The calculations of the applicable ratios as of September 30, 2015 are presented in note 16 and the senior debt to cash flow ratio was not met at September 30, 2015. The breach has been communicated to the bank however, because the Company is currently in the process of finalizing the terms of its lending facilities, no waiver will be sought for this breach.
Management has been and continues to be active in seeking alternative sources of funding to help accelerate its planned capital expenditure program, and to ultimately reduce its total debt. The Company cannot provide any assurance that sufficient cash flows will be generated from operating activities to reduce its working capital deficiency and to carry out its planned capital expenditure program. etc
Spanish oil giant Repsol are considering a buyout of london listed Canadian oil producer Edge Resources Inc (LON:EDG) .It is thought that Repsol executives view Edge as a great value enhancing aquisition and offers a great alternative to its much publicised attempt to purhase fellow Canadian producer Talisman Energy.Recent progress made by Edge at its Eye Hill East assets have caught the attention of a number of bigger industry players that are looking for undervalued assets in safe jurisdictions.Repsol recently stated they have a potential $10 billion available for new aquisitions,and Edge Resources are thought to be just one of many potential new purchases being considered.Repsol SA (MCE:REP) focus on new aquisitions is due largely to help fill a gap left by the 2012 seizure of its Argentine business,and this situation has led the company to view the USA and Canada as safe havens in which to operate.The company have recently been encouraged by a new oil discovery off the Gulf of Mexico.
My e mail accounts are down, dont bother sending. Current production 600bopd, with 100bopd gas shut in due to payment dispute. Had to do work on two wells this summer so this quarter will be down but issues resolved. Good porosity and flows not dropping off. No news on drilling program but intention is to certainly drill this year. This is gen.
Would prefer a e- mail to [email protected] to discuss as I can't publish what I know. Just arrived at a log cabin in the brecon beakons, now sat down after a 4 hr drive, and a bottle of wine chilling for later...well not that much later.
Brad is still finalizing details of the drilling campaign that's why we haven't any news. But by these comments we can actually draw some calculated conclusions..The following is just my opinion.
Brad has bought some new acreage..we know his team have been looking at some very promising locations, he's already got some finance in place. However when sites are bought, a sweetener to the owner would be to fast track the development/drill something like the discovered three oil pools... they appear to go into a neighboring block as well as our own. That would be a prime target for purchase.
Certainly hes not just going to announce "we are drilling 4 wells this year", he could have done that months ago.. several sites have already been selected, my money's on both, drill existing and a new site.
Took me a while to work it out B. I thought at first you were telling us old news when I saw the 30 June date on the report. All fell into place when I read it. Never doubted the potential of this company. Still a strong buy for me.
The months of waiting are paying off. So many times with small oilers have we seen "lack of news" transform into "bad news and bad news withheld".
I think this made quite a few investors concerned.
Certainly not with Edge, good steady production, and for the first time good profits achieved over a full quarter..plenty of drilling locations and reserves that will grow by hell of a lot yet.
All of our base costs are already in, like admin fees,accounting, rental etc, so a much larger slice of future production will transform into profit as EDGE enjoys the economies of scale.
Certainly not a high risk share anymore, but great upside potential.
Bad day all round yesterday, something to do with the portugese banks. Expected it to tick back up today but it appears the markets are still jittery. Excellent entry point if your new to EDGE and a good time to top up if your a long termer.
Regards all, TP
Ahh, my thursday bet never paid off, never mind, hope Brad is back from his brief UK visit, I believe he has a good drilling campaign almost ready.
Certainly starting to see upswing here. even Zac Mir see below rates it a buy from a chartists point of view.
Hoping for an RNS this Thursday, have been gathering all information I can away from public forums from serious investors in this company and quite a few snippets have come to light.
In themselves not much until complied.
Things really look good for this company, for anyone now an excellent buying opportunity..dont wait for the news and pay much more.
Now is the time to top up gents while, some miss informed investors sold up expecting future news. If you want to know why email me, using the address I published in may. Always good to be able to discuss items off board.
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