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won,t be last long
The counterparty will effectively take a 30% stake in RGM and a free carry.
A 2% interest (being 20 shares) in Horse Hill Developments Ltd ("HHDL"), the 65% owners and operators of onshore exploration licences PEDL 137 and PEDL 246 (known as "Horse Hill"). The interest was acquired for a consideration of £425,000; Very fishy .Hamish Harris And May
I expect the placing was taken up by the same people who invested over 1m at 0.4p and made the HH and other investments possible - their warrants expired Dec as well - that being the case I don't begrudge them getting a few cheap. Liquidity improved massively which will further benefit the company and Investors in the long run. As a final caveat in the unlikely case of bad test results (highly unlikely given SP movements) the placing will be a god send :)
I reckon the MM's knew the placing was coming and manipulated the price upwards to stuff the poor PI's once again. So glad I got out of this when it was the old EVO at 1.49p although should have got out at 4.4p.
with our 3% of ALBA worth 200K odd, and our placing out of the way, this looks like it has a lot higher to go yet
Magellan Petroleum Corporation (NASDAQ: MPET) today announced preliminary results of a flow test of the Horse Hill-1 well located in the Weald Basin, onshore UK, which is operated by Horse Hill Development Limited and in which Magellan has a 35% interest. UK Oil & Gas Investments PLC, listed on the AIM of the London Stock Exchange, owns direct and indirect interests totaling approximately 20% in the Horse Hill-1 well. On February 16 and 17, 2016, UKOG announced that HHDL had informed them of the preliminary results of the flow test, indicating that light, 40-degree API, sweet oil has flowed naturally to the surface from the Lower Kimmeridge limestone interval at a rate of approximately 450 bopd. The Horse Hill-1 well lies within the license area of PEDL 137. Pursuant to a farmout agreement executed in December 2013, HHDL is the operator of and owns a 65% interest in both the license and the well, and Magellan is carried 100% for its 35% share of the costs of this well, including drilling, testing, and completion costs. J. Thomas Wilson, President and CEO of the Company, commented, 'Even though the results of this flow test are not definitive and are just the beginning of measures to establish the commercial viability of this discovery, they are very encouraging as to the potential future production rate of the well. The Lower Kimmeridge limestone formation represents a new reservoir objective and this is the first time oil has been tested from this interval. The ability to receive free flowing oil from the Lower Kimmeridge formation provides significant additional evidence that oil is mature in the Kimmeridge formation onshore UK, which is a critical aspect of our interpretation of the Weald Basin and provides further support to the potential of the Weald Basin as a potentially significant prospect. The Kimmeridge formation is already known to be a major source rock of the North Sea. The next steps of the flow test consist of testing the Upper Kimmeridge and Portland formations.'
It will be interesting to see weather they will buy bit more in hh play or not...
yes.
Have you taken position here?
Bye bye flippers 23-Feb-16 15:10:37 0.0964 36,500,000 Sell* 0.09 0.11 35.20k O 23-Feb-16 16:32:04 0.095 14,369,044 Sell* 0.09 0.11 13.65k O
was up 35%....finish in red down.(-13.04%)
22,024,800 ...huge.....LSE .vol..169,141,686 ......i think horse hill is talking .oil ocean
Also my initial thought given that RGM paid £400k for 5%, only £50k more than the issue of stock value announced today.
Hope they do buy some more hh
I was also thinking the same when i read the following in the RNS "Placing to . . . . assist in seeking further investment opportunities."
Do you think Evo is planning to buy bit more of hh play,if it is we could be on to a winner here...
At least we have placed other hh plays will do the same its probably shorters offering cash to get more shares to close its all corrupt
Apart from the 18k sell, relentless buying pressure, massive upside from here.
it would of been good ,without placing today .all others HH .big rise .news could be tomorrow
Also most of the placing would of been forward sold onwards and upwards
surely tomorrow will be another big volumes imo
Issue of share to raise a good amount of cash and the appointment of new brokers. The board are definitely getting prepared for something good.
what happened today, just saw this drop, after being up big% ?
23 February 2016 Evocutis plc ("Evocutis" or the "Company") Appointment of Joint Broker Evocutis (AIM:EVO ISDX:EVO), is pleased to announce that the Company has appointed Peterhouse Corporate Finance as the Company's joint broker with immediate effect. - Ends - For further information please contact: Evocutis plc: +44 (0) 7906 205 663 Hamish Harris Nominated Adviser and Joint Broker: +44 (0) 20 7148 7900 Cairn Financial Advisers LLP James Caithie / Liam Murray Joint Broker: +44 (0) 20 7469 0930 Peterhouse Corporate Finance