The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Snorlax = nutcase. Look at your posts man.
17:09 tonight.
Open invitation to anyone wanting to go to the gym with me tonight to train arms, looks like alot of you are going to need it to hold these monumental babies.
Cuckoo.
Https://ir.q4europe.com/Tools/newsArticleHTML.aspx?solutionID=4186&customerKey=lekoil&storyID=15989687&language=en
25th January 2024
Fenikso Limited
Receipt of funds for repayment of US$51.9m loan
Fenikso Limited (AQSE: FNK) (the "Company"), the Cayman Islands enterprise company, announces the receipt of funds under the Lekoil & Gas Investments ("LOGI") Loan entered in to on 31 December 2022 as part of the Fenikso restructuring. Fenikso Limited received US$806,299 as partial repayment of the loan of US$51,919,467 the remaining balance is US$44,381,285. The amount received equates to 8.65% of the most recent payment from crude oil sales received by LOGI. The next payment is scheduled before the end of February 2024. The proceeds will go towards repaying the Savanah Energy Investments Limited loan, which currently has an outstanding balance of US$13,915,028 and towards building up cash in Fenikso. Post the payment to Savanah Energy the Company expects to have over US$2,500,000 of cash on its balance sheet.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
For further information, please visit www.feniksoltd.com or contact:
Fenikso LimitedāÆāÆāÆāÆāÆ
Thomas Richardson, ChairmanāÆāÆāÆāÆ
info@feniksoplc.comāÆāÆāÆāÆ
First Sentinel Corporate Finance (AQSE Corporate Adviser)āÆ
Brian StockbridgeāÆ
The Report is compliant to Canadian regulatory requirements pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") which stress conservatism to the evaluation. The geologic interpretations, reservoir determinations and risk assessments are Ryder Scott's, and as such independent of the Company.
Highlights
Ā· Confirms the Wyoming deep discovery has total Original Oil in Place of 993.5 million barrels
Ā· It is independent verification of the oil Discovery announced in January 2022
Ā· These are conservative estimates complying with Canadian standards
Ā· The Report:
o Supports the Company's conclusion that the Frontier 2 and Dakota discoveries are large stratigraphic oil accumulations encompassing the reserves at the Company's operated 100% WI Cole Creek field;
o Outlines 118 horizontal well locations to exploit the identified Frontier 2 and Dakota Reserves and Resources
Ā· COPL plans to drill one horizontal Frontier 1 well and two horizontal Frontier 2 wells as part of its 2022-23 drilling campaign commencing in Q4 2022 with two of the horizontals offsetting the 14-30V discovery well drilled in Q3 2021.
āwhich stress conservatism to the evaluationā
Iāll run with an independent report from Ryder Scott re some of the resource they evaluated.
Arthur Millholland, CEO of COPL, was upbeat: āThe market continues to misunderstand the full potential of our Wyoming assets,ā he said. āIn my near forty years within the oil industry I have seldom come across assets with such prolific oil and gas potential. We now have full ownership which we have secured when the assets are at an early stage in development with everything to play for. With the financing arrangements we also now have in place we look to the future with confidence.ā
Believe that statement or not.
Within 45 days, an agreement with the senior lender on a process and milestones for either a comprehensive sale of the Company's US assets, a foreclosure of the Company's equity interests in its US assets or a "take out offer" in an amount satisfactory to the senior lender.
Iāll not be surprised to see a take-out offer appearing.
Robert George Dion occupies the position of Chief Financial Officer for Target Capital, Inc., Chief Financial Officer & Vice President-Finance for Manitok Energy, Inc. and Vice President-Finance & Controller at Canadian Overseas Petroleum Ltd.
He is also Member of Institute of Chartered Accountants of Alberta.
In the past he held the position of Finance Manager at Compton Petroleum Corp.
He received an undergraduate degree from the University of Saskatchewan.
Youād also have noticed Richard Mays is a non-executive chair for Milton Capital. Now isnāt that also a strange coincidence ? He walks too as maybe Peter Kravitz getting rid of all the rats.
I see the Tranny is back. The current working oil field is pumping away as normal so donāt listen to his bullsh*t. December figures proved it and thatās without any additional gas injection.
Letās hope the restructure is beneficial to LTHs and can hopefully put into play COPLs full potential.
Mark Wall is an experienced gold miner and currently chair and CEO of Mountain Province Diamonds Inc too.
Has his expertise been brought in to provide solutions or have they struck gold too during site investigations ?
Not long to find out.
I think Peter Kravitz and Mark Wall may restructure things to ensure the company gets back on track. Iām sure the Senior Lender doesnāt want the company going under as theyāve got a lot of dosh riding on this being a success.
Great post Saintnick. Iām inclined to think thatās why they are restructuring the business and why Kravitz is in.
Also why is a gold mining expert Mark Wall now in place on the board ?
Interesting, is there gold in them that hills too ?
Permitted to drill Jan / Feb 2024 mind !
This is out-with the current working field and maybe the resource Arthur (geologist) mentioned available is now being checked out and possibly JVP or another party wanted these investigated to make an increased offer for a larger slice of the juicy pie.
They aināt that confidential.
These were applied for and granted in November to go deep into BFFDU indeed next to Cole Creek where the JV was interested in.
So why apply for the sundries often donāt intend pursuing this massive resource next door to the current working wells.
Approval to drill has been granted into Federal Deep. š
Canāt agree. Permits have been granted for new wells. Why apply for these if forgotten about. DYOR. Info on WYOG site and permit docs available in TG.
Lots of stuff being forgotten about here and deliberately being withheld.