Member Info for Welloiled

According to the SEC ERA Report, the latest Form AVD dated 23 April 2018, shows that Hope owns 75 per cent or more of Outrider Management, L.L.C. See: https://www.adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=130152
At that time, the Outrider Master Fund, LP had a gross asset value of $42,073,000, whilst the
Outrider Offshore, LTD and Outrider Onshore, LP funds showed gross assets of $16,853,000 and $22,998,000 respectively.
For more background info on Outrider Management see:
https://www.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=377615

Arsenal, the fact that the renewed Ex Parte application was granted must confirm that Hope resides within the District Court's jurisdiction.

With regard to my post on ii last night, I posted similar information on LSE about the missing documents in my post on 26 December and asked StarRage if he still had access to PACER to see what they covered. He replied “Welloiled, I don't have access any longer as I'd downloaded all the documents I wanted. Anyone can download the documents, it's relatively easy. You have to put your card details in and subscribe to the paid plan. Each document is 15cents a page with a max cap of 30 pages charged per document. The documents I downloaded cost about £12 in total. Once you have finished downloading if you switch from the paid plan to the free plan within 14 days the $39 fee for the monthly plan is not charged”. However, shortly after that day he kindly downloaded documents 7-12 and 9. I understand that he rest of the District Court documents are available for download and may or may not provide any further revealing information. I imagine one or more may provide proof that Hope actually resides within the District Court’s jurisdiction which the first Ex Parte application failed to do.

There is a significant addition in the RNS of 24 December to that of 15 October as it also accuses Hope of unlawful interference with the business of the Company. Could this be as a result of the information gained from the discovery action in the Northern California District Court?

Many thanks for downloading the documents and posting them on OneDrive for everyone to view – it is much appreciated. I have found them very reassuring especially the subpoena for Hope, Outrider Master Fund, L.P and Outrider Management LLC. It gives me confidence that Zaza and Co have left no stone unturned and that the information obtained will support the Cayman Islands court case. The subpoena was filed on 13 November and it ordered that the requested documents are to be produced no less than two weeks prior to the deposition. This was only six days before Frontera filed with the Grand Court their Statement of Claim in the Action on 19 November. Unfortunately we do not know when the deposition was made but it is possible that this may be a reason why Hope and OMF did not file their defence on 18 December.

6. All confidential or proprietary FRC or FIC documents or information exchanged between Hope and either of OMF and Outrider Management.
7. All confidential or proprietary FRC or FIC documents or information exchanged between Hope and any person not a director or officer of FRC or FIC.

The court order does not appear to give Hope any way to avoid discovery.
B. Instructions
1. The provisions of Fed. R. Civ. P. 26, 34, and 45 are incorporated by reference.
2. These Document Requests cover all documents and information in Hope’s possession, custody, or control, including, but not limited to, information in the possession of Hope’s employees, agents, servants, representatives, attorneys, or other persons directly or indirectly employed or retained by Hope, or anyone else acting on Hope’s behalf or otherwise subject to Hope’s control.
3. If objection is made to producing any document, or any portion thereof, or to disclosing any information contained therein, in response to any Request on the basis of any claim of privilege, provide a statement setting forth the information required by Fed. R. Civ. P. 26(b)(5)(A).
4. Unless otherwise noted, the relevant time period for these Requests shall be January 1, 2018 to the present.
5. The requested documents are to be produced no less than two weeks prior to the deposition.
C. Requests for Documents
1. All documents concerning Hope’s efforts, if any, to obtain (or assist others to obtain) funding for FRC from investment banks, private investors, and other sources of capital.
2. All documents concerning any proposal to sell off some or all of FRC or the group of companies composed of FRC and its subsidiaries.
3. All documents exchanged by and between any of Hope, OMF, and Outrider Management concerning FRC or FIC.
4. All documents exchanged between Hope, OMF, or Outrider Management and Cairn Financial Advisers LLP concerning FRC or FIC.
5. All documents exchanged between Hope, OMF, or Outrider Management and MND, Inc. concerning FRC or FIC from January 1, 2014 to the present.

