Member Info for Denziiil

Placing more than doubles shares in issue.
On a positive note, you get to vote.

RRE can’t assume control without taking control of the debt. IOG have liabilities above £10M to payback in the next 12 months, that was going to be refinanced by yet another fundraising deal with LOG. The interest alone at 9% above libor is going to take £4M/annum to service.
That gives IOG no alternative than to raise funds, regardless of whom owns the controlling shares.
The alternative is wipeout and LOG admin get the lot.
1st Payment of £1.5M due 19th April. IOG will struggle to make this.

Merely pointing out Jimmy, that RRE have in excess of $450M cash to play with at present.

GG,
RRE had £54M unrestricted cash at 1st January and now producing 23000 bopd.
Net cash growth c$200M /p annum plus an additional $20M odd as operator.
Marathon North Sea also handing over net $210M cash after purchase costs.
Decoms & Arran field development to be taken into consideration.
Cash not a problem right now.

A little out. First payment due. £1.5M payable on 19th April.

Given the likelyhood that Rockrose will not conclude a share offer on Tuesday, does anyone have a figure that Independent are going to need for the next 12 months to aid continuation. Harvey appraisal well drill needs to be commenced by September 29th?

The company is a bust flush. LOG administrators will be looking for a better deal on the debt or to sell on the assets.
It’s not a binary outcome case for IOG, all workable scenarios point to eye watering dilution at best or insolvency.
Look at the numbers, they’re not going to go away.

Alternatively start clinging on to any straw of information that you can piece together to cling on to your investment.
- LOG admin are perfectly aligned with IOG.
- Our funding is perfectly safe. No investigation will affect that/ or our ability to fundraise.
- We can chip away at the loans with a small fundraise.
- LOG covenants will easily allow for heavy dilution of their loans.
- RREs derisory offer has been turned down.
- A farm-in is signing up.
- We have solid reserves that we cannot afford to drill, but we are going to get a free carry.
- We will have solid revenue in the next 24 months, so we can forget about the whole loan book.

All of the money is gone.

Three days remaining for IOG offer, but not for the debt rxdav.

I think you are missing the point rxdav.
There is no increased offer coming in for IOG.
The debt offer is an entirely separate matter.

When i met the team last year, and subsequent information from Fiona was that after full spending on the seismic, in a fair wind there would be enough money left for one drill. The current production of approximately 850 bopd was enough to keep the lights on. So to claim that today’s cash is free cash flow is innacurate. Note the rns very carefully does not suggest that this is anything other than the case.
If it was there reverse, Echo would be the steal of the century right now.
Sorry to be the harbinger on the board today.

The only good thing is, everyone is underwater at these prices. I don’t think anyone has options down here do they?
That aside it’s really discouraging not to see Bod buying.
If you really believed in your own company’s prospects, surely you would?

£38 Million of funding, swindled from p.i.s and right up until last week they had this company, your money by the balls.
A choice to either take the company or wash 239M warrants.
IOG shouldn’t have got into bed with these people.
It isn’t funny.

As at 28th February, IOG had drawn-down all loans available to a total of £38.66M including interest, and the interest alone is accruing £4.5M/ annum.
What small equity raises are you imagining?
If the company does get a farm-in partner then LOG admin have £239M warrants to wash through, the majority at 8p.

LOG need drill money having used the September £15 million LOG facility which was meant for the Harvey drill.

Alternatively, the company manages to raise funding. (Unlikely given outstanding debt and warrants) £13M for loan repayments due in the next twelve months, add interest, and Harvey appraisal drill money, that’s a loan of £32.5M to get through this year and the drill.

The unpleasant truth is that IOG are bust.

No need to worry about Director warrants. Ball firmly in the court of LOG admin either reaching a favourable deal for the loan book, or being forced to deal as circumstances dictate.
RH Charles Hendry MP, being on the board at LOG, at Church Road, at the same time as LCF with overlapping board members is starting to look increasingly awkward for the LOG admin to stay connected wouldn’t you think.
The question then is, would AA buy out remaining shareholders, or wait for default?

rxdav, Happy for you to paint the reverse picture, which I imagine would be farm-out.
What amounts do you think IOG need moving forward?

Unfortunately the £10m loan convertible at 19p was a later tranche. The first £10m loan is convertible at 8p.
More pressing is that at 25th Feb, IOG had £2.9 million in cash and a payment of £3.05M is due on 5th June.
It seems reasonable to assume though that the loan facility of £3.93M is still available via LOG's administrators.
However given the current collapse of the lenders, it is certainly not concrete.

Here's where it gets interesting. Without the final tranche of funding, I cannot see how IOG do not default. In which case under the terms of the agreement, LOG is entitled to call in the whole loan.
Unfortunately, that's lights out time.

If you were the administrators of LOG right now, would you be wanting to sell the loan out, or would you be working out how to best position yourself to take IOG's assets.

Its win, win for the administrators, and to boot if a farm-in arrives, then they get to wash £10M worth of 8p warrants through the company.

There is one final possibility of raising money in the markets, without a farm-in. Any guesses?

Fraud is very different to insolvency.
Make your own minds up.

London Capital and Finance
Wellington Gate, 7-9 Tunbridge Wells.
Simon Patrick Hulme Kendall
Paul Anthony Sayers

London Oil and Gas ltd
10 Arthur Street London. (Previously Wellington Gate ,Tunbridge wells)
Simon Patrick Hulme Kendall
Martin Stephen Ruscoe
Charles Hendry
Elten Herbert Barker

LPE Support Ltd
10 Arthur Street London. (Previously Wellington Gate, Tunbridge wells)
26/03/19 Notice for Compulsory Strike Off.
Simon Patrick Hulme Kendall
Martin Stephen Ruscoe
Paul Anthony Sayers
Elten Herbert Barker
London power Corporation Ltd (significant control)

London Power corporation ltd
10 Arthur Street London. (Previously Wellington Gate, Tunbridge wells)
Simon Patrick Hulme Kendall
Martin Stephen Ruscoe
Charles Hendry
Elten Herbert Barker

LVI recovery Ltd
East Horsley.
Martin Stephen Ruscoe
Paul Anthony Sayers

Charles Hendry and Martin Ruscoe are of course appointees on Independents board.

Absolutely I have RRE holdings, and have been a holder of IOG.
If IOG weren’t in this mess, I 100% would be, as undeniably the potential is huge.
I am pointing out the facts. Nothing more, and suggest you all start researching companies house to make up your own minds.

You lot need to figure out what is actually going on.
Simon Hume Kendall, Chairman LOG, arrested by SFO.
Andy Thomson , CEO LCF, arrested by SFO.

LCF, and LOG both mutual directors at same offices, Wellington Gate, Tunbridge wells.

LOG & players move to 10 Arthur street, London.
A primary address for IOG.

Charles Hendry and Martin Stephen Ruscoe both directors of London Power corporation, addressed as Wellington Gate, Tunbridge Wells and 10 Arthur street London.

Charles Hendry appointed to IOG board as representative to LOG.

Start doing you research, companies house for starters.
LCF are the backers of IOG wether you like it or not.

Do you honestly think anyone will farm in until this is cleared up, and likewise do you think IOG will find another source of funding?
Do you think that the loan covenants to IOG remain intact with the Serious Fraud Office involved?

If the answer you have is that IOG Bod released and rns stating all loans are secured. Then re-research and read again.
If you are still happy with your investments, then crack on.

Ah! was wobbling about the RNS,