Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Just a reminder
" Reabold intends to use the net proceeds received to advance development of its existing assets, including the drilling of the key horizontal well at West Newton, and assess potential further acquisition opportunities. Furthermore, pursuant to the announcement of 31 October 2022, Reabold intends to make a distribution of £4 million of excess cash to Reabold shareholders upon receipt of the £9.5 million, the mechanism of which will be determined upon consultation with Reabold shareholders."
I don't believe they will fully honour this commitment, they may re-start the buy-backs for a little while and make a small special dividend, but splashing the cash on LNenergy does not leave them enough to spend £2.25m on WN for their 1/6, bankroll Rathlin for £6m and return circa £3.5m to shareholders. These numbers will only stack up if there is a farm-out by Rathlin or perhaps a loan facility guaranteed by RBD - all imo
Https://www.oedigital.com/news/510860-shell-makes-fid-for-victory-gas-field-in-north-sea
Following the Secretary of State’s conclusion regarding the environmental effects of the project, the Secretary of State agreed to the OGA’s grant of consent on 10th November 2023 and the OGA granted consent on 17th January 2024, so the project may proceed
- this means Shell has to pay Reabold the final £4.4m for Carillion, ergo RBD will have sufficient cash to bankroll Rathlin
RNS 05.12.23 - As previously announced, the final consideration payment, of £4.4 million, will be received upon the NSTA granting development approval for the Victory gas field, which is anticipated to occur within the coming months.
£4.4m should be imminent in which case RBD will have sufficient funds to bankroll Rathlin
Following the Secretary of State’s conclusion regarding the environmental effects of the project, the Secretary of State agreed to the OGA’s grant of consent on 10th November 2023 and the OGA granted consent on 17th January 2024, so the project may proceed
Moniman, the chuckle brothers are either
a) terrible negotiators and gave LNe the deal of the century
...or
b) they always had one eye on the next requisition and structured the deal accordingly
...imo the latter explanation is most likely
...a fantastic deal for LNenergy who now own 12.5% of RBDs shares (allegedly transferred to the LNenergy Directors), it/they will share in the success (or failure) of WN without contributing a single penny of capex. Plus of course if Colle Santo doesnt happen or fails to deliver as promised, it/they still own 1/8 of Reabold...winner, winner chicken dinner
Yourgene accounts now available
https://find-and-update.company-information.service.gov.uk/company/11802764/filing-history
These 2 as well - I assume they're ours too?
https://find-and-update.company-information.service.gov.uk/company/03971582/filing-history
https://find-and-update.company-information.service.gov.uk/company/08436676/filing-history
Several updates pending
https://find-and-update.company-information.service.gov.uk/company/11802764/filing-history
Paul, this is what Rathlin said on 29.08.23
Plans for the proposed horizontal well from the West Newton B site are underway. Well path selection and the engineered well design have been completed. Wellbore casing has been purchased and Rathlin Energy (UK) Limited has approached drilling rig and other key rig service contractors to determine their availability. Commencement of operations are targeted for first half of 2024 subject to approval of the pending Environment Agency permit for West Newton B and rig availability.