The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Many of you are getting fixated with trying to predict the opening SP and worrying that the current shares in issue of PMO represents only 5% of Harbour Energy after completion of the merger. We are not getting screwed over. The combined assets are impressive and the financial picture post merger is considerably improved. It's now up to the new BoD to build a real powerhouse of a company and the potential is there. By the end of this year I expect HE to be a shining light in the oil and gas sector.
Although expected, it's good to know that the merger has received court approval and there is no last minute delay. Looking forward now to what I believe will be a very positive investment opportunity.
"Premier is pleased to announce that the restructuring plans of Premier and Premier Oil UK Limited (the "Restructuring Plans") received sanction today at a hearing of the Court of Session in Scotland. Following the sanction of the Restructuring Plans, the all share merger between Premier and Chrysaor Holdings Limited and the reorganisation of Premier's existing debt and cross currency swaps are expected to complete on 31 March 2021."
Although expected, it's good to know that the merger has received court approval and there is no last minute delay. Looking forward now to what I believe will be a very positive investment opportunity.Premier is pleased to announce that the restructuring plans of Premier and Premier Oil UK Limited (the "Restructuring Plans") received sanction today at a hearing of the Court of Session in Scotland. Following the sanction of the Restructuring Plans, the all share merger between Premier and Chrysaor Holdings Limited and the reorganisation of Premier's existing debt and cross currency swaps are expected to complete on 31 March 2021."
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Louise - if you have shares in PMO pre merger then you will still have the same number of shares in Harbour Energy when the new company commences trading on April 1st. However, the total shares in issue of the new company will be such that you will own a smaller proportion of a much bigger and healthier company.
"Given that the Company has existing production and will be undertaking work through the balance of 2021, specifically aimed at adding material levels of immediate incremental production, discussions have commenced with various parties in relation to a potential prepay facility whereby the Company would receive cash up-front to be repaid (along with a finance charge) against income from future production. Given the strength of the Company's projected production growth through the balance of 2021, several parties have indicated interest in providing such a facility, with negotiations and due diligence ongoing."
Ritson nearly bankrupted LGO (CERP) with a similar arrangement; the infamous BNP Paribas Oil Swap Agreement. History repeating itself?
Mr. McDade has joined as the Company's Chief Executive Officer and Mr. Cloke has joined as the Company's Chief Operating Officer. The Company's existing CEO, Mr. Tony Hawkins, has stepped down from the Board and, after a suitable transition period, will depart the Company. The existing directors of the Company, Mr. Michael Kroupeev, Mr. Ilya Belyaev and Mr. Leo Koot will ensure there is a suitable transition to a new Board of Directors.
At Sterling Energy, McDade is replacing Tony Hawkins, who was appointed only in December. Hawkins previously had been CEO of Columbus Energy Resources PLC, an AIM-listed oil & gas company operating in Trinidad and Suriname that was bought by Bahamas Petroleum Co PLC back in August. Hawkins will step down from the Sterling board immediately and depart the company "after a suitable transition period", Sterling says.
Egg - " just a thought but could the drill have appeared to everyone to stop short and not have found anything commercial on purpose maybe driven by strategy when negotiating a farm in / out?"
Is trashing the SP part of that strategy?
Approximately 18.52 bn
I fear that in4cedros is so intoxicated with Irene that he can't see the wood for the trees.
Irene really triggers in4cedros
https://www.youtube.com/watch?v=WOh-RU4E5aE
Private_Investor - I took quite a haircut with BPC.
Not many places you can get a haircut these days.
Soder is correct. The short positions are simply hedges. Post completion the brakes will come off the SP then we should see share performance more closely aligned to oil and gas prices.
jbt, it's only you and phoenix that took up the Irene 2021 bbls/d challenge. How's it looking your end ?
Paddy Power would already be paying out to Irene
About MGI
MENA-GULF INVESTMENTS (MGI), a member of Mena-Gulf Group of Companies, is an investment firm that offers its regional cliental of GCC and ASEAN institutions and investors diversified portfolio of global opportunities in multiple economic sectors. MGI, which initially started as an advisory services firm, provides its clients today with alternative investment services in four core areas: Private Equity, Venture Capital, Real Estate investments, and Investment Advisory from its offices in Abu Dhabi, Doha, Luxembourg, Singapore and its representative offices in London and Kuala Lumpur
MENA-GULF INVESTMENT PARTNERS (MGIP) was established with a mandate to explore diversified opportunities in the Energy & Power sectors utilizing specilized investment Fund under the leadership of Mr. Leo Koot.
POC - I don't know much about Leo Koot and the investment fund
http://www.menagulf.com/about.asp
Take note of the last sentence.
As set out in the Announcement, as part of the terms of the Funding Agreements, on the earlier of (i) 60 days after the date of spudding of BPC's Perseverance #1 well in The Bahamas; (ii) 31 December 2021; or (iii) such other date where a reconciliation is permitted under the Funding Agreement (the "Relevant Assessment Date"), BPC may be required to make a cash payment to the Investor to the extent that the Investor's aggregate return from a sale, if any, of those new ordinary shares has been less than 115% of the subscription price. BPC is only required to make a payment in the event the Investor sells shares for, in aggregate, an average price of less than 2.3 pence per share (being 115% of the subscription price), with the payment being the difference between 2.3 pence per share and the average sales price. No payment is required for any shares that the Investor continues to hold at the Relevant Assessment Date. On the basis that the Perseverance #1 well spuds on 20 December 2020, the Relevant Assessment Date would be 18 February 2021. There is no capacity for any such payment to be made in the form of shares, such that the level of dilution to BPC under the Funding Agreement is fixed and knowable.
https://www.lse.co.uk/rns/BPC/funding-agreements-for-up-to-us20-million-ownxbygzcj4ocom.html
in4cedros - you are obsessed with your personal feud with Irene. As for Saffron 1, don't forget to tell BPC holders that production at S1 equated to around 26 bpd and the water content is 90-95%. You might also mention that CERP was losing money at a rate of £3.5m per annum at the last accounts so far from being an asset, CERP is more like a ball and chain.
Good luck to BPC in trying to reach output of 2500 bpd by year end. Firstly that would require significant investment and I have a feeling that after all P1 costs have been settled, that the cash cupboard may well be bare.
I wonder if BigMJ has spoken to Leo about why he left before results?
Says Alexandra Cousteau
https://s.yimg.com/uu/api/res/1.2/6ZVHoKXOm6m9qKo3Tn48pw--~B/aD02MTk7dz0xMTAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/att_cnn_articles_909/9d061305e46761419fb141bb0e251497