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PrivateTesla,
I will go to bed tonight with dreams of the UAE team arriving in Morocco having a day or two of rubbing shoulders with the leaders and then approaching PG with a 'were not here to mess about' and pulling £150m from their sky rocket (chick feed pot) and making an offer to buy out all of PRD...
12 May - “Two primary candidates for a potential farmin to the Guercif Licence have been chosen from the initial responses to a targeted marketing exercise by the Company's experienced management team. The Company is proposing to offer the successful candidate a sixty day period of exclusivity to complete technical due diligence and to negotiate commercial terms.”
Is anyone expecting an announcement soon that a successful candidate has been selected and the sixty day DD period has commenced?
I know which management team has built up credibility over the years and who I trust to be on firm ground in this litigation! CEG will be belly up before long - their RNS include desperate attempts to mislead shareholders, and that can only go on for so long!
Challenger Energy (AIM: CEG), the Caribbean and Atlantic-margin focused oil and gas company, with oil production, appraisal, development and exploration assets across the region, notes the announcement issued by Predator Oil and Gas Holdings Plc ("Predator") yesterday regarding its alleged intention to initiate a litigation process regarding the Inniss-Trinity Well Participation Agreement ("WPA") between FRAM Exploration Trinidad Ltd. ("FRAM"), a wholly owned subsidiary of Challenger Energy, and Predator.
FRAM denies that any amount is owing to Predator pursuant to the WPA, and considers the various assertions made by Predator in yesterday's announcement to be devoid of any technical justification or legal basis. Accordingly, FRAM will vigorously defend any legal proceedings should they be issued by Predator, and will seek recovery of any costs incurred by FRAM in doing so.
And btw - re EOR
Waterflood at goudron has been proven not to work by the successive management teams… they really gave it a good go but we’re unable to achieve connectivity. And as for CO2 injection, we all know this is a BS statement as PRD have exclusivity of CO2 supply in country.
Based on 50% of net profits under the WPA this would amount potentially to estimated undiscounted consequential losses of up to US$102 million but may be revised upwards depending on forward oil price projections.
…would have been waiting for.
Now the latest figures are out in the shop window.
I think more shareholders have become a bit more comfortable with the current deal, But if there is going to be a second bidder they will appear over the next few weeks - I expect 10p to be achieved by Wednesday.
Includes confidentiality agreements (?) and a 14page presentation
https://static1.squarespace.com/static/6164cf34a8e54b2e687f89e3/t/628f3d8862625f156a28f145/1653554575562/Tenaz+Energy+-+Acquisition+of+SDX+Energy+Plc.pdf