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Echo Energy PLC Publication of Bond Restructuring Proposals

22/02/2021 7:00am
UK Regulatory (RNS & others)

Echo Energy (LSE:ECHO)
Intraday Stock Chart

Monday 22 February 2021
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TIDMECHO

RNS Number : 8130P

Echo Energy PLC

22 February 2021

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

22 February 2021

Echo Energy plc

("Echo" or the "Company")

Publication of Bond Restructuring Proposals

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to announce, further to the Company's announcement of 1 December 2020, that following positive and constructive discussions with certain holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes") it has published its proposals (the "Proposals") in respect of a restructuring of the Notes and that a meeting of the holders of the Notes (the "Noteholders") has now been convened to consider the Proposals for 10.00 a.m. (London Time) on 15 March 2021 (the "Noteholder Meeting").

Pursuant to the Proposals, the Company is seeking Noteholder consent to:

-- Extend the maturity of the Notes by three years to 15 May 2025 (the "Maturity Date"); and
-- Remove all cash interest payments on the Notes prior to the Maturity Date.
If approved by the requisite majority of Noteholders any and all interest on the Notes accruing from 31 December 2019 shall be paid in cash on the Maturity Date save that Noteholders will be provided with the ability, from 30 September 2021, to elect to receive Note interest payments in respect of the immediately preceding quarter in new ordinary Shares in the Company ("Elections"), subject inter alia to the Company having the required share issuance authorities in place from time to time to satisfy Elections and to Noteholders holding at least 50 per cent. of the Notes having made Elections in respect of the relevant quarter. Any new ordinary shares issued as a result of Elections will be issued at an effective issue price equal to the volume weighted average price of an Echo ordinary share for the 10 Business Days before the relevant interest conversion date.

In putting the Proposals to Noteholders the Company has agreed, subject to Noteholder approval of the Proposals at the Noteholder Meeting that it will not, without the prior consent of Noteholders by way of a simple majority of those Noteholders then voting, drill an exploration well with a budgeted cost to the Company of in excess of EUR 5.0 million for so long as the Notes are outstanding and that it will not, in the last 18 months prior

Not me this time

You do realise you don't just turn the tap on to 500 bopd ?

It takes time to build

Who's Bramble ??

TIDMPXEN

RNS Number : 6807O

Prospex Energy PLC

11 February 2021

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

Prospex Energy PLC ('Prospex' or the 'Company')

Update on El Romeral Gas & Power Project Acquisition

Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, is pleased to provide the following update on its acquisition (the 'Acquisition') of a 49.9% interest in El Romeral, an integrated gas production and power station operation in southern Spain ('El Romeral' or 'Project'). Prospex is acquiring its interest in the Project, which includes three producing wells that supply gas, through its own network, to a 100% project-owned 8.1 MW power station, via Tarba Energia ('Tarba'). Prospex owns a 49.9% interest in Tarba B shares with its partner Warrego Energy Limited owning the balance.

As announced on 24 December 2020, Tarba informed its shareholders that final regulatory approval in the form of both Ministerial and Regional authorities sign-off has been received for the transfer of El Romeral to Tarba and that the acquisition could proceed to completion. At the time of the announcement, completion was expected on 31 January 2021. Tarba has now informed its shareholders that, due to slower than anticipated progress made during the period immediately following the festive period, the Acquisition is now expected to complete on 28 February 2021.

Tarba, which will assume the day-to-day management and control of El Romeral following completion, is utilising the extended time frame to continue its preparatory work so that the operational transfer will go smoothly.

The medium-term target at El Romeral is to increase on site gas production and, in turn, electricity generation at the Project's power plant towards its nameplate capacity from the current 22% level. This is expected to be achieved via the drilling of new wells targeting already identified development locations and very-low risk prospects which have been assigned gross contingent and prospective gas resources of 5Bcf and 90Bcf, respectively. Tarba will also carry out a review of existing wells to evaluate the potential to undertake workovers to enhance recovery rates. Historically, the power station at El Romeral regularly produced c. 60,000 Mwh per annum when gas was not a limiting factor.

Whilst I don't disagree, given some peoples track records pinch of salt required

Wrestle RNS next week

Aminex (LSE:AEX)
Intraday Stock Chart

Friday 29 January 2021
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TIDMAEX

RNS Number : 2801N

Aminex PLC

29 January 2021

29 January 2021

Aminex plc

("Aminex" or "the Company")

Strategic and Corporate Update

To take advantage of opportunities provided by the Ruvuma Farm-Out, avoid the need for further dilution, and improve shareholder value, the Company has been working on several important strategic initiatives. As part of these initiatives, the Company is restructuring the Board and further cutting costs.

Further Cost Reduction

In 2021, the Company intends to reduce gross general and administrative costs by 30% from 2020 levels and an additional 25-30% reduction in 2022. By 2022, these efforts will reduce gross general and administrative expenditure (before one-off costs and exceptional items) to less than GBP1 million per annum, representing a 75% reduction from 2018 levels.

