Member Info for pijoe1212

Essar were happy enough to make the deal and be paid out of future revenues but now seem to be throwing their toys out of the pram at a critical stage and you have to ask why?
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i agree. i would suggest that shorecan not complying with the deal has to be on the list (and given i have seen no evidence of any real cash going into the asset , then i would suggest high on the list)

i spoke to a man in the pub and a man on the phone yesterday...one was positive and one negative. i think i will toss a coin and move my investments based on the outcome...we each need a trading strategy of substance....

sorry corruption i did not think you had implied there was at copl / shorecan..i was just being clear but in clumsy english!
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my pc is jumping the curser every now and then.. that should have read:

sorry: i did not think you had implied there was corruption at copl / shorecan..i was just being clear but in clumsy english!

sorry corruption i did not think you had implied there was at copl / shorecan..i was just being clear but in clumsy english!

Rktech. we do not know as fact what the dispute is. peeps have guessed it is about the dilutive effects of the "service fund", which would seem reasonable to me. but the deal would appear to be that shorecan got 80% of the asset in exchange for $80M. now it would be reasonable for the seller to expect the deal (with all its terms in a lengthy document i am sure) to see that value be put in without loss of his equity (why should he accept less?). we also do not know if the loan repayment conditions could be the issue or both equity and loan repayment are the issue..or indeed something completely different. at this point in time there is nothing i have seen that indicates corruption has any part of the current copl / shorecan issues.

the key point i made earlier is the small size of copl / shorecan and the large size of essar and the clear need for copl funding..which frankly can only come from equity.

peeps posting "give us some good news" RNS need to understand there has to be good news before the co can issue an rns!

Rktech. i could debate with you what happened at afren - i know the history very very well. while it started with corruption ( subject to FCA prosecution being successful that will become a fact not opinion)..moved to local production issues and hence admin..but then the court issues kicked in. lek's issue is obtaining the transfer of a former afren asset to them...

bob. all are different but in essence it is the nigerian side that use the courts (one can debate that lek are the "non-nigerian partner" which in effect they are). do not forget nigeria has very specific transfer of control laws for o&g and all to easily ends up in court and / or with delays of years.

(nice to get a nice post from you by the way....i go back a fair way!).

i agree (not sure there are any II's in here?). with that last 1.87M sale are they done?

harry...if you look at the recent track record of uk listed oilers in Nigerian the issues with the nigerian courts / ministry it does not make pleasant reading (afren - 3 yrs in the courts / lek - taking the gov to court / 7e (Savp) - deal still to be signed off)...things do not happen quickly or easily in nigeria currently..wish they did!

if you look at each of the 1m & 2M trades, they all (except the 1m @ 13:31) look like sells to me. some one is dumping a sizable holding in my view (but only my not fact)

and some showing as buys when they are clearly not (if you look at trades to each side)

jiving. i was just about to post a correction to my earlier post about essar selling essar oil! i last looked at them just over a year ago when my daughter started work for them (but at stanlow which is still part of essar). i think the principle of objection would still stand (could be higher if the new owners debt funded the deal?). bottom line is still a minnow in a potential fight with a far larger co, and service providers who do not have to be party to the risks involved.

jiving. to put that debt into context, it is difficult to obtain figures for essar group turnover but there are references in google (not the best source!) of it being $22bn. so i am sure they would like their $69m back, but i would suggest being made to look like proper charlies would be a motivator to cut up rough (assuming of course the dispute is related to dilution against the SPA terms).

no easy..you make some good points. i would note however one matter which i think is very relavent.

i assume peeps do realise Essar is a very large indian based major, who own substantial o&g assets, including stanlow refinery in the uk (ex shell). not sure they are overly bothered by the noa asset (or indeed by the prospective oil), but if the issue is about dilution of their residual stake when this should not be happening (under the SPA) then one can expect them to "cut up rough"! for shorecan (and hence copl) to potential be in legal dispute with a major is a serious issue in my view.

i would also note that any funding of the drilling / facilities costs would have to be impacted by such a dispute. how could GE or sclum or the like commit $100M against such a backdrop. while on face value of the public domain info the prior farmin claim looks "hopeful (or is that hopeless?)" the fact it is before the courts makes that equally material to a funder.

as i have posted before the current assets and current liabilities of copl look very weak and a placing must be imminent.

Big bear. I would suggest two things. First the dispite flagged today is not the same dispite as flagged yesterday ( so far as I can see). Second without clarity on legal claims material to Copl any placing could be questionable after the event.
Clarity was required for placing!

Just looked in ...what you need is a c90...what you want in a ninja....except tro who needs an African twin to cope with the local roads. Oh and langtro clearly can have a tz500 as only sheep on the roads and the cops have c90’s ( see above) ...

What shall we argue about tomorrow?
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Is the world round(ish)?
Is peak oil a work of fiction?
Is the worlds oil in fact a layer just below the mantal that in geo times past extruded into the solid surface layer?

I would suggest the last one - interesting theory’s from Russian some 30 plus years ago..

In the alternative try: to obtain legitimacy central government needs a fear that only central gov could tackle. It used to be the russkies and the Cold War. Has global warming replaced the ruskies?

jptop7

what a load of tosh you post..i assume that is a joke..fab post..!!!LOL

before you start to worry unnecessarily..it was not me..LOL

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if you go through the WF planning applications (all 30+) from the 2012/2016 period, i am pretty sure you will find there are slots on the pads.... (the NPPF is planning guidance not an agreement (pedantic but important point) planning follows normal process). i 100% agree being in effect brown field development is very important (i would not be as interested in the drill if it was a success case via new drill site...). but it still has to follow application to DCC with eia etc etc...but hopefully via a site (which is the key in planning terms not the operator) with a track record of doing things correctly and section 106's in place.