Member Info for armatrading

RNS Number : 8964R
Columbus Energy Resources PLC
02 July 2020

2 July 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus", "CERP" or the "Company")

Operations Update - interim extension for Goudron field

Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to note that the current term of the Goudron Incremental Production Service Contract ("IPSC") with Heritage Petroleum Company Limited ("Heritage") has been extended from 30 June 2020 until 30 September 2020.

The Company confirms that it has reached an agreement with Heritage to extend the term from 30 June 2020 to 30 September 2020, allowing time for the Company and Heritage to sign the agreement for a longer term extension including obtaining the required Ministerial consent.

Leo Koot, Executive Chairman, commented:

"We have concluded our negotiations with Heritage to agree the terms and conditions for a long term extension of the Goudron IPSC. We have a short term extension until September 2020 pending the formal execution of the ISPC and will update the market when this is done."

https://www.lse.co.uk/rns/CERP/interim-extension-for-goudron-field-yh9gl16i35l71qa.html

RNS from BPC now confirms the posting of the Columbus Scheme of Arrangement:
https://columbus-erp.com/investors/scheme-of-arrangement/

At first glance, and without reading the wording) the huge numbers might appear to be asking for the company to be diluted by HALF (if all the big numbers are added together). However, reading it as-is suggests it's nothing like as scary as that.

In the RNS of 21/08/19, a maximum potential number of shares to be issued, was stated as being 3,866,617,284.
Current number of shares in issue = 2,483,776,085.
Resolution #1, if passed, gives authority to allot 1,000,000,000 shares (from current capital)
Resolution#2, if passed, gives authority to allot and issue up to a further 1,800,000,000 shares

Or should I have said 'Gneiss research' ;-)

Nice research, StarChild!

Well spotted, sysi12. I agree, the position of the yellow spot seems to have drifted from the point in the slides shown on previous presentations. All things being equal, in this latest presentation, the yellow spot 'should' be near the 'D' of Donaldson.

The spread is 11.11% for both BPC and CERP.

The spread is 11.11% for both CERP and BPC.

The spread is 11.11% for both BPC and CERP.

A nominee account will normally allow voting preference to be given by email too.

Me too, Laallee
*grabs popcorn*

https://columbus-erp.com/wp-content/uploads/2020/06/20200612_Investor-Presentation.pdf

https://columbus-erp.com/wp-content/uploads/2020/06/20200612_Investor-Presentation.pdf

From the RNS:
"The Merger will be implemented solely by means of the Scheme Document, which will contain the full terms and conditions of the Merger including details of how to vote in respect of the Merger (although BPC reserves the right to effect the Merger by way of a Takeover Offer with the consent of the Panel (where necessary) and in accordance with the Co-operation Agreement)."

Also:
"APPENDIX 2

CERTAIN FURTHER TERMS OF THE MERGER

Implementation by way of Takeover Offer

BPC reserves the right to elect to implement the Merger by way of a Takeover Offer, subject to the Panel's consent and to the terms of the Co-operation Agreement. In such event, such Takeover Offer will be implemented on the same terms, so far as applicable, as those which would apply to the Scheme subject to appropriate amendments, including (without limitation) an acceptance condition set at 90 per cent. or such other percentage (being more than 50 per cent.) as BPC may in accordance with the provisions of the Co-operation Agreement decide (subject to the Panel's consent): (i) in nominal value of the shares to which such Takeover Offer relates; and (ii) of the voting rights attaching to those shares."

I'm currently no 36 on the BPC-specific list:
http://pumpedordumped dot com/rampchecker/rampcheckbytidm.php?search=BPC

85 days to the start of the rig commencement notice period.

Even BPC's own house broker, Shore Capital, values the current prospect at 'just' 36p.

That's really comforting to know, PetroleumInvest. Fantastic that business is continuing despite the Covid-19 doom and gloom.

Share price was around 5.3p on 27th July. It rose to 6.8p by 10th August.