StarRage I consider these documents of massive significance. Just looking at the Exhibit 1:
B. Deposition Topics
1. Hope’s efforts, if any, to obtain (or assist others to obtain) funding for FRC from investment banks, private investors, or other sources of capital.
2. The offer communicated by Hope on April 24, 2018, pursuant to which Hope, OMF, or Outrider Management proposed to provide up to $2 million of senior secured financing to a subsidiary of FRC.
3. Communications between Hope, OMF, or Outrider Management with Cairn Financial Advisers LLP concerning FRC or FIC.
4. Communications between Hope, OMF, or Outrider Management concerning any proposal or plan to sell off some or all of FRC or the group of companies composed of FRC and its subsidiaries.
5. Communications between Hope, OMF, or Outrider Management and any other person concerning any proposal or plan to sell off some or all of FRC or the group of companies composed of FRC and its subsidiaries.
6. Communications between Hope, OMF, or Outrider Management with MND Inc. concerning FRC or FIC.

Point 3 is particularly interesting in light of Cairn's resignation.

Thanks StarRage. Did you happen to have a look at the order on the Ex-parte Application that was issued on 16 November 2018 to see if it was granted to obtain discovery from Stephen Hope, Outrider Master Fund, L.P, and Outrider Management LLC for use in the in the Cayman Islands court case?

Since StarRage kindly posted on 22 December at 10:59 the court documents, there has been much discussion about their contents and the evidence they provide to support the Cayman Island court case. Undoubtedly some have been filed with the Grand Court of the Cayman Islands but I consider it is important to point out they are in fact submissions to the California Northern District Court (Case No. 3:18-mc-80188). On 6 November 2018 an Ex Parte Application was filed in the Court to obtain discovery from Stephen Hope, Outrider Master Fund, L.P, and Outrider Management LLC for use in a proceeding in the Cayman Islands. This included a Memorandum in Support, a Declaration in Support, a Certificate of Interested Entities, Corporate Disclosure Statement, or Rule 7.1 Disclosures and an Affidavit in Support of Motion but on 8 November 2018 an Order Denying the Ex-parte Application was then issued https://docs.justia.com/cases/federal/district-courts/california/candce/3:2018mc80188/334383/6.
Frontera’s attorneys reapplied for an order to conduct discovery and an Ex parte Application and exhibits were filed on 13 November 2018 which included all of the documents that StarRage posted. The documents are identified as document 5, 7-3, 7-8, 8-1, 8-2, 8-3 and 8-5. Document 5 is the affidavit from Steve Nicandros which was filed earlier on 1 November 2018 suggesting that we have not seen the full set of documents. Following this, an order on the Ex-parte Application was issued on 16 November 2018, see:https://www.plainsite.org/dockets/3ip6u1w67/california-northern-district-court/frontera-resources-corporation-et-al/.
StarRage, have you still got access to PACER as it would be interesting to find out what the order says and if you can see any of the missing documents?
With regard to the Cayman Island case, it is clear from the affidavit from Steve Nicandros there has been a lot more supporting evidence submitted to the court in October as seen in the Index on pages 17 and 18.

https://docs.justia.com/cases/federal/district-courts/california/candce/3:2018mc80188/334383/6

Petitioners allege that Hope founded OMF and is its principal; they further allege that OMLLC manages OMF. Because Petitioners have not made a prima facie showing that the Respondents “reside or are found” in this District, as is required under Section 1782, the Court DENIES the Application without prejudice to refiling it with additional evidence and/or legal support to address the deficiencies identified herein.

Dewky, I agree that Aminex should inform shareholders of what would happen to Solo’s 25% if they could not fund their share of the drill(s) and field development (or find a farm out partner). It would have a big impact on the value of Aminex and the responsibility Aminex may then have to fund whatever proportion of the PSA they may be assigned under the T&Cs of the farm out agreement. It is interesting to note that Aminex signed the PSA with TPDC in October 2005 and owned 100% before farming out 50% to Hardman in March 2006 before Hardman was taken over by Tullow in December 2006. Although ATP will become the new operator, is Aminex still the holder of the PSA?

https://www.investegate.co.uk/aminex-plc--aex-/rns/new-tanzanian-psa/200510310700283570T/
Aminex PLC ("Aminex") announces the signing of a Production Sharing Agreement ("PSA") in Tanzania between its wholly-owned subsidiary Ndovu Resources Ltd., the Tanzanian Minister of Energy and Minerals and the Tanzanian state oil company, Tanzania Petroleum Development Corporation ("TPDC").
This Ruvuma Basin acreage was previously held by Ndovu Resources Ltd. under a Technical Evaluation Agreement.

