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Is he ......?
Options and director shareholding
Buy part of Morocco for £29m when they can buy all of SOU for £22m ??
me neither...…… been here many many years and have decided to call it a day. will continue to look in and maybe re enter when more is known about the deal
There was no date mentioned either for the placing ? just proposed ?
if the deal is timed for Feb why the need to raise an additional £1.5m ?
Is 5.4m not enough to see us through 3 months ?
Anyone think the deal will fall through SOU will go to the wall and someone will pick up the asset for a £1?
833k buy at 3p
£25k worth
Change of advisor
Ok thanks.
So Marco still holds over 74m shares in SOU ??
TIDMRRL
RNS Number : 2359T
Range Resources Limited
13 November 2019
Range Resources Limited
('Range' or 'the Company')
13 November 2019
CONTINUOUS DISCLOSURE UPDATE
Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, advises that following the Company's proposed delisting from the official list of the Australian Stock Exchange at close of trading on 25 November 2019, its securityholders will continue to be able to access continuous disclosure material through the Company's normal investor communication channels. The information will be released via announcements on the Alternative Investment Market of the London Stock Exchange, as well as the dedicated section of the Company's website www.rangeresources.co.uk.
Securityholders are advised to use the option of receiving email alerts when material information and announcements are published by subscribing to email alerts on the Company's website: www.rangeresources.co.uk/investors/email-alerts/.
TIDMECHO
RNS Number : 1858T
Echo Energy PLC
13 November 2019
13 November 2019
Echo Energy plc
("Echo" or the "Company")
Completion of Acquisition
Echo Energy, the Latin American-focused upstream oil and gas company, is pleased to announce that the acquisition by the Company of a 70 per cent. initially non-operated working interest in the Santa Cruz Sur package of five mature producing blocks (the "Santa Cruz Sur Assets"), from Petrolera El Trebol SA, a subsidiary of Phoenix Global Resources plc has now completed.
Martin Hull, Chief Executive, commented:
"I am delighted to complete this transaction, which will be a key catalyst for Echo. We believe we have secured a very attractive price for a package of assets which provide the Company with a balanced, revenue-generating portfolio with significant upside as well as exciting near-term drilling opportunities. I look forward to updating shareholders on our progress in due course, not least as we finalise preparations for drilling at Tapi AIke."
Terms defined in the Circular dated 22 October 2019 apply throughout this announcement, unless the context requires otherwise.
TIDMSOU
RNS Number : 1692T
Sound Energy PLC
12 November 2019
12 November 2019
Sound Energy plc
("Sound Energy" or the "Company")
Succession Planning and Board Changes
Sound Energy, the Moroccan focused upstream gas company, is pleased to provide a further update on Board changes as it continues to make preparations for the forthcoming potential partial divestment of Eastern Morocco Portfolio.
As previously announced on 7 November, the Company has entered the final phase of the marketing process for its Eastern Morocco Portfolio which, on completion of the transaction, is expected to result in it handing over operatorship of its Eastern Morocco Portfolio to a third party and becoming a fully carried, non-operating company.
It was announced by the Company on 14 August 2019 that James Parsons, the Company's Chief Executive Officer, had agreed to remain in his current role whilst the Company continued to explore monetisation options available to the Company in respect of its Eastern Morocco Portfolio. Consistent with the proposed transaction structure where the executive responsibility for operating the Eastern Morocco Portfolio is expected to move to a third party, James Parsons and Simon Davies have confirmed their decision to leave the Company. Mr. Parsons will relinquish his executive duties and step down from the Board once his successor has been appointed to the Board but will remain available to the Company thereafter, in a consultancy role, until 12 May 2020 in order to assist with the completion of the transaction announced on 6 November 2019 and also to ensure an orderly handover of his duties. Mr Davies will also stand down from the Board, in this case with immediate effect due to unexpected health reasons.
The Company announces that it intends to appoint Mohammed Seghri, currently Managing Director Morocco, to the Board, initially as acting Chief Executive, in the near future and after the Company completes the formal procedures relating to his proposed appointment. The Company has also appointed Marco Fumagalli, Non-Executive Director, as acting Chairman with immediate effect and the Board will shortly commence a process to identify and appoint an independent, Non-Executive Chairman in due course.
Marco Fumagalli, acting Chairman, commented:
"Following the recent exclusivity award on the potential partial divestment in Eastern Morocco Portfolio, I am pleased to confirm our orderly handover of executive responsibilities for this next important phase of our development. I would like, on behalf of the Board, to thank Simon and James for their stewardship over the years."
For further information please contact:
Guess he’s had his dough out of SOU
and is jumping
A total of 48m shares granted as options to directors
TIDMSOU
RNS Number : 5674S
Sound Energy PLC
07 November 2019
7 November 2019
Sound Energy plc
("Sound Energy" or the "Company")
Board Change
Sound Energy, the Moroccan focused upstream gas company, provides an update on Board changes following the announcement made by the Company on 6 November 2019 in relation to a potential partial divestment of its Eastern Morocco Portfolio.
As the Company has entered the final phase of the marketing process for its Eastern Morocco Portfolio and following the award of exclusivity agreement announced on 6 November 2019, the Company is planning to make various changes to its Board in order to ensure it has the appropriate management and cost structure in place for the next phase of Company's development. The Company expects, as part of the potential transaction which is under negotiation, to hand over operatorship of its Eastern Morocco Portfolio to a third party and to become a carried, non-operating company.
