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Jim,
Your link to Upstream does not work - is it behind a paywall?
BB
Will wait till quarterly report and see what information that provides.
Hi Jim,
Is there any point in me emailing GBP to ask for an update on what their plans/intentions are?
It would be good to know how they see the next 12 months panning out, and what they think their chances of a farm-in are etc.
What is their track record on replying to emails?
At the current share price, GBP cannot afford to fund either 3D seismic or a drill.
The company passed a resolution (announced in Oct) at its autumn AGM to allow up to 25 % of the company to be sold, which suggests they had a buyer lined up then to take a partial stake in the company. This option only lasts for a year (but obviously could be renewed at the next AGM).
It was speculated on this board that this buyer would wait until the Italian licence situation had been resolved before making their move.
Now that the Italian fields are apparently worthless, there is nothing to stop the buyer from making an offer.
Christmas is out of the way, but presumably it would take a few weeks to get the necessary people together at the same time, so realistically the announcement could be made by mid to late Feb.
All further speculation on my part, but fingers crossed!
I thought they were looking to pass a resolution to place up to 15% of the company in addition to the 10% they could use regardless, per annum.
Not sure if that is a good or bad thing!
Just ticked up 7% on no trades (that I can see).
Interesting.
Am at work so cannot use my dealing account - it is still possible to sell 1,000,000 ish shares at a good price?
Global was intending to do a farm-out, then another party came along and expressed interest in buying them out, so they dropped Stellar.
However, they were waiting on PEL94 licence award, and now on the Italian licences, before they settle on a price for the whole lot.
So next big event will be the Italian announcement, hopefully quickly followed by a buy out announcement!
Fingers crossed!
http://www.lse.co.uk/share-risers.asp?indexchoice=axx§orchoice=&sbmfilter=Filter&indexname=ftse_aim_all-share§orname=
Should get some of the herd in...
Either a takeover or farm-in imminent?
http://www.lse.co.uk/sectors.asp?sector=DLS21§orname=metals
That kid has got on his parent's PC again and is trading ridiculously small amounts...
Marmited,
You posted:
"It's unlikely to be a farm out otherwise we would surely be in breach of the mandate we terminated?"
How/why would GBP be in breach of the mandate?
If you terminate an agreement surely there is no longer any obligation to the other party?
Presentation made today:
http://www.africaoilcorp.com/i/pdf/Nov-Corp-Pres.pdf
So where do we go from here?
Is the following a reasonable scenario?
Some other oil company farms in with Global, bringing with it a large cash sum to buy a 80% interest in future earnings.
The share price increases to reflect the amount used for the farm-in
GBP then carries out a 25% share placing on the back of the increased share price to keep things ticking over
OR
GBP carries out a 25% share placing on the back of the current depressed share price to keep things ticking over.
Then a farm in happens.
Any thoughts?
I know I would prefer the first option, but how realistic is it?
From the Swedish Avanza site:
Africa Energy to Present at Africa Oil Week 2018
VANCOUVER, Nov. 5, 2018 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") announces that the Company's Vice President of Exploration, Jan Maier, will be presenting at the Prospect Forum during Africa Oil Week in Cape Town, South Africa on Wednesday, November 7, 2018, at 10:00am South Africa Standard Time. View PDF
A copy of the presentation will be available on Africa Energy's website
That last trade just does not make sense!
Not seen anything like that before!
For what it is worth Africa Oil Corp (AOI) up almost 20%...
Can someone take the PC off the child who is trading using their parent's trading account?
Some ridiculously small amounts have been traded this week, some less than the cost of commission!
From: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=GBP&ArticleCode=9tyshu0j&ArticleHeadline=Notice_of_Annual_General_Meeting
"The effect of Resolution 4 will be to allow the Directors to issue Equity Securities up to 10% of the Company's fully paid ordinary securities on issue on the date of issue under the 10% Placement Capacity during the period up to 12 months after the Meeting, without subsequent Shareholder approval and without using the Company's 15% annual placement capacity granted under Listing Rule 7.1."
So the placement could be for 25% of the company. That's how I read it.