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Would be interested in your perspective on that OilTDR

I think for me one of the interesting considerations is in relation to this statement? I assume they are planning to raise as a result of the demerger (in power), hence the presence of a deficit if they dont successfully disaggregate the two businesses. I dont necessarily object to it, assuming there is a benefit to existing holders and a clear multiplier benefit - but I think it's a question worth asking.

Anyone else have a different take on it?

Conclusion

The Directors have reviewed the Group's cash flow forecasts for the 18-month period to December 2026. The Group's forecasts and projections indicate that under a sensitised downside scenario whereby a demerger is not concluded, there would be a cash deficit from Q2 2026, within 12 months of the balance sheet date. The Group's ability to meet its obligations as and when they fall due is dependent on the stated strategy to demerge the Renewable Power business. If this demerging fails to complete within an acceptable timeframe to the Directors, management is confident that alternate financing options are available at the subsidiary level to fund ongoing project work and overheads. In addition, mitigating actions including cutting discretionary expenditure and deferring creditor payments until subsidiary funding either through demerger or asset divestment is concluded.

As expected?

Https://www.investorschronicle.co.uk/content/c9cb37c7-81ac-4f67-9f84-579d84625847

DYOR

Can anyone access

https://www.africabusinessplus.com/en/825836/moroccan-gas-how-chariot-recalibrated-anchois-project-after-energean-exit/

Great question - who indeed? I’d be surprised if AA hadn’t invested more …

If I take two positives from all of this, Fernan they are i) they know they need a short term cash generating asset eg Loukos or something else or both and ii) knowing this AP has invested again and other instructions have too in the knowledge of this - ie believing they will get more back than they put in

IMHO

OilTDR - you were clearly of the view there was a reason why they only needed a relatively small amount for working cap. Are you still of the same view ?

OilTDR?

Agree with Klein - except I think potentially the renewables before Namibia - specifically the wind reference they have made

Does anyone have a view on the director buying? I assume they have simply participated in the raise (I haven’t had time to check numbers) and therefore their knowledge / associated restrictions on what they know may be about to break - ie Loukos aren’t relevant.

Interesting few months ahead

JT. You’re right, irritation got the better of me 😊

Jimmy - appreciate you're caught in this, but rather than Marceen speculate it would be helpful to get your take. PRD seem somewhat opaque in their updates looking at it from afar, abeit Chariot have been fairly radio silent until recently. It would be good to get your take on Marceen's view of your perspective.

DYOR

Https://www.msn.com/fr-xl/afrique-du-nord/maroc-actualite/gaz-naturel-pourquoi-le-sous-sol-marocain-attire-l-attention/ar-AA1GhflU

The date of the article is confusing - but I assume it relates to the A2 drill?

https://www.worldports.org/chariot-books-halliburton-for-well-services-in-morocco/

I agree, Klein

Fernan, you should attend - I'll be there too.

That was my take too, JT re attracting share holders to the 2 x top cos and a further raise (it’s precisely the bit that prompted my question). I liked APs bullish style, it was a totally different character to the 2024 AGM so in that sense I am optimistic. I am also positive that he has put a chunk of his own money in again. On balance I think there is significantly more upside opportunity than downside risk at these prices. Hopefully the price will be 10+ by the time they raise again. If Loukos is firmed up quickly, Anchois farmed out and Namibia comes in then I think this is north of 10 in today’s money on a single topco. So on balance, positive JT

Oiltdr - do you see the gas/oil business as cashed up for the medium term

Thx highlandmatt

Has everyone received there offers yet through respective brokers?

OilTDR. Think you’ve misread my note. I didn’t say there was, I was speculating on where else cash might be coming from in respect of your ‘there is a reason they have only raised 1.5’