Member Info for Spudsoil

So what’s the general consensus? The longer we go without being notified of a court date, the more likely an oocs? I’ve got no experience in legal proceedings so no idea how long we should expect to wait for the next court date, if there is scheduled to be one. Any views? It doesn’t look the financial services court schedules are jam packed so any delay would be for us or the other party to finalise their prep - would it really need to take this long? Not sure why but I’m more convinced of an oocs with every week that goes by

Thanks Bugsy. Got me thinking, maybe next step is for BP to offer a payment to absorb FEGL as a subsidiary of theirs, thus allowing the PSC to remain in place (I think), meaning Zaza and co move on to Moldova for which there appears to be an increasing amount of chatter (or is that me going mad during this news vacuum). Maybe that’s another reason why Zaza and Steve so reluctant to part with their shares - as they know there is an offer in the pipeline

I posted a few days ago about what I saw as the domino effect around the sequence of events that could play out over next few weeks and months, my view on that hasn’t changed despite the recent court documents being published, if anything its strengthened my view. I remain positive that all will be well. Two things that keep my spirits up:
1. No fund raise for months (was it Feb ‘18?) despite the obvious lack of funds we had in H118. Whether that is very a generous vendors or an upturn in oil sales, I’ll take it either way as both are huge positives.
2. $ 60m hedge fund term sheet - what a huge amount of money for a company of our size.

Those 2 points alone, despite all the other issues, keep me sleeping well and.

Surely a compromise being worked on. Zaza tang mole on a date after the date of this judgment to comment on the de-list. He would have known about this judgement by then so seems a bit strange to do that if it’s game over.

Whatver the reason for the stay, it’s progress of some sort. Lots of reasons why they might be convening, what about this one....FRR wanting to advise the judge and Hope that the NY line of credit is now in place, following completion of due diligence. It’s pretty central to the argument and a significant event, and may push both parties to do a deal (if you are Hope you may be holding out in the hope that the funding falls through, if it comes good then he’s surely got to be pushing for a deal). This may be FRR saying we’ve got the cash, let’s get this thing wrapped up

I’ll answer my own question - yes it was Stamford street if you google it so nowt to discuss here by looks of it

London address on YJ’s website shows as Wells St, not sure if it ever was Stamford street but assume it was if FRR had it listed on their website. So probably a change of address rather than any severing of ties

Agreed Zen a lot of IFS, but what we do know suggests BH signed an MOU after all this mess started so on assumption they knew about the legal stuff that was due to kick off, it will depend on what their due diligence has told them as to whether they partner up with us (if there is still an ‘us’ after the court case). As Kickmuck alluded to the court case is a distraction, which if you think about it from a probable future partner angle, I understand that conclusion as if it gets resolved to FRRs satisfaction then BH are on the sidelines waiting to drill and pump alongside a more secure (financially and at board level) company.

Depends on your definition of success - if the results from UD2 is what hooked BP that isn’t a failure in my book

1. Secure NY funding
2. Secure acceptable outcome from court case
3. Ramp up exploration and production in 2019 via a combination of NY funding, BH input via MOU
4. Finalise agreement with BP
5. Relist company
6. Conclude arbitration with GG.

I know there’s a lot of big ticket stuff here to achieve and it’s currently ifs, buts and maybes, but looking at it logically it’s definitely a domino effect of sorts, and I feel that if 1 and 2 come in 3 and 5 should be no brainers and you would hope that allows us to satisfy the requirements of the unhappy GG. 4 is the potential game changer.

So much unknown at present but I’m quietly confident that if 1 and 2 can be delivered the rest will take care of itself.

Hi again I’m keen to become a part of FOF - for some reason my II account is still showing as pending, would you be kind enough to post on there as I know Devex has put some info out. I’m signed up to Tapatalk as well if that kicks off soon thanks again pal

Does this change our ability to do a deal with BH and/or BP?
Does this change our ability to secure funding from the Ny hedge?
Does this change anything about our legal action underway with OMF?
Does this change our ability to extract oil and gas?

I appreciate there are other issues to consider, especially around liquidity of shares, ISA, SIPP but ultimately if the company is able to deliver the right results operationally then The future could be very good. Private is Private, private is not bankruptcy, private is not the asset being stripped.

We move on as a private company. We own shares and if this comes good then who knows what the future holds. Less/no liquidity in the short term but if things go our way over the next few months then shareholders will be rewarded. Let’s remember who the biggest shareholders are....

9 days is a long time and we have the small matter of the company attending court on Thursday. I fully expect to receive an update from the company after Thursday, probably early next week. This should cover off outcome from court plus confirmation of next steps for both that, and on the matter of a new NOMAD. Early next week feels like a crucial communication window but not sure we can expect too much before then. Even if we’ve got a formal offer of funding from the NY hedge not sure there is any value in updating the market now, probably better to wait until we can include as part of a broader update. The management have shown a close affinity with shareholders and I fully expect them to be cognisant of the need for an update - good or bad - prior to the 24th. The fact this falls after the next court date presents an opportunity for a full update. IMO.

Thanks Eyeson! Much appreciated

Could someone post this on the II board please? I’ve signed up for an account but it’s still pending so can’t post. Just wondering what Devex’s thoughts are on the repayment of the loan notes. Do you believe the notes to be repayable at any point including whilst we are in default? That for me is one of the key issues as if we can secure the funding from the NY fund the this whole issue can be sorted with a repayment to OMF (assuming we need to). Thanks in advance

Said we’d be in a different place in 3 months time. If for a minute we forget about the nomad and court case issues I wonder if his 3 month reference was in connection to the new funding agreement? It’s clear we had issues raising capital so this is/was obviously a big issue to overcome, and the finance discussions with the NY lender would have been in full swing back in October. Maybe the 3 month reference was the inferred timeline to complete due dillegence and get the loan agreed. Much of the rest of this ‘noise’ as Kickmuck put it would then dissapear on the basis that the view is we can retire the Outrider debt whilst in default. Perhaps that is why Zaza appeared comfortable and open at the last shareholder event - because he fully expects the new loan to be agreed based on strong operational performance? This feels logical to me and gives me cause for optimism

News we can/should expect to hear on:

Out of court settlement - balance of opinion suggests this is the most likely outcome. Hearing no new news since the Christmas Eve RNS could just be because the Cayman Islands court system is only kicking back in to gear now after Christmas, or could it be because an OOC settlement is being worked on.
Court case - confirmation of what defence Hope and co have filed and a court date.
Due dilliegence to support funding from NY fund: possibly the most crucial bit of news as again balance of opinion suggests that if we can get formal offer of funds prior to court case, we can use this to retire the existing debt, should we need to, regardless of the other issues being discussed.
NOMAD: if you could choose the worst possible date to start a 30 day clock ticking to appoint a new NOMAD Christmas Eve would be it?! Still we have c. 3 weeks to sort and suggestions of WHI are logical and should expedite due dillegence they need to undertake.

Lots of news to come - and Monday onwards is when the new year really starts for proper in the UK in terms of the bulk of the workforce getting back to work so I’m expecting something next week by way of an update. Up to a point though I’m thinking no news is likely to be good news as suggests talks ongoing with a view to settle? Or it could just be delays due to Christmas holidays.

All just IMO and some thoughts for a Friday.

What RNS?

I’m thinking he’s a rep of one of the funds that bought in here earlier in 2018. Timings would work roughly if you
look at when he started posting. If so that would give me a degree of confidence as they are likely to be as in the know as anyone