a big chunk of WN at a bargain basement price. It's just a shame that UJO can't increase their intersest. If only they could have come to some arrangement with Humber.
Oiler we all know 0.18 is not fair value. Some people are on here just to get under people's skin and frighten them in to selling.
shareaction I don't know whether this information is up to date but these were some of key people from Connaught:
https://www.rathlin-energy.co.uk/corporate/the-rathlin-management/
By the way I think your assessment of Rathlin as running on fumes is correct so the new funds from Reabold are very welcome.
VeryHappybunny, as far as I can see Connaught Oil & Gas Ltd has 1 employee and 1 director, Chris Hooper – see below. The company is either very, very small or absolutely hopeless at making themselves visible. If you find any concrete information about Connaught please post it here and I will update myself.
__________________________
Connaught Oil & Gas Ltd was founded in 2009. The company's line of business includes performing geophysical, geological, and other exploration services for oil and gas.
SECTOR
Energy
INDUSTRY
Oil, Gas & Coal
SUB-INDUSTRY
Oil & Gas Services & Equip
FOUNDED
--
ADDRESS
530 8 Ave Sw Suite 1300 Calgary, AB T2P 3S8 Canada
PHONE
--
WEBSITE
--
NO. OF EMPLOYEES
1
Board Members:
Name/Company
Chris Hooper
ACM Ltd/Canada
Another PR night!
Might be worth looking at what happened at AST. Action groups and all that. I've never come across a company so heavily promoted by a few people. Bizarre.
Good luck.
What, only added 8m on the mcap pre a fund raise wn , wressle and bisc, keep taking the tablets.
0.18p is fair value after all the hype.
This is better than The Circle... and more catfish.
Mix, you say Rathlin and Reabold are strongly backed.
I agree with the latter (Reabold) but Rathlin has no financial nor any technical backing from Canada anymore. Connaught has just been diluted 90% and are no longer a parent company so they have in effect taken the loss and walked away from it. The canadian group was always just a bunch of private equity people anyway and Connaught as a company have never had any oil expertise or experience (apart from whatever background experience some individual investors in that group of people may have had). The only oil experience they have had was that of Rathlin's, nowhere else that I could find anywhere. Which is ironic as posters here often used to refer to Rathlin's canadian owners' oil experience as a great strength!
Anyway, Rathlin is hopefully soon history as we know it, with Reabold as future majority owner.
I am my own person here. I am in no twitter groups and speak exactly as I see things.
Heid you playing both sides.. What's that mean.. ;-)
I'm here since 2012 50p. How long are you here. I've seen people like you come and go. You wouldn't trust me but you trusted and backed Chris Oil. Nuff said mate. People will judge you on that but that's up to them.
None the less you are invested here I believe so I'll not go down the line of calling another fellow investor names. You get the hair cut and relax. All good.. Mix
Hey shareaction great post. Recommended. The only thing I'd add to it is that Rathlin and reabold are strongly backed.. And yes you are 100% $33mil which was addressed some time ago.
I'm hoping now that if the placing goes through its a full an aggressive revised program to get West Newton to production and fast track the oil. Been to long here now lol
All the best and super post Mix
Mixter, you say 'Rathlin aren't bust or run out of money'
From an accounting point of view this is correct. However their situation is dire. Rathlin's latest annual report filed in august contains details of the survival struggle they have gone through to deal with the losses, all of which had been capitalised and accumulated on the balance sheet. Rathlin has never had any income.
At end of 2018 the now FORMER Canadian parent company, Connaught Oil & Gas Ltd was owed in total £33,847,760 by Rathlin. In the summer Connaught Oil & Gas had to accept to swap this debt for 3,362.160 newly issued shares at a conversion price of £10.07 (!). In the subsequent placing, other new shareholders (including Reabold I assume) only paid £1 per share (well actually only paid in 84 pence, so still owing the remaining 16p/share to the company). In hard extra cash Rathlin only raised £5m gross before cost which would not last long when having to cover 66.67% of future West Newton development cost.
UJO may well have paid its share of the EWT cost to Rathlin but nowhere can I read that Rathlin has passed on this pre-payment or indeed any of its own 66% share to the providers of the EWT services.
At the moment I suggest we all cross our fingers until Reabold's EGM has passed its resolution and cross our fingers and just be grateful and count ourselves lucky that Reabold has come to our rescue. Of course UJO will not lose ownership of its share of the licence if Reobold fails to get shareholder support but Rathlin has no financial strength whatsoever to take this any further on its own so the project would just stop and eventually the licence would expire in June 2023. My recommendation is that we all sit very quietly without rocking this boat until 28 October 2019.
Your knowledge and opinions are very welcome here mixster. I for one appreciate them along with Straighttalkers.
We all believe in this and I am pretty sure we will all be following this journey for a good year.
Ah we've all big egos Heid and empty pockets lol. I'll be good.. Normally am but just calling some statements out. We all had opinions and yes Cal Joe is entitled to his.. All good with me.. Mix
Good grief you men... honestly.
I don't speak bad either 50p. You're just a ramper mate an errand boy that brings the posts. You've brought no substance here. In fact only the other week you went on a rant Against UJO.
But youve shown your colours again here. Now refrain from the language as there is ladies present.
;-)
OK points scoring over.. Back to UJO LOL
Oh here we go again, scoring points.
Some updates from Union Jack Oil would be very nice.
Until then I just focus on the huge potential here.
Firstly let me address the BMD comment by 50p.
Again he never produces the proof. Just another random tweet or guess I reckon but we are all good at that. But tell me why would Humber give up anything on West Newton when they could flip other assets like Wressle and Bisc. Just doesn't make practical sense to sell the kings crown. I'd be selling wressle or bisc to keep West Newton in play.
As for guessing, anyone seen any proof on these permits. Where's the applications. Not saying it's porkies but again does someone think they are in the know or just guessing. I haven't heard or sedn anything on them. I didn't believe any additional permits or planning wS required for EWT unless they are bringing a monster truck to site.
What I do know plain and simple is what comes from updates and RNS. Rathlin aren't bust or run out of money but they will need it given the 3D sesimic work and other aggressive work they are about to embark on.
Rathlin according to the last update are waiting on the analysis. Period. Unless someone can tell me the analysis has landed (which must be close BTW not immediently however ;-) ) that's the state of play. Pending that, it's a redesign of the EWT followed by a new program of work given the analysis. We need to pkay oil production forward in the revised program of work.
Anything else unless proven is hearsay or guessing. I just wish people would say back and let the operators do their job. Everyone is an expert I guess lmao even me!!
As for the placing, upon refection it might have just been the right opportunity and was exercised with great timing by Reabold so when analysis drops everything is in place.
Good luck and as always DYOR Right.! Mix
Ps.. 50p flute.. You never answered me about what happened your heavily published interview with Coil.
65JH If I were you I would be closing that short ASAP.
I wouldn't mind betting that all the people that come on here saying there is no problem and we can wait as long as it takes are people that sold out in the 0.3s and are now buying back in. If a company is communicating properly with shareholders you shouldn't see the price drop back from the high 0.3s to less than 0.2.
If we are waiting for permits why didn't they say that in the RNS!
I believe in UJO and the value that we have. I also believe that the people saying what a great buy this have been selling the last couple of weeks.