Cadogan Energy Solutions Share Discussion Threads

[itsriskythat] 16/10/2021 08:49

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 17:49

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 17:25

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 10:52

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

[brumbrum79] 14/10/2021 22:08

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 09:59

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 15:29

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 09:10

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 10:45

Cadogan sold the Gas for $1.7 Million off memory

[itsriskythat] 03/10/2021 09:12

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 07:38

Brief or terse communication.

[itsriskythat] 02/10/2021 21:17

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 19:57

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 17:49

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 16:31

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

[thordon] 02/10/2021 16:31

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

[targatarga] 01/10/2021 12:17

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 10:39

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 08:36

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.

[spangle93] 01/10/2021 08:09

Bit of a terse RNS - I'm nonethewiser whether I should feel richer as a result...

[thordon] 26/9/2021 11:39

Cadogan Petroleum Holdings BV (Holland) vs PMP Srl for PMP/Progre Loan

Tried searching when case is due , but no success.

[brumbrum79] 25/9/2021 19:28

24.09.2021
Tunisia-Italy power interconnection project
The "bridge" that will connect the electricity systems of Europe and Africa

Proger, in JV with HPC (lead partner), IDEA Consult, ELARD and Plexus Energy, is responsible for the preparation of environmental and social impact assessment (ESIA) studies and a resettlement action plan (RAP) for the Tunisia-Italy power interconnection project (TUNITA).

TUNITA, developed by the Italian and Tunisian transmission system operators, TERNA and STEG, and financed by the World Bank, is considered a Project of Community Interest (PCI) of strategic importance for the electricity transmission system in the Mediterranean basin and will provide an additional tool to optimise the use of energy resources between Europe and North Africa. The 600 MW DC ultra-high voltage submarine electricity link will connect the Partanna power station (in the province of Trapani) with a corresponding station on the Tunisian peninsula of Cape Bon via a 200 km submarine cable.

The objectives of the project are manifold and aim to optimise the use of energy resources between Europe and North Africa, with benefits for the Italian and European electricity system in terms of sustainability, integration of markets and renewable sources, while respecting the Green Deal and reducing CO2 emissions.

Proger and the JV are committed to the preparation of in-depth environmental and social impact studies, which are a prerequisite for the feasibility of the project and to ensure that all the works are carried out with the utmost care for the territory and the environment, in particular for the protected areas that are part of the Natura 2000 network, minimising the impact on the landscape, the coastal landing areas and the seabed.

Link:
hxxp://www.proger.it/en/tunita-interconnessione-elettrica/

[russman] 24/9/2021 06:53

Therefore, I refer you to the market price. As it says on the packet, caveat emptor.