Member Info for happysparrow

I'm having another look at this:
'President Energy, has for 10 years been a leading investor in Paraguay with over US$100 million invested to date, with another US$20 million of investment projected to be made in 2022, outside ATOME's project.'
Can anyone explain how the $20m + $4.5m (argentina) will be financed?
Thanks.

Agree, Maisy - still a waiting game. My guess is news of some benefit is very close (I'm hoping it was this 'event' that pushed the delay in accounts to Nov 1st). Time will tell. No move on the share price until RSM arb result known.

https://demerarawaves.com/2021/10/27/fangtooth-is-next-drill-prospect-in-the-stabroek-block/
https://www.noblecorp.com/our-fleet/fleet/default.aspx
Bob Douglas, Don Taylor, and Sam Croft are contracted to Q42022; and Tom Madden to Q12027.

Stena Carron and Stena Drillmax are with Exxon until end of year:
https://ocean-energyresources.com/2021/06/09/new-contracts-for-stena-drilling/
However, under fleet availability they are contracted up until end of June 2022.
https://www.stena-drilling.com/our-fleet/stena-carron/
Does anyone know if this additional 6 month contract is with Exxon?

I note from the link on the RNS to the EPA Canje 12 well project Table 2 that the next 12 well drilling campaign starts on the 1st January 2022. From that, it would seem that they have a well already lined up to drill? When do you think it's likely that the next well will be announced?

Ray - advf n post - it was mostly the Q3 update that we are also due tomorrow that concerns me. From top of my head I recall the Eneo monies were much reduced on the $5m headline figure; too, over the Summer we have lost a large textile customer (although ProMetal has maybe more than made up for it). We have considerably increased our loans; and shares will convert causing dilution. Hopefully clearer tomorrow.

Results tomorrow, then.
Anyone else feeling they will be disappointing?
I think the one month delay was because they were hoping for some good news on something, and thus could advance Matanda; and this would be set off by a trading performance below expectations. I guess this news hasn't come in. Nor has the RSM ruling !
Let's see what tomorrow brings.

Thanks, Celtics. Very useful.
Plugging in at $70 Brent, I make that 92p a share.
GLA

Hi, Celtics - no way of knowing. Agree there was information put out there over the last few months so goods researchers previously interested in this region should have picked up on it. But my guess is a lot of punters still are not aware of the potential here and the 24-well drill campaign.
What is interesting is that Clarendon, who were aware of the news, continued to sell down and must be close to having sold out by now. I cannot fathom that at all.

'it does not follow trading patterns that preceded the last two drills results.'
I think that could be to do with the risk profile having changed. Before, we only had perhaps one more roll of the dice. Now we have about 24 follow on wells. Risk profile has completely changed imo. Don't forget, there has been no RNS from WTE on Exxon's 24 new drills planned, so most investors are not yet aware of the potential - still very much under the radar. Hence new blood may well be entering now.

It would be not surprising to see 20p here on the run up before results. At that level I was thinking of taking some off the table before the result. However, with now 24 more drills lined up, I shall be keeping everything I've got in here (sadly, only 10% of my portfolio), and adding more on any dips when I can find the funds.
GLA

prior RNS for comparison:
'The Rødhette prospect is estimated to contain gross mean prospective resources of 41 mmboe with further potential upside to bring the total to 81 mmboe. The chance of success associated with this prospect is 41% with the key risk being related to fault seal and oil column thickness.

Too, I wouldn't be surprised if they took a stake in the Etinde project.

https://www.dw.com/en/protecting-cameroons-rare-gorillas/av-59412593

I just posted this opn the AET board:
Well, who will be the lucky one?
I had always hoped that the money would come VOG's way. (Matanda drill needs a partner). AET may have chosen to go along LBE's path by buying into drills as an entry play to later conversion into an asset? Cameroon. Existing gas production.
Of course, there are many other possibilities - proverbial needle in the haystack.
We shall soon hear more imo.
Good luck all.

Well, who will be the lucky one?
I had always hoped that the money would come VOG's way. (Matanda drill needs a partner). AET may have chosen to go along LBE's path by buying into drills as an entry play to later conversion into an asset? Cameroon. Existing gas production.
Of course, there are many other possibilities - proverbial needle in the haystack.
We shall soon hear more imo.
Good luck all.

'Convertible Loan Note Draw Down
Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC") is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, announces that, following the General Meeting held on 10 September 2021, it has drawn down in full the convertible B Loan Notes in accordance with the the financing agreement with Meridian Capital (HK) Limited as announced on 18 June 2021 and full details of which are set out it in the circular to shareholders dated 25 August 2021.
Roy Kelly, Chief Executive of the Company, commented:
"We are once again highly appreciative of our major shareholder backing our efforts to deal decisively with legacy issues and move the company forward."
-
Jed - it says 'in full' ALL of it.
B Loan Notes:
· unsecured convertible loan notes
· total principal amount of US$4.2 million.
-
I expect they are using it to order the drill equipment for Matanda.
Expect RNSs on Matanda soon.

Jed, I'm not sure they know precisely (though clearly they know the rough amount). It suggests that it is not a lump sum payment from Treasury; more like re-examining accounts, applying the correct calculations to past and current business, and making an adjustment on a future monthly basis to give RSM their true 38% and with any back-adjustment over time, perhaps 12-24 months. But, agree, this is to give them the benefit of doubt.
More precise information on the arrangement and rough amount would have been helpful.
Perhaps we shall learn more from the delayed quarterly update and half-year accounts?

Jed, this was not made clear. We will pay no more than we would in the normal course of business under existing contracts. Were we holding back monies, and will now have to hand these monies over ? - I don't know. More clarity would have been helpful. It doesn't seem that RSM are contributing anything to our legal costs. A business arrangement, no doubt.

No one knows for sure, Rec. Will need the judgement and RNS for that.
But, yes, I think it indicates that RSM expect to lose the ICC case, or at least, they no longer think they have anything to gain by continuing the UNICITRAL case after the evidence they heard at the ICC hearing.
The ICC case may include additional matters though, and with different arbitrators, so we cannot be certain of the outcome, though the odds do look in our favour, and a little more so today.