Member Info for pauldrayton

What about putting the money towards Serenity appraisal? Surely a better option than a dividend at this stage?

Pleased about Festival. He seems to have some nous and an impressive background. Any news on further Canadian deals? They said they wanted another one or two this year but they’re cutting it fine now and oil prices have gone up so they may not be as attractive now.

At some point there has to be an outcome, but for now we still have no idea when, and nor do the company or its lawyers.

Makes you wonder why they were advised to expect an outcome in Q1 this year when the proceedings haven’t even closed 9 months later. Shambolic really.

Thanks Taxing, given the initial hearing was 22 months ago now and the hearing on post-hearing briefs was 13 months ago, you have to wonder what on earth ICSID have been doing! Oh well, what's another 4-6 months?!

How much seed money was there?

Well I'm in for a few. Would like to add more but will see how it goes over the next few weeks. I suspect AA has got a deal or two lined up so this could move very quickly.

Hoping KIST & LBE can make the most of the current market conditions. Two companies with proven management operating in an environment which should throw up some lucrative opportunities.

Good luck all.

That is truly excellent news.

One more similar deal before Christmas and a Serenity/Liberator farm out by next spring would be very nice.

No rush now, there is still some turmoil ahead with Covid but once that’s out the way it could get very exciting.

That’s a real coup today.

Where has it been made official? Very good news if true, it’s an absolute steal. Fair play to the BoD

Meeting started 8 minutes ago at 3pm UK time.

I’m guessing the votes will be know quite quickly, with either an after hours RNS or a 7am RNS to confirm. Toscana will probably release the results on SEDAR too.

"Nick is very busy at the moment!"

UK North Sea then. Anything to do with Repsol Sinopec out of interest?

Well many of us have been waiting a long time now, it would be great to hear something of interest. Starting to fall asleep here!

Good news or bad?! Material news or more of the same?! ;-)

Haha let’s see what the deal is first before we can speculate on the market reaction.

I think there will still be a place for oil & gas companies even though the sector is out of favour, particularly with Shell, BP and other majors diversifying/selling assets.

Sea Lion is not deepwater.

Not sure why deepwater would be cheaper than shallow? I suspect Sea Lion will look very attractive if oil prices start to creep back up once the pandemic is over.

Suggests to me that Navitas have committed.

It wouldn’t take 10 months to update the website, even at Rockhopper‘s pace!

The only thing that makes this deal worthwhile for I3E is Toscana’s tax credits. They already own everything else, because if Toscana are in default on the debt (which they are) then i3 can call in the debt & seize the assets.

Toscana shareholders are very lucky to get anything. There is not a huge amount of value for most in tax credits alone.

I think you know what I mean.

It’s speculative in that we don’t know what assets they are going to acquire, on what terms and even when it’s going to happen.

That’s different from Baron’s normal strategy as far as I know where you can analyse & understand the fundamentals based on reserves & production etc.

Not saying you’re wrong, but I’m not convinced.

You’re thinking Baron, although I think he’d normally go tor a producer not something speculative. But you never know you could be right!

Either that or a higher likelihood of them being split in order to offload them.

Johnson then?!