RE: Good news!!16 Dec 2020 08:51
When you get down to the T&C's of this one its little cash and mostly RBL against the 31mmboe of 2P. I didn't even think you could get a deal as good as this. Opportunistic due to the covid crisis, you shrewd chap!
Assumed Debt: $26 million at closing
Total Additional Debt and Cash: $15 million at closing
COPL Common Shares to Atomic Shareholder(s): $4 million priced at closing
These don't have to be paid until financial close next year, just $8m early debt payment and the small deposit. Should hear more about 226 in the mean time as it has the potential to add a lot more than 31mmboe at 15%! But I have to say for a £15m company 31mmboe is a very good start!