Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Sale sign is up imo. I don’t understand all this JV talk, why would a major not just buy us out. I hope todays RNS signals the big boys to start bidding.
I think someone posted this earlier today but I just came across an article about Borr Drilling, wondering&hoping the “new operator” is Shorecan! I’m optimistically thinking before we re-list, big Nigeria news will drop for us and the pain of the last few years for us LTHers will turn into ecstasy. This rig to me seems to fit for what we require and what Art has alluded to in the past.
“ Borr Drilling Wins New Rig Contracts, Extensions Worth $48M”
“ Shallow water drilling rig contractor Borr Drilling said Wednesday it had entered into agreements potentially adding a total of $48 million over approximately 590 days to its rig contract backlog.
For the jack-up rig "Natt" Borr Drilling has received a letter of intent with an undisclosed new operator in Nigeria to start operations in April 2021 for an estimated duration of 150 days, in direct continuation of its previous contract.”
https://www.infield.com/rigs/natt-jackup-61645
Arthur said the below in the RNS. My feeling is COPL will now take a back seat while Essar take charge of the project including selecting Rig and dealing with the PSC extension. I think Essar would of demanded control of this during recent negotiations. Arthur/COPL/Shorecan will look to work on other avenues such as gain new licences or maybe even buy up failing oil rigs on the cheap. I’m now a lot more confident Arthur will turn this company into a proper mid tier company, just hope it’s sooner rather than later as we LTH’s have waited long enough.
"The execution of these definitive agreements is the first step in the transformation of the Company. This is a tremendous asset and our interest in it is appropriate for this time in the business cycle. Going forward there are opportunities available to COPL at low entry costs as a result of the drop in oil prices due the COVID-19 pandemic. We are evaluating these with the view of adding opportunities which offer near term production and cash flow with good economics during this period of low oil prices."
Might be nothing but oil experts might be able to shed more light on if this could be for us or not.
https://www.energypeople.com/news/story/borr-drilling-wins-rig-work--says-worst-is-over-for-jack-up-market
Jack-up drilling rig owner Borr Drilling has signed agreements that should secure work for three of its drilling rigs.
The Oslo-listed company said Monday it had entered into a contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, "with good prospects for additional backlog on these units."
Borr Drilling's fleet status report shows that the letters of intent have been signed for the Norve and the Prospector 1 rigs with undisclosed clients.
The Norve should go on a contract in West Africa in the first quarter of 2021, while the Prospector 1 should start its contract in October 2020, running until January 2021.
Cheers baserite. I wasn’t aware of that. I’m however sure Arthur will find another way to destroy us LTH’s. I have a real hatred for that man now. His lies, naivety, made up timescales, arrogance and lack of respect to shareholders/people is a disgrace. He doesn’t give a f*** about how people have trusted him by investing their hard earned money in his company. His arrogance particularly makes me angry!
Mk, can you explain why can’t do another placing, is that 100% accurate? This is the first time I’ve read a placing cannot happen so I’m curious.
CN100, what date was the Fact Sheet released? If my eyes don’t deceive me there’s two major good pieces of information there which hasn’t be relayed to us before now.
Vienna11 What’s your views on where we are just now?
I specially like “Mid Tier Company” shows to me there’s still major confidence of achieving the end goal. We’re valued at a couple of Million at present, go and look at values of mid tier companies and do the math, risk and reward! I’m a majorly frustrated long term holder but I think we are about there, and Nigeria being a nightmare to work in with all the politics, we’ve done everything legally and above board. Art is probably as frustrated as us with the timelines and Nigeria which I think he naively went about in his podcasts. "We are now well placed in the development of our strategically important Nigerian asset as we look to commence drilling of the appraisal wells later this year. This is a key step to enable COPL to become a successful mid-tier oil and gas company. Over the last year we have been focused on securing the required contracts and regulatory approvals for OPL 226, raising the necessary funds for the expanded and accelerated program of the asset, while at the same time sourcing contractors and suppliers to perform the drilling, logistics and supplies needed to enable production. We look to the future with confidence given the imminent commencement of operations and the recent evaluation of our Nigerian asset's resources."
Mkbarnes that’s exactly how I read it. It was be insane IMO for Art to raise at these levels. He made mention of other ways of raising cash during a previous podcast. woodfromthetrees strange you’ve just popped up today. LTH won’t be fooled by your garbage.
At current general and administrative cost levels and taking into account the Corporation’s outstanding working capital, it is expected that the Group will be able to continue to fund its general and administrative costs for approximately one to two months, in the absence of access to additional capital or a further reduction of general and administrative costs in the interim. To mitigate this risk, the Corporation has been in discussions with certain shareholders and other organisations to obtain funding to meet ongoing obligations. In order to fund future capital, general, administrative and other expenditures, the Group will need to obtain additional capital through debt financing, equity financing, a combination thereof or such other means of financing as may be available to the Corporation or through the disposition of assets.
Who is it we’d prefer to win? Big day for Nigeria as a whole.
If your calculations are correct mate there is no way they will leave it that late to raise mid April. They had funds till mid October last year and raised early August. They’ll do the same again. Just hope sign off is before placing arrives then the damage will be nothing in comparison at raising at these current levels.
Great posts recently particically from NoEasy and RDunc, apprectiate the effort you guys have put in. Somethings got to give soon and hopefully before Art goes back to the market and dilutes us even further. Confident it’ll happen, however I’m fed up of how long it’s taking and with no official updates of any sort.
Well said Jiving mate. I will look forward to Art proving people wrong but at the same time up to now he hasn’t delivered and the share price has taken a battering over the years. Simple as!
One day we will get up in the morning and this ‘massive RNS’ will land. “Announced by the End of year” hope he didn’t mean 2019!
59All PI's who would agree with a single point of contact with the CEO Arthur Millholland add their BB name to the list and C&P it as a reply to this thread _________________________________________________________________ Rktech R_Dunc THEWHEELO Mkbarnes2001 RespectForAll
Bolton, I’m in the exact same boat mate. I can’t wait for the day I say to the wife I told you so but until then Arthur and co. keep on taking us for a ride at our expense. Really unhappy with him but I still believe this will work out well. GLA
We get OPL226 flowing then possibly make progress with mozambique then who’s to say we can’t be a mid-tier player in the market. He’s not shown much to shareholders but I’m still hopeful and optimistic Arthur and co can pull this off, they do have history and also the deal with Liberia was brilliant just massively disapointing it was a duster.
Thanks got it now. I wasn’t logged in and a lot of messages never showed up. Quite like the sound of her email, promising that it’s soon.