Member Info for Wait

The problem with a counter bid is that they would have to heavily discount CPO-5 on the basis that ONGC are the operator and are happy to work part-time on this. Also Geo must have much local social and political influence that could restrict access to transport.

Oxy are the obvious counter bidder, but given Mich and bod irrevocable agreements, it would be a huge effort.

There's probably a deal already done between Geo and Occ that will play out in a year or so.

Couldn't agree more hand-some.

Going to buy some Geo shares

Selling 2,892,600 on Friday

In hindsight, it was a warning sign that they continued to sell after the FSP was initiated. Would have thought they would have been contacted about the deal and declined to participate in the stitch up - might be worth contacting them too ML?

This is either a terrible deal and the board haven't served in the shareholders best interests, or ....other parties (i.e. oxy) didn't respect the FSP and the board had to accept this bid in order to trigger Oxy and others into competing action.

Unfortunately, think its first one.

Clearly they see most of the value with CPO-5 - not obvious what they'll do with PUT assets. The board should have disposed of CPO-5 alone, and not thrown in PUT assets for little extra value. Why did they encourage bids for the entire company, were the bids for CPO-5 even worse value? Sucks of going through the motions of the FSP.

No media today either recommending offer.

Worst case scenario for me was a management buyout, this follows very closely behind.

When was the last time we saw an RNS from River then? Not seen one for a while and the point was they sold 500k yesterday prior to the deal announced and when other investors had made agreements.

You're the Numbty

500k yesterday.

Perhaps they were approached and said no.

And below the placing a few years ago
And not far off director purchases.

Terrible.

It looks so bad compared to the oxy deal.

In my view the board have made the right decisions for shareholders along the way.

They were never going to meet the drill plan on CPO-5, anyone could see that given they aren't the operator and the operator's history. In my view it was to put pressure on ONGC to get another (or two) rigs.

Deadlines were missed last year prior to the deal with Oxy which was the right decision also. Board get a lot of flack here, but this is based on viewing the company as an E&P company (which it is very poor at) as opposed to viewing the company as a land and OBA asset company. It has amazing assets, that have been acquired and built by the board - to their credit.

The board should be given all the time to get the best price - much is beyond their control here too. The longer it goes on the more likely a successful outcome imo. So happy to wait here.

Yes. And if there were no bids, or they weren't high enough, we'd hear sooner than going through bid validation, or going to next round of bidding. So the longer it goes, the better the outcome imo.

Yeah, nice one - had me going there too.

GTE + Occi would be a good partnership with Occi taking out GTE in the long term to take control of Putumayo.

Very low volumes, but seems like this is heading to test 20p again.

Either a good bid for the whole company, or the bids for CPO-5 were not high enough.

Not too much imagination needed to think of a situation where JW and GC enjoyed telling ONGC "thanks, but your games haven't worked, you're going to have to outbid OXY if you want CPO-5."

Think it makes ONGC less likely as a bidder for the whole lot.

Wait

""We are pleased to complete the update to our reserves and transition the review of our full portfolio to McDaniel and Associates. We have had feedback from participants in the FSP that they value the new independent assessment from McDaniel. ************ The report highlights the near-term value of the Company's CPO-5 asset. ********** "

If it's worth $175m (and yes it could and should be worth more) then that's worth 11p per share pre tax by my calcs

My view is that it's a CPO-5 sale only in the next few weeks.

Proved = 15
Proved + Probable = 21.8 (Probable= 6.8)
Proved + Probable + Possible = 31.13 ( Possible = 9.33)