Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Jonmo91. I wasn't talking about takeover activity either, I was talking about voluntary suspension while deals of any kind are being finalised. Why don't you read what has been written before replying?
Morning all,
Totally agree F & M, Grh, very well made points.
Further to Morocco, An article from Business Insider would suggest that the decision and probable in near time announcement of new gas pipelines and upgrades from Spain to the EU is on the cards to remove the current bottleneck of restrictive gas supplies, hence then the EU being able to take large amounts of gas directly from North Africa, moreover through the Maghreb pipeline and PRD in particular.
"The only problem that we have is the interconnections. That is why I think it was very important that the commission made a clear statement that we need to increase and to intensify the interconnections from the Iberian peninsula with the European energy market," he said.
Also it looks like Morocco has received natural gas through the Maghreb pipeline through the re gasification and reverse flow procedure as highlighted in previous news release’s.
https://apple.news/AlpKDtq8UQ5Wif9UlTl-yag
Waiting for news from T&T with baited breath.
AIMHO of course.
GLA
Wacky.
Likewise Sefton.
I know Trinidad doesn't set hearts racing but, with PG or LB or both over there this coming Tuesday, very interested to learn the details of their LO deal which should be by now little more than a signing off event.
Hopefully more too on the FRAM asset they have in mind in lieu of debt repayment. In both cases we should learn more very early in June.
Very interesting post, GRH (as always).
I am holding hard and believe this ship is coming home.
Big time.
Have a good weekend all.
Footandmouth
Spot on!!!!!!!!!!!!!!!!!!!
As we well know...
the CHAR fundraise is NOT going to bring Anchois to a position whereby it can SELL gas to market
Oh no!!
IMO that would cost many many multiples of the fundraise he refers to
and it is no quick timetable either
I have nothing against CHAR per se
(I choose not to invest there...same as I choose re SO many E&Ps)
But PRD is not even close to being chalk and cheese
((More like the White Cliffs of Dover VS a factory producing ready ripened Caemembert))
I quote from the relevant notice:
'The net proceeds of the Fundraise will be used to:
o Advance the engineering and design of the Anchois Gas Development, including FEED project, project financing, gas sales and updated reserves report, to reach FID; and
o Progress renewable power pipeline, strategic partnering and new venture opportunities.'
Very few folk have woken up to PRD...
this BB is merely a tiny group in the world of investment
Make no mistake...
this is every bit as big as I have talked about...and more
whilst the lead times appears to frustrate some on here,
that is simply because they do not know enough to be happy to hold hard
Regards
GRH
Simon Thompson IC. “ CHAR has announced a £23.6mn fundraising to advance its low-cost Anchois Gas development. Hopefully PRD will force him to recalibrate his definition of low cost :)) !! Worth noting also he claims since first recommending CHAR in 2017 they have delivered a 543% return with he thinks a 3 fold increase on the cards as a conservative expectation . Given our comparative development timeline and costs alone , the returns for whoever owns it will be something to behold.
I wasn’t talking about take over activity. Ho hum, let’s hope there’s not a takeover anytime soon with the one well drilled to date, still awaiting testing.
Ho hum. Let's try one last time. If a listed company is undertaking a deal which is likely to be of a transformational nature, it may take a while to finalise all the details, and it may require shareholder approval - hence the issue of a circular. The scale of the deal may in effect be a reverse takeover, which will definitely result in suspension. While all the details are being sorted out, the company would request suspension so that people are not trading on the basis of incomplete information, which could result in a disorderly market.
As an example of what could happen, you may wish to take a look at the history of Savannah Energy (SAVE:LSE), since that is also an O & G African-operating E & P company.
2nd June 2021: RNS - discussions with Exxon re acquiring assets in Chad & Cameroon. Suspension from trading.
13th December 2021: RNS - deal signed.
31st December 2021; RNS - shareholder circular & admission document published, restoration of trading.
