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Ongc taking on debt for possible investments...
https://www.bloombergquint.com/business/ongc-to-borrow-2-billion-through-unique-overseas-debt-programme
Great find. Explains the jump on Friday.
Excellent find 50cc and thank you very much for posting. It certainly thickens the plot because now ONGC Videsh is set up both corporately and financially to make acquisitions as it sees fit. Therefore, if the other 30% of CP0-5 is to their liking then they could well be a very willing suitor.
By this I mean they would likely present the strongest opportunity to achieve the highest price for CP0-5 because of their knowledge of the block plus their size and thus willingness to pay what it takes.
Its a really interesting development.
On your point regarding delaying the interims it is important to remember that thus far only the date has been removed from the calendar and nothing else plus, they have to produce the interims anyway by the end of September so the work still has to be done and no doubt will be being done in parallel to the sale process.
Yes it is is important to be driving the sale process but until the dotted line is signed there is no guarantee that the sale will be completed and so thew show must go on and be managed in that manner.
Yes, I know it's not exactly recent but this piece from the FT published in 2008 outlining ONGC's bid for Imperial Energy may provide useful background. It's also worth mentioning that Peter Levine now controls President Energy. Although its focus is on Argentina, it also has assets in Paraguay. As does Amerisur. Something else to bear in mind is the premium to the market price offered by ONGC – some 62%.
https://www.ft.com/content/0538d902-733a-11dd-8a66-0000779fd18c
stockable - article is behind a paywall.
bigsmoke, my fault. However, I think the article can be found by using the heading "ONGC to acquire Imperial Energy" and making a search. That should take you to it.
nice one. thanks stockable.
but.... fast forward seven years: "ONGC, Centre face flak for Imperial Energy acquisition" https://www.thehindubusinessline.com/companies/ongc-centre-face-flak-for-imperial-energy-acquisition/article7536137.ece