i made money out of Desire Petroleum, selling in small lots around a quid. unfortunately, i can't say the same about FOGL although i could have if i sold on the Zebedee result.
now the Desire discussion is no more on iii unfortunately. i remember the day it took off, it was a Thursday in September in 2009, more accurately 10 September, on RNS that Desire Petroleum had contracted the Ocean Guardian oil rig.
Yep, I no longer hold FOGL shares in my IWeb account (currently now called temp code 4317). I expect that close to 8am tomorrow my RKH holding will have significantly increased. I may also have made a small amount during the conversion.
Looking forward to a brighter future with RKH who should be a pretty strong presence in the NFB.
I have a small number of FOGL shares, and even less experience in the market..
However I haven't received any correspondence, snail mail or electronically, about the takeover/merger, nor any invitation to vote, one way or t'other.
Should I have??
On 24 November 2015, the boards of Rockhopper and Falkland Oil and Gas Limited ("FOGL") announced that they had reached agreement on the terms of a recommended all-share merger (the "Merger") to be effected by means of a Court-sanctioned scheme of arrangement under Part IV of the Companies Act 1948, being the legislation applicable in the Falkland Islands where FOGL is incorporated (the "Scheme"). The Scheme Document, containing the terms and conditions of the Scheme, was posted to FOGL Shareholders on 11 December 2015, and on 5 January 2016 all necessary resolutions proposed at the Court Meeting and General Meeting were passed to approve the Scheme and associated matters. Unless otherwise stated, defined terms used in this announcement shall have the same meaning as those used in the Scheme Document.
FOGL is pleased to confirm that the conditions set out in Part 3 of the Scheme Document have either been satisfied or waived. FOGL is also pleased to announce that the Court has today sanctioned the Scheme. It is expected that the Scheme will become Effective on 18 January 2016, and that dealings in FOGL Shares on AIM will be suspended by 8.00a.m. (London time) on 18 January 2016 and that, following the Scheme becoming Effective, cancellation of the admission of FOGL Shares to trading on AIM will take effect by 8.00a.m. on 19 January 2016. The last day of dealings in FOGL Shares was therefore today, 15 January 2016. It is expected that the Rockhopper Consideration Shares will be admitted to trading on AIM at 8.00a.m. (London time) on 19 January 2016.
It will be interesting to see if this is the start of something more substantial happening. I think SA have been clear that they will not reduce output unless others do, and perhaps this could bring everybody back to the table to try and get everybody to pull back a little.
Obviously too early to tell, so will be a case of waiting it out and seeing.
Just read in the Telegraph that Russia are cutting oil exports by 6.4% some 460,000 bpd enough to eliminate a third of world excess.
Although some of this cut is put down to lack of investment with some fields running out or/and being shut down, it is also put down to them doing a possible deal with Saudi Arabia who stated last week that they would not cut production on their own.
Both countries and of course many other major oil producers are suffering from the low oil price and would obviously benefit from higher prices.
Oil futures do not appear to have been effected as yet, but the saying 'watch this space' springs to mind!
Maybe $100 mill before campaign but from what I understand there was only $40 million in June 2015 whilst humpback had just been spudded. Plus we had a 27.5% cost to pay of that drill which went horrendously wrong and over budget. See previous rns's
"In order to become Effective, the Court will need to sanction the Scheme. The Court Hearing to sanction the Scheme will be held on 15 January 2016. The Scheme is expected to become Effective on 18 January 2016."
So you will become a RKH shareholder on the 19th (as it's just a formality - and will certainly be sanctioned)!
I wouldn't be at all surprised if the percentage was close to zero (or even -ve) on the 15th. Not a great deal going in our favour at the moment (bar the obvious fantastic discovery). I'm pretty sure FOGL would have had their lawyers looking into every aspect. As usual it is us 'investors' who shoulder the biggest pain. After all it was only our collective money that made this all possible.
Having been heavily invested in DES and now FOGL, I'm hoping for a 3rd time lucky!! I continue to hold in the hope it pays off in the end.
On the merger that's the current gain per holding and if anyone new buys before close of trading on the 15th then they'll make around 10% profit straight away. Hence I thought the the price difference would have been closer than current trading.
It certainly feels that way. Although I can still see the benefit of the merged company (cash + assets is quite strong) it does feel like the 0.2993 ratio is now a bit of a kick in the teeth.
How is oil in the ground valued? So obviously no accurate figures have been published about how much recoverable oil is believed to be found at Izzy but still sitting with a market cap of 42M seems a bit odd.
Presumably sitting with a large amount of oil in the ground is a positive, although nowhere near as positive as having easily accessible oil in the ground or at least a positive plan for achieving first oil.
The other thing that I wondered was the statement was about a commercial find, presumably at whatever oil prices were at the time. But as PMO is the farm in partner is it possible that the find is 'uncommercial' to THEM at the current POO?
I am flabbergasted how unresponsive the share price was to the news and also management stating it is a commercial discovery. Of course drastic share price changes are unhelpful until merger has happened.
OK this is AIM, BUT FOGL has burnt through a lot of money and today 533m shares at 8p still £50m market cap- if that announcement was made on first drill - market cap .... 5x... that's alot of shareholder value trashed and then it is the way the news comes out. Like a dirty little secret.
Have the courts approved the merger?
Almost as bad as our other favorite plastic technology company just extra 0's on the sums.
You may assume I am not amused.
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