Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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looks very much like fogal ran out of cash 8.6 mill us in bank owed 15 mill us so board did best out of bad situation pity they let them selfs get into it in first place
If I understood the Audio of Analyst Conference Call 24 November 2015 on RKH website correctly, this merger should help progress Sealion & the North Basin, which I see as good news. Here is RKH link: http://www.rockhopperexploration.co.uk/rockhopper/investors/documents/important-disclaimer/listing-documents.html BW
Lets hope for some good news when CPR,S are issued.
Just managing the risk as I see it, after Humpback,.... hope the merger goes through. BW
If the saudi's dont cut production these oil stocks will be smashed again.add on a american interest rate rise then is could be disaster time.makes you wonder where this is all going to end.you could never beleave such a stream of bad news after bad news that has hit the oil sector and i do not see one thing happening in the future apart from saudi cut that is going to turn this situation round.these shale drillers are going no where and add on all the extra oil being pumped then its a grave cause of concern
Not much likely to happen except that Saudis may get a face saving formula to start cutting probably Q2 2016. Saudi exports to USA are up plus they are buying into more US refineries. Watch the EIA numbers today plus the payrolls on Friday. If they're not good the Fed is stymied re the mooted rate rise so the Dollar starts to fall so oil stabiliises further. See what happens next. Just thoughts
If nothing positive comes from OPEC meeting this week can POO avoid falling to $30 infact even lower ? There is nothing to hold it up is there ? Or is this too pessimistic ? I did state on here a few weeks ago that the Saudis were willing ti see the high $29's to meet their aims abd was slaughtered for it by the learned one on here. I hope he was correct.
The only way this may not happen is if Isobel is a duster next time, but if its proven then the MMs will have a problem holding FOGL down against RKH. Now you can all place your bets !! But I think it will happen either way. Just remember though that Isobel 2 is PMO drilling and RKH the well experts and even without that step-out well PMO/RKH are still saying there is 400mm bbls of which FOGL has 40%. RKH is paying £57mln for that in shares or 30p per bbl which is less than the $0.66 per bbl often mentioned here. Do you seriously think RKH will finally say NO !! I don't think so Gamblers place your bets. !!
Aren't the board up for nomination after every year in oil stocks? Long term holders mustve been happy with them in the near past & therefore with humpy proposition which happened to nearly bankrupt us. Unforseen I know...
Like you unhappy with the current satuation so have cut my FOGL holding.Still hold RKH long term.FOGL BOD neede a good kicking.
HeresHopin,.... that's the way I look at it, when Selling FOGL to Buy RKH its not just a simple s/p equation, there is also the risk element (merger not going through),..... I was not holding any RKH, so sold some FOGL to Buy RKH, although still retaining a larger position in FOGL, at present. BW
If somebody had said back in March that mid way through the drilling campaign, having had two new discoveries and an unknown at Humpback, that the share price of Fogl would be 8.5p and Rkh would be 29.5p nobody would have believed it.. So it suggests to me neither of them have covered themselves in glory, or more likely PMO and Noble have been deliberately economical with the information upon the drills to make both Fogl and Rkh prime for the picking... What else can it be as the oil price is the same now as it was in March.. ??
Don't quite think its the blind leading the blind. RKH so far has been fairly astute. But I hope they don't go mad in Croatia.
Buy FOGL yes but sell and then buy RKH no.
Completely agree, as the price of one is now intrinsically linked to the other under the share swap agreement, not sure I'd touch either at present, I sold last week on the merger RNS at just above 10p.. Until RKH present a clear business plan, this smacks of the blind leading the blind, whilst the vultures circle for a cheap acquisition of assets (PMO / NBL) !!! Only my opinion of course.
Agreed there's no rush to buy. NFB is ok at $50 re Brent as production cost should be about $40.But if you want to wait for $90 that is your choice. My point was simply its useless to swap FOGL for RKH in the market due to the costs.
Why would people want to buy?? If I wanted to be kept in the dark for nine months I could simply go and sit in a cupboard and keep my cash in my pocket.. löl I don't see what are going to be a price drivers, we have already had two finds and the sp is a quarter of what it was pre-campaign. No CPR's, and the whole business model of the Falklands looks flawed.. Until oil gets back to $90 bucks a barrel this isn't going anywhere imo...
If you sell FOGL to buy RKH at present you lose the market wins due to costs. Best is to simply buy FOGL and wait for the merger unless of course you think it may not go through. Just a thought !!
Is it too much to ask !!
I actually said $0.75-1.50 per bbl in the oil industry.
Is being driven purely by the RKH price just now which itself is being driven by UBS and some of its clients shorting RKH (see RKH RNS) probably until OPEC is out of the way, Fed int also, and RKH EGM re 160 mln new shares all of which takes us to 14/15 Dec. As to the FOGL BoD mistake that was a year or so back when it was an honest misreading of Humpy 3D etc. (NBL also) which begs the question of how accurate was the 3D. I'm not defending the BoD by the way.
Zeb might have allowed them to raise some funds to cover the shortfall I don't see that we should be grateful for the bod's incompetence and apparent inability to foresee the minor matter of their cash running out they should have had contingency plans for such an eventuality and not the apparent sole contingency of giving the company away with the sp at rock bottom without even taking into account the CPR of an existing find at Zeb let alone the impending result of Izzy2
Is this not afren all over again. I understand the differences but let's all talk straight here. 30p share price not that long ago and now a bit less. I amongst most have lost money, which is annoying but ok. Stop defending a company that is now worth about 25% of what it was worth. If I managed to reduce my company value by this much I would be asked politely to leave
Thanks for a really sensible reply and having thought it through I suspect you're pretty close in your summation.. It maybe underlines that an aim company can't undertake such high profile projects, the Falklands are for the big boys with deep pockets, its seems FOGL tried to punch above its weight and got found out..
But why did the BOD let the company become a basket case without a whimper ??? It just doesn't make sense.. They could have raised funds at decent prices..