Member Info for LEGENDS

Pending approval of an FDP by the OGA, the accumulated costs to date in appraising the Bentley field remain within E&E assets. It is anticipated that once a FDP has been approved by the OGA, and the Group has decided to commit to commercial production, the Group will undertake an impairment review prior to transferring the E&E asset carrying value within intangible assets into tangible Production Assets. As at the date of this financial review there remains unused Equity Line Facility (“ELF”) capacity of £30.84 million ($41.29 million), available until July 2017, to provide the Group with additional sources of capital to be used at its sole discretion.

On 30 June 2016 the Group’s Bondholders agreed to certain amendments to the Bond agreement dated 27 June 204, whereby an extension to the maturity date on the Group’s senior secured bonds from 30 June 2016 to 30 September 2016 was granted, in order that the Group and the Bondholders may continue negotiations with respect to a potential restructuring of the Bonds. Whilst the negotiations to date have been constructive, no terms have yet been agreed. However, should agreement on the terms of a restructuring be reached, it is considered likely that such a restructuring will involve a reduction in the Bond liability for an equity stake in the Company.

The cash balance as at 30 June 2016 was $7.36 million, compared with $20.78 million as at 31 December 2015 and $34.39 million as at 30 June 2015. The decrease in cash balance during the three and six month periods ended 30 June 2016 has arisen due to servicing of the Group’s Bond liabilities, in addition to continued, but reduced, investment by the Group into the Bentley field development in order to further advance the project towards Field Development Plan (“FDP”) consent by the Oil and Gas Authority (“OGA”). Additions to E&E assets in the six month period ended 30 June 2016 totalled $18.74 million, which includes capitalised interest costs in respect of the Bonds of $10.43 million, together with amortisation on Bond fees of $4.02 million, professional and advisory fees of $1.73 million and capitalised staff and contractor costs of $1.80 million.

So at what time in the day will they deliver the EGM RNS tomorrow? More importantly. Where will the EGM be held?

It's not AIM, it's the whole system. Look at the announcement made by our beloved Government last week. Lloyds Banking Group shares will only be offered to large institutions. So the public who saved the bank in the first place are getting zero chance to invest. A complete turnaround from what was muted last year. I hate London!!!!!!

Looks like another late afternoon RNS. How I miss those 7am belters we used to get.....

So where will the EGM be when announced before Friday's close? I don't think it will be within an hours flight of UK waters thats for sure. Toxic. King Cole was only supposed to be a short term CEO. God only knows how he managed to stay on at this level for so long, with zero industry knowledge. The proof is in the pudding. Better known as- "The Great British Rip Off"