The Company, therefore, announces that JJ Traynor, the Company's CFO, will on 6 February 2020 step down from the Board and leave the Company. His duties will be divided among the Company's other staff.
well we ve opened up
RNS Number : 3914S
Aminex PLC
06 November 2019
6 November 2019
Aminex plc
("Aminex" or "the Company")
Corporate and Operations Update
Aminex announces the following developments and updates regarding the Company's ongoing operations in Tanzania and other corporate matters.
-- Max Williams is stepping down as Chief Financial Officer ("CFO") having served 25 years with the Company with John Arthur, Group Financial Controller, promoted to the CFO position;
-- The 2020 Work Programmes and Budgets for all licences in Tanzania have been submitted to the government for approval which includes a gross contingent ca $40 million programme for the drilling of Chikumbi-1 and the acquisition of extensive 3D and 2D seismic surveys over the Mtwara licence, the costs for which Aminex is fully carried;
-- ARA Petroleum Tanzania Limited ("APT") has agreed to fast-track select Chikumbi-1 pre-drilling activities and has appointed a management team to oversee Tanzanian operations. APT also intends, in the very near term, to open an operations office in Dar es Salaam;
-- The Company will shortly commence receiving advance payments of up to $3 million against the cash consideration due on completion of the Ruvuma Farm-Out;
-- The Company has applied for a 3-year extension of the Nyuni Area PSA with a revised work programme.
Change in Chief Financial Officer
Max Williams has elected to step down from his position as CFO and as a Director of Aminex having served over 25 years with the Company in various financial roles. John Arthur will assume the position of CFO but will not have a position on the Board.
John, formerly the Group Financial Controller, has held financial roles in the oil and gas industry for over 15 years and has extensive experience in Africa, specifically sub-Saharan Africa through previous senior held financial roles in Seven Energy International. Max has worked with John over recent months to ensure an orderly transition.
Operations Update
The Company has submitted the 2020 Work Programme and Budget for the Ruvuma PSA to the government for approval. The programme is contingent on the approval of various licence matters and anticipates a robust operations programme in 2020 across the contract area including the drilling of Chikumbi-1, the acquisition of more than 500 km(2) of 3D seismic designed to fully image the Ntorya gas field and the acquisition of approximately 450 line km of 2D seismic over the remainder of the contract area to identify other leads and prospects. The estimated gross cost of the 2020 drilling and seismic programme is approximately $40 million and will see Aminex's 25% post farm-out share fully carried by APT under the terms of the Ruvuma Farm-Out Agreement.
As previously announced, both APT and the Company have seen recent positive movements in Tanzania with respect to the general business environment, growing demand for natural gas consumption and the approaching completion o
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TIDMSOU
RNS Number : 3796S
Sound Energy PLC
06 November 2019
6 November 2019
Sound Energy plc
("Sound Energy" or the "Company")
Marketing Process Update: Exclusivity Award
Sound Energy, the Moroccan focused upstream gas company, is pleased to update investors on the ongoing marketing process in respect of its Eastern Morocco Portfolio.
Marketing Process Update
The Company announced on 22 May 2019 that, following a decision by its Board to explore monetisation options for the Company's interests in the Tendrara Production Concession, the Greater Tendrara Petroleum Agreement and the Anoual Permits (together the "Eastern Morocco Portfolio") with a view to assessing a sale of the portfolio prior to a final investment decision, the Company had commenced the marketing of the Eastern Morocco Portfolio.
The Company has since entered into non-disclosure agreements with 23 companies and, following these, hosted some 15 management presentations which resulted in the Company receiving a number of non-binding offers for its Eastern Morocco Portfolio, delivering a range of valuations and risk / reward profiles.
Fundamentally, the Company continues to believe the Tendrara basin requires further exploration drilling to unlock fully the basin potential and to deliver enhanced value to shareholders.
As a result, the Company has now entered into a non-binding heads of terms agreement (the "HOT") with, a privately-owned, UK registered company specialising in energy asset development and investment (the "Purchaser"), which will, on completion of the transaction, result in the sale of a substantial proportion of the Company's interest in the Eastern Morocco Portfolio, whilst at the same time allowing it to retain a carried interest that provides the opportunity for Sound Energy and its shareholders to continue to benefit from significant potential upside in the Eastern Morocco Portfolio.
Under the terms of the HOT, Sound Energy has granted to the Purchaser an exclusivity period expiring on 14 February 2020, subject to certain milestones being met, to complete due diligence on the Eastern Morocco Portfolio and to finalise a binding sale and purchase agreement for the proposed sale by Sound Energy of 51% (24.2% out of a total of 47.5%) of its share in the Eastern Morocco Portfolio for a total consideration of US$112.8 million, consisting of a US$54.3 million cash consideration payable in tranches and an estimated US$58.5 million carry with respect to Sound Energy's future capital expenditure requirements relating to its retained interest in the Tendrara Production Concession in order to achieve first gas production from the concession (the "Proposed Transaction").
On completion of the Proposed Transaction it is anticipated that Sound Energy retains a 23.3% share of the Eastern Morocco Portfolio synthetically through a new joint venture. The Company will also provide the Purchaser with a one-year option to acquire