Baron Oil Share Discussion Threads

[petecb1] 29/3/2017 07:33

Loan repaid. Did we get any interest on this?

[hugomaracuya] 28/3/2017 21:28

Yeah, I understand what you say. Can't argue with that. Let's just hope we can untangle it all, and quickly. I suppose the main thing is whether the 2 farmout agreements were both part of the whole, (inter-dependent on each other), or totally separate contracts. Any idea? If a default on one affects the whole contract or solely the bit that was defaulted. I think only the lawyers will know ...... and benefit.

[nlmbidc] 28/3/2017 19:34

UOGG have 50% of Z34 for four years, so it may be hard to wrestle that off them.

Could end up with 50-50 and that may be a worse scenario than the 80-20 split in terms of farm out.

[hugomaracuya] 28/3/2017 18:46

Actually, I'm not too disappointed with the RNS. Yes, at first glance, it looked like same old sh1t, but then i saw it a different way.

Firstly, like I said in a previous post, UOG should be dumped. If they did pay up quickly, they would simply carry on the same way, doing nothing, except trying to find a sub-farmee. It now looks like my wishes may come true, but they have to follow the correct path and serve notice etc. This will hopefully give us back Z34, and we can start afresh. We should be glad that the Force Majeure is still active, which will give us the time we need to sort it properly.

The other Force Majeure will also help us. XX1 should be drilled soon, but we haven't much time to do it. If we can't farm out XX1, we may have to raise funds ourselves, and the FM will give us that little extra cushion to put things into place, finance and drill contracts etc.

I agree with all the other comments about how ineffective this board has been, and in my own opinion, the delays, for which they must bear a good share of responsibility, have caused us to be in this situation, low sp, low chance of anything happening, etc. Imagine if there were no active Forces Majeures. We would be facing forfeiture of both our blocks, and the only prospects we have.

So thank goodness we have the FMs, and hopefully we can take advantage of the breathing space they offer. (Providing they get off their asses and do something).

[valentine] 28/3/2017 16:22

Good kicking? Our BOD Ned a good luck in the rear. One too many miss d chances now. Cannot keep blaming others. Upgrade must think boil are cattle trucked and not worth the money.

[simon8] 28/3/2017 15:11

Agree Pem, I hope UOG get a good kicking over this!

[pembury] 28/3/2017 14:18

Union also hold 4 other licenses in Peru, expect the GOP will seriously be evaluating stripping them of their operator license and portfolio of assets if obligations aren't met on Z34.

[valentine] 28/3/2017 11:59

How many more years? Rudolph said there was one offshore possibility. He said he'd just risk drilling and hope for best. Onshore he'd drill and sell gas to new growing conurbation of Piura.. so much for his plans. Mexico onshore missed opp. 12 years now waiting for sfa. Now it is Bali hai and more hopes for the younger generation now our youthful days are done. How many more years?

[petecb1] 28/3/2017 08:54

Based on past events slagging off board members on a public forum probably isn't a wise move.

[tommo41] 28/3/2017 08:47

This company is surely finished. I was shouted down when I suggested this previously. Believe it or not but since my last post I actually bought some more to bring my average down. I never believed that the share price would recover to anywhere close to even my new average but I thought that some spurious spike might allow me to get out with a slightly lower loss. What a bloody stupid move that was, just throwing good money after bad.

The fact that the BOD aren't even doing the decent thing in buying just a token amount of shares, at these very low levels, highlights where they see this company going, in my opinion. But they do understand our frustrations. That's okay then!!

This board have presided over a complete decimation in shareholder value over the past couple of years but will continue to draw their salaries until the day that the money runs out, which can't be too far away now. In my opinion they need to be removed from office at the earliest opportunity.

[2admiral] 28/3/2017 08:10

When do we get to vote on the board?

[pembury] 28/3/2017 07:51

This so called 'Asia deal' is the only thing keeping these guys in their posts imo. Everything else is a screw up. The convenient delay situation has been highlighted for over a year now and it's the same old excuses.

A new record low today and still the Directors don't put their money where their mouths are.

[petecb1] 28/3/2017 07:31

Think I'd have rather had no news. Expecting a few selling today. Now 2 blocks in FM, potentially loosing UOG, no $2m, legal expenses looming, more commitment to pay the nephew, and promises of something they can't tell us anything about!

[an1mal] 28/3/2017 07:27

RNS - there you go Pembury.

[pembury] 23/3/2017 09:30

where is the news flow ffs?

[hugomaracuya] 22/3/2017 23:45

Thanks for the clarification nlmbidc. I have to confess I am a bit out of touch, as I only check in very infrequently now.

But yes, it would be nice, but don't hold your breath. As Pembury says, if they're screwing around for a paltry 2m, ........... what chance a drill ship?

Far better we invoke a default and start over.

[pembury] 22/3/2017 21:28

yes and yet they are screwing around for $2m!

[nlmbidc] 22/3/2017 20:51

Hugo,

The three remaining phases have been converted to a one well drill commitment.

So as long as UOG get a well drilled that's it!

Still waiting for that one drill though.

[pembury] 21/3/2017 07:18

it should be at huge cost HM agree

[hugomaracuya] 20/3/2017 23:00

It could even be more than that Pembury. They took on a commitment to carry us through three (?) stages, so shouldn't they bear the cost of that, if they decide not to continue?

But then, if they can't stump up 2 piddly million, then what chance of that?

[pembury] 20/3/2017 09:29

assume they will have to cough up the $2m even if they opt out as part of the farmin agreement? boil get 80% back, plus cash and chance to bring in someone decent?

apparently they received very strong interest at NAPE from majors

[simon8] 20/3/2017 09:22

Yes we still have operator status, the three year delay has been UOG getting there own operatorship designation from the authorities, we didn't transfer operator status to them under the farm-out.... I too am erring on give them the boot!

[pembury] 19/3/2017 15:05

yes think so, pointless giving it to Union!