Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Bonds done for near term, now wait for mid to end of March finance
The Company is working closely with its professional advisers to negotiate and secure a new senior debt facility, which the Company is targeting to draw down prior to 31 March 2023. The Company has engaged with numerous US and International banks and institutional debt investors and expects to secure a term sheet based on its 2022 year-end reserve report for the Wyoming Assets, which is expected to be available in late February 2023 and, will be published in late March 2023 at the time COPL files its 31 December 2022 annual audited financial statements. The Company is also actively negotiating and intends to issue additional 2025 Bonds and warrants pursuant to a second tranche of the Winter Bond Financing (announced 3 January 2023), which is expected to close in February 2023 to support its near-term capital requirements for the Company and its affiliate, COPL America.
No mention of JV in report! Is it still being discussed
Provide a general overview and discussion of the activities of management.
Management focused on oil production at the Barron Flats Shannon Miscible Flood
Unit, furthering the development of the large conventional oil discovery made in
the Frontier sands at Cole Creek Unit and its Barron Flats Deep Unit, as well as
on refinancing its exiting senior credit facility following the acquisition of working
interests in the Wyoming assets in July 2022.
Management continues to be focused on opportunities that its seasoned technical
team has strength in evaluating and developing.
Mid to end March for next finance news The Company is working closely with its professional advisers to negotiate and secure a new senior debt facility, which the Company is targeting to draw down prior to 31 March 2023. The Company has engaged with numerous US and International banks and institutional debt investors and expects to secure a term sheet based on its 2022 year-end reserve report for the Wyoming Assets, which is expected to be available in late February 2023 and, will be published in late March 2023 at the time COPL files its 31 December 2022 annual audited financial statements. The Company is also actively negotiating and intends to issue additional 2025 Bonds and warrants pursuant to a second tranche of the Winter Bond Financing (announced 3 January 2023), which is expected to close in February 2023 to support its near-term capital requirements for the Company and its affiliate, COPL America.
I had a response from Cathy yesterday.
Expecting a corporate update on the damage done by the storm early Feb soon and detail of wells producing again.
Nothing to report as yet on finance and will update as and when . FCA required the statement re funds and believe panic caused the drop. Confident all will be sorted in due course
All said and done the disregard for shareholders is quite obvious here. No response to the share price crash is a finger to all shareholders! So much for a detailed interview response. I doubt anyone has had a response to emails!
Would i be correct in thinking this :
The Company is also actively negotiating and intends to issue additional 2025 Bonds and warrants pursuant to a second tranche of the Winter Bond Financing (announced 3 January 2023), which is expected to close in February 2023 to support its near-term capital requirements for the Company and its affiliate, COPL America.
Covers this:
As a result of these interruptions in production and sales the Company’s affiliate COPL America may not meet its financial covenants pursuant to its Senior Credit Facility in February 2023 and March 2023 unless new financing is secured.
Also oil that couldnt be sold in the bad weather would have now been trucked and sold.
If so 11 days and shutters down is carp
They then have until 31st March to secure the below and possible JV !
The Company is working closely with its professional advisers to negotiate and secure a new senior debt facility, which the Company is targeting to draw down prior to 31 March 2023. The Company has engaged with numerous US and International banks and institutional debt investors and expects to secure a term sheet based on its 2022 year-end reserve report for the Wyoming Assets, which is expected to be available in late February 2023 and, will be published in late March 2023 at the time COPL files its 31 December 2022 annual audited financial statements
Its worth comparing 2021 prospectus as wording similar so expect this is a requirement to balance previous years share issues.
Covid and oil price was the potential to cease the company trading in 2020/21 however finances were not as tight as mentioned for the latest prospectus
Wonder if there is a replacement for Nigel
Nigel Little has a distinguished career as an investment banker spanning more than forty years. Until 2009 Nigel was Vice-Chairman of Canaccord Capital (Europe) Limited as well as Executive President of the investment bank's UK and European operations - a position that he held for seven years. As a leading investment banker and specialist in the natural resources and energy sectors, Nigel has significant experience in the oil and gas equities markets, having been involved with capital raises for a large number of UK and international oil and gas companies.
Nigel's long financial service career includes senior roles at HSBC James Capel where he was Head of Equity Sales and a Senior Executive, Morgan Stanley as Head of Pan-European Equity Distribution and Nations Bank Panmure where he was Head of Sales and Trading. He was also Head of Downstream Investment Banking at Nomura, an Advisory Board member of Kleinwort Benson Bankers and a member of its Private Equity team, and a Senior Advisor to Smith & Williamson Corporate Finance.