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MR and Co. will not agree to any deal which will not benefit themselves in the longer term, simple as. They have far more invested here than any humble PI and this is not a vanity project, but based on good hard business sense.
At the moment we have assets without a confirmed 100% export route and without funding to progress. The FinnCap 50p price target is fully diluted risked. It takes account of a doubling in the share count due to LOG. So surely when the pipeline news is in, and we have funding to proceed, which I expect will include an equity element but, which I very much doubt would triple the share count, the value of the company should surely rise. A look back at the funding deal IOG was offered originally for Skipper, later withdrawn due to oil price fall, may give an idea of what may be achievable.
The relinquishment report for Blythe which shows additional potential upside due to oil previously found is encouraging and helps understanding of the possible potential. IOG are also looking to drill Harvey asap and this is expected to be in 2018 as far as I remember(don't have time to go back through RNS,s at mo)
Talk of funding and dilution often leads people to sell up beforehand but without funding, in whatever form it may take IOG are going nowhere. .
GLA
https://itportal.ogauthority.co.uk/web_files/relinqs/p467.pdf
Thanks for update GG Pelican appeared to have its signal switched off for a couple of days so couldn't track it.
Has left Peterhead destination showing as Peterhead ETA 7th July 17.00. Not very helpful.
My comment "The sale of shares by Peter Young at such a critical stage suggests to me that they went to the Swiss" comes across incorrectly. I was referring to the shares having gone to the Swiss. It was not meant to imply anything regarding the conduct of PY, nor was I implying any misconduct regarding IOG.
Must proof read before I post!
GLA
Boulevard, I am a bit of a cynic these days unfortunately. Regarding the Swiss, a lot of Fund managers meet the company before investing so is it possible they may have? There was documentation regarding the pipeline condition issued with the decommissioning report, which would presumably not have qualified as price sensitive as it had been in the public arena. The sale of shares by Peter Young at such a critical stage suggests to me that they went to the Swiss and as previously stated IOG were keen to extend their investor base.
I don't think the final pigging is anything to do with the Swiss more likely it's needed for the financing and contracting so it's entirely clear to all involved the pipeline is 100%.
DH I sometimes look at his site as it may (or may not) add some additional information to that already known as he (supposedly) meets / has contact with some of the companies he blogs about. The "six week" quote may (or may not) turn out to be accurate we will see. I try to get information from as many sources as possible, to try to inform the decision making with my investments.
I am from experience very reluctant to take RNS announcements at face value, but accept that he may not be the best source for information. as you state.
Hopefully we should have some definitive results in a few weeks.
GLA
DH/GG The "six weeks" time frame I quoted was from Malcy's blog on 5th June after the RNS was released. I had assumed (possibly incorrectly) that he had spoken to IOG and had unofficially been given a more specific time frame than the "weeks" given in the RNS.
Apologies for the confusion.
I think 6 weeks is a bit specific, so am assuming they must have had some idea of when the job could be fitted in, we will soon see. No problem updating, no doubt there are others who are also keeping a track of things as well.
Back in Peterhead now, hopefully coming our way soon?
Sorry, I am going to make a comment on the "other" company. They are a very good lesson in always doing your own research, not believing everything you read, to invest in companies where the board have skin in the game and not invest in a company that is in the high court (today) to try to gag peaceful protest. I think we can all agree there is no likeness to the company WE are invested in here. Unfortunately, there are probably many similar examples on AIM. I could list a few if anyone is interested lol
GLA
No doubt there is lots going on behind the scenes. OK Energy won Thoresby (drill or Drop) should be a candidate to require export route.
600 Malcys blog was on 5th June after RNS release he stated " Initial work shows that the pipeline is in good condition and two pipeline pressure tests have confirmed its integrity. Unfortunately the intelligent pigging run gathered ‘insufficient data’ so clearly wasn’t quite as intelligent as it was made out to be and will need a second run which might take another 6 weeks to complete."
Does that mean 6 weeks after pig run done on 26th May which would take us up to 7th July OR 6 weeks after RNS date of 5th June which would imply up to 17th July. As no vessels in area yet I would guess it's 17th July, two weeks tomm. GLA
Peel Hunt: “We aren’t currently aware of another smaller E&P company with as much inherent but presently overlooked value.”
GG yes that makes more sense, thanks appreciate your reply and as always your insight.
GG picked it up from stockmarketwire. HL notes it as initiates / starts. No idea coincidence? good to see another broker on it.
http://www.stockmarketwire.com/article/6028628/Broker-Forecast-Peel-Hunt-issues-a-broker-note-on-Independent-Oil-Gas-PLC.html
What do you think of likelihood Seven Falcon may head down to complete IPP, would make sense and save cash incorporating the two.
Has now left Peterhead on way to Catcher field, I guess it would make sense for it to complete work there then head down to re run pig for IOG ?
Peel Hunt today initiates coverage of Independent Oil & Gas with a buy investment rating and price target of 60p
Longside, re pigging , on tracking Seven Pelican looks like it may have just completed a job? will be interesting to see where this heads next if we are to assume IOG will be using it again.
GG, viticoltore As Burggraben have increased their holding by 6,250,000 from 22/5 to 14/6 ts possible he could have agreed to sell the 4M directly to Burggraben . Had they bought on the open market I doubt the price would have been acceptable to them. As you say it may have suited him to dispose of now for expenses, as he will be awarded further shares in future, and its not unusual for company "founders" to offload some of their holding when enticing new large investors. Hoping for an RNS next week that GE have disposed of remainder of their holding.