Cadogan Energy Solutions Share Discussion Threads

[targatarga] 28/10/2019 12:18

Looks like price is about to dip....

[itsriskythat] 27/10/2019 08:50

Comment ...

"Finally, it might be worth keeping an eye on Cadogan Petroleum, which announced a general meeting on 15 November to consider resolutions proposed to remove certain directors. The requisitioners are not happy with the company’s share price, which is not an unreasonable position when net assets are stated at nearly $52 million and the market capitalisation is only £12 million. It could be interesting."

[targatarga] 24/10/2019 07:25

Silly me.... It's Freepost...

[itsriskythat] 23/10/2019 17:16

I've voted against the five resolutions. It seems that they are after the cash and don't want to admit it.

[targatarga] 23/10/2019 09:48

Received my voting form yesterday. Maybe a mistake,but no return envolope enclosed!

[brumbrum79] 21/10/2019 21:14

Some questions could be:

what would Mr. Meeus and 'his' new team do?
The Meeus' letter didn't explain Nothing about Cadogan's future or "new" project(s)/plan(s).
I find this uncorrect and a lack of transparency towards all Cadogan's (big or small) Shareholders.

For example:
Do They think to invest in the renewable (Wind power) energy??
A Wind Farm is capital intensive.. (maybe they would do the investment(s) through massive financial debt?)
Do They think to withdraw from O&G?
...Edison sold its E&P business division this summer...

Biggest questions:
Do They think to pursue Conversion & Renewal of the Cadogan's O&G licenses or not?
Do They think to pursue Farm-Out of the Bytlianska license or not?


From the Meeus' letter seems clear that 'one problem' is Proger Convertible loan...
Now I'd like to know:
Why did Mr. Meeus (as Cadogan Petroleum Director) approve Proger loan/investment in february 2019?


ByeBye
BrumBrum

[itsriskythat] 21/10/2019 19:19

I was too quick to judge, thanks.

[brumbrum79] 21/10/2019 19:01

Hi Itsriskythat,

Sorry but I find all the documents on the Cadogan Petroleum's web site.

[itsriskythat] 21/10/2019 17:23

RNS timed at 5:20pm today.

"These documents, together with the relevant proxy form are also available for download from the Investor Centre section on the Company’s website www.cadoganpetroleum.com."

If you work for Cadogan, why are the documents for the General Meeting not on your web-site? It gives the impression you are as incompetent in managing a web-site as you are in managing production from the Blazh-10 well.

[spangle93] 13/10/2019 22:29

Well spotted, brumbrum

So, in a nutshell, the national licences are in a mess, and the board is in a mess. Thank goodness for production (as long as we are paid!)

It looks like now CAD will go one way or the other.... either the board matter and licences will resolve themselves for the better, or it won't. Fingers crossed

[brumbrum79] 12/10/2019 16:56

This is an important news because Zinkivska area (or Zinkovsky section) included ex Pirkviska license (Cadogan Petroleum/Astrogaz)...

The court reversed the decision of the previous government on the winner of the PSA competition Zinkovsky section

10 October 2019
The Kyiv Regional Administrative Court upheld the lawsuit of PrJSC MC Ukrnaftoburinnya and canceled the order of the Cabinet of Ministers, according to which Oil&Gas Overseas Trading B.V. and LLC Naftogazekspluatatsiya became the winner of the competition for the conclusion of a production sharing agreement in Zinkovsky section (Sumy and Poltava regions).

It is reported by Expro with reference to the Unified State Register. “To recognize unlawful and cancel paragraph 3 of the Cabinet of Ministers Order No.507-r dated 05.07.2019 “On determining the winners of competition for the conclusion of hydrocarbon sharing agreements”, namely, on the definition of Oil&Gas Overseas Trading B.V. and LLC Naftogazekspluatatsiya the winners of the competition for an agreement on the division of hydrocarbons that will be produced within Zinkovsky section”, the court decision said. The plaintiff noted that the declared companies did not have the proper experience, also the representatives of Ukrnaftoburinnya Asset Management noted that the information provided on the technical and financial capabilities should concern the participating companies themselves, and not their founders. By its decision, the court also ordered the Interdepartmental Commission for organizing the conclusion and implementation of the PSA to reconsider the applications of the competition participants precisely in Zinkovsky section, and the government – to reconsider the decision to determine the winner taking into account the new proposals of the commission. “At the end of July, Ukrnaftoburinnya mining company filed a lawsuit to appeal the results of the competition specifically in determining the winner of Zinkovsky section.
On July 12, 2019, the Cabinet of Ministers issued a decree on determining the winners of the competition for the conclusion of the PSA, according to this document, Oil&Gas Overseas Trading B.V. and LLC Naftogazekspluatatsiya were recognized as winners in Zinkovsky section.

