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Yeah true.. but it does look like the PSC might not get completed formally yet, with this JV thing lurking..
it looks more like it will be completed all together.. which is probably better in the long or medium term...
for example, maybe the potential incumbent JV partner + UPL(+existing partner) + Petros, can agree everyone at one time, rather than UPL completing the PSC with Petros only, and then having to go through it all again with the potential JV partner..
I believe that once this gets done, that the rest of the info. is effectively just ready to be rolled out to the markets/public..
This is the specific part which is most important right now :
"PSC application submitted to Petros, in final ‘Clarification’ Stage"
(from the twitter presentation..)
I don't remember reading it like that in the last RNS.. maybe that is why that RNS came across a bit underwhelming..
I think the word "final" is what we missed in past communications.. haha :-)
It almost looks like, the farmout will be aligned with the final, final PSC terms..
although I could be wrong, and we get a direct PSC announcement before that process happens.. which it should..
I just get the feeling, that they know who will come in and be the farm-inee, but they need to follow the steps to get there..
I believe the monthly updated report has been published on their website each month..
The exact timing has varied and sometimes it's been announced and highlighted, while other times it might not have been..
Although I do stand to be corrected.
@$6m per drill, is that 3 drill targets = $18m total.. at 45% UPL's share would be $8.1m or about 6.5mill quid ?
so with some overhead costs covered as well, upl could cover their share with a 20% capital raise dilution at pre-40mill market cap or at 3.3p level or so..
to farm out for $18mill worth of drilling for how many barrel potential, is not much at all... how much would they have to give away.. potentially with a farmout UPL might be left with at least 20 to 25% of the project free-carried..
if it really is a billion barrel potential, that would be some 250mmbo free-carried potential..
Who hates the board ? everyone ? why ? they gonna announce PSC and volumetrics probably somewhere between end Nov and end Dec... so sp expected to get above recent highs.. why would anyone hate the board, cos someone external pulled a swifty on them ?
Board competency ?
They stated there was no offer nor a guarantee that one would be made..
The issue with identifying Bollinger cones down to whether the Company Secretary followed the rules or not.. if yes, then this person just needs to pass the external communication to the FCA, otherwise if this person did not follow rules then he/she leaves the company..
The sp was reflecting the state of affairs.. it was not pricing in a 14p offer at all.. there was 1 to 1.5p in the sp covering the potential for this offer to actually be made, so the material effects of this are not as drastic as some are making it out to be..
With the expected roll out of newsfliw over Nov and Dec, one would have already expected the sp to get into the 5 to 10p range, or thereabouts anyway..
So this bogus approach of potential offer, has simply become a very short-term hindrance..