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Breq I agree the assets are solid but IOG don’t need to be clever or considered in response to RRE if they are close to securing a better deal which could explain their responses to date. I know another company was ‘monitoring’ IOG before RRE came in the scene. As jimmy says will be an interesting week. GLA
Jimmy I’d take the administrators proposals document above the FT. Looks like it has (past tense) been carefully considered IMO but I may be wrong. GLA
Looks quite simple to me. Both the BOD and more importantly administrators who know what’s going on behind doors and what potential offers are on the table are saying the RRE offer is not worth considering. So RRE need to dig deeper into those pockets or do one. If they come back with a more reasonable offer things may change again. Bod obviously confident and hopefully with good reason. Time will tell. GLA
600T - does tie up with first gas based on FID being announced imminently. A positive sign IMO. GLA
Offer for outstanding debt
You can’t forget that RRE will also need new development opportunities to keep the Marathon personnel busy with the decommissioning of one asset underway and another to follow relatively quickly so it’s not in there interest to walk away as IOG presents a great opportunity if they can negotiate a deal. So imo they will come back with another offer rather than walking away assuming the bod don’t manage to move forward quickly enough with any other interested parties. As many have said before there will be a lot of work going on behind closed doors so should make an interesting few weeks. GLA
I wouldn’t be surprised if the likes of Chysoar or Neptune, who are cash rich and buying up a number of North Sea assets, are also looking at IOG. If my memory serves me right I think the top man at Chrysoar worked alongside MR on CH4 so will no doubt be aware of the potential. I think they would look to buy outright though rather than a farm in.
Or a offer from a different company is certainly on the cards
To be fair RRE seem to have done their research they appear to know more than the IOG BOD...
I think there may be other companies interested who will come out of the woodwork now the RRE offer is on the table. Will be an interesting few weeks. GLA
GG, would like to echo the sentiments of the previous posts. Your contribution to this board has been much appreciated by all. Thoughts are with your family and hope to have you back soon. FT
Trusts, I think they are sells. When I checked yesterday with dummy trades sell was 14.133 and buy was 14.5.
A number of contractors also taking deferred payments (lets call it a loan).....
Welcome Tier. Stupid or lucky....? Time will tell. Imo you will have no regrets is a couple of months. Funding was always needed, nothing has changed, still solid fundamentals. I suggest you do some more research on what funding is required, timescales etc and come back once you have a better understanding of your investment. This board has for the past few years been a very informative and friendly place but there are a number of posters with (badly) hidden agendas so I can understand if people are wary of your posts. DYOR then you can decide what to do. I as many on here will be sitting tight for some time yet.
Butd, LOG have confirmed all funds still available. IOG were never looking at LOG to find development so aren’t looking at alternatives so shouldn’t be any further delay. A fair few lths are still bullish as you put it as there are some well researched posters on here that know he full story rather than a poster who only turns up when the SP drops trying to save us all from losing our money. Go figure.
But riding the gold cup winner with funding. I know what I’m betting on..... GLA
Malcy's blog - IOG has announced an SNS core project upgrade adding the significant Goddard discovery, awarded in the 30th round, to the project. The discovery has been assessed by ERC Equipoise at 108 BCF of 2C contingent resource of discovered gas. The discovery, which is expecting to receive FDP in 1H 2019, will be reclassified as reserves at that time according to the company.
So, with the pre-FID complete, next action will be the Harvey appraisal well where drilling is imminent and will put the project in readiness. After that all you need is the money to develop it, and again according to the company ‘financing plans are advancing’ and we can expect the FID in under twelve weeks from now, and with first gas 20 months after FID, the clock is ticking. Excitement levels are rising and with the expectation of the whole project delivering a 77% IRR and £668m of post tax NPV 10 on peak production of over 230 MMcf/d the economics surely do stack up. For those with the patience to have hung on for the ride, it may just be the actual beginning of this project.
Butd a number of contractors have carried out FEED works on a deferred payment basis as they clearly, as many lths, have faith in the bod. The investment case is still compelling imo and not a lot has changed in past few months other than SP. Some negative spin on Twitter and here as different people have different agendas but can’t see the SP staying this low for any significant length of time. Huge upside potential imo and happy to hold and top up. Dyor and GLA
I’ve been a lth here for a long time and seen many ups and downs along the way. Just another bump in the road imo. Fundamentals still the same and a top bod (again imo). I have around 600k on a free roll but will look to top up at these levels, hopefully it will be a good investment. Keeping the faith. GLA FT
My money is on Thursday...... GLA all!