Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Mr Hope is on the board of FRR and therefore has all insider knowledge about FRR financials etc. He also represent FRR largest lender Outrider. Outrider and Mr Hope has now taken action to secure its loan to the company, I guess it only means one thing, Mr Hope knows everything about FRR fragile situation (cash issues, YA legal problem, Georgian arbitration etc.) so Mr Hope is trying to secure assets before the company may collapse.
Its a little bit concerning that their is no statement about the cash position in the RNS. The company thought that they would farmout the parts of the well before drilling it now they got to pay 76%. I wonder if Chariot is a going concern for to long with almost no cash and fairly high SG&A costs.
Interesting list, JKX one of the chepast E&P based on reserve valuation.
https://twitter.com/OilGasTracker/status/1049962726603272193
If WRL wants a farm-in partner for their Mozambique block, ask Rosneft, ENI or Sasol.
Mozambique signs oil exploration agreements with Exxon, Rosneft
MAPUTO (Reuters) - The Mozambican government said on Monday it had signed oil exploration agreements with U.S. energy firm Exxon Mobil and Russia’s Rosneft.
Mozambique’s National Petroleum Institute, an energy regulator in the southern African country, said the government was preparing to sign similar agreements with South Africa’s Sasol and Italy’s Eni.
The agreements could lead to as much as $700 million of investment in Mozambique as the energy firms are expected to drill a minimum of 10 wells, eight in deep water and two onshore, the institute added.
The firms earlier won oil tenders as part of Mozambique’s fifth licensing round in 2014.
Heavily-indebted Mozambique is hoping its oil and natural gas resources will help it recover from a debt scandal that saw it cut off from multilateral and foreign donors.
More than $30 billion is expected to be invested in Mozambique’s gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas.
In the RNS for the shareholder meeting tonight the company wrote that they are not going to give any price sensitive information. And tonight, Zaza is saying that they probably will do a deal within 3 months - seem like Zaza is doing what he can to break the rules.
Its beyond obvious what is going on, FRR has no cash, significant build-up of trade payables which needs to be paid and a lender, YA II Ltd who have sent them a default notice. The company is close to collapse, so Zaza is swinging for the fence with empty promises.
It smells like Zaza will try to raise equity any day after today presentation. Without a placing I doubt that FRR is a going concern for to long.
suresh786,
The two entities holding 15% are carried by Chariot and its partner, so Chariot ends up paying for 76%. If the well gets expensive Larry has a big problem.
belisce6,
Going back to H1 of 2018, I think Larry and the BOD was confident of finding a farm-out partner for Prospect S before the well would be spudded, based on comments from the mgmt and investor presentations.
When they signed the rig contract in June they said that this would improve their position to find a farm-out partner, I dont really agree with this view.
I guess there is still a chance that they will do a farm-out before they hit the potential reservoir but the chances of this must have decreased following the failed Cormorant-1 well.
In any case I think the BOD is a bit reckless drilling this well with a 76% paying interest which would wipe a significant part of the cash balance.
I think WRL mgmt is doing an excellent work in putting pressure on the stock by twisting information:
1. New CPR today, they present NPV15 instead of NPV10 as they have used since the IPO and all other companies on AIM is using. It looks like the reserve value has decreased but the reality is that the NPV10 is only down $5m during a period the company received $14m of payments.
2. The company wont release monthly production and revenue RNS anymore. This might have been the only piece of news which helped to highlight that WRL still exist in the flood of RNS on AIM.
3. WRL mgmt isnt really helping the Norwegian shareholders to convert their shares to AIM. WRL could easily have facilitated this but they don’t.
It feels like WRL mgmt / BOD is doing what they can to push down the share price, maybe the directors wants to buy cheap shares for themselves or the main shareholder want to take it private. Anyone’s guess but it all looks odd as WRL has operationally and financially never been doing better.
I think the drill Tullow well in Namibia killed the sentiment a bit, so CHAR may not go up much into the well result. The proof is in the pudding in this case I think.
What is the estimated drilling cost for Prospect S and how much of the cost is Chariot paying for?
Thx
What flow rate are we expecting from Balcombe?
It must be their accounts doing the dealing with Eneo - so we might have to wait for the interim until 2021!
No results out today so it looks like it will be released after 3 months of the end of the period, breaking the listing rules. Very nice to put the company in that sort of group of companies.
Timster, Sound worked out well right LOL
The situation for FRR looks beyond difficult.
https://twitter.com/EasyBrent/status/1045232312391282688?s=19
It seem like there have been some gun fire at the Sawa Hotel in Douala. I guess people are affraid that the unrest issues in the English speaking parts of Cameroon is spreading to the cities.
Or someone thinks that the H1 result will be rubbish or even worse that Eneo deal is dead. Anyones guess but we will soon see.
It dosent mean much, its on the WH market maker who is slightly less short. Its only a MM position and its tiny, dosent really mean anything.
Does anyone have Colin H. email?
mick,
I wouldnt include the trade payables in the debt figure. For what its worth Eskil said that they he expect that the TPDC receivables of $8.7m to be repaid by end of 2018. I have also talked to Maurel et Prom and they are on the same view regarding those receivables.