Member Info for JODO

Phoenix I
DRACONIAN TERMS
RPS was asked to focus only on the central section of the oilfield, close to the 2012 oil discovery well, and it confirmed this contained an 81-million-barrel resource that RPS estimated had a net present value of €392m based on a $70 rent oil price. When
the current price is used, the net present value of this small central section increases to €500m.
It is easy to see why Goodman agreed to fund the necessary €40m BOE needs to satisfy Ryan but the draconian terms are such that it is hard to see
how shareholder approval can be obtained, while it is not surprising that Furlong should now demand participation in the funding programme.
The first part of the Goodman deal is that BOE uses its pre-emption rights to issue his company, Vevan Unlimited, 107 million shares at 0.1c each and in the process increase Goodman’s stake immediately by over 50% to a dominant 28% at a cost of €107,000. At this price, the whole company would be valued at €1m – 30 times less than the current market value of BOE, whose shares have been trading at over 3c.
No wonder Furlong is kicking up, but all the other shareholders should vote against this proposal and demand the immediate resignations of both chairman Peter Newman and CEO Alan Curran.
The accepted norm in a placing like this is that the price should be within striking distance of the current share price (say up to 10% below), but a 97% discount looks plain daft and it is difficult to see how BOE’s sponsoring broker, Davy, could justify allowing this to take place.
Goodman’s case is that he is committing the €40m in funds that are needed to facilitate the drilling programme and, accord- ingly, would not see it as unreasonable to demand 10% of the company’s equity.
If the funding undertaking was on reasonable terms, there just might be a case for handing Goodman 10% of BOE’s equity for next to nothing, but the terms are actually onerous. The €40m will be put up by way of redeemable convertible secured loan notes and will carry a hefty 10% interest coupon and conversion rights at 1.5c a share – less than half the current share price.
If converted, these would represent 73% of the total enlarged equity and dilute the existing shareholders down to 27%.
Given that Goodman is starting off by pushing up his equity stake to 28%, this would leave him sitting on over 80% of the total BOE equity.
Although the Goodman deal was announced as far back as November 22 last year, there has been no date set for an EGM, which is required to vote the terms through.
In a January 19 update, Curran confirmed the reason for the delay was that “certain substantial shareholders of the company notified the company and Vevan of their interest in participating
in a potential sub-allocation of the funding agreement. Discus- sions are progressing and once concluded the company intends to proceed with the AGM as planned”.

Phoenix II

These “substantial shareholders” are clearly Furlong himself and his family holding company, Pageant Holdings – who are the second-largest BOE holders, sitting on just on 13.5% – and UK equity fund, Kite Lake Capital, the third-largest stakeholder with 10%.
It is clear that at the as-yet-unannounced EGM, all shareholders outside Vevan have little choice but to vote the deal down.
If Furlong and Kite Lake manage to stitch themselves into the package, shareholders should be aware that they will be prevented from voting because of their vested interest. This means that, for once, the small outside shareholders have a real chance of having their say and derailing this gobsmacking proposal.

Locky
"I'm not a ****** but ..." usually means the opposite and it's the same with "bitter"!
If you were ridiculed, and if this annoys you, the certain way to avoid it is not to post your buys and sells on the internet.

Master
You're a bit of a puzzle! Sixty odd posts this year already and we're only seven days in: all optimistic and positive, and showing a lot of confidence in what the company say.
I hope you're right in all this because I've a lot at stake too.
However as I recall, and I responded once, about six months ago you, as frequently, pushed a gloom and doom message with a total lack of trust in the good faith and competence of MATD management.
Has that much changed in the interval?

Doc re bribery
Your definition of bribery (in quotes from somewhere) is so incomplete as to be nonsense.
Bribery is a criminal offence in most jurisdictions and is defined in law.
Agreeing with a legitimate authority to carry out certain works in a locality - even if it is motivated by a desire to speed up an administrative process - is not a crime in any jurisdictions that I’m aware of and therefore can’t be bribery.
To suggest it is is either farting about or malevolent!

Manro
A pedant writes: no, Voltaire never said that stuff about "defending to the death"!

Man
Do you really believe that anybody in Ulan Bator gives a **** about what British government organisations think?
They will do what's in their National and political interest, and rightly so. We have to synchronise ours with theirs.

Embarrassing to share an interest with some of the Dick-head posters here!

Master
20 posts in December alone, all negative and many touting fund raises.
You, allegedly, need to almost double to break even; would you not be better to stay quiet in the hope it will get there off the back of all these other deluded posters, and then take your money and run from this turd?
Nothing else makes sense!

