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The other little squib is that as FOGL is an FI registered company the UK Takeover Panel has no authority to get involved here so its therefore really up to FOGL shareholders to make the most noise.

If anyone is interested the RKH statement gives FOGL net assets of £230 mln and RKH £194 mln. But FOGL owes $15 mln to Edison plus certain amounts to NBL, as yet unspecified. RKH also waxes lyrical re Susan and Isobel possibilities etc. All far more detailed than FOGL's RNS. Clearly FOGL had more going for it than RKH but sadly little or no cash re Edison and NBL so RKH is about to assume those liabilities whatever the one to NBL is. FOGL had to go cap in hand to RKH. RKH naturally drove a hard bargain which could perhaps be overturned if Isobel comes good. Mr T has a lot to answer for.

You need to phone them and ask for an email address for FOGL, RBC, and Numis. Usually its Westropp of FI that responds for FOGL. Just ask for a name to email an enquiry is best as if its a 'hot potato' it will usually be passed on for a reply. The brokers are the best to start with as they will almost certainly ask FOGL. Westropp usually does a reply with the 'official line' which is not what you want. Whatever don't say its a complaint just an enquiry which it actually is at this stage. Good luck !!

Well you or someone has certainly had a good go at describing the net situation which comes down to exactly what has to some extent been voiced on here albeit in pieces by various people. May I suggest that you or the author of this missive repeats it to the Chairman and MD/CEO of FOGL with a copy to the FOGL brokers RBC Capital. All the names and addresses are on the latest FOGL RNS re the merger. Then wait for the reply. This will I feel sure interest an awful lot of shareholders.

Sorry that should have been a reply to Parsley

Isobel is 24% RKH 40% FOGL so if a success its skewed ifo FOGL not RKH.

Not UBS but some of its clients.

I don't think there will be any recal either in the end simply because RKH has more institutional holders than FOGL but with the FOGL BoD at less than 10% and RKH BoD at less than 2% it could well happen. I don't want the deal to fall either but I do want to see it put together properly. I assume that both sides will be seeking an independent auditor's validation as they will have to so it may all come out then. I suspect the Stock Exchange will also require an independent audit approval which may prove difficult without full information.

Stick with WO's hamster instead of some lunatic on iii. !!

If as I expect Isobel comes out very good then the two BoDs need to recalculate the numbers on the basis of reality instead of what seems to be the back of an envelope. There's also very interesting article on Investing.com Brent crude price. Saudis will Cut. (sorry no link) suggesting this whole mess is caused by the dollar imbalance. The dollar will fall soon despite gerrymandering by the Fed so the oil price rises and Saudi will at the same time cut output thus forcing even higher oil prices.

You have to admire the FOGL BoD getting it right re Humpback described as a "High Impact" drill. Certainly was !!

The two FOGL directors joining RKH are in a non exec capacity so perhaps £50k pa for one year. The BoD made a poor decision, that's all probably based on $100 oil at the time plus a very encouraging 3D presumably or a few people (NBL included) badly misread or misunderstood it. Ok they had a nice living probably for a few years but it wasn't that caused the problem, but a poor decision similar to that a few investors make. By the way I'm not in any way defending the BoD, but merely explaining it. What is totally indefensible though are recent statements telling shareholders that the company had sufficient funds for the immediate future etc when it clearly had not. To his credit peteb put his finger on that one before I did but its all water under the bridge now so the BoD needs to be told by shareholders that if Isobel 2 is good the BoD should discuss the deal again with RKH using a proper value for both companies rather than the present envelope stuff. It can be done !!

Thank you for your patience with me. Its not about vetoing the deal but trying to improve the terms assuming Isobel 2 is good and then it changes the numbers a bit in favour of FOGL shareholders but its not going to be easy. I may even try to go to the FOGL EGM myself depending on when it is as if Isobel is good the FOGL BoD needs to be told yes we agree the deal in principle now you go back to RKH with proper valuation and try to renegotiate.

