Member Info for Bridgedogg1

Seems that they will make an announcement once the court date is set. The filing paperwork may be updated to the FTI site so a good chance we will know soon.

http://cfcanada.fticonsulting.com/cuda/motions.htm

We need to put in a pipe fix for the pressure issue which is preventing production from growing at the expected rate. Not much point in paying for it ourselves if someone is about to come in and take 27% of the costs so it’s been delayed until Cuda us resolved. However if we know it’s ours, just waiting on court approval, then we can incur the costs straight away knowing we will get the benefit. Sooner the better.

Also occurs to me that if we are the selected bidder there would be no need to wait on completion to implement the pressure fix. Next update may give us some indication in that regard.

FTI..

All seems to be on track.

I just got an email from FYI consulting:
“ We have now signed LOI for both US and Canadian assets and we are in the process to put together the purchase agreement. Court hearing will be scheduled, we are expecting that to be end of April or beginning of May. We will post more sale process information once the court makes a decision on this.”

Another £700k converted? Seems to have been absorbed rather well!

Defo going to take big new, huge volume and a whole raft of new ones nvestirs to get and keep this anywhere near 1p. I’m wondering how low this can go. When it went to 0.4p I thought I couldn’t go any lower and added…now I just don’t know. We’ve had some pretty good news flow, finances seem ok (not great) and gold outlook is good… still just not sure what will happen here. If you take out the P&D blip would you believe this is going to 1p anytime soon? I’m just holding because it’s not worth selling but I expect it will be a good bit of time before I get my money back.

So institutional investors risk fines and more from FCA to make a few thousand on a couple of % share price movements on a tiny company on AIM? Seriously I dont you guys have any clue how these things work. I’m not saying that larger holder won’t get wind of a placing in advance and sell shares but blatantly forward selling when you are entering into a transaction to acquire shares? Both leave clear paper trails. Unless anyone can lay out how it works and how much a company would make doing it to make it worth it?

No such thing as forward selling a placing, it is banned

"We estimate the Frontier element of the discovery to cover an area of approximately 51 square miles with the capacity of up to three horizontal wells per square mile each initially producing 1,000 - 3,000 barrels per day. We plan a phased production program and have already applied for permits covering four horizontal wells. We will use internal resources to cover the initial costs of development whilst full field development plans are evaluated. "

This time last year the share price was 0.2p so someone must be up? Just not me.

Some reading: https://www.mltaikins.com/insolvency-restructuring/alberta-court-of-appeal-clarifies-test-for-court-approval-of-a-receivers-sale/

“The Court also commented on the utility of appraisals, noting that, at some point, a property is only worth what buyers are willing to pay.

The Court of Appeal’s decision is an important reminder of the duties of a receiver and a court reviewing a receiver’s sale. A receiver is not required to obtain the best price for an asset, nor is a court entitled to substitute a receiver’s commercially reasonable sales process with its own view regarding the sales process. A receiver’s role includes considering competing interests and acting in a commercially reasonable manner with a view to obtaining the best price in the circumstances.”

Cuda is covered by NDA so I doubt we will get an update in the end of years unless it’s already been released separately.

I don’t believe anyone involved in the sale - the receiver or the selling agent - will get any monetary benefit from extending the sale to get more bids, it will just cost them money as they are working to a fixed fee. Looking at the initial report of the receiver they may well be wondering why they aren’t getting offers anywhere near the $66.4m valuation indicated in the third party reserves report, but as we know only too well, there is no correlation to valuation at the moment. If we can pick this up for less than $13m it’s a real steal. On the other hand, if a major picks it up for near $50m there is a very positive read across to our own working interest…

Buys kicking in and didn’t even have to take it below 33p, should turn blue soon enough. Another low % rise on the cards or will we actually push through to something bigger today???

Looks like they have learnt to not convert the loan notes as soon as it breaches 8.8p. Should let it run a big first. There’s also the warrant conversions to look forward to, along with the replacement warrants… anc the bonus warrants, but if they get converted it means we’ve gone right up so no problem.

“ Subscribers to the Placing will also receive 1 warrant exercisable at 12p each for every 2 New Ordinary Shares subscribed (the "Placing Warrants"). The Placing Warrants have a 12-month term from the date of issue. Further, if the Placing Warrants are exercised within 3 months Subscribers will receive a replacement incentive warrant expiring 15 months from the Placement settlement date with an exercise price of 12p (the "Substitute Warrants") plus a bonus warrant expiring 24 months from the Placement settlement date with an exercise price of 18p.”

This is investing. If you wait for everything to chance and be officially confirmed you’ll be buying in at much much higher prices.

Anyone else notice that the new discovery well - BFU 14-30VF - doesn't seem to be included in the production data for Jan on the WO&G data website?

Conversion RNS tomorrow?

So I came on board after Nigeria dropped off the map so I've been doing some catching up. It looks like Nigeria are taking many actions to get their house in order so a possible indication of so developments here would be very positive indeed. (If I've got it right) a 10% stake to be increased to 30% with costs carry would be very nice about now.

Canada now up 7.69%.

A few more buys and the MMS will have to move it up, holding it down at the moment. The bid is creeping up on each sell as it did this morning before its little run. I see a longer, stronger run coming this afternoon. Beginning of the re-rate 5.0(miilion). Seriously, would love to be as cloe as possible to 40p when the end of year/Cuda comes out.