If they do, it's crazy to think 1 share can buy 3/4 of a prospective barrel of oil, going on the P50 fig of 140mmbbls
Jan-15 Estimated recoverable oil potential of 492 million barrels* (gross mean unrisked). Probability of geologic success estimated at 41%. So expect to hear something around Sep-17
Dec-12 ....the Trident prospect, is an oil prone prospect and has estimated gross prospective resources of 450 million barrels (mean unrisked estimate) with a probability of success of 21%. 04-Aug-14 08:24 TAO-1 Unsuccessful Only took just under two years to find out it was all bull.
Anyone who says that money is the root of all evil doesn't have it. http://www.impawards.com/2000/boiler_room_ver2.html
"....the well was to test the resources potential of the Trident prospect,... ..The well also tested the prospect Assaka,...and it also did not encountered hydrocarbons." http://www.galpenergia.com/EN/Investidor/Noticias//Paginas/ResultsofexplorationwellTAO1inMorocco.aspx
I'm sorry to see what's happened to you guys today. The same thing happened recently to MTA, they haven't got a LSE BB anymore but they are still active on iii. Perhaps you can get some info from those guys over there All the best 2H's
A Nigerian Marginal field, anyone? Samuel Jonah (Imara Chairman) has his contacts http://businessdayonline.com/2014/07/operation-of-marginal-fields-in-nigeria-an-overview/#.U8_-LWK9KK2 What would "pubco" be valued be once an 8,500 bopd producer? A company that can be compared is Mart Inc, they too are a Canadian Co, working in Nigeria, producing 7,000 bopd. http://www.martresources.com/wp-content/uploads/2014/07/MMT-PR-Prod-Ops-Update-071614-final.pdf
John Roddison set up this company with (Alwyn) Christopher Wright (Imara CEO) on the 12th May, last. They then changed the name of the company to Imara Acqusitions Ltd, Roddison resigns and Wright remains. So if one had been clever enough, the writing has been on the wall since May, last, although with someone of Stephen Hawkins intelligence the jigsaw could have been put together with the setting up of Xplorer Imara Ltd in Nov '12, which still lists Roddison as a current director after changing name twice, first to Mad Mark Music Ltd Jan '13) then to present name of Xplorer Energy Ltd in May '14.
Yes your correct but they won't be able to pull off a $75m share placement if the co is only worth £22m, not a chance. They'll have to get their MCap to over $100m (£60m) before any CR is done and a producing 8,500 bopd well helps, even at a very low £10 per barrel profit. £30m per year x a low p.e of 5, that gives a £150m MCap. It's all about if you believe they can do it or not, look at the people involved from the two companies, along with their history, it says they can. It's also about timing, riding it up (on the first wave), protecting profits before the $75m financing comes into play, then riding it again (on the second)
Yes Imara will raise between £4-6m at 40p. They will put the proceeds into the new co's kitty,along with their producing assets and exploration asset. In the new co there will be 55.8m shares at 40p (placing price), so MCap of £22m. Not bad when you consider it against TRPs £40m MCap, but this new company will be producing 8,500 barrels of oil per day, too. Ten bagger all day!
Xplorer stated: "Our partner and major shareholder, Sprint Capital, has now identified, agreed exclusivity and is in advanced diligence enquiries with two acquisition targets. The first target offers existing mid-scale production with growth potential and the second target offers significant exploration upside. Both assets are situated within a similar geographical region." Imara stated: "Independent Technical Consulting firm to complete CPR on identified production asset currently producing 8,500 bpd to be merged with Imara exploration assets post the completion of the RTO"
Independent Technical Consulting firm to complete CPR on identified production asset currently producing 8,500 bpd to be merged with Imara exploration assets post the completion of the RTO; 8500 bopd!! that's £186M per year at full value. Another Africa Oil? Brilliant find mate
Good find mate, I'm in with 50k ATB 2H's
No offering 0.8p for 1m
From the Rialto forum on Hotcopper, courtesy of mrposhman "If anyone wants to listen to the conference call, its on playback. Phone Number - 0292734283 Participant ID - 643654# The call is pretty short, was probably expecting a few more analyst questions but there was only 1!! My quick notes from this are: Carried forward cost pool is $130m - I didn't quite pick up if Vitol were allowed to access this There was a financial penalty in the new PSC due to not having completed the work commitments of the last PSC, hence why Petroci have the option to acquire upto 29% now in the EEAA rather than the previous 26% (I added the last bit but Rob stated it was single digit). Project team is in place and working on the FDP so they can be issued a new EEAA. Gas sales agreement, already recommenced discussions and we should hear something in the coming weeks. As previously stated price is calculated on a 15% IRR basis using P90 resources. My calculations are that this will be around $5. Rob has stated that the price will ne north of the price agreed previously by Jeff Schrull and his cronies. Pretty much it, far shorter than I am used to, but it filled some info in. They didn't state when they expect FID, but I think the only things they need now for this (and booking 2P reserves) is the gas sales agreement, the EEAA and financing. All is coming along, so I would expect to get to FID early in the new year."
