Firering Strategic Minerals: From explorer to producer. Watch the video here.
Positive RNS. Here's the start of it...... SacOil, the African independent upstream oil & gas company, announces it has entered into a series of agreements that will enable the transfer of the Company's existing loan agreement with RenCap Securities (Pty) Ltd (South Africa), (formerly called Renaissance BJM Securities (Pty) Ltd (South Africa)) ("RenCap") to Gairloch Limited (a private investment holding company registered in the British Virgin Islands and controlled by Dr Olatunji Olowolafe) ("Gairloch" or the "lender"). The loan is for the amount of US$11.25m and was provided to SacOil to fund the US$10.0 million cash collateral required to enable the posting of the US$25.0 million performance bond for Block OPL 233 in Nigeria ("OPL233"). The Company has also successfully put in place some amendments to the loan it provided EER, its partner in Block OPL 233 in Nigeria as part of the farm-in to that block. The changes will ensure repayment of part of the loan by 31 May 2013. The mutually agreed total outstanding amount owed to SacOil by EER is US$26.4m as at 30 November 2012. The inter-conditional agreements entered into include: · Deed of Novation / Sale and Assignment Agreement between RenCap, Gairloch and SacOil; · Deed of Confirmation and Amendment / the Confirmation and Amendment Agreement between Gairloch and SacOil; and · An Addendum to the Loan Agreement between SacOil and EER.
Not got much idea of dates, but what is clear is that SAC is sitting on a lot of oil. SAC will soon be my second largest holding. I'm hoping for a rise to 10 to 12p, so will aim to add anywhere below 3 and sell at just below 10. Well, it's a fine plan anyway... GL for 2013!
I've heard nothing and am still assuming week 2 of Jan.
And I got in just prior to the rise! Unless it goes all very wrong, maybe I've picked the bottom of the market correctly for once!
Was wondering whether to buy a few more. I thought we were done for a couple of months ago, but maybe not...
Anyone got any idea what shareholders will get back per share if this company is sold?
Probably. Well, the company is talking with potential buyers - Indians as I understand it. The deal was supposed to be struck by the end of Dec, but most of us think it's slipped back to Jan. I am expecting about 10p, M1SAK is hoping for at least 16p and maybe up to about 21p ( correct me if I've misrepresented you here M1SAK...). I hope I'm wrong and he's right! It's not a done deal, but I think it'll work out. The board has done a lot in the last few weeks to give good news stories, which will hopefully make it hard for potential suitors to offer a stupidly low price.
...predict how much longer we've got to wait? I'm going to say week 2 of Jan.
Yep. I get that. The point was that for a while this morning the SP was quoted at 2.48, the bid at something like 2.56 and the ask at something like 2.65.... So both ask and bid were above the quoted SP, which is usually half way between ask and bid. However, it's been corrected now. Probably just sloppiness rather than anything mysterious.
I've bought back in over the last week or so. Why is the quoted SP below the bid price? Any ideas? Someone's maths gone wrong?
It's a very irritating turn of phrase.
Blair did it too.
Only just read it. Again, I see little we didn't know or hadn't guessed before, but it's a positive flow of news. I hope that it turns the markets round soon as I've now got a million of these shares... Blanket, I hear what you're saying about "look", but for some it's just an affectation. The company is producing coal, so that's in no way a bad thing. (Although if my luck with ORE is repeated here, it is a bad thing... ORE announced lots of gold and the price fell dramatically.... that's another story though).
The spread is more attractive now.
The hoards are not rushing to buy though. I guess we could really do with a few brokers bigging this up. Nice to get a steady flow of good news though. It can only help.
No extra info in it, but cites a positive radio interview at http://www.brrmedia.com/event/107284. This interview is predicts big coal for the Penumbra mine. Also points out the good industrial relations they have in South Africa. Nice to see the board getting out there and putting the word on the streets.
We'll just have to wait for the news then and hope they don' t go bust in the mean time. They've got a lot of coal, that's for sure.
I hope you're right! My average is 3.4. So 16p plus would be superb. I seem to remember that we were hoping to hear this year, i.e. before January? Or am I confusing myself? GL & here's hoping!
I have the working assumption that this company will be sold for c. 8p to 12p per share. Just my guesswork really. Any views?
... probably a bit over exposed here now.... but I think it's a genuinely strong buy. I paid 3.2 for £4500 worth.