Encore Oil Share Discussion Threads

[ianbrewster] 07/12/2011 09:03

Steve

I'm with iDealing - have made my 100% election, but not tried to vote my small holding.

[steve73] 07/12/2011 03:48

Thanks Mark for helping me understand the situation.

Anyone else invested here with idealing? ...and having problems with them...!

[gozo] 06/12/2011 20:40

Just a quick note for EO holders who use TD waterhouse.

Make sure you look at both the corporate actions page and the voting/information page.

You need to visit both in order to exercise your votes on the various schemes decisions currently being made.

Hope that helps

G

[geordy2] 06/12/2011 17:31

Marben

which meeting are you going to next week, and is it open to shareholders ?

Thanks

G2

[marben100] 06/12/2011 17:10

geordy,

I'd be very surprised if AB had been offered a "side deal" as you suggest. Don't think he's interested in working for anyone except himself, based on the last conversation I had with him on the topic - but I'm going along next week to ask him. I also have a couple of other questions...

Personally, I think lanaken hits the nail on the head: "The PMO team have played a blinder. AB and his crew had a stinker in not getting XEO away and at the same time running too low on cash."

I also suspect that once PMO and EO. had agreed a price, PMO insisted on the deal being done via a SoA. I have little doubt that AB felt he was acting in everyone's best interests by accepting, when the share price was in the low 40p's, and cash raising or farming-out prospects were poor. I'm also sure he explored all realistic alternatives. He always said he didn't want to dilute shareholders by issuing shares. XEO was the only way to avoid doing that but yet to retain an interest in explo upside. Osborne is not on my Xmas card list (it was his surprise announcement of a tax-raid that scuppered the XEO float, for those that may not remember).

As well as my questions, I will be thanking Alan for making me a very tidy sum, by running a tight ship post-Breagh, risking little cash but exposing me to what turned out to be a fantastic reward.


Lanaken/CNF,

I'm being a little lazy here (as I no longer have a significant EO. holding), but do you have a range of unrisked per share valuations for Encore's interest in Tudor Rose?

Cheers,

Mark

[marben100] 06/12/2011 16:48

Steve73 - 29 Nov'11 - 10:00 - 43341 of 43395

...Does anyone know why PMO have adopted the SoA route rather than a straight foreward takeover. Is it so that many(?) nominee shareholders are not allowed to easily vote? or am I being unnecessarily cynical.....?

------------------------

Hi Steve73,

No, I don't think you're being unnecessarily cynical. ;0)

With the support of management, it is very hard for the proposed SoA to be overturned. Whereas a conventional T/O leaves uncertainty for the bidder and may involve multiple rounds of "final offers" and deadline extensions to get sufficient acceptances, with the SoA there is a simple cut off date at which a yea or nae decision is reached. If the votes and court sanction goes in PMO's favour, it's "game over": all shareholders, irrespective of how they voted will get their shares swapped for the consideration (cash or PMO shares, at the individual's discretion).

One can see why SoAs are becoming increasingly popular with bidders. ;0)

Cheers,

Mark

[lanaken] 06/12/2011 15:06

CNF,

I don't disagree with any of that.

PMO's exploration track record is very ordinary, but they buy very good assets at a very nice price and do seem to have the technical capability to bring them into production.

The PMO team have played a blinder. AB and his crew had a stinker in not getting XEO away and at the same time running too low on cash. I had a stinker too in seeing it coming far too late.

We live and learn...well sometimes.

repo

[captainnelsonforties] 06/12/2011 15:00

Repo,

Possibly, however if EO has another discovery it really should be valued into any TO deal. But it still wont reflect the true value of EO. The way I see it though is its a straight swap for cheap EO for cheap PMO. PMO as an enlarged entity will be in an excellent position with Huntington, GCA and GFA and the rest of the Oilexco bits and bobs and thats just for the NS. In the next 5 years PMO is highly likely to be a significant producer from the NS and the oil prices will make them absolutely gush cash.

Captain Nelson Forties

[geordy2] 06/12/2011 14:53

This was my post no 43100

I think that was always the plan. If AB and his mates have been offered a hell of a deal personally by PMO such as, the creation of a PMO North Sea unit which they will manage then they will not wish to do anything that could potentially encourage another suitor to emerge where they could not be a part of the bargain.

I was shot down for saying this !!!!