The same company went through a lengthy voluntary suspension in 2019/2020 while it was sorting out the very complex assets acquired from Severn Energy, some of which were sold on.
So, this does happen, and for very good reasons. It may happen with PRD, if so, it is likely to be before the end of July - I am assuming that since 12th May announcement, PRD have finalised proposals to the selected partners, and the 60-day period should have started around now.
Suspend so shareholders have more time to digest a circular? I agree if it was intra day but not if out of hours. We shall see should news of such magnitude ever come about.
Afternoon
Sorry to say it ...but posters might do well to consider the obvious...101 level
Obvious to any corporate practitioner
but not seemingly to a few on here
IE whether any such suspension that MIGHT take place
MIGHT need to be accompanied by a circular to shareholders
that is what MIGHT be required to ensure an 'orderly market'
This is POTENTIALLY not even remotely similar to cessation of trading out of hours
That is a conclusion drawn hugely in error
Regards
GRH
The share effectively suspends everyday when the market closes. Unless there’s a leak and the price starts running away prior to news, I don’t see suspension serving any purpose. If it’s re rating news the market will be as orderly or disorderly when it starts trading again, regardless of when.
Jonmo91
It would not be "any" news that would cause suspension, it would have to be "significant" news to cause suspension.
Personally I have no experience of this so cannot comment on its likelihood but I feel that at this moment in time it is just speculation of what might happen as one of several possibilities.
Information on "Suspending, cancelling, restoring listing and reverse takeovers: All securities" can be found in chapter 5 of the FCA handbook, link below:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjRr8O_9__3AhWai1wKHdGoDlgQFnoECAUQAQ&url=https%3A%2F%2Fwww.handbook.fca.org.uk%2Fhandbook%2FLR%2F5.pdf&usg=AOvVaw1O7Tx1ZFq43BQVwoa2SpNr
The handbook can also be found on the FCA website but is nbot so easy to navigate
https://www.handbook.fca.org.uk/handbook/browse-topics/
As for my tuppence worth on the current PRD situation, (anything to help with funding eh :-)), I would say that the management are confident that further dilution will not be needed.
Of course nothing is guaranteed.
The thing is they know that they have a discovery with MOU-1, as has been stated before the reserves have been upgraded from prospective to contingent.
The only thing that I have seen to state that it will not be commercial is the 25% chance given within the report of paperwork being completed.
Furthermore progress is being made with constructing well pads for the next drills, so all is in hand.
What do people think would happen if we flow tested just MOU-1 on its own? Is it likely that a bid could come in to take the whole of the Geurcif licence? If so any bid may severly undervalue this asset.
In truth this share should already by in the 40pps range.
All we have to do is wait, as frustrating as it is.
Quick question, is the start date for the 60 days exclusivity period for farmin to the Geurcif licence known?
I have to say i totally agree, this talk of rhymes does nothing for me. All this nonsense aboutthe fifth dimension does nothing at all to ease the tension.
It’s always worth a mention the good old 5th dimension porters
Why people on here put faith in somone on twitter who talks in rhymes is beyond me
Why suspend? Any news released outside of market hours will have the same effect when it resumes trading whether it opens an hour after RNS at 0800 or days later.
Cube will hopefully have PRD related reasons for returning at the end of May. Possible share suspension for orderly market has been discussed by wiser heads . Timing and duration ? End of week to allow ample time ? A day or a weeks suspension ? Is there any particular form generally observed ?
Hardly +++++++ though eh????
Cube was 8 days out with that prediction.
The bid then closed at 14.5p on April 8th.
Wish all predictions could be that accurate.
Hmnn, I see the Cube is proving to be as prophetic as Lonny with his "14+++++p, by the end of March" Tweet.
….posted the following back in March.
‘ MUCH afoot! All that is left to say is hold the line and you will be rewarded richly here.
Curds and whey. I'll take both.
Will return end of May, 5th dimension calls! Keep the Champers on ice, Nancy Girls!
Over and out.
_CUB€_’