Totally agree Dolly!..just posted on RRL about the cost to us of being locked in.
Just a great shame it has taken me so long to see the light of moving on...'rabbit in the headlights' comes to mind lol!...or rather 'I've got nothing much left to lose by looking for other opportunities'..
Yes, I've gone and done it. I've sold half here to go to UKOG. We're only talking a few hundred quid but I just had to take control at long last.
Totally peed off at the way this company is being run for the benefit of the directors and the stagnation is killing me.
Feel liberated tbh at having done this right or wrong. I know have an interest in a fresh company once again.
So Red Emporer get their percentage?
"As announced previously, Otto Energy Limited (ASX: OEL) has advised the JV of its intention to exit the Block SC 55 as part of its strategy to focus on its North American assets. Red Emperor intends to have its full, proportionate interest be assigned and as a result its working interest will increase from 15% to 37.5%".
Looks like I can answer my own question. The below is from Otto's announcement today:
Otto has indicated to the remaining joint venture partners that it will not continue with further activity in SC55 and will assign its working interest to the remaining joint venture partners. Documentation to give effect to this assignment is being finalised.
My next question is, are they giving this away to the JV partners (I've not seen any mention of money changing hands)?
Looking back at previous announcements, when RMP first stated Otto's intention to withdraw, they referred to having the option to take a higher stake on a pro-rata basis. Does anyone know if RMP taking an increased stake was on Otto's exit or simply Otto would sell RMP a percentage?
I ask as if it were contingent on Otto exiting then for RMP to have increased their stake means Otto must have a buyer for their stake. If RMP could exercise this option at any time then it is not significant.
Either way, I suppose the 2 year moratorium extension does now make it possible for Otto to sell their stake, as before nobody would buy in as without the extension the licence would be lost.
By E-Lodgement SC 55 MORATORIUM GRANTED 17th June 2016
Red Emperor Resources NL (ASX | AIM: RMP) is pleased to provide the following update with respect to Service Contract 55 (SC 55), offshore Palawan Basin in the Philippines. Red Emperor has been advised that the Joint Venture (JV) has formally received approval from the Philippines Department of Energy for a two-year moratorium, until 23 December 2017, on required work activity under Service Contract 55. During the moratorium period, the consortium will conduct specialised geophysical studies in the area surrounding the Hawkeye Prospect which encountered gas shows when it was drilled last year. Although the Hawkeye well did not encounter gas in commercial quantities, it proved the presence of an active petroleum system in the contract area which hosts the Cinco Prospect as well as several other leads. As announced previously, Otto Energy Limited (ASX: OEL) has advised the JV of its intention to exit the Block SC 55 as part of its strategy to focus on its North American assets. Red Emperor intends to have its full, proportionate interest be assigned and as a result its working interest will increase from 15% to 37.5%. In conjunction with Red Emperors commitment to SC 55, the Board continues to review and evaluate new opportunities it believes could compliment the current assets in the portfolio. The Company looks forward to providing the market with more information on these potential opportunities as they develop.
...what quantities has he been buying Rothstein?...agree this is slightly encouraging. I must remember to get out at the next pump to buy in lower, thing is, how high will it go next time....was only around the 5's if I remember correctly and I need 30p plus!!
I'm beginning to wonder whether there may be some negotiations going on which are getting close to an outcome. The price is up 25-30% over the last few weeks. A steady and gentle rise has taken place. I'm not saying if there are negotiations coming close to an outcome that it will be positive, but when this kind of share shows a rise like this it tends to be certain people in the know taking a position.
I have been an investor in this company for a long time and as with my holding in RRL have decided that at my age I would not live long enough to see a recovery of the share price of both companies, so have sold up completely.
I might manage a holiday a Butlins with what I have salvaged.
Good luck to all you who have remained loyal to this mess but with Iran coming on line the oil price is not going to recover for some years.
Do you know I feel quite good about disposing of the problem of "Hoping" something would change.
Sitting on a significant paper loss at the moment and trying to avoid hitting the sell button! However, alternative opportunities seem to be emerging elsewhere. Any views on where this is headed in 2016? I gather we still have some cash available for further ventures, but this is becoming limited.
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