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any decent returns for the foreseeable future,you can bang your head against a brick wall worrying,but until oil prices dramatically rise,just keep your shares and check back in 3 or 4 years at the earliest.
It's actually a case of misleading shareholders by what they released in RNS's saying that they had enough funds etc
Eegbvi I was just playing bit of devils advocate but my frustration came out....message received and understood cheers
The two FOGL directors joining RKH are in a non exec capacity so perhaps £50k pa for one year. The BoD made a poor decision, that's all probably based on $100 oil at the time plus a very encouraging 3D presumably or a few people (NBL included) badly misread or misunderstood it. Ok they had a nice living probably for a few years but it wasn't that caused the problem, but a poor decision similar to that a few investors make. By the way I'm not in any way defending the BoD, but merely explaining it. What is totally indefensible though are recent statements telling shareholders that the company had sufficient funds for the immediate future etc when it clearly had not. To his credit peteb put his finger on that one before I did but its all water under the bridge now so the BoD needs to be told by shareholders that if Isobel 2 is good the BoD should discuss the deal again with RKH using a proper value for both companies rather than the present envelope stuff. It can be done !!
am I being naive to think I read rkh have a free carry to first oil at sea lion?
the 8 million should cover all those director wages, sounds like there is going to be a lot of chefs running rkh now.my big worry is how far will that 130 Million go, not far if they go near the sfb again.
What about Rkh gas field that is producing? Granted I think it's only going to bring in 8M revenue to start with but once they up production at least there's an income, to cover all these large salarys and running cost if nothing else, there in a lot better position than Fogl? Could be wrong, all imo.
markap you have got you head screwed on mate ive said it a thousand times too most aim listed companys always run out of money in the end.i know some expert will now pop up and name a aim companys that rose 5 million percent and he retired on the profit, but the facts state aim investing can be a minefield for investors.just look how quick fogl have gone down hill.add on the fact that shareholders can be withheld information example being the cpr for the first well.rkh must know how good the first two wells are or why would they be interested in merging.if the cpr of zeb is done why is it not being released?? ive seen it with other aim listed companys who either do not release info or water it down so as to lower share price for the eventual benefit of someone other then the shareholders who are always then fed the scraps if any are left
Jaffa Just to play bit of devils advocate what makes you so sure we are better of with rock hopper. Tim and his friends have virtually bankrupted one company with their big wages,nice cars,and fancy dinners.how can we be sure that won't happen again at rock hopper. ....Btw hope you're reading this tim.
Just be patience, you will get your return, my opinion is we will be much better off with rockhopper takeover its a no brainer for fogl share holder, I'm invested and will be holding until i get a decent exit price have the faith,, ATB
fioil by my calculations i work out that rkh share price would have to rise to around the 80p mark for you to break even on your 26p fogl investment.i would say there must be a good chance of seeing rkh at that at some point in the future but as ive stated before do not expect oil to rise any time soon.this will be a long road back.
but Isobel would need to be a success, and a big one. and even then….
As a small investor who bought in at 26p, then bought in again, I would like a valued opinion from you guys, do you think my holding will ever get back up to my original investment ?
Guess I need to find out more about this one now then
Rhys 91 I don't know where but I would guess it will be the centre of the universe ,London .I doubt tim will want to travel far.it will be short flight for me
Any ideas where it is likely to be? If London I may come also - Got a feeling it would be Falklands though just to make it that extra bit difficult
Eegbvi Thanks again.let me know if you are going to extra general meeting as I may try to make journey across irish sea myself. I would be keen to meet up with yourself and other regular posters on here
Thank you for your patience with me. Its not about vetoing the deal but trying to improve the terms assuming Isobel 2 is good and then it changes the numbers a bit in favour of FOGL shareholders but its not going to be easy. I may even try to go to the FOGL EGM myself depending on when it is as if Isobel is good the FOGL BoD needs to be told yes we agree the deal in principle now you go back to RKH with proper valuation and try to renegotiate.
Eegbvi Yes I know you can't advise.thank you for your highly valued comments. I do believe isobel 2 will be a success, I guess I will hold on rock hopper only show in town at the moment. I would love to veto deal and give tim a spanking but looks like getting into bed with rock hopper is only option cheers.
You must do what you personally decide to do. Its not for me to advise. However if you think Isobel 2 will prove up even more oil then it makes sense to hang on through the merger then decide what to do later when the oil price is a bit more healthy. If on the other hand you decide that Isobel 2 is a lost cause then you either sell into the merger or wait a bit for the oil price to really recover which will probably be Q2 2016. Of course if meanwhile you have a sure fire winner elsewhere doubtless you will follow that. As to other posters on here I really don't think the FOGL BoD is guilty of anything other than keeping too many eggs in one basket and also actually believing their own arrogance. At worst it shows they were out of their depth which is certainly not a hanging offence. Re their transfer to RKH as non exec directors this will last for one year at most, while they find another job. I assume that their share options will be cancelled unless they take them up now at the low SP for FOGL. Re the merger its actually a good deal for both companies provided there is eventually a valid valuation to back it up and not a back of the envelope job as it appears at present. Had Humpy come good I suspect it would have happened anyway but probably on a one for one basis. Should Isobel 2 come good then we perhaps should be looking at 0.35 - 0.40 instead of 0.2993 and this is what FOGL shareholders should be hoping for not trying to stop the deal.
It turned out to be a very expensive binary gamble on Humpack and with it went the cash and the sentiment ,which has left us in a very vunerable position. Would it be wise to place all our chips on Issy.
You have a point at least we wilk be safer and stronger together.
I hold the same view. If this merger doesn't go ahead I'm going to have to write my investment in this off as deadz
To all the detractors, I would think very carefully before declaring that merger should be voted out. What is the likely alternative? Not a takeover offer from NBL. More likely NBL wait until such time that the debt to them is owed, there is not enough in the pot to pay them, FOGL would be forced to declare the company insolvent, NBL pick up the pieces to cover the debt, shareholders left with nothing. I actually think that a combined company will put both RKH and FOGL shareholders in a much stronger position going forward. Any future deals will be easier to execute as there will be less parties to have to reach agreement. It also eliminates many of the unitisation issue that I believe we could have been facing. Up until now FOGL has been difficult to accurately value as unlike most other E&P companies they have no plan to produce. This means that the oil in the ground only really has value if there is someone willing to buy it. In the current environment there isn't exactly a queue of buyers lining up round the corner. A little disappointed at the timing, but is does mean that if they make a screw up on Isobel 2, we will still have a company to value. POO will increase and sp will rise accordingly, more so in a merged company than if FOGL remain as they are at present.
I am wondering how you would rate prospects for new rock hopper company. I am thinking now that it may do some drilling and then run out off cash just like fogl. I am seriously thinking about selling now and taking loss approx 66 per cent.perhaps better to get out now with 33 per cent than later with even less.