Member Info for ManuDave

136 - 137.50

140.30

Seatbelts fastened?

Cheers! Catch you chappies tomorrow............should be fun.

Could you break it down further please?......lol. T - 9 1/2 hours to go...

6 August 2012 Heritage Oil Plc ("Heritage" or the "Company") PUBLICATION OF CIRCULAR AND NOTICE OF EGM AND PROSPECTUS Heritage Oil Plc (LSE: HOIL), announces that it has published and sent to all holders of Ordinary Shares and Exchangeable Shares in the capital of the Company (the "Shareholders") a class 1 circular (the "Circular") setting out further details of the proposed acquisition of a major interest in OML 30 announced by the Company on 29 June 2012 (the "Proposed Acquisition") and a prospectus in respect of a rights issue of new Ordinary Shares (the "Rights Issue") in connection with the Proposed Acquisition (the "Prospectus"). The Circular contains a notice convening an extraordinary general meeting of the Company which is to be held at 4:00 p.m. on 30 August 2012, at 22 Grenville Street, St Helier, JE4 8PX, Jersey, Channel Islands (the "EGM"). The purpose of the EGM is to seek the approval of Shareholders of all aspects of the Proposed Acquisition, including the requisite authorities relating to the Company's share capital required to effect the Rights Issue. As the Proposed Acquisition is classified as a reverse takeover under the Listing Rules, the listing of the Company's Ordinary Shares and Exchangeable Shares on the Official List of the UK Listing Authority was suspended with effect from Monday 2 July 2012 until sufficient information on the Proposed Acquisition was available to the market. Following approval by the UK Listing Authority of the Circular and the Prospectus today, the Company has requested that the listing of its Ordinary Shares and Exchangeable Shares be restored to the Official List and trading in such shares is expected to resume with effect from the commencement of trading on 7 August 2012. Copies of the Circular, the Notice of EGM, a Form of Proxy and the Prospectus have been submitted to the National Storage Mechanism, and each will shortly be available for inspection on the National Storage Mechanism's website www.hemscott.com/nsm.do. Copies of the Circular and Notice of EGM, a Form of Proxy and the Prospectus have been mailed to all Shareholders in addition to being available for viewing on the Company's website at www.heritageoilplc.com. Printed copies of the Circular and the Prospectus will also be available from the Company's registered office and from 34 Park Street, London, W1K 2JD. Capitalised terms used in this announcement, unless otherwise specified, have the meanings given to them in the Prospectus and the Circular. - Ends -

http://www.investegate.co.uk/article.aspx?id=201208061452014035J&fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Heritage%20Oil%20PLC%20Alert

The grey market is an over-the-counter market where dealers may execute orders for preferred customers as well as provide support for a new issue before it is actually issued. This activity allows underwriters and the issuer to determine demand and price the securities accordingly before the IPO.

"should see share price north of a fiver at some point." Stop deramping this share will you!..........lol Afternoon KC.....you well?

The deal does however represent a significant opportunity for Heritage to boost its production and reserves. OML 30 is estimated to have gross proved and probable reserves of 1,114 million barrels of oil, and an estimated 2.5 trillion cubic feet of gas which wasn’t included in the review of the company’s assets or in the valuation, the company said. Upon completion, Heritage’s proved and probable reserves are expected to rise more than six-fold from 61 million barrels to 408 million barrels. The deal is expected to be cash generative immediately following completion, the company said. Heritage’s interim results today also revealed a net loss attributable to shareholders widened to $52.2 million in the first half of the year from $11.4 million in the same period a year before. Net average daily production rose 35% on the year to 567 barrels of oil a day in the first half 2012. Production for the month of July 2012 averaged just 711 barrels oil a day. Tony Buckingham, Chief Executive Officer of Heritage said OML 30 deal will de-risk heritage’s financial profile. “The recently published independent reserves report gave an economic valuation of between $3.4 billion and $4.1 billion, using a discount rate of 10%, for the current 2P reserves at OML 30 and our assets in Russia, highlighting the underlying value within the enlarged portfolio,” he said. The rights price, being at a 40-45% of TERP (Theoretical ex rights price) will largely be determined by the Convertible bond and placing terms. As the shares start trading again tomorrow it will be interesting to see where the market prices these. Grey market indications are between 170 - 190p and so the rights terms are likely to be around 110-120p. What has perplexed me is why there is a need for a Convertible Bond if the rights issue is fully underwritten? I guess that management believe that debt funding at say 7% is a lot cheaper with a conversion price likely north of 200p, than issuing more equity at this muted valuation, certainly ahead of the Ugandan arbitration result. We eagerly await tomorrows re-list. Editor

