Member Info for flundra

Payment in kind will mean interest for debt, not for equity, won't it? Normal and advisable for a project like this with little cash now, but lots coming over the horizon.

Brazilian?

£1.5m difference but point the same

No need to throw toys out of pram imo.
Saloro might achieve, what, 10-12% in the market? They might still get it, but even if they don't, what's the difference, about £0.5m max? Perfectly manageable in this huge project on the cusp of production. And to be fair to Oaktree, they probably don't want more exposure, and note they are not standing in the way of another junior lender who might want to join the party. And, of course, they've said yes to a loan themselves, albeit on onerous terms.
Knowing this share, some random sh*t will pop up and cause another headache before too long, but right now, there's no other major obstacles ahead. Nesting season's over too, so no more of those storks hopefully, either.

18% is eye-watering, and 3% on undrawn amounts is taking the p*ss, but I agree the good news is that a loan's been achieved. It's also a backstop, so better terms (also debt funding) from a third party lender is a possibility. It's perhaps lower risk at this later stage in the project, from a lender's perspective. Imo we've been beaten up by Oaktree here, but whilst we might lose this funding battle, we're definitely winning the war.

… plus confirmation of this €10m loan facility from Oaktree. Seems to be taking a while. I imagine Oaktree are being their usual reasonable selves over negotiating the interest rate/terms. I imagine the JV gives them right of first refusal to provide it, and they'll squeeze every drop of blood out of it they can.

HL view

https://www.hl.co.uk/shares/share-research/201910/sophos-board-accept-all-cash-offer

Omg...
And an open position regarding BKY presumably.

Sorry Linda if you're reading this

Did it have an elongated shadow?

Great find Broxy, lots of ifs but it might account for the rise, and I’m sure you’re right to say don’t read too much into potential claims against the state.
Trying to make head or tail of this, the argument now might be that dismissal of this appeal might open the way for BKY to claim against the govt for financial outlay since 2015. Perhaps because expenditure since then on licensing applications, works and infrastructure (mine and community), kit purchase etc, was all done acting in reliance on the govt approvals at that point (2015), and might be claimed back should licensing not now proceed for reasons outside BKY’s control. (The assumptions being that licensing was expected to proceed back in 2015, and no outlay could be claimed back if the govt authorisations in 2015 are ruled unlawful in the courts).
More simplistically, it might just simply be that an appeal against one previous authorization has failed, which removes a perceived hurdle, but there’s still the outstanding permits issues ongoing, which is still not looking great at the moment.
Most importantly though, where does the beaver fit into all of this? What’s it even doing here?

Beaver?

Approx figures, but if Solo are paying €30m for 3.6 mmboe 2P reserves with 1750 boepd production, how much would a buyer pay for HALO’s 20 mmboe 2P reserves with 3500 boepd (that includes HALO's OND deal assets but not anything we might find at Andromeda) ?!
OK, it’s pretty meaningless because there’s other assets, liabilities and issues etc etc to take into account, but these Solo deal headline figures are an interesting comparison for us HALO s/hs.
I like the sound of that £5 p/s.

I think you're quoting from the 2017 AR MTS.
The 2018 AR tells us about DSA " The Group expects to be able to place a surety bond to cover these and future security obligations."
The interims today tell us "The decommissioning of the E18-A field (HALO 18.357%) wells and platform was completed successfully and in line with budget"
Yes, it would be nice to fund decom liabilities with a massive pile of cash, but I don't think there's a problem with strategy or funding these liabilities.

On decommissioning costs, they only become a problem if it turns out down the line that HALO took an overoptimistic view of quantum or future treatment, on acquisition. They’re known about, and part and parcel of the business. I don’t think we can say there’s a problem now. Indeed part of the business model is the favourable way these costs can be “managed away” over time.

Looks good to me on a first read through.
Turning a profit in difficult trading conditions, expanding imaginatively. Good mix of increasing reserves and production and exploration. Funding through Engie gas sales and hopefully this Nordic Bond issue, should protect us shareholders from negative dilution.
A decent Andromeda result should focus minds on resolving the GPA issues, as well as being good news per se.

I suspect you'll be fluent in Spanish before the change in attitude. Hope the lessons are going well.

So still no sign of the permits or the new MD/CEO. BKY's legal appeal against the CSN appointments has been withdrawn too, but no reason given. The exploration programme for other battery/EV metals might throw up something. At this rate the uranium's going to be treated as toxic waste.

Looks like an excellent deal in line with HALO’s strategy imo. A wide range of funding options for the deal seem to be open, which perhaps indicates HALO have built good financial muscle and flexibility (either that or they haven’t worked out how to pay for it yet lol).
It looks like we can expect news of this deal’s closure and the Andromeda result soon. All together it might perhaps be enough to IPO despite the ongoing Cygnus dispute, and delay in Pegasus FID.

Like the new presentation, despite the delays. Onwards and upwards from here I guess. Just hope we don't get too badly squished between the two Oaktree branches, in the "commercial" terms of the new facility tba.

Light on detail but pretty good update imo. Always good for a mining co to have a product to sell that the market wants (even if it's taken forever), and nagging funding questions addressed (sort of). Another update soon hopefully, if we really are going to actually sell something, within weeks. Yes, SELL something !!! = money coming IN! To new Noble under the offtake agreement presumably.

At least there's lots to talk about on Monday.