Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Extract from page 16 of LOG accounts filed at Companies House period ended 31/5/17 states option to redeem £10M loan and interest in February 2019 or convert the outstanding balance at 8p
"Investment # 1
The company entered into a facility for and £800,000 with an oil and gas company in December
2015 bearing interest at 9% + LIBOR and repayable by December 2019 held at amortised cost. In addition,
the company received 19,054,620 warrants to subscribe for ordinary shares in the investee which expire in
December 2019 and can be exercised at 8p-11.9p which are held at fair value through profit and loss.
The company granted a £10m convertible loan note facility to an oil and gas company in February 2016
bearing interest at 9% + LIBOR and secured over the borrower's assets. has been advanced
under the facility at 31 May 2017 with interest accrued thereon. Under the terms of the facility, the company
can elect at its option to redeem the loan and interest in February 2019 or convert the outstanding balance at
8p per share into ordinary shares. Under the terms of the facility, the company can require the borrower to
draw down the balance prior to maturity and therefore exercise its conversion rights over the facility balance,
creating a put option. The instrument is held at fair value through profit and loss.
HS Colter has all the permissions needed from OGA, it has to be drilled at this time of year regarding environmental concerns for breeding grounds, etc. Ensco72 is contracted for it, it is on it's way. The Save our Shores event is simply a protest / publicity event much as protests at drill gates. Harvey has a LOI but has no contract to be drilled yet so no way Ensco 72 will be diverted to Harvey. IMHO
600T Have cut my position substantially in this, will revisit IF and WHEN FID is sorted. ATB
Was posting at same time as you, Appreciate your input ATB
Everyone is here to make money. I remember reading a G.G post which said "it's not healthy to see an investment rise then fall and do nothing, work that investment" If he has done that fair play to him.
Just looking back checking how things have progressed - missed this first time round!
5/2/16 2nd block from bottom,
Management Changes
Clint Redman is joining IOG in a part time role as Head of Corporate Finance. He is currently Head of Corporate Finance with LOG. Clint has worked in the investment banking industry for 35 years covering a wide range of markets from equities through to financial futures. Clint has worked across the globe from Tokyo to New York for some of the world's largest investment banks which include Goldman Sachs, Oppenheimer, Drexel Burnham and Lehman Brothers and brings a wealth of knowledge and contacts.
Typo should be" from LOG"
HS Agree They're definitely cutting it fine on Colter. Am coming to conclusion very much the same about Harvey, don't have a contract in place for it yet. This whole saga with LCF has left a big question mark over direction in next couple of months. Taking it at face value that further £7.85M is still available for LOG will IOG commit to Harvey cost with possibility no further funds may be forthcoming. Not sure what / who is driving this bus anymore.
Fraser have applied for a chemical permit amongst others for Colter so think they are past the "consultation" stage. As far as i can see the main restriction is regarding completing the well before the seahorse breeding season which starts sometime in Feb. Well estimated to take around 45 days so permissions may have been on hold until Wick was completed. They are ahead of IOG in process.
https://www.thetimes.co.uk/article/city-watchdog-acts-against-lender-linked-to-oil-group-5lc50chwq
"A spokesman for London Oil & Gas said: “London Oil & Gas does not have any relationship with London Capital & Finance apart from being a borrower. The company has recently obtained finance from another source. The FCA has not contacted London Oil & Gas to discuss London Capital & Finance.”
Ramptastic - Oil expected at Blythe look under assets on website.
From Tullow relinquishment report
" Oil was also tested from the Hauptdolomite in several of the wells at rates of up to 1,000 bopd with a
calculated STOIIP of between 2-4 mmbo."
https://itportal.ogauthority.co.uk/web_files/relinqs/p467.pdf
POO tanking has been one of the elements feeding into jittery markets.
Morning Guys, my previous post should have said CGT liability if he sells them in the future. just excercising them will have cost him around £11K and therefore agreeing it shows confidence.
GLA
Agree "clear statement of intent and confidence in the company" now just need OPEC to ignore Trump and Brexit fiasco to get sorted!
Evening Redmac, He will be liable to tax and possibly NIC under PAYE for the difference between the excercise price and the price on the day it's done. So @ 40% rate, tax liability will be around £11K.
He will be liable to CGT like everyone else (unless they are sheltered) when he sells them.
The wonderful world of tax!
cheers JS
600, still holding, too late to get myself out in any meaningful way so hoping they have fully fessed up now re timescales, and financing is possible in New Year. A couple of chunky director buys please, and I can start believing again.
Looking back at previous RNS's Isn't this part of their remuneration package which they announce every six months? That is not a negative comment but I can't see this as an action done specifically to shore up sentiment or support the share price. I don't think the BOD have tried to do that in the past and are more concerned with getting on with business.
LTH here waiting for upturn in New Year GLA
Morning, Wasn't aware of controversial nature of Colter drill. Appreciate info.
https://www.thisismoney.co.uk/money/news/article-5904229/Battle-JR-assic-coast-Oil-firm-Corallian-Energy-reignites-regions-black-gold-rush.html