From Phoenix this week.

Great Western’s growing prospects.
EMMETT O’CONNELL floated off the tiny Great Western Mining exploration vehicle in Dublin in 2011, which focused on licences he had acquired in the west of the US state of Ne- vada. While the state is very mining friendly, this is not an easy place to explore – up in the Rockies and impossible during the winter season. Despite this, Great Western has made significant progress and is now chaired by Brian Hall, the ex-chairman of the Tanzania-focused gas exploration company Aminex. Recent developments suggest the company is seriously under- valued.

Sense and Gloucester
There's a lot of misinformation/propaganda and some wishful thinking about aspects of the Russia/NATO war,
This from Bloomberg on what's happening on the O&G front to date!
--------------
From Bloomberg News

Today’s take: Russian resilience

Just days before the US and European Union impose fresh sanctions on Russian energy — supposedly the strongest thus far — Moscow has lifted its oil output to the highest level since its invasion of Ukraine. And that tells you all you need to know about the sanctions.
In the first half of November, Russian crude and condensate production rose to a nine-month high of 10.85 million barrels a day, according to figures from consultant OilX. If that increase holds for the rest of the month — and it looks like it will, based on anecdotal data — Russia will be pumping just 200,000 barrels a day below prewar levels, a decline of less than 2%.
Let that sink in: Almost 300 days into the war, and after countless diplomatic initiatives to curb the Kremlin’s flow of petrodollars, Russia produces nearly as much oil as it did before the invasion. The resilience of that supply is one of the reasons why crude prices have declined lately, though demand fears have, of course, played a bigger role.
The EU plans to slap an embargo on most Russian seaborne crude starting Dec. 5, while the Group of Seven will introduce a price cap on the country’s oil exports the same day.
Both measures will curtail Russian production, according to the International Energy Agency. But a word of caution: Back in March, the IEA predicted that Russian output would plunge by 25% in the initial months of the war. That didn’t happen. The agency then repeatedly raised its forecasts. I anticipate Russia will find ways to bypass the G-7’s cap and keep production higher than expected.
The most recent hike in output follows the restart of the Sakhalin-1 project in Russia’s Far East, which Exxon Mobil Corp. managed until it left the country earlier this year. State-controlled oil giant Rosneft PJSC now leads the development, which is also supported by several Japanese companies, with Tokyo encouraging its firms to stay put in Russia while Washington and London told theirs to exit.
Oil remains the economic lifeline of Vladimir Putin. Higher production means higher revenue, and more money for weapons. For Europe and the US, that’s a failure.

--Javier Blas, Bloomberg Opinion

Daltry
Sterling has been devaluing since (that event in) 2016!

Oofy
Thanks for taking the time!
J

Oofy
Welcome back!
What about the near-term future for Angs in view of your concerns about them invariably missing targets?
Thanks

Good to see his health has recovered!!

Jay Bhattacherjee said:
“I am delighted to join the Board of SDX, which I feel is a company that has a strong production base, and is materially undervalued.
“With a clear mandate to grow from shareholders, its existing gas-weighted production base, expanding cash flows and the commitment to deliver from its discoveries the Company is poised to support the energy markets at a time of great need.
“I look forward to the challenge to support your company and take it to the next level.”

Thanks

Petroleum
I'm a bit confused here.
For many months now, the future of Angs was considered of great significance to AAOG and generated thousands of words on these pages.
For the past month, there have been several developments which seem to be very positive for Angs and, if the previous speculation was correct, for AAOG too.
However there hasn't been a peep from those who previously very engaged with the prospects.

Petroleum, can you throw any light on this please?
Ooofy seems to have gone awol.

ANGS RNS today

Angus Energy Plc (AIM: ANGS), is pleased to announce that, following a scheduled maintenance shutdown last week, hourly throughput rates through the process plant (i.e. sales gas)

Now exceeds our October target production rate of 6 million standard cubic feet per day with well pressures holding in the high forties. Condensate production has stabilised at or around 120 barrels per day. As previously advised, we will report monthly gas sales figures at the end of each quarter.

Side-track planning progresses apace with a slight adjustment to spud date from 20 October 2022, as previously advised, to 24-26 October 2022 in order to accommodate a potential supply chain issue.

Doyle
A pedant writes: Overstate!
"You cant underestimate the work already done by PMG on Platypus and TCs relationship with the North Sea Transition Authority."

Al
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Carmen
Carmen is a robot, or rather an algorithmic journalist, who creates valuable automated content for our audiences. Carmen's focus is to deliver deep, fact-based articles and to free up our human journalists to interpret, analyse and explain developments" !!!