Member Info for Megla

lol, fair point SK. Although would be closer to $4bln after premier’s equity raise and the sale of Uganda here.

Premier and Tullow might not be a bad match. The combined group would have production closer to 200kbpd and would have Zama and Tullow’s exploration assets in Guyana.

Moleman, your interpretation of the balance sheet isn’t aggressive, it’s wrong.

Anyone that can read a balance sheet knows that selling Uganda does nothing to NAV. You’re pointing out an absolute basic and suggesting its new information that only the market makers are aware of.

If your argument is that Tullow will struggle to produce profits, which is incredible given the low deprecation charge in Ghana, then fine. But I think you’ll find most investors understand what Tullow’s assets are.

The capital markets day and the January RBL redetermination are now essentially company makers or breakers. By bringing forward next years redetermination the company is laying down the gauntlet to creditors, either back the company and its plans or the debt will have the be restructured. Uncomfortable reading of course, but the right move imho.

Shareholders will not be the only people feeling a little uneasy about this, the bondholders are subordinate to the RBL and although equity will be toast in any default scenario, they also stand to take some hefty losses. Okay, they’ll have hedged the debt with some short equity exposure, which would reduce losses, but extending maturities would given them the chance of returning the full value of the bond and gives the company time to execute on its plan.

Balance of probability, a deal is done to remove the liquidity issues and Rahul gets the time and breathing space he needs to turn Tullow around.

Moleman, you have a lack of understanding of balance sheet NAV.

Tullow’s main asset isn’t on the balance sheet, it’s in the ground. The oil will be transferred to the balance sheet in the form of profits from the extracting the oil.

Optics aren’t great, but saying the company is worthless due to negative balance sheet isn’t correct.

I really like the guy, particularly like the decision to pull the RBL redetermination forward next year. Suspect it isn’t just for the reasons laid out.

Very good performance on the call, sounded like he’d been there years.

Equity raise can’t be ruled out, but guess we’ll know much more by the end of January.

ALAW!

I like the CEO, the game he’s playing is super high risk, but I like it.

Managed to do my buying, had to do at best several times.

At best the only way

Snap

Difficult task, but he’s got some balls judging by the not so hidden message in the results.

Decent results, very much warming to the new CEO. As for the title of the thread, you might want to ask yourself why the company has requested the RBL redetermination in January next year.

Happy, and why do you think the creditors are suddenly going to pull the plug? Why are premier different to the mountain of other companies that have required covenant waivers?

Sham, happy is saying equity is going to fail. You’re suggesting buying in after the equity raise has been completed. This is not the same thing.

Happy, you’re a troll.

All this why can’t we just be civil bullsh*t, then spend your days making inflammatory posts on a company you’re not invested in.

If you think equity is going to fail, why are you here trying to wind up investors? Why not watch in the background?

Let’s hope so, although I’m sure there’s some on the board that are rooting for the company to fail, happy being the main one.

I’ve not used Betfair before, but can’t people put on stuff like this?

Lol happy, here’s the attention you ordered, now pipe down.

SK, concluded meaning on the day the shares are admitting to trading, correct?

What happens if the placing/rights issue doesn’t go ahead?