I believe it’s a valid question was this even done (or done properly).
We had the RNs about piping being locally sourced but you wonder is the reason they did not amp up the pressure is that the piping was never done correctly at all…..
Where did the money go from that large placing……
You only need to look at what happened at afren….both directors gone down for over 10 yrs if it’s proven they took back handers at same time as plotting downfall of company….
Daily liquid lunch with hedge chums not tasting so good now….
If they get to 30 offer required….
Requirement for a mandatory offer: Where a bidder is interested in shares carrying 30% or more of the target's voting share rights, the bidder must make a mandatory offer in cash at no less than the highest price paid during the preceding 12 months (often referred to as a "Rule 9 offer").
Great news today plenty of cash in bank sweet spot about to be hit….buy and hold.
Steve the company is loss making at present so much as I would love a return to value (I am down 6 figures) we need to service both the bond holders and SL interest plus settle the swap payment of ten mill.
At the very least all bonds need settling as cash as opposed to equity conversion plus swap sorted so I guess that’s say 25 mill sterling.
On top of that we would need I assume about a 10 mill cash injection as mentioned in last RNS.
Who is going to put 25 million into a company valued at 500k or so by the market?
Duster
We need an explanation why the BOD did not ramp up injection rates to previous levels that yielded 2,700 bopd.
Even if they did this for 2-3 months it would have proved the viability of the GGS and if they said we need more dough to maintain it pretty sure they would have got it.
But instead we saw injection rates at less than half the previous level so how was this ever going to succeed…?