Member Info for GT6546

Clarification. There are 800,000,000 warrants exercisable at 0.04 pence for 5 years according to MX Oil's 15/4/19 RNS (No. 1276W).

Their recently updated website puts the TOTAL number of Warrants in Issue at 852,500,000.

Hoping to see some further details on them in their next Annual Report.

Thank-you. Largely speaking, I am personally hopeful and confident that they will probably be pro-rated down to 8.525 million, in tandem with the consolidation. Perhaps the wording of the warrants even legally specify such a corresponding adjustment has to happen in their terms and conditions?

It would be ludicrous to have 852,500,000 warrants exercisable (at 0.04p!!!), following a 100:1 share consolidation.

Hopefully, MX Oil will formally clarify their exact position on that in the near future, particularly in the upcoming Circular.

[852,500,000 MX Oil Warrants]

If the "1 consolidated ordinary share...for every 100 existing ordinary shares" proposal goes through, can
someone knowledgeable about consolidation machinations kindly please conform whether or not this will automatically consolidate DOWN any outstanding (o/s) warrants (i.e. reduce them down, 100:1, from 852,500,000 to 8.525 million)?

Under company law, do warrants automatically consolidate down, pro-rata, too? Or, to do so, does the company have to put forward a SEPARATE, specific resolution to consolidate down any o/s warrants issued?

I am assuming warrants, legally, will automatically consolidate down pro-rata, but don't wish to rely solely on a personal assumption, and want to double check. Something that I think it is wise to do with such proposed changes. Just so I can vote, after MX Oil release their Circular, in a fully informed way. Sorry if this seems a naive question. These high finance, corporate world machinations can be very complicated, and I think it worth double checking and clarifying details and things that seem unclear.

Assuming the share consolidation proposed by MX Oil is successful, 44,713,497 shares in issue (with 8.525m o/s warrants) sounds much more preferable to me :-) than 44,713,497 shares in issue (with 852,500,000 o/s) warrants)!

Thank-you very much indeed, in advance, for any insights and answers on this.

["Significant developments" @ MXO]

Read today's announcement of MX Oil's proposals in the 7am RNS (No. 5597W) with interest.

I also took a recent read through the research note published by Align Research Limited, that MX Oil notified of in their announcement on 5 July 2018 (RNS No. 6464T).

You can find the 5/7/2018 announcement in LSE's MXO RNS archive. MX Oil provide a link to source it online, on the internet, on Align Research Limited's website, within that earlier RNS (i.e. RNS No. 6464T).

Align Research Limited (ARL) summarise their research on the website address that MX Oil's 5/7/2018 RNS announcement. When you scroll down towards the button of the page on ARL's website there is a black tab marked 'CLICK HERE TO DOWNLOAD FULL RESEARCH NOTE', where the near 30 page report can be downloaded and read.

*** Outgoing PSL/BOU Chairman Jonathan ***

Spotted a recent RNS (16/4/19) from Braveheart Investment Group (BIG) plc (see below) that mentions Jonathan Freeman.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BRH&ArticleCode=xvhb55it&ArticleHeadline=Disposal_of_Viking_Fund_Managers_Limited

Jonathan Freeman (JF) is also currently the Chairman of Bould Opportunities.

Jonathan Freeman, as announced by PSL on 9 April 2019, "intends to leave the Board of Directors [i.e. of PSL, now BOU] by the end of April 2019."

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=PSL&ArticleCode=thjogj0b&ArticleHeadline=Shareholder_update

Interesting biography on JF on the BIG website below.

http://www.braveheartgroup.co.uk/management/the-board-of-directors/

Many will wish him well - and success - in his new endeavour.

"17-26 years, at the 8000-12000boed estimated target mentioned in the 4/2/19 RNS (evaluation and decision pending.)"

should read

17-26 years, at the 8000-12000boed estimated target mentioned in the 4/2/19 RNS (evaluation and decision pending.)?

How many years of potential recoverable oil might the Aje field potentially have, based on the 78.2MMboe 1P Proven Reserves figures?

68 years, at 3150boed average recovery?

17-26 years, at the 8000-12000boed estimated target mentioned in the 4/2/19 RNS (evaluation and decision pending.)

Something to ponder:

The 15th April 2019 RNS ('10th Cargo Lifting and Corporate Update') states that:

"OML 113, the Aje field in which MX Oil holds 5% equity investment, continues to produce oil from its two producing wells at a stable rate of around 3,150 bopd (157.5 bopd net to MXO)."

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=MXO&ArticleCode=tpjb446s&ArticleHeadline=10th_Cargo_Lifting_and_Corporate_Update

How many barrels over a whole year might that be?

The 4 February 2019 RNS ('Aje Investment and Corporate Update') says that:

"RPS technical work now expected to conclude in Q1 2019 to support a decision on Aje Phase 2 development; targeting estimated gross production of 8-12,000 bopd."

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=MXO&ArticleCode=q6sgx9d4&ArticleHeadline=Aje_Investment_and_Corporate_Update

Have MX Oil formally announced a decision on that yet?

The RNS of the 1st May 2018 ('Update on the Aje field') announced results of the Competent Person's Report for the Aje field.

Worth reading. It put the 1P Proven Reserves at 78.2 MM (million) boe, 2P Proven & Probable Reserves, at 127.1 MMboe, and 3P Proven, Probable and Possible at 215.0 MMboe.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=MXO&ArticleCode=1ef3qi5z&ArticleHeadline=Update_on_the_Aje_Field

Useful to know.

3.53%
https://www.globenewswire.com/news-release/2019/03/26/1767496/0/en/Dimensional-Fund-Advisors-Ltd-Form-8-3-Debenhams-plc-Ordinary-shares.html
(Link from Google News).