https://www.investegate.co.uk/aminex-plc--aex-/rns/tanzania-farmout/200603240700273130A/
Aminex PLC, the oil and gas company listed in London and Dublin, is pleased to announce that its wholly-owned subsidiary Ndovu Resources Limited ("Ndovu") has signed a Farmout Agreement with Hardman Resources Ltd. ("Hardman"), the Australian based oil and gas company.
The Farmout Agreement provides for Hardman to earn a 50% interest in the Ruvuma production Sharing Agreement ("PSA") in exchange for funding 100% of the costs of an onshore 2D seismic survey, at an estimated cost of US$3,000,000. On completion of the earning commitment the interests in the PSA will be: Ndovu 50%, Hardman 50%

https://www.investegate.co.uk/aminex-plc--aex-/rns/tanzania-farm-out-agreement/200702050700546861Q/
Ruvuma, Tanzania: The Ruvuma Production Sharing Agreement ("PSA") consists of two adjacent licences, Lindi and Mtwara, together covering over 12,000 sq kms, of which about 20% is offshore. The PSA was signed in October 2005 with a commitment to drill two wells in an initial four year period and to shoot 500 kms of new seismic. The first phase of this seismic has now been shot. In early 2006 Ndovu farmed out 50% of the PSA to Hardman Resources Ltd. ("Hardman") which earns its share through acquiring further seismic, not yet completed. In late 2006 Hardman's shareholders accepted an offer for their company from Tullow Oil PLC ("Tullow"). This transaction has recently been finalised and Aminex welcomes Tullow as its partner in Ruvuma going forward. A further seismic contract is likely to be signed shortly and the additional seismic required is planned for the second quarter of this year. Timing of first drilling at Ruvuma has not yet been finally determined pending completion of seismic. Aminex operates this PSA.

https://www.investegate.co.uk/aminex-plc--aex-/rns/likonde-1-exploration-well-re/201004010700155838J/
Tullow (50%) operates the Lindi and Mtwara blocks in partnership with Aminex. Solo Oil is earning an interest through farming into 12.5% of Aminex's 50% interest in the well and has an option to elect to become a full joint venture partner. If Solo exercises its option, Aminex's interest in the Ruvuma Licence will be reduced to 37.5%.

https://www.investegate.co.uk/solo-oil-plc--solo-/rns/update-on-exercise-of-option/201006240936571701O/
Solo has now become a full party to the Ruvuma joint operating agreement with Tullow Oil (operator) owning 50% of the Lindi and Mtwara blocks in partnership with Aminex (37.5%) and Solo (12.5%).

https://www.investegate.co.uk/aminex-plc--aex-/rns/reorganisation-of-ruvuma-psa--tanzania/201109080700098413N/
Aminex and its partners, Tullow Oil ('Tullow') and Solo Oil ('Solo'), have executed an assignment agreement which will vary the percentage interests in the PSA. Tullow has assigned 18.75% to Aminex and 6.25% to Solo, so that the partners' interests will now become: Aminex 56.25%, Tullow 25% and Solo 18.75%.

Tullow’s remaining 25% was later similarly assigned.

The main focus of activity is Greenland and sentiment has been influenced by Cairn's failure, as yet, to find any significant oil or gas despite drilling 8 exploration wells in the last two years. Understandably, this has depressed the SP despite their retained 22% stake in CIL. It’s worth noting that the Mangala oil field has a current production of 125,000 bopd with a target of 150,000 bopd and Bhagyam is due to build up production to 40,000 bopd with a target of 60,000 bopd making a target approved production 175,000 bopd H1 2012. As for Greenland, the key facts highlighted on Cairn’s web site are: Cairn has a strategic and leading early entry position in multiple frontier basins offshore Greenland. * Heightened industry interest offshore Greenland and the Arctic in general * Using first mover advantage to build commanding acreage position at low entry cost and work commitment * Leading position in data, operational experience and geological understanding * Operating at the invitation of and in consultation with the Greenland Government * Largest acreage holder and most active operator * Operating 11 blocks with a combined area of 102,000 km2 * 8 exploration wells drilled 2010-11 * 2011: 2D seismic database 85,000km acquired; two 3D surveys completed * Initial risk capital exploration phase ended 2011; evaluating data and seeking farm-ins for future phases of activity * Two out of four basins still to be drilled * First farm-in with Statoil The exciting play IMO is Pitu where a farm out has been agreed with Statoil to acquire a working interest of 30.625%. Cairn will retain operatorship (56.975%) of the exploration phase; Statoil will operate any future development and will pay a signature bonus, back costs on the block and promoted terms of future exploration expenditure. At the moment, 15,000 km2 3D seismic data is being processed and full migrated results are expected in Q2 2012. The sea bed sampling programme confirms new geochemical anomalies at the seabed above the prospective areas identified on the 2D seismic; these anomalies are related to micro seepages of oil. Elsewhere in Southern Greenland, the 3D seismic data acquired over parts of southern Greenland is being processed and results are expected in H1 2012. IMO, if there is oil offshore Greenland, Cairn will find it and they are not alone in exploring the area; see http://www.cairnenergy.com/index.asp?pageid=228

