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BML Balmoral Intl

0.80
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Balmoral Intl LSE:BML London Ordinary Share IE00B134XK63 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.80 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.80 GBX

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Date Time Title Posts
24/1/201115:14Bramlin (BML) Cameroon gas27

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Posted at 12/11/2008 20:20 by deansaunders
9.33p per share based on a VOG share price of 7.65p.

Now VOG has sunk to 6p the deal is effectively 7p for each and every Bramlin share.

VOG have got a gift.
Posted at 08/10/2008 05:46 by 412069
Lowso, you might as well buy VOG because thats where this company is going to be before any drilling starts with share options, Mr Foo has spoken so it will happen like it or not.
Posted at 24/11/2007 12:27 by zengas
Some notes on Bramlin

Acquistion means total new and existing shares of circa 133m.

"In addition, deferred consideration comprising the issue of
24,062,134 new Ordinary Shares to certain members of the Concert Party and
others will become due upon receipt by RDL of an Exploitation Authorisation
which satisfies certain specified criteria".

About 157m shares x 17.5p = £27.5.m mkt cap fully diluted.

£2.4m cash.

More cash needed.
Planning to drill up to 4 wells at 4300m (3 will cost $10m each and 4th circa $12.5m).
Tie-in costs of $400k per well (that's roughly £22m but £10m needed for 1st 2 wells initially)
In addition- gas plant will cost around $10m.

Proven P1 reserves are 7 bcf Gas (1 mboe).
P2 is 65.8 bcf gas(10.9 mboe).
About 2-3 m bls of condensate.

First gas production forecast is August 2009. Gas market has to be establised.

Expected prices $10/1,000 cu-ft to industrial customers and $6.25/1,000 cu-ft to power plant.

K. Foo salary = £20,000 per year (for 1 day per calender month) + £100 per hour for any further time with Bramlin duties.
Foo will receive £25k on successful completion of first acquistion (WHY ?) which he must use to subscribe for ordinary shares in Bramlin at a pre-determined price of 10p ( Again - WHY?) Current Share price is 17.5p. (Heaven forbid If he works an extra few days per month for the company - i dread to think what the costs would be - CER and EKA are gone so he may only have Vog if i'm correct).

Marlake consultants and Entepen consultants each get £20k per year and £25k on 1st acquistion.
Sigma Consultants basic fee of £100 per hour + £25k on 1st acquistion. (Some of these consultancies are director related).

Jim Ford director will get £130k per year salary plus cash bonus of £70k (total £200k) plus 1.25m Bramlin shares.

Ernest Miller (commercial director) will get £120k per year salary plus cash bonus of £50k (£170k total) plus 1m Bramlin shares.

Wm Kelleher daughters Hydrocarbon Technologies gets £20k per year. Also gets £25k on 1st acquistion which must be used to buy Bramlin shares at 10p (current price 17.5p). This is to the trust and not Wm Kelleher.

Why do these people/trusts/consultants need to reward themselves with such payments for 1st acquistions etc ? Is their shareholding not enough ? Payments/Salaries etc are appalling imho. This will be a dreadful strain imho on a company needing more finance for drilling (don't forget all those related concert party shares to be issued 24m in total - which consists of 11.6m to Kellehers Hydrocarbon Technologies - yet they even get £25k payment for a 1st acquistion).

Never seen the likes of Pantheon or others reward themselves anywhere near this? Payments for 1st acquistions etc ? - i find it incredible.

At 17.5p and expected market cap of £24.2m on the acquistion (£28m fully diluted) They only have £2.4m cash and possibly £0.5m will be eaten up in salaries etc going forward. Well costs are £5m each x minimum of 2.

CER, VOG, EKA never delivered on expectations but it seems the founders/directors etc here are already on the way to positioning themselves for lucrative salaries etc.
Posted at 22/11/2007 07:40 by zengas
Bramlin was formed in January - the ipo small print showed Foos holding company was one of the founding shareholders at BML. They had a chairman who resigned a few months later - Lo and behold Foo is then named Chairman after it is fully listed. Call me cynical that the AIM listing was very low key in terms of who might be behind the company given the dismal performance of CER, VOG, EKA.

