Encore Oil Share Discussion Threads

[petebarnes1] 12/12/2011 10:09

i am a little confused, and un informed, is this deal going through or can it be stopped as it seems with the share price at 78p its more than there offering us, i accepted the shares of the takeover company as my stock broker asked me to but its a mine filed can anyone explain whats going on Pete

[geordy2] 12/12/2011 08:07

Mark

Many thanks

G2

[marben100] 11/12/2011 17:48

geordy2 - 6 Dec'11 - 17:31 - 43398 of 43448


Marben

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

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

He Geordy,

Sorry for my slow reply - been busy on other matters (however, I did explain this much earlier in the thread, when the SoA was first announced).

Tomorrow there are two shareholder meetings: first a "Court Meeting", at 11am, immediately followed by an EGM. Both take place at the same venue: Glaziers Hall, 9 Montague Close, London SE1 9DD.

If you have shares registered in your own name, then you should have received the necessary documents allowing you to attend, speak and vote at these meetings. If your shares are registered with a nominee and you have not already arranged a Letter of Representation with your broker, it is now too late to do so. However, though in that case you may no longer vote, you may well be allowed to attend as an "observer". If you want to do so, I'd recommend contacting the company first thing tomorrow and checking that you'd be allowed to attend (or you could just turn up - odds are they'll let you in, especially if you do hold shares via nominee).


Thanks Repo & CNF for your thoughts on TR.

Cheers,

Mark

[steve73] 10/12/2011 06:08

Bad sign IMO.

IME, many employee options are structured to vest early in the event of a corporate takeover.

So it looks at if they're confident it will go ahead.

[lanaken] 09/12/2011 14:16

A good sign?



EnCore Oil plc announces that it has today allotted and issued 3,351,177 new ordinary shares of 5p each in the Company as a result of the exercise of options by employees of the Company.

Application will be made for these new ordinary shares to be admitted to trading on AIM. It is expected that admission will occur on 15 December 2011.

Following the issue of these new shares, there will be 298,679,737 ordinary shares of 5p each in issue with each share carrying the right to one vote.

Well if they really wanted the deal to go through wouldn't they have got those shares up and runnning before the vote?

repo

[huttley] 09/12/2011 14:16

Can we now expect something from PMO ?



RNS Number : 7117T
EnCore Oil PLC
09 December 2011





Press Release


For immediate release: 9 December 2011



EnCore Oil plc ("EnCore" or "the Company")





Issue of Equity



EnCore Oil plc announces that it has today allotted and issued 3,351,177 new ordinary shares of 5p each in the Company as a result of the exercise of options by employees of the Company.



Application will be made for these new ordinary shares to be admitted to trading on AIM. It is expected that admission will occur on 15 December 2011.



Following the issue of these new shares, there will be 298,679,737 ordinary shares of 5p each in issue with each share carrying the right to one vote.





For further information, please contact:



EnCore Oil plc
www.encoreoil.co.uk

Alan Booth, Chief Executive Officer
[phone]

Eugene Whyms, Chief Financial Officer



Yvonne Fraser, Investor Relations Manager
[phone]






Cenkos Securities plc



Jon Fitzpatrick
[phone]

Ken Fleming
[phone]







This information is provided by RNS
The company news service from the London Stock Exchange

END


IOEEADANEAPFFFF

[idleduck] 08/12/2011 23:20

Drilling operations will be delayed even further for sure, given the current weather. It is shrieking up here in the NE corner ... especially along the Moray Coast. Gusting to 80kts or so and tomorrow will be pretty rubbish too. Not often one sees F12 in a coastal forecast ... even for the Cape Wrath to Rattray Head sector

[oilretire] 08/12/2011 20:27

geordy2 - 8 Dec'11 - 11:24 - 43437 of 43443
Sedco 704 is quite capable of operating in extremely harsh conditions

The rig might be able to continue to drill in the harshest of weathers, but various logistical delays could delay the various stages of drilling operations.
Cranes will be down, supplies of kit won't get shipped out & flights taking out any essential crew will be delayed.

[huttley] 08/12/2011 13:26

How easy it is to forget some of the little pieces of the cake.





RNS Number : 6149T
Egdon Resources PLC
08 December 2011







For immediate release
8 December 2011




EGDON RESOURCES PLC



("Egdon" or "the Company")



Results of Annual General Meeting



The Directors of Egdon Resources plc are pleased to announce that at the Annual General Meeting held at the offices of Buchanan at 11.30 am on 8 December 2011 all resolutions put before the meeting were duly passed.



At the meeting the Managing Director Mark Abbott presented a review of the business and its plans for 2012 which is now available on the Company's website www.egdon-resources.com.



For further information please contact:



Egdon Resources plc

Mark Abbott Managing Director
01256 702292






Buchanan

Richard Darby, Gabriella Clinkard
020 7466 5000






Nominated Adviser and Broker - Seymour Pierce

Jonathan Wright, Sarah Jacobs (Corporate Finance)

Richard Redmayne, Jeremy Stephenson (Corporate Broking)


020 7107 8000








Company Background



Egdon Resources plc



Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and Europe.



Egdon currently holds interests in 29 licences in the UK and France and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator in both the UK and France.



