Cadogan Energy Solutions Share Discussion Threads

[targatarga] 03/11/2021 16:41

It's looking bad for JKX holders!

[thordon] 17/10/2021 13:50

SIMEST Stake at 2020

PROGER SPA
PROGER INGEGNERIA SRL; PROGER
MANAGERS & PARTNERS SRL; TIFS
PARTECIPAZIONI SRL; MA.LO SRL
Italy
Infrastructure and
construction
21% 6,000,000 Euros

No Wonder Cadogan did not want the share option

[diesel] 16/10/2021 10:13

This is so murky, does anyone know what the money was raised for or where it went?

[itsriskythat] 16/10/2021 07:49

What powers do private holding companies such as Proger M&P and Proger Ingegneria have to raise money by way of loans?

Proger M&P took a loan from Cadogan and I think Proger Ingegneria has taken a loan with an unknown third party. How else did Ingegneria raise the funds to purchase SIMEST's interest? The third party might be Proger spa.

Either Proger M&P can issue senior loan notes to a third party and repay Cadogan

Or Proger spa can lend Ingegneria more cash and Ingegneria lend to Proger M&P and repay Cadogan.

Or else Ingegneria can take a public listing and offering of shares which will allow Proger M&P to repay Cadogan.

[itsriskythat] 15/10/2021 16:49

It is a common practice to issue senior loan notes and to use the proceeds to repay an existing loan. It is possible to repay the Proger loan.

[thordon] 15/10/2021 16:25

Thanks brumbrum79

Should of double checked

Proger loan can not be repaid , suspect there will be a share increase on original loan as cadogan put it that there was no uplift on shares over the loan period.

No other way or put the company in liquidation and just take all the shares as default payment.

[itsriskythat] 15/10/2021 09:52

What are your expectations regarding Proger and how they will repay the Proger loan?

[brumbrum79] 14/10/2021 21:08

For Thordon:
Ramet Holdings Ltd indicated in your post, it's a new zealand company.
Patents Inventor David Kennett
Current Assignee Ramet Holdings Ltd
hxxps://www.companiesnz.com/company/1544310/ramet-holdings-limited
hxxps://www.companiesnz.com/person/518294/david-kennett

It's not a subsidiary of Cadogan Petroleum.

From Annual Financial Report 2020 (page 73)
Ramet Holdings Limited was a sub-holding company directly held by Cadogan Petroleum Ltd.

Taken directly from Annual Financial Report 2009 (page 68):
'Ramet Holdings Limited
Under the terms of acquisition of Ramet Holdings Limited, the Group had a contingent liability in relation to the deferred consideration
equal to the number of recoverable proven and probable barrels of oil equivalent from the first two wells drilled and tested in the
Malynovestske Field (the Malynovestske licence area in the Bogorodchansky Administration District of the Ivano-Frankiviska
Administration Region in western Ukraine) as assessed by a suitably qualified and insured independent expert of at least 10 years’
standing. Payment should be made within 30 days of the expert’s report and, notwithstanding that report, should not exceed
USD5.0 million. At the end of 2009, the Malynovestske licence was annulled by the Government and it is therefore unlikely that the
targets relating to this contingent liability will be met. A counterclaim has been made by the former Chief Executive Officer relating to
this payment, however, the Company has been advised that the counterclaim has no merit.'


Imho Ramet Holdings Limited was a sub-holding without assets.


Cadogan Petroleum - Natural Gas Trading - taken directly from 1HY Report 2021 page 4:

'Trading
The Company sold at the favourable season all stored gas of 7.56 million m3.

Cadogan continues to monitor the gas markets in Europe and Ukraine, expanding its coverage of gas markets, logistics routes and gas delivery methods to analyze and select the timing and terms of low season purchases for high season sales.'

No stored natural gas after 30 june 2021...


I'd like to share this information/update.
Proger Spa has updated the 'Economics' page on its web site.
You can find:
detailed economic & financial data about 2020 & 2019 years
Proger Spa Financial Statements/Annual Financial Report 2020 & 2019 (pdf format - italian language)

[itsriskythat] 06/10/2021 08:59

That's a very good point made about Fady recovering the Proger loan.

The bonus terms are set in his favour .. 15,971,650 Euros of loan recovered will give him a maximum of 11,421,701 shares at the price 3p. His total holding will be 16,347,156 shares.

In addition he has been buying shares this year and last. Acquiring 4,925,455 shares at average price 3.2p for a purchase price £158,000.

It is unusual to find a director buying shares in the market. There aren't many CEO's buying in the market, usually they have some sort of salary exchange scheme.

So it would be greed if he wanted the price to remain low, but then he has used his cash to purchase shares as well.

The important question is how much shareholders will benefit when the Proger loan is recovered?

[targatarga] 05/10/2021 14:29

Think you'll find Fady wants these around this price. Once he's got a larger percentage things might change! Imho

[itsriskythat] 05/10/2021 08:10

Ukrainian gas price has gone to the stratosphere ..



2nd chart down shows Ukrainian gas price hitting 40,000 UAH/Mm3

Brent oil price is a 7 year high $81.5 per bo

When will the mood music over at Cadogan HQ change?

[thordon] 03/10/2021 09:45

Cadogan sold the Gas for $1.7 Million off memory

[itsriskythat] 03/10/2021 08:12

By next February 2022 Cadogan's loan to Proger will have earned another 1,114,300 Euros in interest. Total amount outstanding 15,971,650 Euros.

So 7.5% on the outstanding capital plus accrued interest is not bad at all.

I wonder how the arbitration which is in process is coming along?

[russman] 03/10/2021 06:38

Brief or terse communication.

[itsriskythat] 02/10/2021 20:17

Cadogan has been buying cheap gas in the summer and selling in the winter at a profit in most years. Except that the gas price fell during the warm winter of Dec 2019 to Mar 2020 the gas remained in storage until last winter. Do you know any more details about Cadogan's gas trading strategy?

[thordon] 02/10/2021 18:57

if you have ups and downs in gas price , at moment the gas is going one direction
Can not trade on upward market unless you have gas to sell

[itsriskythat] 02/10/2021 16:49

He said Cadogan cannot rely on gas trading, but gas trading is the place to be right now, if you don't have any gas production.

[thordon] 02/10/2021 15:31

Fady did say was re-organising the group to be easily structured.

[thordon] 02/10/2021 15:31

Fady did say was re-organising the group to be easily structured.

[targatarga] 01/10/2021 11:17

Fady was obviously chosen for the job. His lack of empathy and ability to milk the company for his own benefit was an important factor in his appointment. Imho

[diesel] 01/10/2021 09:39

It sounds like a business they didn’t know they had, never heard it mentioned before, perhaps some shell operation set up for syphoning funds!

[itsriskythat] 01/10/2021 07:36

Who knows whether his blunt communication is a benefit or not?

I was expecting news of a business expansion into other geographies, most likely by forming a Joint Venture agreement, which will require some softer tones with potential partners.

Not holding my breath.