Member Info for biglad0001

RNS Number : 3580B
Prospex Oil and Gas PLC
30 January 2020
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Placing to Raise GBP720,000 & Director Dealing
Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has raised GBP720,000 gross via an oversubscribed placing of 600,000,000 new ordinary shares of GBP0.001 each in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.12 pence per Placing Share (the "Placing Price") (the "Placing"). The net proceeds of the Placing will primarily be used to fund the Company's acquisition of a 49.9% indirect stake in El Romeral, an integrated gas production and power station operation located in the Guadalquivir basin in southern Spain ('El Romeral' or 'Project') (please refer to the Company's announcement of 17 December 2019 for further information). The Placing was undertaken with new and existing investors as well as certain Directors of the Company who are acquiring Placing Shares with an aggregate value of GBP140,000 based on the Placing Price.
Use of Proceeds
As previously announced, El Romeral is being acquired by Tarba Energia S.L ("Tarba") which is jointly owned by Prospex and Warrego Energy Limited ("Warrego"). Warrego funded the initial consideration of EUR750,000 for a 100% interest in El Romeral. Tarba has advised the Company that this has been paid to the vendor and the vendor has initiated the transfer process.
Following the Placing, Prospex will elect to participate with a 49.9% interest in the Project and will therefore refund to Warrego the corresponding proportion of the initial consideration (EUR374,250). Following this, Warrego will indirectly own the balance of the Project, being 50.1%.
El Romeral includes three production licences on which three wells supply gas to a Project-owned 8.1 MW power station. The acquisition of a 49.9% interest in El Romeral will therefore lead to a step-up in Prospex's production profile to five producing gas wells, which have the potential to generate over 9,000,000 scm net in 2021. In addition to the three producing wells at El Romeral, Prospex has a 50% interest in the Bainet-1 well on the Suceava Concession in Romania and a 17% economic interest in the Podere Maiar-1 well on the Podere Gallina Exploration Permit in Italy which is expected to commence production in 2020 at rates up to 150,000 scmpd (5,300 mscfd), subject to regulatory approvals and installation of production equipment.
El Romeral offers significant development upside to increase gas production and, in turn, electricity generation at the Project's plant, which was constructed in 2001-2002 at a cost of c. EUR10 million and currently operates at c. 22% capacity. Gross contingent and prospective gas resources of 5 Bcf and 90 Bcf have been assigned to two development locations and 11 very-low risk prospects at El Romeral respectively. A planning

1 code if you believe in all that

500k sell at 1.16

Good to have some volume again

looks like another good volume day...…….. buys at 1.19

We need to hold this rise tomorrow ! Seen this too many times and it drops back

Back to 1.18
20m traded

11m traded

flying now 1.175 paid

Solid buying again this morning

All buys this morning

TIDMECHO

RNS Number : 2419A

Echo Energy PLC

20 January 2020

20 January 2020

Echo Energy plc

("Echo" or "the Company")

Santa Cruz Sur Operational Update

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to announce that the Campo Limite exploration well (CLix-1001) in the Palermo Aike concession of Santa Cruz Sur has been drilled to a total measured depth ("MD") of 2,247 metres and wireline logging has now been completed.

On the basis of encouraging initial data from drilling and logging operations, a decision has been made with the Operator, Selva Maria Oil and Gas S.A.*(1) to move to the next stage of operations to complete and test the well.

The target Springhill Formation was encountered at 2,124 metres. Initial analyses of the wireline log data have been completed and have highlighted a zone of interest comprised of fine grained sandstones. This unit also coincided with elevated gas shows of 193,000 parts per million ("ppm") against a background of 20,000 ppm.

The presence of elevated gas shows in the target section combined with wireline log data is positive and has resulted in the Company and the Operator taking the decision to move to completion and testing. The Company cautions that completion of the well test and analyses of the results is needed to conclusively establish the presence of producible gas.

The well will be completed by the Petreven H-205 rig followed by conventional inflow testing with a workover rig. Mobilisation is currently being scheduled and further announcements will be made, as appropriate, in due course.

1p at least by the end of 2020

pboo check the facts

All buys, all full ask

Come on

Pboo

The vast majority of LTHers who have been around a few years and supported the fund raises are in profit at this stage

I am sure this will have or is being looked at.

The cost vs potential benefit ( compo ) needs to be understood. If its unlikely anyone can be prosecuted then there is no point in throwing money at it and time. DB and his team have a company changing 3 months on the horizon.

I certainly wouldn't want DB to raise again to try and prosecute.

Hopefully lessons have been learned in terms of information flow that will prevent it happening in the future.

:-)

TIDMECHO

RNS Number : 7669Y

Echo Energy PLC

06 January 2020

6 January 2020

Echo Energy plc

("Echo" or "the Company")

Drilling and Operational Update

Echo Energy, the Latin American-focused upstream oil and gas company, is pleased to announce both the perforation and initiation of stimulation operations at Tapi Aike and drilling at the Campo Limite exploration well.

Following the completion of drilling operations at the Company's Campo La Mata x-1 well ("CLM x-1") at Tapi Aike, the deeper secondary target in the Anita Formation ("D3") has recently been perforated and a mechanical stimulation will be commencing shortly. This is expected to complete within the next two weeks. Once completed, attention will then focus on the shallower primary target ("Magallanes 20" or "Lobe C"), with a perforation followed by a mechanical stimulation. This is expected to take a further two weeks.

Separately, following the previously announced mobilisation of the Petreven H-205 rig to the Palermo Aike production concession in the Santa Cruz Sur assets, the Company is pleased to confirm it has now spudded the Campo Limite exploration well ("CLix-1001"). The well is expected to reach total measured depth within the next week to be then followed by wireline logging operations.

Further announcements will be made, as appropriate, in due course.

For further information, please contact:

Exactly no GSA no asset sale

TIDMSOU

RNS Number : 4662Y

Sound Energy PLC

02 January 2020

2 January 2020

Sound Energy plc

("Sound Energy" or the "Company")

Update re Tendrara Gas Sales Agreement MOU

The Company announced on 30 October 2019 that it had, in relation to ongoing negotiations in respect of a Gas Sales Agreement for the sale of natural gas production in the Tendrara concession in Eastern Morocco (the "GSA"), entered into a binding memorandum of understanding (the "MOU") with Morocco's Office National de l'Electricité et de l'Eau Potable ("ONEE"), the state power company of Morocco, on behalf of its partners, including Morocco's L'office National des Hydrocarbures et des Mines.

Under the MOU the parties have agreed to use their reasonable endeavours to continue negotiations with a view to entering into a binding GSA, incorporating the key terms of the MOU announced on 30 October 2019 and construed under Moroccan law, prior to the end of calendar year 2019.

The Company confirms that GSA negotiations continue and announces that it is in the process of agreeing an amendment to the MOU with ONEE in order to extend the period for negotiations of the final GSA to 31 March 2020 (the "Amendment"). Following an agreement in principle, the parties intend to enter into the Amendment as soon as is practicable.

Further announcements will be made, as appropriate, in due course.

For further inf

I think you are better looking at what the share price will be in the highly likely event Wressle is passed !!