Heritage Oil provided further details this morning about its planned rights issue to help fund the 850 million dollar purchase of Royal Dutch Shell PLC’s most prolific oil block in Nigeria aswell as reporting higher oil output during the first half of the year in its dual interim results release. Shoreline which is 45%-owned Heritage, will buy a stake in Block OML 30 currently owned by Shell, France’s Total SA and Italy’s Eni SpA. The national oil company of Nigeria, Africa’s top crude producer, will retain its 55% interest in the block. The OML 30 block, which produces around 35,000 barrels a day, had been valued at $1 billion in earlier stages of the sale process, a person close to the deal had said. Heritage plans to increase OML 30’s output to 55,000 barrels a day in the short term following completion of the deal. The Group plans to fund the deal though a $550 million bridge finance loan from Standard Bank Group Ltd. (SBK.JO) and a subsequent $370 million rights issue. Because the proposed transaction is classified as a reverse takeover under stock exchange rules by virtue of its impact on Hoil’s operations, shareholder approval for the deal is required The issue price for the new shares will be announced no later than Aug 28. The company plans to hold an extraordinary meeting to approve the deal on Aug 30 and expects its new shares to start trading on the London Stock Exchange on Sep 17. Heritage said its board of directors is also contemplating a potential non pre-emptive placing of ordinary shares and potentially also a possible convertible bond issue between now and the time of the rights issue pricing. Any amount raised from the two would reduce the size of the rights issue, the company said. The interims revealed that the company, after posting $85m as a 10% deposit in relation to the OML deal, now sits with just $35m in cash and so the advance capital raisings are obviously an effort to ensure adequate liquidity ahead of the deal closing and obtaining shareholder approval. The management of the company’s liquidity through the continued purchase of its own stock is the one principal stain on the Boards actions in recent years in our opinion. To spend over £70m on stock whilst negotiating over the Nigerian deal does not sit well with us. Of course, management were sending a signal to the wider market that they believed the company undervalued at approaching 300p but still these actions have ultimately detrimented shareholders, particularly if they lose the ability to participate pro rata in a rights issue due to a discounted placing at a pre re-list price. The deal does however represent a significant opportunity for Heritage to boost its production and reserves. OML 30 is estimated to have gross proved and probable reserves of 1,114 million barrels of oil, and an estimated 2.5 trillion cubic feet of gas which wasn’t included in the review of the company’s

Extracted from www.spreadbetmagazine.com/blog As the shares start trading again tomorrow it will be interesting to see where the market prices these. Grey market indications are between 170 - 190p and so the rights terms are likely to be around 110-120p.

lol.....apologies. Also apologies for putting up the wrong previous sp figures as I was looking at another stock on my L2 HOIL were at £4.86 on Jan 6th 2011 C- must try harder.....lol

"That's all enough to make me confident"...........didn't mean the Searcher bit..............obviously.....pmsl

It was only July 8th last year we were trading at 3.39p - and £4 in Jan 2011...... The deal is 'transformational' says Tony Buckingham, and you have to agree when it's had an independant valuation of between $3-$4 billion.... I think a lot of people will want to get in on this tomorrow..... Shorters trying to close positions..... majors moving in to Kurdistan...... Currently drilling Miran.... Searcher is in here........lol That's all enough to make me confident.

Close of play sp sweepstake for tomorrow then........ Going first is pants but here goes...... £1.82

I thought I would help you out as I presumed you had nodded off.....lol

From the RNS: Heritage expects to publish a prospectus ("Prospectus") in connection with the Rights Issue today. & The Rights Issue is fully underwritten pursuant to the Rights Issue Underwriting Agreement. The Issue Price at which Qualifying Shareholders will be invited to subscribe for New Ordinary Shares will be determined and announced in advance of the EGM and will be at a discount to TERP within a range of between 40 per cent. and 45 per cent, having regard to, among other things, investor feedback, market conditions, any relevant requirements of the Listing Rules and/or Investor Protection Committee Guidelines and the market price of the Company's shares over the five days preceding the determination of the Issue Price. The Issue price is to be announced no later than 7.00 a.m. on 28 August 2012.

From the RNS Restoration of trading As the Proposed Acquisition is classified as a reverse takeover under the Listing Rules, the listing of the Company's Ordinary Shares and Exchangeable Shares on the Official List of the UK Listing Authority was suspended with effect from Monday 2 July 2012 until sufficient information on the Proposed Acquisition was available to the market. Following approval by the UK Listing Authority of the Circular and Prospectus as expected later today, the Company will request that the listing of its Ordinary Shares and Exchangeable Shares be restored to the Official List and trading in such Shares is expected to resume with effect from the commencement of trading on 7 August 2012.

The wait is nearly over..... fatherjockstrap - you in here too?