Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Hopefully the IceMax should be setting off for The Bahamas within about 7 weeks or so.
"SIGNIFICANT NATURAL GAS DISCOVERY AT CHINOOK"
https://www.londonstockexchange.com/news-article/TXP/significant-natural-gas-discovery-at-chinook/14718865
"Touchstone Exploration Inc. reports that the Company has completed drilling the Chinook-1 exploration well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago and is pleased to announce that the well encountered significant hydrocarbon accumulations based on wireline log data."
As Thursday 15th October 2020 is the current deadline for either accepting or postponing the Bizzell CLN, surely it will need to be RNSd either way.
The BoD have already paused/stopped the Bahamian Family Office loan, by taking out the recent Placing. It would make sense for them to be trying to obviate the need for the Bizzell loan too.
The possibility of deferring any funding until nearer/after the spud has to be at least conceivable.
Rough guesstimate ten to twelve days for journey from current mooring to Bahamas. So, setting off late November should be safe for arrival around 15th December..
Do we know whether this trade is a buy or sell, and what time it was posted?
Indeedy:
"The Budget changes to SPT, when implemented, will significantly improve our ability to generate sustainable cash flows, particularly in the US$50-US$75/bbl range, and therefore to invest to grow production and deliver attractive returns for shareholders."
https://www.londonstockexchange.com/news-article/TRIN/trinidad-and-tobago-budget-highlights/14711689
Thanks for the extra info Ross.
BPC could always 'game' the output so that it keeps below the 2,000 bpd threshold level.
Good point ross.
Also the word 'threshold' in the article wording.
This is good news!
https://www.cnc3.co.tt/stakeholders-see-uncertainty-in-energy-sector/
As a technocrat in the energy sector for decades, Seepersad-Bachan said apart from the increase of Supplemental Petroleum Tax (SPT) from $50 to $75, there was hardly anything new regarding the energy sector.
Imbert said yesterday that based on discussions, the threshold for the importation of the SPT for small onshore oil producers would increase to $75 per barrel for fiscal years, 2021 and 2022 in the first instance, up from the current $50 per barrel. He said the Government would review it at the end of the two years.
I do hope the terms of the Bizzell CLN are not carried forward again. It would just add to uncertainty IMO this close to the drill.
Hopefully something concrete will be known by 15th, either CLN or Stena. I personally wouldn't want the uncertainty to carry on past that time.
The new Placing shares will be admitted to trade on AIM this Thursday 8th.
From there, it will be just a week until the deadline for the Bizzell Aussie loan notification (15th).
But, of course, news about Bizzell, or other funding, could appear before then.
"Simon and Oopsie agreed a price".... erm, not quite.
Both parties (i.e. accountants, lawyers, et al.) did professional due diligence of each other's assets, and the ratio of 0.803 was then agreed. It wouldn't have happened in a ten minute chat on the phone.
AFAIK, old shares in issue figures can be gleaned from the relevant company account, which give the figure for accounting purposes. Look for the phrase 'issued share capital' and it should take you to the right spot.
AFAIK, old shares in issue figures can be gleaned from the relevant company account, which give the figure for accounting purposes. Look for the phrase 'issues share capital' and it should take you to the right spot.
o No breaches of warranty or material adverse events have occurred.
· Under the terms of the conditional agreement entered into on 21 August 2019, and repeated now in the Convertible Note Subscription Agreement, the Subscribers will be paid fees as follows:
o An establishment fee of 3% of the subscribed amount, which the Subscribers may elect to deduct from the relevant subscribed amount;
o Options to subscribe for 25,000,000 ordinary shares in BPC with an exercise price of 2 pence per share, exercisable at any time within the four year period from their date of issue (which will be on or around 14 October 2019); and
o On subscription of the Conditional Convertible Notes, two further tranches of options to subscribe for ordinary shares in BPC, of 12,500,000 options per tranche, the first with an exercise price of 2.5 pence per share and the second with an exercise price of 3 pence per share, exercisable at any time within the four year period from the date of their issue. The number of these options to be ultimately granted will depend on the amounts subscribed for. In the event that the full amount of the Conditional Convertible Notes is not subscribed for then the number of such options will be pro rated down accordingly.
· Board Rights: Effective from subscription of the Conditional Convertible Notes (i.e. only once funds are advanced to BPC) and until such time as the Conditional Convertible Notes are redeemed, the Subscribers will have the right to appoint a maximum of two (2) directors to the Board of BPC (but, for so long as both Simon Potter and Eytan Uliel are members of the Board, the right of appointment shall be reduced to only one (1)). /end
Found some; "· Conditions to Completion: Completion of the subscription for the Conditional Convertible Notes by the Subscribers will be subject to a number of conditions first being met or satisfied or otherwise waived. These conditions are:
o Any approvals, consents, waivers, exemptions or declarations that are required by law, or by any Government Agency, to implement the transactions contemplated by the Convertible Note Subscription Agreement are granted, given, made or obtained on an unconditional basis
o The Company entering into binding contracts with reputable international companies so as to enable the Company (to the satisfaction of each Subscriber, acting reasonably) to conduct the intended drilling of the initial exploration well at the estimated cost of that drilling, being:
§ A contract for provision of a drilling rig with a reputable international rig company, on terms satisfactory to each Subscriber, providing access to the appropriate drilling rig at an acceptable cost, as needed for the task of conducting o the drilling; and
§ A contract for integrated well services for the drilling with a reputable international service company, on terms satisfactory to each Subscriber, providing access to the appropriate services needed for the task of conducting the drilling;
o The Subscribers being satisfied that the Company has sufficient funds in cash (but not including committed cash or cash subject to refund obligations) which, when aggregated with the subscription amount of the Conditional Convertible Notes, would be sufficient to fund the cost of the intended drilling operation in full and the operating costs of the Company until the end of June 2021;
o A convertible note trust deed being entered into between the Company and the convertible note trustee, on terms acceptable to the Subscribers;
o Appropriate security documents being entered into between the Company and the Subscribers and any other relevant parties, on terms acceptable to the Subscribers;
o The Company securing all necessary permits and approvals for the intended drilling operations from the Government of The Bahamas, including all necessary environmental permits, and the Company reaching agreement with the Government of The Bahamas and making payment in relation to licence fees payable for the remaining licence period to 31 December 2020, on terms satisfactory to the Subscribers;
o Each Subscriber obtaining all approvals (including of its investment committee) and satisfying all procedures it considers necessary in relation to the transactions contemplated by this agreement;
o Employment and executive retention arrangements between key executives nominated by the Subscribers and the Company being entered into or amended on terms satisfactory to each Subscriber (acting reasonably); and
o No breaches of warranty or material adverse events have occurred.
· Under the terms of the conditional agreement entered into on 21 August 2019, and repeate
P_I - you're welcome.
However, I must also say that there are other conditions which I recall reading, but alas can't find at the moment.
Off the top of my head, they are retention of Simon Potter on the BoD, and that the share price must not dip below 2p. There were other conditions, but these stuck in my mind...
I've looked back through various RNSs and my own notes, but can't find anything more detailed than what I've already posted :-(
Realistically, I can't see a farm-in happening, unless secret discussions have already taken place and potentially MoU'd.
I'm sure there were more conditions attached to the Bizzell loan (such as retention of Simon Potter, and the share price not dropping below 2p...) but can't find the detailed RNS which has them all.
We should hear news by 15 October about whether or not we're taking up the loan.
There is bound to be dilution if the loan is taken up.