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Thanks for the information, your post was an enlightening expose of the company. I am considered by myself a newbie since I have only been trading for three and a half months, so I hope you bare with my drivel. You are right about one thing I only payed lipservice to the sale and have obviously got my admin issue the wrong way around. Thanks for the right siding.
I've been reading posts here for sometime and it's really time to set things straight. Oil exco is not, nor has it ever been in Administration. One (yes one) of its subsids, Oilexco North Sea, was and has now been sold. Oil Exco, the parent is traded on the Torronto Stock Exchange and the LSE, not Oil Exco North Sea. Debts attached to Oilexco North Sea are no longer the concern of the Parent company, all that remains now are some contractual obligations whic are being sorted out as we speak. IF you took time to read the info on them you will see revenues are pretty good over all due to the oil price last year. So far, chat like here has bounced the share price twice this year and I've ridden it twice and it looks like doing it again (TYVM). DYOR does not mean reading others posts, it means reading as much as you can on the company in as many places as you can. As oil prices rise and the global situation is easing, we will see this one return back to where it was IMHO. For now i see 20+ without much effort. BTW, I made just under 100K each bounce (up to 16p) and on the road to doing it again. I dont risk those sums on a "no hope" share.
But they need cash to drill and they are selling the north sea asset. I am only down 500 quid on this but I dont know if they are going to be able to get funds , hopefully they should or maybe they have but the sale of the north sea bit I think doesnt give them a penny. Obviously others think they will get or have money to continue so if they come out of admin with all the ducks in a row and what ever drill sites they have yield some goo then I should make my money back but for how long. I wish I had some crystal balls but I wouldnt have make a noise when I walked lol. Good luck in what ever you put your money in.
So then, is this one a good buy?, I have shares in Taylor Wimpey and am looking for another potential fast riser....is this the one?....I dont was to be buying another potential Woolworths...which incidentally I did!, any advice on this would be appreciated, and any guestimated timescales for a return.
How I see things (rightly or wrongly) is..... the reason oilexco is in administration in the first place is because if it wasnt it stood a chance of becoming bankrupt and administration was the only way of stopping its creditors bleeding the company dry. From what I understand Premier oil have to fund a cash purchase as this is the only way of clearing creditors debt and therefore releasing it from administration. Yes the purchase will include all assets but as Premier only have £174 million cash spare they are having to raise £173 million by way of a rights issue (total £347 million purchase). After creditors are paid and Oilexco is released from administration, would this not not result in Oilexco being debt free and operating? any opinions please? thanks. ag
In my opinion, should premier oil need to make a cash purchase of oilexco. They would be only buying the assets and the company put into bancruptcy otherwise the purchase of oilexco could be financed ? why is a cash purchase needed.
Will do. Thanks for your thoughts, will keep a close eye on this.
In my opinion, I think if Premier oil are prepared to launch a £173 million rights issue to fund a £347 million cash purchase of Oilexco it would only be for the purpose of continuing to run its north sea ventures. Premier have stated 'building a larger position in the North Sea was a key focus for the business' which indicates to me that they are in it for the long run and plan a large return for their investment in the future (e.g. profitable). This is just my opinion so make sure you do some research before investing.
Hi guys. Tempted to buy in. Do you feel then that despite the administration OIL will continue to trade and may become profitable again?
Oilexco is in administration. The acquition by premier oil will remove any court orders against oilexco and it will come out of administration. Premier oil acquires its assets pays its debts and oilexco becomes financially viable again. Oilexco will become part of the premier oil group presumebly and continue to trade on stock market. Positive news for both premier oil and oilexco.
'Shareholders of UK independent Premier Oil have unanimously approved the acquisition of Oilexco for £347m, and a £173m rights issue which will be used to fund the purchase. One of the conditions is the discharge of the administration order over ONSL'. I dont know how to do links so just google Oilexco and premier and read for yourselves. I dont know why the release is not on LSE. ag
What does this mean to us the shareholders (unsecured credi Edited Press Release LONDON (Dow Jones)--Premier Oil said Wednesday the unsecured creditors of Oilexco North Sea or ONSL, and Oilexco Inc. have approved the Company Voluntary Arrangement of Oilexco North Sea (ONSL) at a meeting held earlier Wednesday. Premier previously announced the proposed acquisition of Oilexco North Sea or its assets. The acquisition of Oilexco North Sea was subject to, inter alia, this approval and the expiry of a 28 day objection period following such approval. Following that approval, the acquisition of ONSL remains conditional upon (i) the approval of the acquisition by Premier's shareholders at an Extraordinary General Meeting to be held on April 20 (ii) the admission to the Official List of the U.K. Listing Authority and to trading on the main market for listed securities of the London Stock Exchange of shares in Premier to be issued in connection with the rights issue announced on March 25 (iii) the Objection Period having elapsed and no challenge having been made to the approval of the Company Voluntary Arrangement or if made, such challenge having been withdrawn or struck out, and (iv) the court discharging the administration order over ONSL. If the conditions described in (iii) and (iv) are not satisfied by June 14, the transaction will proceed by way of an acquisition of the principal assets of ONSL, subject to satisfaction of conditions (i) and (ii).
Does anybody have any idea what will happen to Oilexco - are we going to see it remain around 7.00 or is it going to climb in the future.
Premier Oil agreed to buy the North Sea unit of Canada's troubled Oilexco Inc, and Centrica Plc is mulling a cash offer for Venture Production.
But a 2p spread when it's single figures does seem rather un-sporting, the rotters.
I feel the same way as you, look at todays trade 2k sell 23k buy. no news what is happening here!!!!!!!! Any comments
NUTS! the sp dings around like no other...one minute they want 7p...the next 6p...the next 7p...the bid dings from 5p to 6 odd in seconds! ...if i could work it out i would get back in.....can anyone give me a clue as to what is going on here?
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I think we may have to agree to disagree on that one. Delisted shares can be relisted and I can only hope that is the situation with CMR. With regards to any default on loan payment again we can only wait to see if the situation is resolved. They only delisted after suspension as they have no nomad and rules prevent trading without one. I wish you luck here. Apologies to everyone for the off topic chat.
Thank you for your explation kjh511
Mute point - they are delisted and shares are worthless. They are in breach of banking covenants and there website shows no sign of any activity. Bust (technically speaking) or not they are not worth a penny and even if bought the shares will never become active again
I have to ask - when exactly did CMR go bust? They are delisted at the moment, not exactly the same as 'bust'. Of course unless you have information I have not seen.
Remember MMs know of sellers before they actually sell and therefore mark the price down even though there are buyers. For example I have in the past asked my broker to get me a price to sell, but the price was so bad I declined. Put a few of us together and the 2/3 MMs for that stock can build a picture. Add to that they have to trade what they buy, so they won't take our shares unless they feel sure they can get a buyer. So they are very selective on the price offered. The normal market size (NMS) for OIL is 1800 - so anything above this they can offer you whatever price they like.