Link: hxxps://kosatka.media/en/category/neft/news/sud-otmenil-reshenie-pravitelstva-o-pobeditele-konkursa-srp-na-zinkovskom-uchastke

The court overturned the government's decision to recognize DTEK as the winner of the competition for Zinkivs

The court overturned the government's decision to recognize DTEK as the winner of the competition for Zinkivs

The Kyiv District Administrative Court upheld the claim of Ukrnaftoburinya, owned by Igor Kolomoisky and Vitaliy Khomutynnik, and canceled the Cabinet of Ministers of Ukraine order, according to which the winner of the tender for the Zinckivska field Production Sharing Agreement (PSA) t became Oil & Gas Overseas Trading B.V and Oil and Gas Exploitation LLC with Rinat Akhmetov as baneficiary. This was stated in decision of the Kiev District Administrative Court from 3 October, 2019, which was published in the Unified State Court Register.

«To declare unlawful and to cancel paragraph 3 of the CMU Order of 05.07.2019 № 507-р« On determining the winners of competitions for the conclusion of PSA on hydrocarbons », namely on the recognizing the Oil & Gas Overseas Trading B.V. and Oil and Gas Exploitation LLC as winners of the tender for the conclusion of PSA on hydrocarbons to be produced in the Zinckivska oil&gas field, ” as cited in the court’s tuling.

The plaintiff, the PrJSC Manufacturing Company Ukrnaftoburinnya, referred to the fact that DTEK’s bidding companies did not have due qualification, and the bid proposal submitted should have indicated the technical and financial capabilities of the applicant but not the ones of its founding company.

With its decision the court also obliged the Interdepartmental Committee for the organization of the conclusion and execution of the PSA to reconsider the applications of the participants of the competition on the Zinckivska field, and the government to pass a new decision in accordance with the Commission’s new determination.

As reported by ExPro earlier, on 12 July 2019, the Cabinet of Ministers published their Decision determining the winners of the competition for the conclusion of the PSA, according to which Oil & Gas Overseas Trading B.V. and Oil and Gas Exploitation LLC were recognized the winners of the Zinckivska field PSA bid.

Additionally, this very Decision determined winners of PSA bids for other oil&gas fields, in particular, the PrJSC Manufacturing Company Ukrnaftoburinnya became the winner of the Rusanovskaya oil&gas fields of 766.6 sq km located in Sumy and Poltava regions. . In late July, Ukrnaftoburinnya appealed to the District Administrative Court of the capital and challenged the results of the PSA competition on the Zinkivka oil&gas fields.

Link:
hxxps://expro.com.ua/en/tidings/the-court-overturned-the-governments-decision-to-recognize-dtek-as-the--winner-of-the-competition-for-zinkivs

We can monitoring and checking the evolution ;)

The Ukraine PSA bidding round(s) is a total chaos.

ByeBye
BrumBrum

[targatarga] 11/10/2019 12:31

Just read the VOG boards. It's all there, People want to lynch Foo

[johncasey] 11/10/2019 06:25

actually only 257m shares in issue

[targatarga] 11/10/2019 05:50

VOG is a dog. Billions of shares in issue. Just read the boards!

[targatarga] 10/10/2019 20:03

Wavey - not quite.... I think it hit 3p once...

[waveneygnome] 10/10/2019 18:28

Is this the lowest the share price has ever been?

[targatarga] 03/10/2019 07:04

Will be interesting to hear why the board changes are required. The companies response should be interesting! imho

[brucie5] 01/10/2019 19:44

They need an outer. Either sell up and return to shareholders, or return to same via a divvy.

[the stinger] 01/10/2019 15:55

Something rumbling...cash rich and profitable. share price disconnect points to a 10/15p mbo or other sale plans. Very cheap!!. NAV must be 15p PS lowest case.

[the stinger] 01/10/2019 15:53

Major Shareholder Number of shares held % of total voting rights
SPQR Capital Holdings SA 67 298 498 28,55
Mr Michel Meeùs 26 000 000 11,03
CA Indosuez (Switzerland) SA 18 683 000 7,93
Veronique Salik 17 959 000 7,62
Brigitte Salik 17 409 000 7,39
Kellet Overseas Inc. 14 002 696 5,94
Mr Pierre Salik 7 950 000 3,37
Cynderella Trust
7 657 886 3,25

[akmal101] 01/10/2019 15:50

2.8mil in the bank now

[targatarga] 30/9/2019 22:07

The shares appear to have been sold down to these levels purposely imho

[brumbrum79] 30/9/2019 10:53

Spangle, I agree with You.

It seems… the Wrong choice at the Wrong time.

[spangle93] 30/9/2019 10:26

The question would be - what do the 3 new gentlemen bring to the party, versus the two that the movers of the motion seek to replace.

It's not exactly going to help the ongoing farm-out/offer for our licences if the potential bidder sees a boardroom rift with one of the primary institutions, especially if it is led by someone already within the board.

For instance, is this the first step along the road to taking it private - perhaps with Mr Meeus and 3 tame new members of a 7 man board, there would be nothing to prevent them taking CAD off the market and quietly distributing the assets among themselves