There is a hedge fund as an investor in BML.

Vog are named as a vendor .

Pity they could not deliver proper shareholder value at EKA, CER both now gone and VOG languishing.
Posted at 22/11/2007 07:19 by very big head
RNS Number:2531I
Bramlin Limited
22 November 2007


Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Japan, Australia or the Republic of South Africa


22 November 2007

Bramlin Limited
("Bramlin" or "the Company"; AIM Ticker: BML)

Proposed Acquisition of Rodeo Development Ltd

Proposed Admission of the Enlarged Issued Share Capital to trading on AIM

Proposed waiver of the requirements of Rule 9 of the City Code on Takeovers and
Mergers

Notice of Extraordinary General Meeting


Bramlin is pleased to announce today that the Company has entered into a
conditional agreement to acquire the whole of the issued share capital of Rodeo
Development Ltd ("RDL").

Highlights

* Through a farm-in agreement, RDL holds a 60 per cent participating interest in
the Concession relating to the Logbaba Gas Field, of which RDL is the operator,
situated on the outskirts of the city of Douala in the Republic of Cameroon. The
field was discovered in the 1950s by the drilling of four wells by Elf SEREPCA
but commercial development at that time was prevented by lack of a gas market.

* A Competent Person's Report is set out in full in the Admission Document to be
sent to shareholders today. The summary to this report includes the following
estimates:

Reserves

Proved Proved plus Proved plus
Probable Probable
plus
Possible
Net Reserves Attributable to RDL 7.00 65.87 123.71

(Billion cubic feet - "Bcf")

No contingent or prospective resources have been identified.

Value

The following table is a summary of the value, pre- and post-tax (net to RDL),
for the proved, proved plus probable, and proved plus probable plus possible
reserves cases. The value shown is the net present value of the Logbaba Field
discounted at 10 per cent. and shown in millions of US dollars:

$m NPV @10% Proved Proved plus Proved plus
Probable Probable
plus
Possible
Pre Tax 21.19 192.06 438.75
Post Tax 12.23 117.06 269.23

The Competent Person's Report indicates that no hydrocarbon-water contacts have
been seen. This combined with the fact that deeper gas has been found underneath
the main pay zones, and that only a part of the Logbaba geological structure has
been explored by drilling, raises the possibility that potential reserves could
exceed the existing known reserves.

* A recent survey indicates industrial demand for natural gas in the local
Douala region, and a potential gas-fuelled electricity generation plant is
currently under early stage negotiation.

* The total consideration will comprise an initial consideration to be satisfied
by the issue of, in aggregate, 94,079,512 new Ordinary Shares together with the
payment of, in aggregate, $631,000 to be satisfied partly in cash and partly by
a loan note. In addition, deferred consideration comprising the issue of
24,062,134 new Ordinary Shares to certain members of the Concert Party and
others will become due upon receipt by RDL of an Exploitation Authorisation
which satisfies certain specified criteria.

* The Acquisition constitutes a reverse takeover under the AIM Rules. The
Acquisition therefore requires shareholder approval. Accordingly, an
Extraordinary General Meeting of the Company is being convened at which
resolutions will be proposed, inter alia, to approve the Acquisition and the
Rule 9 Waiver


Speaking today, Chairman Kevin Foo said, "This acquisition, subject to
shareholder approval, is a major milestone for Bramlin . We believe that this
represents an outstanding opportunity to acquire a company with significant
reserves and with the potential to move Bramlin into a production phase, meeting
the objective of creating significant value for Shareholders without incurring
major exploration risk. The RDL team, as operator, brings with it many years of
experience in Cameroon and we welcome the incoming directors, Jim Ford,
designate CEO, Ernie Miller, designate Commercial Director and Bill Kelleher,
who bring extensive international oil and gas experience into our company."


This summary should be read in conjunction with the full text of this
announcement set out below.

A copy of the Admission Document to be sent to Shareholders today is available
at www.bramlin.com.
Balmoral Intl share price data is direct from the London Stock Exchange

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