Board Restructuring

The Company is reducing the Board from five directors to three. With immediate effect, Robert Ambrose is stepping down as interim CEO and director, and Charles Santos shall become Executive Chairman. Robert has kindly offered to assist in the transition. As announced on 26 January 2021, Jan Gunnar Opsal stepped down as a non-executive director.

Charles Santos, Executive Chairman of Aminex, commented:

"We are indebted to Robert for stepping in at short notice last April, steering the Company through the farm-out process and positioning it for the future. In many respects, these current changes complete the restructuring started by Robert. Our objectives now are to capitalise on Aminex's fully carried valuable Ruvuma asset, maintain discipline on expenditures, and with a lean and effective management team pursue our strategic initiatives. Finally, we all thank Robert and wish him well in his future endeavours."

Union Jack Oil (LSE:UJO)
Intraday Stock Chart

Thursday 28 January 2021
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TIDMUJO

RNS Number : 1201N

Union Jack Oil PLC

28 January 2021

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

28 January 2021

Union Jack Oil plc

("Union Jack" or the "Company")

West Newton Technical Update and Presentation

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that a technical presentation in respect of the recently drilled West Newton B-1 and B-1Z appraisal wells is now available on the Company`s website www.unionjackoil.com.

The Company holds a 16.665% economic interest in PEDL183, encompassing an area of 176,000 acres and located within the Western sector of the Southern Zechstein Basin, onshore UK, North of the river Humber. PEDL183 contains the conventional West Newton A-1, A-2 and B-1Z discoveries.

The West Newton technical presentation contains new significant technical data that is material to the ongoing commercial evaluation of the project. The presentation identifies or contains the following new information:

-- Locations for the West Newton A-1, A-2, B-1, B-1Z and a proposed B-2 well, which has planning permission in place and is provisionally planned to be drilled in H2 2021, and a demonstration of where the B-1Z well represented a considerable 2.5 kilometre step-out to the south of the A-2 well

-- Good seismic calibration across the West Newton project area, highlighting both the Kirkham Abbey "platform" and "slope" formations

- Demonstrated hydrocarbon column of at least 118 metres with no hydrocarbon-water contact
- Thick porous section identified in both A-2 and B-1Z wells suggesting a contiguous structure across the Kirkham Abbey formation

- B-1Z well de-risks the southern component of the West Newton licence area and crucially supports the accuracy of the seismic interpretation across the entire platform

-- Log results at B-1Z well were excellent, exceeding Union Jack`s pre-drill expectations
- Good porosity throughout the interval
- Kirkham Abbey interval hydrocarbon saturated
- Mudgas concentrations observed while drilling through the Kirkham Abbey formation at B-1Z well were as high as 9.8% total gas

-- 18 metres of core cut and recovered from the B-1Z well
- Visible natural fracturing, micro fracturing and vuggy porosity demonstrated from core-lab inspection and analysis

-- Numerous additional leads and prospects, including Ellerby and Spring Hill, identified across PEDL183

David Bramhill, Executive Chairman of Union Jack commented: "Following the drilling of the successful B-1Z appraisal well, the technical summary of the W

Union Jack Oil (LSE:UJO)
Intraday Stock Chart

Thursday 28 January 2021
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TIDMUJO

RNS Number : 1201N

Union Jack Oil PLC

28 January 2021

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

28 January 2021

Union Jack Oil plc

("Union Jack" or the "Company")

West Newton Technical Update and Presentation

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that a technical presentation in respect of the recently drilled West Newton B-1 and B-1Z appraisal wells is now available on the Company`s website www.unionjackoil.com.

The Company holds a 16.665% economic interest in PEDL183, encompassing an area of 176,000 acres and located within the Western sector of the Southern Zechstein Basin, onshore UK, North of the river Humber. PEDL183 contains the conventional West Newton A-1, A-2 and B-1Z discoveries.

The West Newton technical presentation contains new significant technical data that is material to the ongoing commercial evaluation of the project. The presentation identifies or contains the following new information:

-- Locations for the West Newton A-1, A-2, B-1, B-1Z and a proposed B-2 well, which has planning permission in place and is provisionally planned to be drilled in H2 2021, and a demonstration of where the B-1Z well represented a considerable 2.5 kilometre step-out to the south of the A-2 well

-- Good seismic calibration across the West Newton project area, highlighting both the Kirkham Abbey "platform" and "slope" formations

- Demonstrated hydrocarbon column of at least 118 metres with no hydrocarbon-water contact
- Thick porous section identified in both A-2 and B-1Z wells suggesting a contiguous structure across the Kirkham Abbey formation

- B-1Z well de-risks the southern component of the West Newton licence area and crucially supports the accuracy of the seismic interpretation across the entire platform

-- Log results at B-1Z well were excellent, exceeding Union Jack`s pre-drill expectations
- Good porosity throughout the interval
- Kirkham Abbey interval hydrocarbon saturated
- Mudgas concentrations observed while drilling through the Kirkham Abbey formation at B-1Z well were as high as 9.8% total gas

-- 18 metres of core cut and recovered from the B-1Z well
- Visible natural fracturing, micro fracturing and vuggy porosity demonstrated from core-lab inspection and analysis

-- Numerous additional leads and prospects, including Ellerby and Spring Hill, identified across PEDL183

David Bramhill, Executive Chairman of Union Jack commented: "Following the drilling of the successful B-1Z appraisal well, the technical summary of the W

Notice of Extraordinary General Meeting

An extraordinary general meeting of the Company will be held at Kings Buildings, 16 Smith Square, London SW1P 3JJ on 18 February 2021 at 10.00 am (the "EGM").

