Member Info for Jasper13

So very sorry for your loss Hampshirelass. Sending condolences and thoughts at this sad time.

Beacon Energy plc (“Beacon”) holds 100% of the shares of Rhein Petroleum GmbH (“Rhein”). Rhein holds all the licences and assets (and creditor debts) in Germany.

 

The creditors of Rhein will be looking to maximise recovery of their debts, and there could be only two options for that i. cash from Beacon/Rhein through a restructuring plan; or ii. trying to force a sale of assets to a third party which will realise a higher value than Beacon/Rhein is willing to provide.

 

Beacon has put forward a robust and fully financed restructuring plan (RNS 14 October) which sees delivery of value to creditors. It still needs agreement.

 

The outcomes therefore could be : Best case the debts of Rhein are wiped out (possibly entirely) and Beacon continues (through its ownership of Rhein) as a small oil producer, covering costs and with money in the bank. They seek farm-out partners and possibly new ventures.

Worse case, they lose ownership of Rhein (inc all the assets and all the creditor liabilities). Beacon becomes a cash shell with money in bank. They seek new ventures to re-build the business.

Interesting few months ahead and by no means over. I feel the CEO is doing everything he can within his remit to ensure Beacon remains a viable concern.

I think we can all agree that Morocco oil and gas exploration has now become a very political hot spot, with various companies at the table seeking their pounds worth of the action. Much focus and debate on this board has featured Chariot and particularly Anchois, rightly so, as it has been a core focus for ONHYM over the past few years. Let me give you some statements shared with me which may or may not prove to bare any credence, but nonetheless may get you thinking when considering what is now at play and stake.

- delays have not been caused by operational (other than lead times) or GEOLOGICAL, they are POLITICAL. (Predator)

- ONHYM have invested a lot of PR in Anchois over the past 2 years. (Chariot)

- it should have been flow tested before being classed as commercial. ONHYM did not agree. (Chariot)

- Energean deal then announced and a new well drilled to flow test before FID. (Chariot)

- can't use the two wells as producers. (Chariot)

- separate gas reservoirs were confirmed and need to be tested individually. (Chariot)

- operational and geological risk for next wells. (Chariot)

- pushes out development to first gas by many years. (Chariot)

- ONHYM 'egg on face' (Chariot)

- only near term gas development play (Predator)

- all regulatory leeway being put in place to allow immediate application for Exploitation Concession after testing (Predator)

- Afriquia Gas MOU game changing as part of a group owned by the Prime Minster (Predator)

- all eyes on making sure this doesn't repeat the Anchois PR disaster. (Predator)

So perhaps when you read all the FUD and scaremongering being discussed, just perhaps bear in mind some of the above. For Morocco this isn't just about a few BCF of gas here and there, this is about them as a nation becoming a global provider on the world's hydrocarbon stage. We are talking billions of $'s at stake, there is no room now to mess this up. PG has to now play the cards of his lifetimes work. He will be spinning many plates for sure. Why? Because he knows as do the ONHYM that Predator are sat on so much gas/oil they almost don't know what to do with it. Sure there is risk, and yes it has to flow.

I believe there is much going on behind the scenes that cannot be disclosed. Whether thats testing results, MOU5 planning, M&A activity, finalisation of contracts with Afriquia. One thing for sure it'll all be unveiled, and hopefully soon.

Https://www.voxmarkets.co.uk/rns/announcement/5e71c9ee-c845-4f13-b267-f145111126f1

Nortrust increasing their holding. Look to have around £174k invested now. What do they know or is it speculative in advance of Mako news and sell down?

Lots of discussion (and scaremongering) around an imminent placing. We have been told fully funded for commitments for next 12 months. We know the cash balance as per the interims. We do not know the level of cash burn daily/monthly for current services being provided. Yes, people can take a stab at a figure.

But what if......

Testing of MOU-3 has generated sufficient data, shared with ONHYM, and has given enough detail for now. Let's be optimistic and say positive data, and is currently under embargo. Testing program is then slowed down, to conserve cash. Focus now switches to MOU-5 and drilling plans for well inventory, services and required permits. In line with this switch the cash resources available are reallocated, and hence no further funding required.

We know PG is prudent and conservative with cash. Reallocation to a high impact, yes high risk drill may well be a smart move, to further monetise what already is shaping up to be a rather large asset.

The full PDF version is available on Jerry Keens LinkedIn profile.

Https://www.voxmarkets.co.uk/rns/announcement/a59e8981-3d94-486c-aaaf-38d8ef1f0e79

No strangers to Morocco.

https://www.zenith-energy.com/case-studies/12-well-drilling-campaign-morocco

Todays RNS is the biggest clue yet to where this is heading. PG is limited by ONHYM to what he can announce. Read the RNS over and over again, and fill in the blanks. This is being geared up for an M&A transaction.

No it hasn’t, far from it. Publication of accounts and re-listing still scheduled for August.

Likely to receive notification of audited accounts being published and re-listing detail this week.

Can see plain as day. The anti PRD protagonists are rattled. Probably the same ones who tried to rattle PG at the investor meeting. Some of us know who you are. There are dirty tricks at play with 'big money' at stake. Paul and Lonny know that.

Best to just completely ignore and don't respond whatsoever. Some use the filter function very well, others chose to read and ignore. Those who are insistent on engaging with them are just adding fuel to the fire and allowing them to clog up the board.

You have supposed CHAR holders on here trying to make a balance opinion across both businesses, tread very carefully how you read their narrative. Dirty tricks again.

If you've done your due diligence and keep doing it over and over again, you are either in or out knowing the risk. This weeks RNS's have told everyone the current situation and read very well.

Simple view. We have been told categorically ..."The Company does not intend to provide an operations schedule for testing at present as plans remain flexible and may be modified depending on initial test results and operational efficiencies." Although previous RNS's have stated 5 weeks of testing, so expect nothing until early September.

We have also been told - "This is why Afriquia Gaz remains heavily engaged with the Company and supportive of our efforts to get gas to market at the very earliest opportunity."

So who do you think will be kept appraised of the testing situation and early outcomes? Suggest Afriquia Gas.

Perhaps then this is when more finalised agreements take place and upfront payments negotiated and paid? Now wouldn't that be good timing and negate the need for any raise. :-)

Iwonttell....direct email comms.

5.9 TCF just for starters 😮😮

Company on track to publish audited accounts and re-list mid August as per last RNS.

Focus is still on stabilising flow rates, reducing costs, negotiating with creditors to maximise cash flow.

Source - company.

There are some real f***tards on this board that wouldn’t know how to run a bath let know an O&G exploration business.

Simply haven’t got the first clue about the operational, regulatory and cultural challenges that Paul and Lonny have to manage everyday.

You’ve just been told in detail what’s going on. Either you like it or don’t.

If you don’t sell up and stop polluting this board with your vitriol and ***p!

Keep eyes peeled

Nm

There is radio silence for a reason. Huge amounts of money at stake.