Nesty, this is taken from the Rialto forum on Hotcopper, courtesy of mrposhman "We may not find out until production starts as they aren't releasing the details of the PSC. Having said that, watch out for broker research as Rob did mention that they would have meetings with brokers if they wanted one, to discuss this in more detail. My understanding is the follows. As it stands (pre EEAA) the interests are below. RIA = 30.5% Vitol = 56.5% Petroci = 13.0% - free carried interest Petroci have the right to acquire an additional 16% of the EEAA when it is granted but will have to pay back costs, which will be taken from their net proceeds - complication 1. I'm unsure also as to how cost recovery will be achieved, whether Petroci gain their 13% immediately (I assume not as I assume this is where we gain the benefit of cost recovery), so the %'s could be 35% RIA, 65% Vitol until full cost recovery (as it stands $130m, plus an additional $120m) so essentially if Gazelle produces upto P50 resources, then Petroci gain very little, but they will gain much quicker on the additional tie back discoveries that we have. This is complication 2. The 3rd complication is the % that Vitol can achieve. Their base is between 56.5% and 65% (depending on Petroci interest and cost recovery) and therefore we can safely assume it will be north of here. My guess would be somewhere around 80%, which depending on the Petroci carried interest, RIA would either gain 20% of cashflows or 7% of cashflows. My personal guess is that Petroci will receive nothing until cost recovery, therefore RIA will not be impacted too much by these complications, as their end interest in the EEAA will by 24.9% (35% of 71%) versus receiving 20% based upon Vitol getting their cash quicker (though RIA will gain once the first $50m is recovered, as there will be circa $250m in cost recovery to be achieved), then they revert upto 35%. Its a guess as the 3 issues can be read in very different ways, but thats my take on it, but I'll be looking for any broker research on this in the next few months, to revise my assumptions."
That's a year old , a lot of things have happened since that . The drill was cancelled in May 2013! And funds have already been raised , too. Things are moving on.
My calculations going off the Pattersons broker note dated 16/01/2013 for Cote d'Ivoire CI-202. http://www.rialtoenergy.com/index.php?option=com_investorcentre&task=download&cid[]=608 I know since this note was issued things have changed, therefore I have had to re-work their calculations., taking into consideration Vitol's 65% interest, share dilution (+60%), including the +10% for directors performance, and the £50M loan. Also included through the new PSC is, Rialto CdI now holds an 87% (+2.4%) participating interest in the new Block CI-202 PSC and a 71% (-4%) participating interest in the new Gazelle EEA, once granted, on the assumption that Petroci exercises its back-in rights. However all petroleum costs incurred to-date by Rialto on Block CI-202 I have not included, nor have I included Ghana. Mean CR for Gazelle EEA (CoS 30%) Risked ((A$119M x 96%) - A$50M) x 35% x 1/1350M Shares = A$0.02 per share Un-Risked ((A$396M x 96%) - A$50M) x 35% x 1/1350M Shares = A$0.09 per share Mean Prospective Resources in other parts of Block CI-202 (CoS 15%) Risked A$1,331M x 102.4% x 35% x 1/1350M Shares = A$0.35 per share Un-Risked A$8,872M x 102.4% x 35% x 1/1350M Share = A$2.36 per share Regards 2H's
Yes I agree the costs involved are substantial. Thanks Treacle 2H's
A quick question regarding the following statement in the RNS "Substantially all petroleum costs incurred to-date by Rialto on Block CI-202 will be carried over for recovery in the new PSC" The release of Vantage Sapphire drilling rig which had been due to be on Block CI-202 in May 2013, cost US$12.375 million. Is this a recoverable cost?