The consideration for the acquisition of the OGIF Interests will be 272 million new ordinary shares in the Company (the "Consideration Shares").  The Consideration Shares will, on issue, represent 29.0% of the Company's enlarged issued share capital (24.5% of the Company's fully diluted share capital). As part of the transaction, OGIF will agree to a 12 month lock-in in relation to the Consideration Shares, a 36 month restriction on exceeding 29.9% ownership of the Company and will enter into a relationship agreement with the Company. OGIF will be granted the right to appoint one Non-Executive Director, expected to be a senior OGIF executive, to the Board of the Company for so long as OGIF continues to hold more than 10% of the Company's issued ordinary share capital.
List of activities classified inside the UK SIC Code 06200
Butane extraction from natural gas
Natural gas production well
Natural gas condensates separation
Methane extraction from natural gas
Liquid hydrocarbon fractions draining and separation
Hydrocarbon liquids mining, by liquefaction or pyrolysis
Gas extraction (natural gas)
Gas desulphurisation
sound familiar?
Fastnet needed to assure itself and investors of the resource potential of the block, to ascertain whether previously encountered drilling problems could be successfully addressed and explore the potential options for monetising any successful drilling programme
i guess it depends on how big the deal is. OGIF might not want to sell if its a smallish profitable return on their investment. if its "many multiples" then that might make them want to sell up. its all about return on investment
mike, yes thats what i was thinking. after 12th sept then Ogif and Sound could sell holdings (roughly 27.5% and 24%)
which would leave
Schlumberger 27.5%
OHNYM 25%
others (a major i assume) 51.5%
(i know the above doesn't add up to 100% but you get my drift)
are we waiting for 12th Sept which is when OGIF are able to sell their shares?
The consideration for the acquisition of the OGIF Interests will be 272 million new ordinary shares in the Company (the "Consideration Shares").  The Consideration Shares will, on issue, represent 29.0% of the Company's enlarged issued share capital (24.5% of the Company's fully diluted share capital). As part of the transaction, OGIF will agree to a 12 month lock-in in relation to the Consideration Shares, a 36 month restriction on exceeding 29.9% ownership of the Company and will enter into a relationship agreement with the Company. OGIF will be granted the right to appoint one Non-Executive Director, expected to be a senior OGIF executive, to the Board of the Company for so long as OGIF continues to hold more than 10% of the Company's issued ordinary share capital.