You must do what you personally decide to do. Its not for me to advise. However if you think Isobel 2 will prove up even more oil then it makes sense to hang on through the merger then decide what to do later when the oil price is a bit more healthy. If on the other hand you decide that Isobel 2 is a lost cause then you either sell into the merger or wait a bit for the oil price to really recover which will probably be Q2 2016. Of course if meanwhile you have a sure fire winner elsewhere doubtless you will follow that. As to other posters on here I really don't think the FOGL BoD is guilty of anything other than keeping too many eggs in one basket and also actually believing their own arrogance. At worst it shows they were out of their depth which is certainly not a hanging offence. Re their transfer to RKH as non exec directors this will last for one year at most, while they find another job. I assume that their share options will be cancelled unless they take them up now at the low SP for FOGL. Re the merger its actually a good deal for both companies provided there is eventually a valid valuation to back it up and not a back of the envelope job as it appears at present. Had Humpy come good I suspect it would have happened anyway but probably on a one for one basis. Should Isobel 2 come good then we perhaps should be looking at 0.35 - 0.40 instead of 0.2993 and this is what FOGL shareholders should be hoping for not trying to stop the deal.

It either won't go through or terms are then renegotiated hopefully better for FOGL.

Well now its been agreed/announced FOGL actually doesn't need to worry re the end of the accounting year any more as its Auditors are now bullet proofed. This is also dealt with by RKH calling its meeting on 14 Dec 2015 re the authorization of 160 mln new shares. FOGL can if it wishes take its time to see what transpires re Isobel and any other interested party/ies showing up. I hope they do so. Just beginning to wonder if all this is some audit sleight of hand but probably not.

Agreed SFB is a dead duck for the foreseeable future but nonetheless I for one would like to know what killed it and how it died. Actually personally I never did like the look of SFB and neither did the late Colin Phipps but of course when he died Desire was in left in the hands of someone who knew very little re oil. However having been scooped up by FOGL I decided to go along with it all on the basis that FOGL BoD seemed to be quite astute. But we now know that a lot of this was a bit of a facade. Re the FOGL assets they simply have no real idea what these actually are except perhaps for Zebedee which presumably does have a detailed CPR somewhere. Therefore the present agreed deal is on flimsy ground and should require full information re at least Isobel 2 prior to any FOGL shareholder vote re this proposed merger etc. We will have to see what happens next.

I see the Stock Exchange calls the potential deal a takeover by RKH and RKH has an EGM on 14 December to authorize the issue of 160mln new RKH shares so they want to perhaps be in a position to move pre Isobel results. Nothing from FOGL so far & indeed FOGL being an FI registration will take a bit longer to obtain legal approval. I hope they drag it out a bit personally. While I think in principle its a sensible deal for both parties nonetheless I am somewhat at a loss to see just how they have come up with the numbers just after spudding Isobel. That actually makes me think that they have simply used Isobel 1 numbers only and as supplied by PMO as honest broker so to speak. Whereas should Isobel 2 be a success then the numbers will be quite different, and perhaps in FOGL's favour. As to the cash situation I am somewhat surprised at the numbers now shown as they are completely different to the FOGL previous statements which purported to give the impression that FOGL is ok re cash whereas we are now told this is really not the case at all. With that in mind I am quite in agreement with peteb308 that such a cash situation over 31 Dec 2015 would have taxed the imagination of any auditor to explain away. From this it really does seem that the existing BoD were simply out of their depth re Humpback or there is/was a 3D problem in which case there may be a drill problem or interpretation problem or questionable 3D mapping. This is something that also needs clarification re Humpback plus of course disclosure of the full costing of it and exactly who was responsible for the huge cost overruns. Sadly everyone will almost certainly avoid answering the last question.

Put another way FOGL shareholders will own about just over 35% of the enlarged capital of RKH whereas should Isobel come good it would have been 40% of Isobel plus a small piece of Sealion. So the blowing of all the cash on Humpback has probably cost the FOGL shareholders about 7.5% of the pie and perhaps an awful lot more if Helen and Susan are similar to Isobel. Let us hope the BoD gets egg on its face re Isobel and an EGM forces a vote against.

Don't quite follow your assertion that this is some sort of AIM conspiracy. AIM wasn't even involved in the FOGL/RKH discussions and negotiations. Why would it be ?? Also there hasn't been any AIM announcement either but instead from both companies. So why are you blaming AIM ?? As it stands this is far from being a done deal.