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Well according to Graham we wasn't that far off 75% so just getting a few more investors on side, interest rates are at an all time low and we are in a pandemic so wanting a 8% bond return is just unrealistic so can see headway on the issue. And there is just a good a chance we could be sold lick stock, maybe the gas buyer could step in and buy bulk or ogif fully take over and offer us a price. Just look at Sirius minerals. Private investors took all the risk, the drill was running when the plug was pulled due to finance issues then sold for peanuts. 8 working days to go.
Risk is an individual assessment of any situation, not just share dealing. I see it that on the last bit of good news the SP quadrupled and can see it happening again on similar news. We are priced at a very cheap sale.
I wouldn't say it's high risk tbh, we have gas, a we'll head ready to go, a buyer / LNG services provider in negotiations. There is a serious upside from these prices if GL can get it all together btw I have a low average. If anyone wants to ride a rollercoaster oiler then 88 energy is the stock to jump in.
To be fair the bond has another 4 months to run, it's the italfluids and gas buyer negotiations which will have an immediate effect on the SP. It's a catch 22 situation, need the bond sorting for any potential partners to sign into phase 1 and need phase 1 to negotiate extending the bond or refinance with a new entity. And hope is in short supply at the moment, I know whatever I do sound will prove me wrong in my decision making ;-)
As I posted a couple of days ago, I can see ogif or another Moroccan financial entity stepping in, finance the bond and first gas and end up owning 80% of the company but it's better than losing 100%.
Well it's not market sensitive information so doubt you would have to RNS it but a good find. Would you be promoting staff if you was lining up for administration??
I have FOWFO "fear of wife finding out" :-O anyhow my theory on why OGIF have stepped in as they currently own 20% of 47.5%, so why should they have to bail out everyone else?? I believe they will wait till the 9 count and step in as the bond holders don't want the asset and will be lumbered with a possible 20 million dollar tax bill, they will fund the buy out of the bond and phase 1 development costs through dilution and fund raise, us private investors won't fight it as it saves the business, OGIF by my rough calculations will end up owning 80% of 47.5%, no debt and guess what, the tax issue from the Moroccan government will disappear. Then go for low risk drills around the horst from production revenue, get 1 TCF in the bank and then get funding for the pipeline with no risk to them. 5 years of LNG production with get them in profit and everything else is chips and gravy. Anyone else have any ideas??
Agree on Schlumberger and Onym have their share through % field ownership but ogif have their share as a sound share holder, so if we lose out they do. To date they haven't sold any shares and have put Mohamed in to support Graham.
Do we think that OGIF and Schlumberger have written off the asset and prepared to walk away from production revenue and the eventual restart of the explanation program?? Still 2.5 billion dollars worth of extractable gas.
SP hype is what got most investors in this share and heavy losses in the first place. Just shows you what a bloody mess JP and JJ left the company in. It's all about building a long term business that is underpinned by gas / cash flow . Sounds to me you want hype so you can bail out, everyone can see through JP lies now so his bull has no effect on anything.
Agree RS, Graham and Mohamed have had a lot to sort out after the mess JP and JJ left the company in,
I hope so RS and we are not being swindled out of our assets.
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Have you watched the last Q and A video session? Just waiting for the deals with italfluids and the gas buyer to dovetail.....or not by end of the month.
Hi WL, ogif are a shareholder the same as us, any deal directly with ogif will have to be approved by shareholders which us lowly private investors have the majority holding. If the bond holders take the asset then ogif are cut out and it's just Onym and Schlumberger to deal with to move the asset forward which I assume will drag this out longer. I could see ogif putting finance together to buy Marco's mates out either with share consolidation, increasing their percentage considerably and taking a large slice of the prize with very little money, circa 24 million euros. We are just second guessing what will happen but I'm sure a curved ball will take us all by surprise.
The bond is not due till early July, end of March for italfluids and gas buyer. The bond holders can't just seize the asset, do you think ogif will relinquish 22% of the business??
I would like to think Graham and Mohamed are trying to unravel the mess that JP and JJ left the company in during a worldwide pandemic. The tax and bond issue hasn't helped matters either.
It knocked 40p off the SP
Nobody is arguing over whether there is gas, definitely there is. What investors are aggrieved about is how JP and the gang played the game, to make money without any risk! The dubious in the ground valuation? The "can pick up the phone and sell the asset at anytime", the 3 well drill program which went to 2 as the funds were depleting and wanted to ensure they had their million quid pay off safe......which they didn't get in the end. It all stinks, wale up and smell the coffee. Fingers crossed Graham can save this and our hard invested cash.
Last week, don't get to involved with any of Sara Dees and co business dventures, self serving money vampires. Good luck.