The business of the EGM will be to consider and, if thought fit, approve certain resolutions relating to the replacement of CREST with a system operated by Euroclear Bank SA/NV for the electronic settlement of trading in the Company's ordinary shares (the "Migration").

As a result of the withdrawal of the United Kingdom from the European Union, the CREST settlement system will soon no longer be able to provide settlement services to Irish incorporated listed companies. Approval of the resolutions is therefore necessary to ensure that the Company's shares can continue to be held and settled electronically when they are traded on the London Stock Exchange and remain eligible for continued admission to trading and listing on that exchange, which is crucial to the interests of the Company and its shareholders as a whole. There is no meaningful alternative to Migration and failure to migrate would remove the Company's access to electronic trade settlement.

The circular which includes notice of the EGM (the "Circular") and a Form of Proxy is being posted to shareholders today. The Board strongly urges shareholders to review the contents of the Circular in their entirety, including the documents referred to therein, and consider the Board's recommendation to vote in favour of the Resolutions.

The Circular, the Form of Proxy and copies of the documents referred to in the Circular are available to view on the Company's website, www.aminex-plc.com and will be available for inspection as described in the Circular. However, due to Covid-19 public health guidelines, shareholders are advised to view the documents on the website.

EGM arrangements and Covid-19

The Company will follow public health guidelines in respect of social distancing, mass gatherings and other measures taken regarding Covid-19. The Company will be implementing the relevant measures advised by UK Government agencies at the EGM in relation to Covid-19. The wellbeing of our shareholders, staff and others are our priority. It is the Company's intention to hold the EGM with the minimum quorum necessary and we strongly advise our shareholders to submit their forms of proxy by post or electronically to ensure their vote counts at the EGM given that personal attendance at the EGM is not recommended under current Government guidelines. The Company reserves the right to refuse entry to the meeting where reasonably necessary to comply with the Covid-19 related public health measures and advice. We would therefore recommend that you consider appointing the chairperson of the EGM as your proxy due to the restrictions on other persons attending the EGM.

The Company will continue to closely monitor the developing situation around Covid-19, including the latest UK Government guidance, a

TIDMAEX

RNS Number : 9020M

Aminex PLC

26 January 2021

26 January 2021

Aminex plc

("Aminex" or "the Company")

DIRECTORATE CHANGE

Aminex announces that Jan Gunnar Opsal has stepped down as a Non-Executive Director of the Company, with immediate effect.

Under the terms of the Shareholder and Relationship Agreement dated 8 July 2016, Eclipse Investments LLC ("Eclipse") has the right to appoint two directors to the Aminex Board ("Eclipse Directors"). There is now only one Eclipse Director on the Board and Eclipse retains the right to appoint an additional director at any time.

Charles Santos, Chairman of Aminex commented:

" On behalf of the Board, we thank Jan Gunnar for his contribution to the Company and wish him the very best for the future."

lets see what today brings.

My avg is in the 4's so would prefer to be in the 3's before an RNS lands

moves well on little volume
The potential is there to bag overnight

Nice start

Some heavy buys today. All eyes on WN it seems

and a 58m buy

20m plus a 35m buy gone through.

Heavy volume today

It is definitely WN !

Aminex (LSE:AEX)
Intraday Stock Chart

Friday 13 November 2020
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TIDMAEX

RNS Number : 3098F

Aminex PLC

13 November 2020

13 November 2020

Aminex plc

("Aminex" or "the Company")

DIRECTORATE CHANGE

Aminex is pleased to announce the appointment of James Lansdell, as a Non-Executive Director of the Company with immediate effect. Mr Lansdell will replace Harald van Dongen, who steps down as a Non-Executive Director.

Under the terms of the Shareholder and Relationship Agreement dated 8 July 2016, Eclipse Investments LLC ("Eclipse") has the right to appoint two directors to the Aminex Board ("Eclipse Directors"). James Lansdell will be proposed for election by shareholders at the next General Meeting of the Company.

James Lansdell is Senior Legal Counsel at The Zubair Corporation. Prior to joining The Zubair Corporation, he was a Senior Associate at Dentons, Muscat. James is an experienced oil and gas and construction lawyer with over 10 years' experience working as a member of Dentons' Tier 1 oil and gas team in London and the Middle East. He is a member of the Association of International Petroleum Negotiators and the Society of Construction Law. He holds an BSc in Psychology and an LLB in Law.

Aminex confirms that there are no matters requiring disclosure in respect of this appointment under paragraph LR9.6.13R of the Listing Rules of the Financial Conduct Authority.

Charles Santos, Chairman of Aminex commented:

"We warmly welcome James to the Board of Aminex and look forward to working with him. On behalf of the Board, we thank Harald for his contribution to the Company and look forward to continuing our working relationship with him through his role with ARA Petroleum."