Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
only $46m cash - where is it all going?
Indico-2 spud in H2 2019 - WTF?! ONGC clearly don't want Indico 2 drilled as it may spoil their offer. If they weren't going to make a bid then it would be spud by now. Could be the case that an offer was being lined up much earlier in the year (perhaps when GC and JW visited India) and that's the reason why they drilled Calcao and Sol.
Could the board defend a hostile bid? They only have approx 5% equity and we know Michinoko is not controlled by GC.
Based on the Bod track record of failed delivery and fat salaries i think many here would accept 25p rather than risk carrying on another year with little activity.
Private equity - 25p
If ONGC are bidding for CPO-5, it will take months just to put a bid in, judging by their bureaucratic approach to everything else.
But that's OK by me if the price is a fair one.
Somethings going on, sure we'll find out shortly.
Just changed the amount from 17,641,689 to 17,131,594
They must have been promised work, or future upside otherwise why would they accept this early? Unless they were keen to get out the market.
If another institution accepts at this low offer, it will start to smell really bad.
Looking forward to seeing Michinoko's declaration
Worst case in my mind was no bid arising and things fizzling out. If going hostile, then this won't be the last approach from either or M&P or others
Which implies FIL were the ones selling down prior to the announcement and were doing so to reduce the price.
Based on last major shareholders from company site
R&M 6.18
L&G 4.67
FIL 6.63
Stated position based on recent RNS
R&M 5.9
L&G 4.35
FIL 4.82
Morning Star
R&M 5.03
L&G 3.17
FIL 4.35
Morning star not accurate
Agree Fred, I also find it strange that the premium is so low.
If you believe that M&P will make a more serious bid, or other parties will make competitive bids (as I do) then there is an opportunity to make some money. I'm heavily invested in this knowing the downside is limited imo.
"Sol-1 test is therefore running at more than 50% longer than Indico-1. The question is why? and how long can ONGC hold out before releasing the figures."
It could simply be down to testing two zones rather than one.
"They have certainly dragged their feet and avoided the second rig. I think we all know the reason why now. They were and are in no rush to prove up AMERISUR's resources"
Also question about whether ONGC are front loading the development costs - seem an awful lot of tenders on the ONGC web site that ain't going to be cheap. Investing more up front, while producing less is going to put more pressure on AMER.
My view is this was triggered by Parex announcing a strategic review a few days ago with a view to selling the prolific Llanos 34, 32 and Cabrestero blocks.
GeoPark and Ecopetrol are in a land grab process surrounding CPO-5. They recently won three blocks here https://www.businesswire.com/news/home/20190627005229/en/GeoPark-Announces-Significant-Acreage-Expansion-Llanos-Basin
If ONGC have first refusal, now might be the perfect time to maximise alternative bids without having to fully prove up the resource.
Very interesting, on the 17th of July (two days before AMER for sale announcement), Parex annouced selling their Colombia assets including interests in LLA-32, LLA-34 and Cabrestero which are neighboring blocks to CPO-5
https://www.globenewswire.com/news-release/2018/07/17/1538656/0/en/Parex-to-Explore-Potential-Strategic-Repositioning.html
Clearly consolidation going on.
Anyone else miss this news yesterday at 14.28? Didn't get notified by investegate
...posts from Bays tonight
Credit to xxnjr on advfn for posting this:
"
Extremely useful Monthly Production Report by Field, from the horses mouth:-
hTTp://www.anh.gov.co/Operaciones-Regalias-y-Participaciones/Sistema-Integrado-de-Operaciones/Documents/Producción%20de%20Crudo%202019.xlsx
It's updated monthly, with a delay of about 6 to 8 wks.
Field performance of Mariposa and Indico both look robust so far.
"
This map is a good reminder for just how big, and how good a location CPO-5 is. CPO-5 is numbered 0193 on the map
http://www.anh.gov.co/en-us/Asignacion-de-areas/Documents/2m_tierras_Ingles_080719.pdf
Shows the trend line of producing fields (in red) in the llanos basin pointing towards CPO-5. Also shows CPO-5 in relation to the recently bought blocks in dark green.
Useful also to show how big the Indico structure alone is, compared to the size of the other blocks.
Big block in a great location. Just wish they brought in another rig or two
"You’re reading too much into it" - did you not see the word "perhaps"?
Could be technical issues, could be blending for third party oil. Nobody knows. If you want facts, stick to the RNS tab.