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See if it puts the cat among the pigeons then. The Advisors RBC etc are the ones to work as FOGL is probably just their mouthpiece.
Eegbvi, mission accomplished.
Agreed, but will they ??
Its going to be very interesting to see how ARG fares with its NBL deal. NBL has a major problem with its Rosetta shale oil deal plus has a Leviathan gas field problem but recently farmed down some of its expensive Cyprus problem. The Houston lot are still shooting from the hip though and making a general mess.
Thanks Eeegy. Yes that's much easier on the eye lol. Just kidding....as long as you keep posting I don't really care what the format is ;-) Phil164 - spot on pal. If they truly put the company at risk for such a paltry amount then they should never be allowed to be directors in any capacity at any company ever again. Criminal. And yes material information needs to be put in the public domain prior to any merger vote. wraith - I hope you got out out of BOR and here a tune for the weekend x https://www.youtube.com/watch?v=g6z_NfTe6SI
jester16,... agree with you on both counts,.... it was a Texas outfit, I was referring to in my Fri 01:05 post. BW
Surely specific details of what surity fogl have provided to noble should be released to shareholders, it is clearly material to the merger proposal.
Surely the board of fogl could not allow the company to fail or lose their acreage for the sake of a couple of million dollars to cover the noble debt
Just got round to really reading all the merger documents as I have been travelling all week. Re 9.3 The 'certain security' wording really can mean almost anything when applied to all FOGL's leases as it doesn't actually specify anything. I strongly suspect that as it seems they are talking only of $15mln as a backstop it will merely be a small percentage covering all the block leases or perhaps even 'first oil' from any of them so we are I hope back to sloppy wording of the announcement. And FOGL plus even NBL seem to accept that later in 2016 insurance plus other claims will more than cover the debt. Indeed as it is there was $8.7 mln cash plus a further $5 mln due from PMO/RKH so the only real shortfall thereafter would be all the FOGL office running expenses which could be easily covered by a small share issue. The problem there though is it would still leave FOGL short of $100mln to $150mln needed to carry on in FI and there will be no income from there until 2018/19 at earliest. Looking at that its almost odds on that even RKH will need to raise more funds in late 2016 early 2017 re the NFB although by then it should be aided by a higher oil price.
I didn't think desire petroleum is an operational company but may perhaps still hold all its NFB block leases. I had assumed that FOGL had transferred them all post the merger but if not then they are idiots Should that be the case then I can well see the rush for the merger as NBL & EDN has a lien on that little lot including Isobel via the Des shares if that is what has been pledged. So the sooner that NBL/EDN debt is dealt with the better. Its just got a whole lot worse if you are correct as I assume it could be the entire Des shares not simply some of them. Now we have a JV partner which has just given most its underlying assets as security for a relatively small debt. Think they would have been better off with a Wonga loan. I'm afraid the present FOGL BoD really shouldn't be in business. (Any business !!) Is that Ok AP. ??
How long does it take before a merger goes through?
I use windows 10 mobile everywhere its just that I'm a bit lazy and forget to turn it. Don't worry though I will try in future just for you. Forget iphone its not in the same league.
Results so far As an FOGL shareholder, how will you vote on the RKH/FOGL merger? Yes 41% (11) Yes but would like a better deal 59% (16) No 0% (0) Total votes: 27 If you would like to vote click on link below. http://www.easypolls.net/poll.html?p=5658b6e6e4b0b3955a5a01b6
Has much as i think they could of picked a better time to merge. I think this merger will be a good thing in long run and beneficial to both sets of shareholders, just don't let a american company anywhere near the most corrupt like there banks...
I see that argument totally I would have preferred that this had waited until after Izzy2 but I recognise that this deal may then have been at an even lower price in the less likely event that the step out is too bold so this at least ensures survival as things transpire on the funding front I would be happier if at least the Zeb CPR was published before the merger and could be taken into account in the price however minimal that difference might be Aside from that I am personally pleased to see this merger proceed the way things have gone Cheers and GL
just the price that stinks otherwise happy
lots of speculation as to the whys and wherefores and also to what happens if we politely decline but what do you all see as the upside if given the green light? maybe a little less exciting and no multi bagger in the short term but broader success ultimately more likely all the way to production........? No longer red or black?
Thinking over the possibilities of ulterior motives. Maybe Nble thought they had FOGL assets on the cheap but the FOGL merger with RKH would stop that for as long as it goes ahead then RKH just pays off Nbl in 2016. IMO it would be nice to have all the detailed drill reports through first to make an informed decision?
lol there but for the grace of god go we oh wait............
do iphones suffer from an indentation condemnation?
check out the indentation on eegy's posts.... just seems a shame that all that extra width just goes to waste......;-)
why do your posts suffer from this strange indentation complication man?
No offence taken and I'm not in the least emotional, its not worth that. I wasn't aware that FOGL had any operational subsidiaries though particularly as its a non operational company. What are they and what do they do. ?? If that's the case that shares in such companies have been pledged then frankly its all a storm in a teacup since all the oil blocks are all in FOGL's own name are they not. ?? If so then NBL/EDN have very little by way of security.
Yes I know what the wording says but I repeat that FOGL would require written approval from PMO/RKH to assign any of its JV rights away. That would be extremely unlikely as to do so PMO/RKH would be effectively waiving their own pre-emptive rights. FOGL's 40% etc in NFB goes first to PMO/RKH not NBL/EDN. However it may well be that Susan and Helen are included in any lien. We will have to see what happens next but first FOGL needs to get itself FIG approval to the proposed merger. It did occur to me though that all the assignment/lien talk may have been simply to push RKH to make its mind up but perhaps I'm a bit cynical.
Sorry but if its a normal JV FOGL cannot assign its rights away without the written approval of its partners who have pre-emptive rights themselves re Isobel plus Zebedee etc. That may even include both Susan and Helen also if those two have already been discussed with PMO/RKH. I suspect that in fact NBL/EDN simply have a lien over the 100% FOGL SFB but of course that isn't spelt out properly to FOGL shareholders probably due to sloppy wording. We shall see what happens next but the debt to NBL/EDN does seem to be peanuts in the grand scheme of things. I really can't see it being enforced too vigorously as to do so may well land NBL/EDN into quite an expensive drilling program re FIG for SFB and that they won't want re a low oil price also.