Member Info for ART123

2p paid

The MM's are definitely short of shares. I couldn't buy for ages after the RNS came out. Any predictions for SP when TSX opens?

Cheers So the debt to repay is all money from ORSU which comes back as cash to ORSU.

Hi Will anyone expalinwhat the following means in plain English: " Initial consideration of $7.75 million (less the deposit) payable on completion. -- The initial consideration is to be allocated as follows: -- $4,438,268 for the purchase of intercompany debt owed by MLD to Orsu -- $3,311,502 for the purchase of intercompany debt owed by MLD to Lero Gold Corp. ("Lero", the intermediate holding company for the Karchiga Project); -- $230 for the 94.75% interest in MLD held by Eildon Enterprises Limited ("Eildon", the immediate parent undertaking of MLD)." Are ORSU going to get the $7.75M in cash or is it going to go to the repayment of debt. Thanks in advance

PCI BOD's don't seem very keen on announcing this so maybe they will just reject any offer anyway as they don't seem to get on too well with Worldview - and then they can take the SP down to 1p or so or even just go bust.............. I don't hold here before today but was expecting a bit more interest but it doesn't look like anyone even cares any more........... ATB

Totally dead - no trades at all. Very strange. However the sell price keeps inching up.......... Maybe PCI should bring out an RNS to notify the market about this potential T/O .............

I agree with Phil164 While the overrun on Humpback looks bad FOGL say they have enough cash to last till end 2016. "The FOGL Board continues to be confident that, taking into account the estimated amounts of outstanding contractual and insurance claims that have arisen as a result of the 2015 drilling programme that it will have sufficient funds to cover the Noble and Edison Debt, complete the current drilling programme and cover expected corporate costs to at least the end of 2016." This is a better deal for RKH. It should be more like .40 RKH shares for every FOGL share. I see FOGL BOD haven't even bothered to announce it to their shareholders.

How long before PMO merge with RKH/FOGL and then PMO farmout to Noble (if Noble want to continue down there) and they can take the NFB licences to production together.

Maybe NOBLE will put in a better offer - nay a much better offer - to get their hands on some real oil.

FOGL current trading As announced on 16 October 2015, FOGL's overall share of the Humpback well costs have increased as a result of the various delays incurred during drilling. As a result, capital expenditure in H2 2015 is expected to be approximately US$35 million (approximately £23.1 million). There is a further outstanding amount owed to Noble related to Humpback cost over-runs, which is under discussion as there remain a number of outstanding expense lines and audit claims which may reduce FOGL's remaining liability to the final total. As at 31 October 2015, FOGL had a cash balance of US$8.6 million (approximately £5.7 million). Under an amendment to the Jayne East farm-out agreement FOGL will receive US$10 million (approximately £6.6 million) from Premier and Rockhopper, in total, in compensation for not drilling the Jayne East well, of which US$5 million (approximately £3.3 million) has already been received. In addition, there is a significant on-going insurance claim with respect to the 14/20-1 Isobel Deep well and FOGL will be party to this claim. As part of an amended farm-out agreement, FOGL has granted certain security, over all of FOGL's oil and gas licences, to Noble, who in return have agreed to defer part of FOGL's outstanding share of the Humpback well costs until later in 2016 in order to deal with the various outstanding claims and align insurance in-flows. The FOGL Board continues to be confident that, taking into account the estimated amounts of outstanding contractual and insurance claims that have arisen as a result of the 2015 drilling programme that it will have sufficient funds to cover the Noble and Edison Debt, complete the current drilling programme and cover expected corporate costs to at least the end of 2016. FOGL is fully carried on the Isobel/Elaine re-drill well (Isobel-2), which will be FOGL's final well in the current drilling programme.

They could at least have waited until the end of the current drill campaign. Both FOGL and RKH shareprices are at all time lows (at least for RKH since discovering Sea Lion) and both, but particularly FOGL, have big neartime upside with the Zebedee CPR and the Isobel Deep drill. Going back to historical shareprices at the time of the Zebedee and Isobel drills while RKH have about a 100% upside FOGL have a 200%/300% possible upside so that immediately makes this look a pretty bad deal. Taking the **** to announce this to FOGL shareholders while the SP is still hugely down over the Humpback drill as 20p to 30p is about an average shareprice for a FOGL. As any merger will take several months to get done this will look silly when FOGL shareprice goes back up. Just a few thoughts.

Cheers. I didn't know they were drilling Chatham as well. So this (Isobel Deep) is definitely the last drill for FOGL for this campaign. Are there any more drill campaigns planned after this one that you know of that are already in the pipeline? Do BOR have any planned?

It's owned by Ocean Rig is it. I think it's cr*p. And so was the Leiv Eiriksson. Both have been nothing but trouble. Pete - are they planning any more drills in the Falklands for this campaign or is it just the 5 - with Isobel Deep and Rhea still to do.......