Egdon was formed in 1997 and listed on AIM in December 2004.



www.egdon-resources.com



In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc, Mark Abbott, a Geoscientist with over 25 years' experience.




This information is provided by RNS
The company news service from the London Stock Exchange

END


RAGDKFDQBBDDCBK











[rhubarbe] 08/12/2011 12:12

Cheers, Cap'n..

[captainnelsonforties] 08/12/2011 12:02

Rhu,

Yes pretty much, the least you're gonna get is 70p, most folks will go for the PMO paper that's currently worth 78.5p and rising. I cant see anyone at the moment accepting cash, downside is 70p minimum upside is around 85p if you want to sell your PMO around Christmas/new year imo. I'm sure many will want to hold for drilling results on 50% Carnaby and 50% Coaster and East Fyne though. And Bluebell next possibly Carra too if PMO take the option.

Captain Nelson Forties

[rhubarbe] 08/12/2011 11:56

Would I be right in thinking that if TR comes in a failure that EO.'s downside is very limited due to the share price being tied to that of PMO - and PMO share price doesn't have so much downside exposure to TR results due to the size of PMO?

[captainnelsonforties] 08/12/2011 11:52

Geordy yes, but an impact on the valuation of EO into PMO. :) We already know that they're getting Cladhan, Catcher, Burgman, Varadero and Spaniards for a snip, why not TR too? That way all us tax free PMO holders will be getting shares in a significantly under-valued company that's just bought a significantly under-valued company. Its a win win long term for us PMO holders. :) Extreme winds again at the moment so I cannot see these weather delays getting much better in the short-term. Its gonna take a minimum of 2-3 weeks extra at this going and that's only if the weather permits. Its looking like it will be a TR result for PMO. However their paper is likely to increase more anyways as they've more results to come from the GFA and an assessment of Erne. I dont reckon that PMO factors in a cheap EO into its price yet either, I'm expecting PMO to continue to strengthen as the day of the acqusition approaches.

Captain Nelson Forties

[geordy2] 08/12/2011 11:24

Sedco 704 is quite capable of operating in extremely harsh conditions

[geordy2] 08/12/2011 11:22

Who is calling the shots on the tudor Rose drill, PMO or Encore ?

They only have to drill 3200ft to the Beauly sands. 20 to 30 days was the original forecast, this could be easily extended to 45 days. if so no impact on PMO valuation of EO.

[cashandcard] 08/12/2011 09:28

Repo,


Good point. It looks like PMO have already done AB's job for him, go to the industry and flog parts of EO. to the interested parties. Its a shame EO. management could not have done that. Mick also makes a good point above about minimul dilution when the price of EO. was well over £1.

PMO paper will have to do I'm afraid. PMO have already nullified any potential bidders by bringing them into the fray.


Cash

[huttley] 08/12/2011 09:18

If AB was as good at deal making as he is at finding oil that would have been the icing on the Encore cake.

[lanaken] 08/12/2011 08:32

Well that's one hope of a bit of positive news to stimulate some action lost.

For the likes of Wintershall, Enquest it's well past make your mind up time.If they want it their plans are made.

An RNS on Monday could still kill the deal. Even poking 50m quid in to buy part of the company at 75p is a far better deal then selling all of it for the current offer because shareholders will be far less diluted to further appraisal and exploration sucess than they are if the deal goes through.

Will the rest of the industry just watch PMO nick this? Maybe? Maybe not? However they have had enough time to sort it and if it doesn't happen, particularly with the TAQA deal sitting there, noone here can really complain.

FWIW, I think AB has played a pretty decent game from the weak hand he left himself with. He has secured most long term shareholders a decent profit, covered the tax position and given some, though not enough, exposure to future success.

Will the fat lady sing on Monday?

repo

[philo124] 08/12/2011 07:24

TYPO; 'well' should read "takeover".

[lanaken] 08/12/2011 07:21

Don't hold your breath on TR.



EnCore Oil plc (LSE: EO.) announces an update on operations on the Tudor Rose well 14/30a-5 in Central North Sea block 14/30a. As previously announced, this well was expected to take 20 days. However, to date, some thirteen days have been lost due to bad weather and some minor operational delays.

A further announcement will be made once the well has been completed.

repo

[mick] 08/12/2011 00:25

I know that it is of little relevance now, but I think AB would have been better accepting some degree of dilution between Oct 2010 and April 2011 when the EO share price was over 100p and for some time it was between 12op and 150p. I do think that instead of pursuing the ambitious XEO option, he would have been able to raise between £30m and £40m by issuing 30m / 40m new shares at circa £1 - 10% to 13% dilution would have been acceptable.

Had he done so and despite the Cladhan disappointments, we would be in much stronger position now especially with the GCA / Coaster prospect.

But alas too late!

[vraic] 07/12/2011 15:59

at 3.30pm 4.3million traded at 78pence.
with 1% rule we will see who bought and sold.
Volume total today not seen since early October.

Looking at all the PMO papers our EO directors will hold
more shares in PMO than the PMO directors.
PMO is a company registered in Scotland with HQ in London.

EO must have big tax losses which will add to those PMO has in UK N Sea
Very attractive for PMO holders.

Once deal is done the big brokers who are restricted because they are being
paid as advisirs to PMO will be able to revert with new research and targets
on the new PMO.
dyor