Member Info for itsawrap

LNe owns about 8.2% of RBD shares, if they sell 20m that would drop them below 8% which I believe is reportable?

Do remember that RBD recently gave 811m shares to LNenergy as part of the Colle Santo deal. So far I have not found any mention of a selling restriction, if there was one would it have been mentioned? I think it's unlikely LNe is selling as they are now awash with cash due to the same deal but that's just a guess

Morning GP, the consensus seems to be that the takeover price was on the low side if not cheap, perhaps that's because Heyco have no idea what's in the CPR other than the odd public hint dropped by Egdon. If we assume that that's true, it makes me wonder why UJO gave an irrevocable commitment to sell their EDR shares when the CPR could significantly increase the P1 & P2 potential of Wressle. Like you, I am a little concerned it's taking so long, let's hope it's worth the wait!

I would like to know if Heyco/PP, Egdon's largest shareholder, had sight of the CPR (draft or final) before making the bid or are they rolling the dice?

Isdeer, dont forget that UJO has over 6m shares in Treasury, earmarked for a deal at some point, for example, UJO could swap 6m shares for half Rathlin's WN stake ie 2/6. it wouldn't put money in Rathlin's pocket if there is a restricted period but it would reduce Rathlin's need for cash from £8m to £4m (of which they currently have about £3m), suddenly WN becomes do-able as UJO has the cash to fund an extra 2/6, RBD has the cash and Rathlin's need for cash would be small

Here's a thought - if the Colle Santo permits are refused, RBD takes a big hit (although it will have 16% of LNe shares), meanwhile LNe is sitting on $246k cash plus £750k cash and 818m RBD shares from the deal, seems like a win/win for LNe

Correction - LNe accounts in USD not Sterling

RBDs 2nd option expires 30.11.2023 - "£1.8m second option available to Reabold to increase overall holding to 25% through either cash or shares at the option of LNe"

what I dont like about the 2nd option is that if RBD chooses to exercise it, LNe can choose cash or shares. If the sp is still in the toilet LNe could go for another 1.5 to 2 billion shares just as Rathlin is getting closer and closer to first drill at WN (hopefully).

Why would they give the LNe the choice as to HOW our option is exercised! Buying an option is all about giving yourself a choice not the counterparty, I dont get it.

Https://find-and-update.company-information.service.gov.uk/company/13650179/filing-history

not much to see in the accounts, £246k cash and the Colle Santo option cost LNe £500k

so far rbd has acquired 16.22% of the shares for £750k cash and £1.5m in rbd shares

"100 barells of Olive oil and 5 Calor gas bottles", wow, it seems LNenergy has more O&G than WN!

UJO will receive £765k for their Egdon shares - special divi of 0.75p perhaps?

I'm not expecting much but I am curious. it's laughable that rbd says the project is "low risk" - here's my assessment

permits - medium/high risk

LNenergy funding - high risk

gas flow - low/medium risk

overall project success - high risk

April 770.6 bpd or 3050.6 tonnes (30 days)

March 769.9 bpd or 3149.3 tonnes (31 days)

so tonnage down due to 1 day less but bpd very slightly up - gas usage by C65s up by about 1/3 over march

Https://find-and-update.company-information.service.gov.uk/company/13650179/filing-history

LNenergy's accounts filled - available within 10 days - hopefully they will shed some light on the company we have bought into

Persi I was just throwing around some numbers of advn. if Rathlin can sell 1/6 for £4m, that should leave them with about £7m in the bank and a £6m spend for their 3/6

Only 16% atm, option to increase to 25%, but what if LNe have a large placing to raise some of the E.30m, that 16%/25% could rapidly become a much smaller %

They'll need left-hand drive ferraris for all the time they are going to spend in Italy checking on Colle Santo, probably a villa too - next year they will probably invest in oil exploration in the Seychelles or Mauritius

In what world is a company that was selected for compulsory strike-off in December and has missed the deadline for first accounts, going to be able to "secure Euros 30m in debt financing" ?

"undervalued" is said so often, I have said it countless times my self about all my AIM stocks but I have come to the conclusion that it rarely means anything unless a major event like a takeover offer kicks in. I consider all my stocks undervalued hence why I invest in them, unfortunately the market rarely agrees!

egdon have taken far too long to install c65s and have been dragging their feet on the long promised gas-engine and 600m pipeline, the heyco takeover should be a huge boost for further development at wressle, *****tone and broughton north, let's hope heyco/pp dont drag their feet too!