The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The well is anticipated to be drilled and completed for rigless testing between September and October this year. The drilling window will be updated as well inventory arrives in Morocco from overseas. Star Valley Rig 101 is prepared to commence drilling operations on instructions from the Company.
Front page news tomorrow??
https://www.bbc.co.uk/news/business-62318376
just surmising...
Paul now has £160,713 to do something with. I strongly feel he isn't running for the hills. If he can sell (due to a conflict of interest) then can he also buy? Might he use those funds to to re-buy PRD outside of the H2Green conflict of interest?
Is he loaning the money to PRD, to be paid back in future equal equity to pay pre drill fees. Can he do that on at bigger scale to self fund? Hes loaned shares to PRD placees before.
SDX getting strong support this morning.
SDX ENERGY PLC ("SDX", the "Company" or the "Group")
UPDATE ON EQUITY OWNERSHIP OF THE COMPANY AND INTENTION OF SHAREHOLDERS OWNING 25.65% OF THE COMPANY TO VOTE AGAINST RECOMMENDED ALL-SHARE COMBINATION WITH CASH ALTERNATIVE WITH TENAZ ENERGY CORPORATION ("TENAZ").
SDX Energy Plc (AIM: SDX), the MENA-focused energy company, has been advised in a letter from Aleph Commodities Limited ("Aleph") dated 16 July 2022, that Aleph on behalf of itself and other parties, hold 25.65% of the issued share capital of the Company.
The letter also states that;
· "Aleph Commodities is a global trading and investment company."
· "The group of shareholders led by Aleph intends to vote against the recommended all-share combination with cash alternative between Tenaz and SDX which is being effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006. The Court and shareholder meetings relating to the Scheme of Arrangement are due to be held on 29 July 2022."
· "Aleph welcomes the opportunity to engage with management and the Board of Directors to explore opportunities to provide financial, commercial and technical support to SDX to ensure the growth of the Company and its production base, with minimal dilution."
The Board of SDX is considering the contents of this letter and the Company will issue a further announcement in connection with the above in due course.
The Board has been refreshed with the addition of two Non-executive Directors who have a wealth of experience that complements the experience offered by the Executive Directors. Seeking areas of potential asset-based project funding and building relationships with financial institutions and equity markets based on a green dividend secured by a credible Energy Transition will be a key task going forward.
The Board is pleased to announce the appointments of Mr. Tom Evans and Mr. Alistair Jury as Non-executive Directors with immediate effect.
Tom has 33 years in the industry and the City starting his career as a financial executive with Extel Financial Ltd, before moving to Corporate Broking at Barclays de Zoete Wedd Ltd; before he then transferred to the Global Resources lending team of Barclays Capital Ltd project financing resource projects across the globe. He moved to London with RBC Dominion Securities Limited as a specialist resources equity salesman, before joining CIBC World Markets Limited as a director focusing on resource equities from an institutional sales and trading perspective. Tom founded Bishopsgate Capital Management Ltd in 2000 dealing in institutional fund management and hedge fund strategies for CTA funds; Bishopsgate was merged with Athanor Capital Partners Ltd where he assumed the role of Chief Investment Officer, expanding all the combined entities FSA regulated permitted businesses. He established TME Consulting creating UCITS compliant umbrella structure to be marketed to both retail and wholesale clients. He was CEO and founder of the Caplain group created to acquire stockbroking and wealth management entities and Aerarius PCC Ltd (Guernsey) fund structure for European investment strategies. In 2017 he joined Pennpetro Energy plc (PPP) initially as a consultant and then latterly as CEO, he successfully led a pre IPO funding round before introducing the company to the standard segment of the London Stock Exchange. Since listing PPP the company has moved from a passive investor to a 100% working interest and operator in Gonzales, Texas; creating a technical hub in Houston. Tom recently led the company into its first foray outside of North America by acquiring an 80% working interest in the Saouf permit in Tunisia. Financial Services Authority (UK) Ltd previously approved for the following control functions - CF1 Director, CF3 Chief Executive, CF8 Appointment & Oversight, CF27 Investment Management. Away from listed and regulated environments Tom, in recent times, has focused on private companies and intellectual property developing energy transition, carbon capture, green/ blue hydrogen production, and waste to energy corporate enterprises globally.
