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Thanks for your thoughts Kev. If they are acting in concert, surely they are required to table a bid.
Kev - will be interesting to see whether there is a purchase in response from General Invest Overseas. Have you got a clue who they are btw?
Kev, I suspect that's a management fee to PTR as operator taken out of the JV. Similarly, OIL may get a fee for monitoring. See my post re another unrelated JV: http://uk.advfn.com/cmn/fbb/thread.php3?id=27456158&from=2394&to=2394
Just to point out, The c.2450 bopd figure is gross - 1225 to PTR, but PTR is now debt free.
PTR Media tab above flashing.
The Board will be writing to shareholders shortly setting out its views on the mandatory offer and in the meantime shareholders should take no action.
Scanning through, it appears to me that CQS Cayman's preference is for the offer not to be accepted: For these reasons, CQS Cayman views the purchase of Ironsides' stake in CQS Rig Finance Fund as a positive outcome for the CQS Rig Finance Fund and Shareholders as a whole (notwithstanding that the purchase of Ironsides' stake results in the Offer being required under the Code, due to CQS Group's resultant shareholding exceeding 30 per cent. of the issued share capital of CQS Rig Finance Fund). The CQS Group continues to believe in the long-term future of CQS Rig Finance Fund and that CQS Rig Finance Fund will benefit from having a wide and like-minded shareholder base. Further, CQS Cayman has continued confidence in the opportunity presented by the rig finance asset class in which CQS Rig Finance Fund focuses its investment strategies and, therefore, intends that CQS Rig Finance Fund should remain: (i) a public company, (ii) listed on the CISX, (iii) admitted to trading on AIM, and (iv) following its existing investing policy and dividend policy. However, CQS Cayman wishes to assure Shareholders that, in the event that (contrary to its intentions in making the Offer) acceptances are received which, when taken together with the interests of CQS Cayman and the other members of the CQS Group, would exceed 75 per cent. of the issued share capital of CQS Rig Finance Fund and the Board of CQS Rig Finance Fund considers that it would not be in the best interests of Shareholders to keep CQS Rig Finance Fund listed on the CISX, nor for its Shares to continue to be traded on AIM, CQS Cayman would likely take steps to delist, to cancel the admission of its Shares to trading on AIM and to wind-up CQS Rig Finance Fund in order to ensure that Shareholders would not be in the situation of remaining as minority Shareholders in an unlisted private vehicle. http://www.investegate.co.uk/Article.aspx?id=201210191629491442P
Development Plan for Longanesi Field Submitted
Open links in separate windows to listen and follow slideshow simultaneously. http://podcast.newswire.ca/media/stratic20080828.mp3 http://www.straticenergy.com/documents/20082QResultsPresentationfinal.pdf
Q2 results: Highlights in Q2 2008: Developments: * West Don project in UK North Sea on track for first oil at end Q1 2009: field development approved by UK government in May 2008 and development drilling commenced in August 2008 * Operator's proposed development plan for the Longanesi gas discovery in Italy finalised; development plan, production licence and environmental permit applications in process of being submitted * Development planning for Crawford oil project in UK North Sea continues following successful 2007 appraisal well; submission of field development plan targeted by end 2008 * Lower risk P/8 development option in Netherlands sector of North Sea being assessed; development activity deferred until 2009 Exploration and Appraisal: * Drilling commenced in August 2008 of appraisal well to test high potential eastern extension of Breagh gas discovery in UK North Sea; to be followed by high angle/horizontal well on West Breagh * Scheduled November 2008 well spud date on Cairngorm oil discovery in UK North Sea using the Byford Dolphin semi-submersible drilling unit, to test potentially high productivity of reservoir * Well planning being advanced for early 2009 appraisal of Bowmore condensate discovery in UK North Sea * Nasrani gas prospect in block 17, Syria approved for drilling - rig negotiations advanced for well spud by early 2009 Financial (all amounts in US dollars) * Gas sales revenues in Turkey of $2.5 million in Q2 (200
Stratic readies for key UK wells Published 28.08.2008 16:23:32 by John Bradbury Canadian-based North Sea explorer Stratic Energy has said it will move forward soon on two key UK wells which could lead to new developments. Detailed design is underway for an appraisal well on the Central North Sea Cairngorm discovery with the 16/2-5 drilling operation which is due to get underway in late November. A drilling slot has been secured on the Byford Dolphin semi-submersible drilling unit for the Cairngorm appraisal, and a number of testing options are being considered for the find, Stratic has said. Stratic operates Cairngorm in blocks 16/2b and 3d, with 50% equity. Meanwhile planning is underway with operator Nippon Oil in quadrant 15 for another well on the previous Bowmore gas and condensate discovery which is due to be hit with the drill bit again in early 2009. Stratic, which has 30% of the find, said Nippon is progressing with plans to drill a Bowmore appraisal well which will seek to test a deeper condensate and water contact area, along with a down-dip thicker sand section, “…Which, if proven, would significantly increase the existing level of discovered resource,” said Stratic. http://www.offshore247.com/news/art.aspx?id=11234