Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Original "Loan" RNS stated, IIRC, that early repayment without penalty was in the contract, so EOG did their due diligence in that respect and I expect that was purely on the basis/chance that Serenity did not come in for us... Which makes sense.
We're cashed up, (also awaiting cash back to us), and earning well from Wressle, (daily), completely debt free AND still pursuing Serenity in the SA01 region which is already proven. Whilst we wait, Wressle cash inflow swells monthly in the bank account.
What is not to like? Aside from the share price lol. Wressle update is due.. so i'll just sit and wait!
Yes, indeed interest was paid in addition to the capital but no penalty was payable.
I believe it was accruing on a daily bases, therefore the repayment on interest would be to the the day it was returned to UJO. Which is fumes in the grand scheme of things. Figures will be in financials.
Was hoping to see some more Wressle info/update but I think it'll warrant a separate RNS. Happy to also see that focus is still on getting something out of Serenity within our cash budget.. very possible imo.
Will be out soon, then off we gooooooo……………..
Ahh yes saw the interest bit....
10k is nothing...
Debt free in the RNS is what I like!
The loan was taken out on the 9th Sept. interest @ 11%, so working on that the total cost was just under 10K
Gusto the wording of the RNS indicates " accrued interest was payed without penalty". The statement is ambigous particularly as values are not specified.
Language is facing both ways and should be clarified.
Dusters are part of the game. This has been an incredible oportunity to get in cheap.
It's a bargain below 3.5p..
Told you loan would be repaid without paying interest!
Accumulate and hold.
10p in couple years!
2.3p I said last week gla
I expect to see 1.50p today or this week IMO. This is a bargain sub 1.50p as I have been saying last few days. I would not rule out 2p on strong results.
DYOR
Here we go, quick climb back over 2p incoming!!
" the Company will be completely unencumbered and debt-free." and no doubt with cash in the bank, whatever they have now plus another £2 million from an underspend on serenity plus the windfall tax cash back (or not paying tax on wressle) to the tune of 91% of serenity spend, all in all the whole opportunity has cost very little and we may still have a shot at a serenity development yet in the east. Its cost some dilution only, but at 1.2p this now seems a bargain and we know markets don't like giving away bargains, expect the price to rise today.
Loan facility news got the SP down from 2.95 to 2.09, so now I would hope the SP to rise...Good luck to all!
Good to know that two of the following can be funded from our balance sheet:
*Serenity development,
*development activity at Wressle
Question is, what are the other potential appraisal assets?
*to continue with our stated efforts to add additional appraisal assets to the portfolio
Good to see this confirmed: Loan Facility Repayment
Wed, 19th Oct 2022 07:00
RNS Number : 3241D
Europa Oil & Gas (Holdings) PLC
19 October 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
19 October 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Loan Facility Repayment
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, is pleased to announce that it has repaid in full the £1,000,000 loan facility (the "Loan") provided by Union Jack Oil plc ("UJO") which was announced on 9 September 2022. In accordance with the terms of the Loan, the principal and accrued interest has been repaid without penalty and following repayment the Loan will be cancelled. The Loan was secured against a 10% interest in the Wressle field (PEDL180 and PEDL182), including the associated infrastructure; this security will now be released at which point the Company will be completely unencumbered and debt-free.
As announced on 10 October 2022, following drilling of the Serenity well the Company expects to receive in the coming months, once all of invoices for the SA02 well have been received and a final well cost has been established, a repayment of approximately £2 million from the escrow account.
Simon Oddie, CEO of Europa, said:
"I would like to thank UJO for providing us with this loan, which provided Europa with additional liquidity as part of our prudent cash management philosophy pertaining to our short-term capital requirements. Although the results were disappointing, the Serenity well was drilled significantly under budget and the £2 million, when added to our existing cash balance and ongoing net income from our onshore production, provide us with a strong balance sheet to fund the ongoing assessment of the Serenity development, development activity at Wressle and also to continue with our stated efforts to add additional appraisal assets to the portfolio. I look forward to providing further updates as each of these exciting facets of the Europa business progresses."
MickR,
As a shareholder - I Hope you are right but imo - the cash position is already known plus or minus so I suspect you will be more surprised than me unless the outlook is stronger than most expect - lets see.
Well if anyone was considering a move there probably isn't a better time.
Would not be surprise if i3e were contemplating an all share offer for EOG
I picked up 1 million today. But none of them were in blocks
Meanwhile, the 500,000 shares buyer is hard at it….obviously accumulating a stake?
One thing that may throw us off guard is a cheeky bid Which I do not see coming in at less than 3p.
DYOR
Tonynortrom,
I think you will be very surprised, I see an at least 50% move from these levels if strong cash position is confirmed and the outlook comes across as positive reading.
DYOR
Topped up at 1.209
I dont think the Final Results will move the needle much unless there is something in the post period outlook that surprises.
The numbers are what they are and can and will be forecast by most serious investors within an acceptable degree of accuracy - the production is known - where is the surprise coming from?