The Ocean Guardian that RKH used for the Sea Lion drills was okay but I don't think that could drill the deep water wells in the South Basin but these last two rigs have been a waste of time. Are they owned by Statoil? Better to pay a bit more and get a good job done first time in my opinion.

My point really is that the Zebedee CPR is due before the end of Q4 2015 and that is just the sort of news to get this shareprice back up into the 20p's and 30p's. This share/shareprice needs to forget about Humpback and get back to what FOGL do have which is plenty of oil in the North Falklands basin. supertubes- Rhea is in the Argos Resources licence area which is why it doesn't affect FOGL. Not sure about Chatham - maybe that's in the RKH/PMO licence and also of no interest to FOGL. Anyone - are there going to be any more drils after Rhea or is the rig going back? Finally I wish they'd get a decent rig down there in future. The Leif Ericcson was crap and this one is little better. Maybe they are a bit cheaper at the outset but all the extra costs and time over breakdowns and failed drills are far more costly in the long run. Maersk have some brilliant rigs that would get through these drills in half the time.........

It clearly said in the FOGL Interim Results RNS of 25th August that the Zebedee CPR will be released in Q4 2015. In the Final Results RNS on 25th April it said: "We are currently evaluating the results of the successful Zebedee exploration well and an independent resource assessment of this discovery has been commissioned, the results of which will be available later this year." Then in the Interim Statement (25th August) it said: "FOGL is currently evaluating the Zebedee results in detail and their impact on potential hydrocarbon resources within PL004b. An independent third party assessment has been commissioned, the results of which will be published in Q4 2015." Seeing as the drill results for the Zebedee well were announced on 2cnd April the independent party have had plenty of time to prepare the CPR and there is no reason it shouldn't be available shortly (before the end of Q4). Any CPR for the Isobel/Elaine drill will only be commissioned after the drill results and could then take as long as the Zebedee CPR (which is already nearly 8 months). By the way there are a lot of very pessimistic people on this board and it gets on my nerves. All this crap about who wins the Argentine election and other generally negative posts are not doing this shareprice any favours. I am in here at around 10.5p and am expecting this SP to get back to 20p, 30p and even 40p in the next month or two - after all this hit 44p on Zebedee drill results and 32p on the uncompleted Isobel/Elaine drill results and there is no reason this shareprice will not do the same again. I will not be holding long term, it is purely a CPR/drill trade. ATB

I never did know what the f*ck this company's business was all about nor where the revenue was coming from hence why I fortunately never bought any of their shares.

Not invested here but I see the CEO and CFO have admitted falsifying the accounts and have both resigned.

There's no point in arguing here. The RTO will involve a substantial placing (otherwise it would be an acquisition rather than a RTO) and at a substantial discount to the pre-suspension SP. and it may take months and months or never happen (in which case the SP will reopen at a lower shareprice). I think punters will finally get to realize that a RTO is not a great event in the short-term. It should though be good for long-term prospects, if the company has bought wisely.

Everybody just assumes a RTO will make shareholders a fortune, or at least see a substantial increase in the shareprice, but I think that is really just a fanciful illusion and certainly not a great proposition if stuck holding a suspended share for months and months. There are several RTO's in progress at the moment (CHAL, MRS, etc) and this same assumption follows every board. However there is one RTO that has completed recently that shows a real life possible outcome, as against the numerous ramping posts that just assume huge profits, and that is the TAL (Ten Alps) RTO. There the shareprice was about 0.30p when the share was suspended, having been as high as 1.20p previously. Then the company did a 10-1 consolidation (so 3p for existing shareholders), raised cash to complete the takeover at 2p, and came out of suspension at 1.60p before rising back to 3p after a day or two. Existing shareholders were no better off and even at one stage considerably down. The only difference here is that CEB is trading at a highish sharep[rice before suspension, but that will probably mean a raising at a bigger discount to the suspended shareprice (which in reality was only bumped up by the continued release of price sensitive information). Two further points: No RTO will happen without the raising of cash (whatever DW has said) and it will usually be a sum that is near or greater than the Market Cap before the RTO. Also it is obvious that the suspension before any deal has been made or even agreed is a reflection that the BOD's and Nomad and Brokers realise that the CEO, Dave Whitby, has a very loose tongue and do not want CEB to get into huge trouble over the continued release of price sensitive information. In order to make the RTO there will be a placing at a (substantial) discount to the suspended SP and when it reopens the SP will fall to somewhere near the placing price and there will be ample opportunity to buy in at that time. The more important question is whether the acquired assets will grow in value and the shareprice rise after the company is back trading (and I don't mean over the first one or two days but over months and even years). ATB