[robochubby] 06/12/2011 14:52

EO. and PMO making a nice move up!

[idleduck] 06/12/2011 14:49

in the pub?

[vraic] 06/12/2011 14:44

wonder how they agreed .2067 and not .207 ?

[captainnelsonforties] 06/12/2011 14:31

Repo,

As commercially sensitive information and EO being still listed it would be against the rules to withold the result of this well from investors. Whether there would be time to assign a recoverable amount to this well is another matter. You certainly couldnt get a CPR together in that short a time. Hopefully the oil will be 21 degrees api certainly towards the intermediate side of heavy oil. I reckon we'l hear the result of TR either way, it may not contain much, perhaps extent of any oil prone reservoir, oil saturations porosity and API. Beyond that they dont need to say much about potential recoverable, if any, nor any expected flow rates if it were tested. they could keep that under their hat. I hope that they get something out of it and perhaps rework the offer to 0.21 or 0.22 PMO paper per EO.

Captain Nelson Forties

[wbodger] 06/12/2011 11:55

I agree with the "disgruntled" adjective Huttley, but the game's almost up. The only reason to vote against was the (now increasingly forlorn) hope of a proper counter bid. Nobody with any serious interest in competing would still be holding back. Right now the only counterbid would be one that sought to take opportunistic advantage of a fall-off should the PMO bid fail, and that has ceased to be a good option.

So when the facts change I change my strategy. I have already sold down to the number of PMO shares I want to keep and will not attempt to vote them opposed, because without a serious alternative there is no point. This turkey is cooked.

After Monday EO share price will be firmly locked to .2067 times PMO (it has been roughly for weeks) but people should remember to flag the option to take paper if they want to, because otherwise the cash of 70 pence is the default. People have until early January depending on Broker to tick the option, so I will be waiting another week.

[lanaken] 06/12/2011 11:52

I was talking to someone today and was reminded of the NPE gravity prediction for Tudor Rose

Here it is for those interested;-) Page 20



Their prediction on Catcher wasn't that far out. albeit a bit on the conservative side.

I am sure PMO have their own similar ideas.

FWIW,

Anyone else thinking that the TR result will be after the vote happens?

repo

[huttley] 06/12/2011 08:52

I personally would be totally amazed if the vote is not in favor of the proposal,however there does seem to be a number of disgruntled shareholders myself included.

[kp_khalid] 05/12/2011 23:11

yep, i had to do the same with td last week, and now been invited to vote in a few of my folio holdings, obviously voted NO!

gluck

[fangorn2] 05/12/2011 16:22

Hi BY,

Thanks for the advice. Just spoke to a representative online and it seems I haven't been "subscribed" to the voting & information element. Takes 48 hours for it to "clear" once I've selected subscribe, so we shall see Wednesday about this time whether I can vote or not. It is going to be close though.

Just as well no doubt as I intend to vote NO with my reasonable small "game changing" holding :)

[beewhy] 05/12/2011 16:09

Fang - opt in for voting and information when logged in to TD portfolio

you will then be able to vote online. assuming they set it up in time.

B

[fangorn2] 05/12/2011 15:40

Thanks Repo,

You wouldn't have the RNS with the timetable on it to hand as well would you please. I've just checked investigate and can't remember the date.Lots of Deutsche bank 8.5 notifications and amendments.

[lanaken] 05/12/2011 15:35

fangorn,

Copy the RNS with time table to them and tell them that you want to exercise your sharholder's rights and vote and the deadline is tomorrow.

They own internaxx, who originally said the same thing to me. Tell them to consult Internaxx if they need clarification.

repo

[fangorn2] 05/12/2011 15:20

Quick question.Just heard from TD, where I hold my Encore shares in nominee form.

The only option I am getting is whether I wish to receive Cash, or PMO shares in the scheme of arrangement.No option on how I'd actually like to vote (at the 12th Dec general meeting) on whether to accept the scheme of arrangement or decline.

Presumably I have to call them to let them know how I want them to vote my holding? Is that correct? Or am I only getting the right to vote to decide how I receive recompense for EO's takeover thereby making the assumption that I am actually in favour and voting yes.......

[lanaken] 05/12/2011 14:11

SACoil is worth a look too.



repo

[leedskier] 05/12/2011 14:09

I am not in it but Lansdowne (LOGP)North Celtic Sea -- seems to be making an interesting chart.