They also that they 'intend to return up to US$100 million of cash to shareholders over the next 12 months. This will be in the form of higher ordinary dividends, share buybacks and/or tender offers, starting with the recommended final 2021 dividend starting today.'
'The Group will need to complete its agreed farm-out and/or another asset-level transaction within the coming months, or otherwise raise further funds, in order to meet its liabilities as they fall due, particularly with respect to the forthcoming drilling programme in Cameroon.'
What are peoples prediction? Placing to come, debt funding or a mix?
Licence extension good however it took them 6 months to realise the market environment has changed considerably, to now restructure? The market environment changed months ago. Why wait until now to restructure?
Seems like when a RNS is about to land the price spikes beforehand?!
When will more funds be needed? Last few placings: Jan 22 Aug 21 Jan 21
RE: PetroPeru: Audit trouble, ONP trouble and Talara to start up07 Apr 2022 07:58
Good RNS but 'As previously announced on March 3, 2022, the Petroperu operated Northern Peruvian Pipeline remains closed due to erosion caused by the rainy season, with no firm timeline of maintenance completion provided by Petroperu.'