Member Info for NoEasy

Yes the Mozambique government are a bit cheesy.

Cd the Mozzarellas government didn't sign with Exxon until a couple of months ago.

"On October 8, 2018, the INP announced that it had signed agreements with ExonMobil and Rosneft for offshore blocks in the Rovuma Basin. INP signed an agreement with ENI (Ente Nazionale Idrocarburi) and Sasol for an offshore block in the Northern Zambezi Basin on October 18, 2018. The Company expects to enter into discussions with INP regarding onshore Block PT5-B before year end. The ExxonMobil EPCC agreed version will serve as basis for future negotiations with all companies."
http://www.canoverseas.com/wp-content/uploads/2018/11/COPL-3Q-2018-MDA.pdf

Hope that helps.

Cd you need to look at the more recent information from the company.

The company expected to start discussions on a PSC with the national petroleum institute by year end. That's it.

Thanks for that Rift. Clears up the process which is a great help.

Process:
The field development plan sets out what is proposed, the service provider puts in their costs for delivering that part of the plan they will be responsible for, Shorecan assesses that and if suitable sends to the NNPC, the NNPC considers the costings and makes a decision on approval and if approved Shorecan then finalise the terms with the Service Provider.

One of my concerns was 'were we far enough down the road with a new Service Provider to get this done before the elections'. Given that Art has publicly stated that he expects all approvals by year end and that that statement came after the existence of the new Service Provider was made known it indicates they were well down the road and even by then may have already submitted the Service Provider costings.

Interesting that Art also uses the plural on service providers confirming it seems the original one is still in the game. Also good point by Rift on the Nigerian Service provider aspect.

Just my quick observations as rushing to get out.

We are not chasing the last ounce of gold on earth. The world is awash with cash.

Banks need this project. It's massive. It has risks but banks deal with risks, it's their day job.

The timing of the funding is in the hands of those lending, our timelines may not be their timelines. They will however be cognisant of the impact delay has on a project and it is not in their financial interests to put pressure on a company by delaying and increase risk to themselves if they intend lending.

St2 funding will happen provided all the sums put forward by the company are realistic. I believe they will have got it right.

Exasperation or unbridled joy? Not worth filling the gap with either until we all know what's happening.

The most I will feel is exasperation, certainly not despair, if it doesn't materialise by year end. The despair bit will come in for me if we hit election week without news.

What I do know and gives me confidence is that we are coming off the back of significant forward movement over the last four months both with the NNPC and finance which is more than we achieved in the preceding eighteen months. That is factual, hard edged progress of real importance and not based upon anyone's fanciful notions.

The direction has been set.

I've checked Jim Glickenhaus' posting history and he is a one share investor. That's really not good Jim you need to diversify;-)

That's a result Dunc.

I'm pretty positive about the prospects of achieving the approvals and SPA. Just the timing to get right.

This article demonstrates why the government are wholly supporting us and asking us to accelerate our first phase drilling program to incorporate more wells.

'OPEC ministers were also discussing whether to exempt Libya and Venezuela from making cuts, another delegate said. Those countries, along with Nigeria, were opposed to participating in a supply reduction, the delegate said.

Before Thursday’s meeting, Al-Falih said that “if everybody is not willing to join and contribute equally, we will wait until they are” and he was prepared for the consequences of no deal.

"Some countries will struggle because their economies are very constrained" and Nigeria itself could only manage a small cut, Minister of State for Petroleum Resources Emmanuel Kachikwu said in a Bloomberg television interview before the meeting.
https://www.bloomberg.com/news/articles/2018-12-07/opec-goes-back-into-crunch-talks-as-russia-resists-big-oil-cut?srnd=premium-europe

They wouldn't be blocking it for long before popping down to see squidward, sandy cheeks and Mr Krab.

It's nice to be awaiting good news with a settled expectation it will be good news.

Dunc I am of the same opinion.

Jiving I am throwing my two pennyworth your way on the warrant disparity as it would help smooth any concerns you have.

Now off back to my crossword.

"I got the impression from Arthur's podcasts that the service provider would get an equity interest in the wells or field involved not necessarily in the whole OPL226 acreage and certainly not in Shorecan or COPL.'

That makes sense Jiving and it jogged my memory that you've posted that before.

Expected combined output of 18,000-30,000 bopd from the pod should ensure that any dilution from the exercise of warrants is relative in terms of a much higher SP.

Arthurs confident he can do it if he can get out the traps. The answer as to whether he can, and we have had some good indicators recently, shouldn't be too far away for all of us.

I expect some decent churn around the last placing price and just above. Shouldn't hold us back if we do succeed in getting the news that is expected, it should sail past that price.

I will be happy with the government sign off as a major step and for the SPA to follow when agreed but would be delighted with both. I haven't conclusively bottomed out whether we specifically need the SPA to enable the Minister to sign or whether if it can be signed off without it. Anybody help on that one?

' Given that they will need cash in a few months...'

Yes IP and one of the reasons that shareholders want the expected news to happen when it has been indicated to happen. Additionally as there is the possibility of the service provider taking some equity when they stump up finance it may be that we already have our placing in place so to speak.

Bob the system is the issue with the buy or sell indication. The system does not work therefore it's a broken system. You are 100% right about that.

The MM's are doing this or are doing that seems to be a favourite topic on many BB's, used often as an excuse for negative price movement and consequently it does get a bit tedious reading it. Many don't understand the process but post about it, often repeatedly, anyway. For me It detracts from what we have going on here.

Any chance we can just let the buyers buy, the sellers sell and the holders hold and talk instead about the resource and progress here etc etc. Even for a little while?