The capital reorganisation was carried out by issuing a total of 554,536,307 New Ordinary Shares of 231/169 pence each and 1,407,669,087 B Shares of 1/13 pence each. The new shares were admitted to the stock exchange on 06/02/12; the B shares were not admitted and will not be traded on the London Stock Exchange. Existing shareholders were given £1.60 for each B share. Prior the capital reorganization on 03/02/12, there were 1,407,669,087 ordinary shares in issue and the share price was 289p making the market cap £4.068 billion. Cairn returned £2.252 billion to shareholders. At today’s SP of 323p with 554,536,307 shares in issue, the market cap is £1.791 billion. So adding the cash returned and today’s market cap comes to £4.043 billion; the £25 million difference is equivalent to a drop of about 6% since capital reorganization. The cash returned to shareholders was our own money and after the capital reorganisation we own the SAME PERCENTAGE of Cairn but our holdings are lower. At today’s SP and the returned cash, we are in net terms 6% down. You are correct in concluding we are less exposed because the value of our holdings is less. But, and this is important, the number of shares in issue has been reduced to 39.39% of what it they were previously so if CNE hits oil, the value of the find will be spread over fewer shares. So as shareholder, I am risking less capital but my potential returns are the same from any future discoveries. This in its self makes Cairn (IMO) an interesting investment, but when you also consider the present market cap is fully underpinned by the value of the 22% in CIL and, therefore, the retained £756 million and assets (licenses, exploration work, etc.) are thrown in for free. The latest report helps to explain why Cairn carried out the capital reorganisation and spells out their strategy and prospects. http://www.cairnenergy.com/files/results_and_presentations/2012/200312/200312_preliminary_results_presentation.pdf

Shareholders have not immediately benefited from the capital reorganisation which converted 33 old shares to 13 new shares and the Return of Cash (or S/D) of £1.60 per old share from the partial sale of CI. On 03/02/12 (the qualifying date for the capital reorganisation), CNE SP was 289p if you do the maths: 289p x 33 = 9537p. The present SP is 328p, so 328p x 13 = 4264p and for each old share, the cash return was 160p; so 33 x 160p = 5280p; 5280p + 4264p = 9554p which is equivalent to an increase of 0.18%. However, focussing on the SP overlooks the fact that we are indirectly better off as CNE retained about $1.2 billion (£756 million) from the $4.5 billion sale. The retention of 22% of CI is worth about £1.8 billion which is equivalent to the present market cap so CNE currently trades at a discount of around 29% to its market value; see: http://www.fool.co.uk/news/investing/2012/03/20/large-oil-shares-at-24-discount.aspx?source=ufwflwlnk0000001

The 1100 old shares were converted to 433 new, not 443 as I stated in error.

I don't know where you got that from as it's a load of bull. The reason why the share price has risen is due to the capital reorganisation which converted 33 old shares to 13 new shares after the payment of £1.60 per old share in relation to the Return of Cash from the partial sale of CI. On 03/02/12 (the qualifying date for the captial reorganisation), CNE SP was 289p. I held 1100 shares which were then valued at £3179. These were converted to 443 shares which at todays SP of 333p equals £1442. Add the £1760 cash and the value today is £3202 - a gain of £23 - some bull run! Still, I'm not bothered as I used the return of cash to buy RRL.

Provided you hold your shares on the register at the close of business on 03/02/2012 you will qualify for the the return of cash in the form of a B share dividend of £1.60; shareholder will receive 13 new ordinary shares for every 33 existing shares. As for your investment, IMO CNE is a quality oiler that you won't regret buying, see http://www.cairnenergy.com/H-yR2011/