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I've seen some debate about profit % that TRP might get.
As an indicator I suggest you look at the SNH annual report which publishes the % split between all parties on their producing projects. I don't think anyone gets less than 25% from memory and some get more. Tower's % will be reported when it is operational.
This is on profits. Not revenue. Costs are shared in the same proportions.
I believe VOG still own 1/3 of CHL. My gut feeling is this administration was a joint protective measure to block any creditors from going for liquidation. This offers the best solution, if there is one.
I haven't really been following the detail. I'm curious to know what happened to the initiative on Kemerkol. The plan was to go to arbitration if the authorities didn't engage. There's never been any indication this has happened.
Also, is the insurance claim totally dead? They had lawyers involved.
If they can sort something out and get on with Matanda that should be enough to turn this round. Assuming successful drilling. All boils down to funds in the end.
West Med. Looked promising for a while. Maybe again post Putin.
Beluga was a farm out arrangement which required partial transfer of ownership of the licence. This transfer was subject to approval at the highest level in Cameroon. A process that takes many months normally and hadn't happened. Clearly patience and time ran out and alternative options had to be persued.
This deal involves buying into the company through purchase of shares but the ownership of the licence remains 100% with Tower. Subject to any possible SNH options to buy in later.
There's a presentation on the website on Namibia. Mentions this.
Problem sorted (for a while)
Post-reporting period events:
14 January 2022
Placing for cash to raise £1.5 million (gross) via a subscription of 576,923,077 new ordinary shares of 0.001p each at a price of 0.26 pence per share;
The president is in his village. Not well. He has to sign the decree, it would seem. The last reported decree signed according to the presidential website was early March.
https://www.africaintelligence.com/central-and-west-africa_politics/2022/04/28/decline-in-paul-biya-s-health-strikes-alarm-amongst-inner-circle,109781164-art
There are few to judge by. But look at VOG and how long it took to get an exploitation licence way back and the Matanda transfer. There is also form here too, I think, with extensions.
Beluga would get a share of the Cameroon subsidiary. Not TRP. The subsidiary continues to hold 100% of the licence rather than farming out. Essentially it becomes a joint venture company. Farming out means they don't get the baggage in the subsidiary and they are responsible for taxes on their share and so on.
Beluga cannot take over TRP. For that you need to accumulate shares and make a public offer. Or similar.
We are waiting for the President to put his signature on the decree. Anyone who has seen the timescales for these decrees will know this is around 6-9 months. Sometimes more.
There was also a contingent $100 based on successful drilling.
The so-called farm down agreement includes a contingency that could net Kosmos an additional $100 million if at least two of the first four exploration wells are considered commercial successes.
Now the football is over Biya may be back in his office to sign the Presidential decree this needs. As has been pointed out in earlier posts about transfer of ownership.
According to Jus Mundi the arbitration is still pending. It has to be confirmed by the ICC court and they may simply have a backlog or have asked for clarification . Jus Mundi would have changed the status but can't publish without agreement had it been handed down. That's as I understand it from their and the ICC websites.
A valid point. An extension is rather different to a (partial) change of ownership.
Depends who has to sign the decree. Can the minister sign or only the PM or president? Might be a long wait.
As I've said before there is a fallback position.
Decree will need an official signature. Probably sitting in President or Prime Ministers' intray. I don't think minsters can sign. I haven't found any evidence they do.
There is a fallback position to transfer shares in the Cameroon subsidiary if it drags on.
https://www.victoriaoilandgas.com/wp-content/uploads/2017/07/VOG-2014_AR.pdf
page 18. Last assessment of potential. Oil and Gas.
In answer to the comment on the other site. I'm well aware of the list on VOG's website but that's only 3% or over and only if notified. Some here were over 3% but have dropped below due to dilution. In any case some of the holdings were only acquired in the last two years so can hardly be 3 years old.
The purpose of my post was more to highlight that around 75% of VOG is held by a small number of holders. How many institutions or other holders Credit Suisse represent is unknown. Perhaps I should have made my purpose of posting clearer.
As some collateral verification the FT tearsheet backs this list up with dates. Of course, this is only as good as their information sources but I would like to think they can verify it.
https://markets.ft.com/data/equities/tearsheet/profile?s=VOG:LSE
https://www.marketscreener.com/quote/stock/VICTORIA-OIL-GAS-PLC-39431992/company/
Looks like a current list. Rest of the site info is up to date.
Some are nominee accounts clearly.
Q2 update RNS was last week. Half year accounts end of September.
Worth listening to Roger's interview last year. RSM arbitration comes up around 6 mins in. He seems reasonably confident.
https://www.brrmedia.co.uk/broadcasts-embed/5e6a2fd79672d83b987791cf/?VOG&popup=true
If the insurance claim is ever met, RSM will get their share. For the expenditure they have paid. If GDC lose and have foot some more of the cost and it is subsequently covered by the claim, they will recover it.
There hasn't been a time in the last 12-18 months when they haven't been in possession of price sensitive information or in a close period (or both). Both preclude buying shares. West med alone has been ongoing for at least 2 years. We know it is ongoing but not how much. They do. And there are other areas like Kemerkol, Aksa,also in a similar position. Matanda farmout. The list goes on.