Member Info for MarktheSpark

Sorry I got the impression that IGAS were very skilful to get anything for the shareholders at all although the terms of the proposed new deal seem so complicated I defy any bear of normal brain to fully understand them.They had so much debt they were on the edge of defaulting on the bond covenants which would have resulted in them falling into the controlling hands of KKR and a debt restructuring which, with the private investors being low down on the pecking order, would have left them with almost nothing. That seems to be the opinion of the obnoxious but often perceptive Tw...The company made it clear they had persued other avenues for refinancing but didn't get anywhere. I have no reason to disbelieve them. It's a bit like Brexit, a cock-up but we've just got to get on with it.

Nice rise today probably on the back of a vote of confidence by Blackrock, increasing their shareholding. Especially pleasing rise as its against the market.

" Big Oil is muscling in on shale country. Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp., are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago."

"Big Oil is muscling in on shale country. Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp., are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago." Hey guys, come over here and we'll throw in fish & chips, a kebab, and a Tikka Masala for free.

I'd heard a few months back that KKR's secured bond holding gave them a blocking vote on any restructuring - does anyone know if that's true and if so, have KKR given any indication of how they will vote on the 3rd - sounds like they've been given very generous terms plus a place on the board for one director, will that be enough for them?

The usually well informed Malcy has some confidence in the future ...."The company has said that all is going to plan with the bondholders and the equity injection and raise looks to be under way with few hitches.". To buy or not to buy, that is the question.

Quote from Bob Dudley, Head of BP this week, "We will bring on more projects this year than we have in the history of the company.". If BP are investing heavily then the others will be as well (in anticipation of oil price remaining 50-60 dollars) so the O&G service companies will be back in business big time. Weir on our way!

I suspect the lower price today comes on the back of a cryptic comment in Malcy's blog - it would be good to have some clarification from Egdon plus more news on the progress of the planning appeal / new planning application. But probably have to wait for 11/4 for details. Unless there is a takeover I guess we're news dependent again with some drift down on no news.

As I understand it, part of the deal is that some bonds are going to be converted into share holdings, so lots of new shares will be issued which means that existing shares will be worth much less, hence the 30% reduction in the price. That I guess is the price for avoiding a worse fate at the hands of KKR and a more sustainable financial position for the future.

It's very frustrating to see the progress being made in the USA regarding shale development, in particular the investment of millions by Exxon and Chevron in the Permian basin and elsewhere. When you compare that progress to the UK it sort of makes you despair for our economic prospects. If the UK is to survive post Brexit we're going to need to be light on our feet regarding exploiting our resources and economic advantages.

I would hang on a bit to make sure the deal goes through otherwise you risk throwing good money after bad. If you want to buy in the fundraising will be at 4.5p, lower than the current SP, which you will get an opportunity to participate in. I'm going to look for an entry point but having bought around an average of 85p and sold at 14p I'm still edgy.

I hope Igas survives and wish them good luck for the future. It always seemed to me that this decent company was struck a blow through the collapse of the oil price which no-one anticipated. I guess all their borrowing was based on an expectation of a $100 barrel. Then there was the first Cuadrilla attempt at fracking which ended badly and scuppered shale development for years. Let's hope that a White Knight might bring a better deal but I doubt it. In the meantime there is news today that ExxonMobil will spend 1/4 of its capex on U.S. shale. They expect shale to grow 20% a year from 2017 to 2025. They are looking for short cycle projects, that is investment to production time of less than 3 years. If only a tiny proportion of that were spent in the UK then British shale would make a huge leap.

News today that ExxonMobil will spend 1/4 of its capex on U.S. shale. They expect shale to grow 20% a year from 2017 to 2025. They are looking for short cycle projects, that is investment to production time of less than 3 years. If only a tiny proportion of that were spent in the UK then British onshore would make a huge leap. Egdon surely must be a takeover target for larger concerns looking for such short cycle projects in the UK now that first gas is so near.

Anyone know why the spread should narrow so dramatically over the last week or so? I think I remember it recently being around 10%. As I understand it, spread is normally correlated with trading volume but surely the volume has not increased so much recently to justify such a narrowing.

Apologies, seems like the Third Energy report refers to a change to a different production strategy which is water injection in order to increase production. This is not hydraulic fracturing. Sorry to mislead.

Apologies, seems like the Third Energy report refers to a change to a different production strategy which is water injection in order to increase production. This is not hydraulic fracturing. Sorry to mislead.

Third have announced that they have begun a "workover" process which I think ?? is the prelude to hydraulic fracturing. Maybe first shale gas in the UK within a few weeks. Since Egdon is the only financially healthy company on AIM with large shale interests, the SP may well benefit from positive news.

I think the spark for the buying is the announcement by Third Energy that they are beginning the workover process which I think ? Is the beginning of the hydraulic fracturing process, so first shale gas within a few weeks.

Oh dear, I seem to have an unerring ability to buy at the top and sell after disastrous results. GLA.

Yes divi going up, new contracts signed and a background of a gradual decrease in O&G cost saving squeeze on service industry. Feels like private investors forget the service companies when their eyes are narrowed on the get rich quick oil explorers. This company must be a good bet, and more importantly a relatively safe bet. Let's see on Tuesday.