Alistair has over 25 years' experience in the energy industry in a variety of finance and commercial roles with ExxonMobil, Unocal, Murphy, Svenska Petroleum and a number of AIM and business start-ups in the energy sector.
He sits on the Board of several UK and overseas energy and consulting companies and is an associate of Columbus Energy Partners involved in evaluating renewable and sustainable energy projects worldwide.
He is a Fellow member of the Association of Chartered Certified Accountants and has a degree in Geology from University of London.
The Audit and Remuneration Committees comprise both of the two new Non-executive D
The government has come under pressure to stop the imminent decommissioning of the Kinsale gas pipeline and the Inch onshore terminal in County Cork.
Fine Gael TD David Stanton called for urgent action due to current pressures on gas supplies in Europe and a lack of alternatives in Ireland.
Deputy Stanton said: "Due to the current pressures on gas supplies in Europe, no gas storage infrastructure in Ireland and a reliance on the gas interconnector to Scotland, I am greatly concerned that we have no contingency if the situation deteriorates further.
"We depend on gas to cook our food, heat our homes, power industry, and generate a lot of our electricity. Many recent reports have highlighted serious concerns regarding the country's almost total reliance on gas imports arriving through the pipeline from Moffat in Scotland."
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He continued: "I see this pipeline and the terminal as critical pieces of national infrastructure which could be used to facilitate a Floating Storage and Regasification Unit (FSRU) for non-fracked LNG imports. These imports would provide a consistent, and what I believe to be necessary, backup support to ensure security of supply in our transition to renewables.
"This pipeline and the associated infrastructure remain in place as the Kinsale and Seven Heads gas fields go through the decommissioning process. I would ask that the decommissioning of this infrastructure be stopped and the possibility of affixing an offshore FSRU be closely examined. We need to look at the potential benefits to further diversifying the country's gas supply sources.
"This would mean that we could move relatively quickly to ensure an alternative method of satisfying security of gas supply in the event that supplies through the gas interconnector to Scotland were unable to be fulfilled."
Everyone is at it…. Including the UK
https://portmeridian.com/about/
Come on Redbox… our society is made from a rich tapestry of cultures. All of us contribute to that with the content of our character. And Graham is refreshingly unique - from those I meet each day here in Essex at least
Europe has been urged to prepare for a complete cutting off of Russian gas supplies as the continent’s energy crisis deepens.
The International Energy Agency warned Putin’s decision to curtail flows through the Nord Stream pipeline over the last week could be a precursor to a full shutdown this winter.
Fatih Birol, head of the IEA, told the Financial Times: “Europe should be ready in case Russian gas is completely cut off.”
He said European countries should take measures to reduce demand ahead of the key winter period. This included firing up old coal-fired power stations despite concerns about emissions.
Bloomberg reported that Germany was preparing to trigger the second phase of its emergency gas plan – known as the “alarm” stage – amid rising fears that Putin could turn off the taps.
But I’ve been thinking that the potential farmee would have great benefit from knowing more on MOU1. Perhaps they will pay for rigless testing themselves… i.e bring their own team in to do it as part of their DD. Does anyone else think that might happen? And we get surprise news???
Mou1 testing. Appreciate 12th May RNS “Rigless testing of MOU-1 will be aligned with the presence of in-country drilling services, materials and equipment mobilised from overseas for the start of the 2022 drilling programme. It will be carried out cost-effectively in conjunction with the testing in a success case of up to 3 wells.”
I agree TT-T, that is also my take. However I do not consider that we will be notified when a candidate is selected and exclusivity starts (in that we have been informed of the process that is being followed so nothing has changed). I actually expect that the selection has already occurred and the 60 days clock is ticking, it might even be at half way now. What we don't know is how may of PGs JV aspirations are red lines and what the final outcome might be.