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I mean 600k. DBH.
I hold 500ks worth. DBH.
the run in now. The calm before the storm.
I've spoken to him myself on a number of occasions. Again he would not reveal any price sensitive info but in fairness all his statments have been/came true/correct so I have no reason to doubt his integrity or credibility. DBH.
Positive or negative? We are on the run in now. Bang or bust. Simple as that.
called Brady director earlier. Getting a foreign ring tone.....
Interim results out. Thoughts anyone re RTO??? IMO lets little away but seems to hint that it will complete before end of October. Interesting position re EER providing security against costs in acquisition prep which again IMO makes it more likley that deal will hapen.
this is a long long lonf f****** wait.
Email sent. DBH.
I could be wrong but I'm starting to think that 1. EER are calling the shots and are in no hurry to complete before Ocotber deadline as other projects to focus on, tax reason etc or 2. We are struggling to raise funds ie get city investors on board (this is required to apy for the surveys/drills which EER plans to undertake). Thoughts anyone?!
They would lose their money. I beleive this is bang or bust here. If we complete RTO we should make money. If we don't then the company will have exhaunsted all its funds (which we had f(420k approx) ollowing placing on directors' salaries, due diligence re rto etc), has a loan to re-payto PRS and will enter liquidation or administration.
should be out soon so expect RNS in next few weeks. DBH.
LONDON, April 3 /PRNewswire/ -- The international oil and gas company, Energy Equity Resources Limited (EER), continues to grow: company assets have more than doubled in the past 12 months. Its operational base is in a new office block at 35 Portman Square, near London's Marble Arch. The company has strengthened its management team with several eminent individuals from the industry. Among the early board appointments was Dr. Phil Vingoe, a well-known industry figure, who was Chief Geophysicist, General Manager Global Exploration and Technology Director, at BP's Exploration division. In 1995 he left to launch Australian independent, Novus Petroleum. He became MD of Sasol Petroleum International in 2000, the upstream arm of South Africa's oil, gas and chemicals group, Sasol Ltd. Dr. Vingoe's MSc and PhD in Geophysics were obtained from Birmingham University and he studied at Harvard Business School. His Royal Majesty, Nnaemeka Alfred Achebe, Obi of Onitsha, is the Traditional Ruler of Onitsha in Nigeria and joined EER's board as a non-executive director in February 2007. Obi Achebe's career of over 30 years in the energy industry was spent chiefly with the Royal Dutch Shell companies in Nigeria, the UK, the Netherlands and elsewhere in West Africa in a broad range of roles and disciplines. He is currently Chairman of Diamond Bank Plc and OMAK-Eidesvik Maritime Limited, Nigeria, and a director of Unilever Nigeria Plc and several other Nigerian companies. He is also Chairman of the Committee on Environmental and Natural Resources Management Reforms in that country. He studied Chemistry at Stanford University, California, took an MBA at Columbia University, New York and was a pioneer of the Nigerian Institute for Policy and Strategic Studies, Kuru, Nigeria. He was conferred with the Nigerian national honour of Commander of the Order of the Federal Republic (CFR) in 2004. Marten Lunde, President and CEO of Fred. Olsen Production has also recently joined EER as a non-executive director. He currently also provides administrative services to Norwegian stock-listed companies, Ganger Rolf ASA and Bonheur ASA, whose interests include energy, offshore services, shipping, transportation and leisure industries. Earlier, Lunde was Finance Director at Petroleum Geo Services (PGS) and then worked as an independent consultant. He is a graduate of the Norwegian School of Business and Economics. Olav Eimstad, Chairman and CEO, commented that the past 12 months have been "hectic but successful, producing growth on every front". He added: "Our portfolio of assets in Africa, the region we are focused on, looks stronger every quarter. In fact, our assets have more than doubled in the past 12 months". He also underlined that his board takes its social responsibilities seriously. It has developed what may be a ground-breaking involvement with local communities, wherever the company operates. "It is an important aspect of corpora
I was talking about Brady going bust not PRS. 3P is guess work none of us the proposed deal structure. I expect news by end of September at latest. If we complete thiings will get very exciting very quickly as I know that EER have multiple projects on the go and want a UK listing for good reason.
If it all goes flat ie deal doesn't then Brady will be insolvent (no money left plus already have £60k PRS loan) and the company will go bust. If, however, it does happen we should make alot of money.
End of September target.
See my post below. When this RTO completes things are going to get very exciting very quickly.
The Aje gas and condensate field lies in Oil Mining Lease 113 (OML 113) in the Benin Basin, about 24km offshore of western Nigeria. The water depth in the region is 3,000ft. Yinka Folawiyo Petroleum (YFP) is the operator of OML 113 with 60% interest. The remaining 40% is owned by a joint venture of Chevron Nigeria Deepwater, Vitol Exploration Nigeria, Panoro Energy, Energy Equity Resources and Jacka Resources. Chevron was appointed as the technical advisor to the operator for the project and also assigned the responsibility to prepare a development plan for the field. Providence Resources Oil and Gas earlier held a 2.667% interest in the OML 113. It was sold to Jacka in December 2011. During the same period, Chevron announced its plans to sell its interest to Energy Equity Resources. The field is currently in the development planning stage, with first production is expected in 2014. The field is expected to reach a plateau production of 50,000-80,000 barrels of oil equivalent (boe) a day. Location The OML 113 licence covers an area of 960km2 and contains several prospects, including the Jubilee and Tweneboa fields. OML 113 was originally known as Oil Operating License 309 and was awarded to YFP in 1991 to encourage the growth of Nigerian oil industry. Following the successful discovery of the Aje field, the licence was converted to OML 113 in 1998 with a term of 20 years. Discovery Aje was discovered by the Aje-1 well in 1996. The well encountered oil and gas over three zones of the Cretaceous Turonian age. It flowed at the rate of 60.2 million standard cubic feet of gas a day (mmscfd), 1,729 barrels of condensate a day (bcpd) and 2,389 barrels of oil a day (bpd). Drilling and appraisal "Providence Resources Oil and Gas earlier held a 2.667% interest in the OML 113. It was sold to Jacka in December 2011."In 1997 an appraisal well, Aje-2, was drilled 1km east of the Aje-1 well. It confirmed the presence of oil and gas in the Turonian reservoir as discovered by the Aje-1 well and encountered a deeper separate additional zone of the Cenomanian formation. A third well, Aje-3, was drilled by Transocean's Sedco 709 semi-submersible rig in 2005. Although the reservoir quality was not optimum, the well encountered an oil and gas bearing column within the Turonian and Cenomanian reservoirs. In the first quarter of 2008, another appraisal well called Aje-4 was drilled by the Transocean Deepwater Pathfinder drill-ship to carry out a complete appraisal of the field. Aje-4 well was drilled to assess the extent of the field and identify additional exploration targets. The well encountered hydrocarbon reserves in the main Turonian reservoir. Drilling of the Aje-4 well confirmed the field contains a laterally extensive reservoir structure. The field was declared a commercial prospect in February 2009. Appraisal of the field was based on 915km of 2D seismic data, 700km2 of 3D seismic data and an electromagnetic sur
Yes I was speaking, albeit very briefly, to one of the men you mentioned.
today on phone. All very confident and positive. Looking forward to an very exciting and hopefully making some serious money.