Equator Exploration Share Discussion Threads

[acliff] 06/1/2016 21:14

help please, maybe Mr K?

some of my EEL shares were on a spreadbet with IG
and they closed the position on christmas eve because they cannot see any future value

is there anything concrete/official that I can show them to make them reinstate my position

any ideas gratefully received

thanks

acliff

[goulding1215] 06/1/2016 18:07

Have the SLG given any indication as to what steps they now intend to take after a nil point verdict from the recent AGM?

[2lb] 04/1/2016 12:19

Quite so digger.

[digger27] 04/1/2016 12:05

2LB - Happy New year :) The Eagles "Hotel California" springs to mind.

[2lb] 04/1/2016 11:41

The 6th of June will be the 10 year anniversary of my "investment" in Equator.

I wonder how many more years it will take to finally be rid of this fiasco.

Any chance, however slim, or getting out before the end of the 15/16 tax year?

[wantmorethan24p] 25/12/2015 15:40

merry xmas.

[fatfish] 24/12/2015 14:55

Merry Christmas to all. Keep plodding.

[muto] 24/12/2015 13:33

A very Merry Xmas to you Mr K and the SLG.

[mrkeysersoze] 24/12/2015 13:23

Happy Christmas to all SLG members.Best wishes,The SLG Team.

[geordieduke2] 23/12/2015 13:25

Hard to say as the nuke is a secret or hoax. Assuming it's true then maybe the TSX listing, maybe during COP negotiations. Fair point though, when not allowed to know what allegedly damning information is being hidden, it is perhaps speculative to suggest something else might have been done. Maybe others are right and doing nothing will jolt these guys into really taking notice.

[wantmorethan24p] 23/12/2015 13:21

we could have done with a paper offer.

are they thinking about re listing eel??

[muto] 23/12/2015 11:38

What lost opportunities have the SLG missed that would have made OER take notice?

[geordieduke2] 23/12/2015 10:56

digger27
22 Dec'15 - 23:53 - 63402 of 63406

To the only people that matter though the only option is to kowtow and play nice. Slowly people are realising this but after many years it's becoming too late with so many lost opportunities. Surely not even the blindest of the blind in the land of K can't see this now.

[mrkeysersoze] 23/12/2015 09:53

Jason,Please see AGM update already posted below.Mr K.MrKeysersoze - 13 Dec 2015 - 18:18 - 63376 of 63405 - 62015 Equator AGM Brief.Dear Shareholder,The annual 2015 Equator Exploration Annual General Meeting took place in London on Friday 11th December.Present at the meeting were as follows, Mr Pade Durotoye OER CEO & Equator Director, Mr Phillip Dimmock Advisor to OER/ Equator & Miss Ayotola Jagun Chief Compliance & Governance Officer OER.The SLG Team would personally like to thank ALL members who made the effort to attend the AGM, and in doing so, showed their support to the group.The details of the meeting are outlined as follows:All AGM resolutions duly passed.Asset update:OPL 321 & 323At present there is a deadlock between the remaining OPL 321&323 partners, with respect to each party’s current percentage holding. ONGC have relinquished their interest, leaving KNOC as the major shareholder /operator. The LCV (Local Content Vehicle Companies) have throughout this long legal saga taken a stance to retain their original stake holding. This to date has been an obstacle for both KNOC & Equator in terms of any forward progress. The LCV partners have now chosen to take a more realistic approach, in terms of their retained stake- holding in the OPL blocks. A hearing in the Nigerian Supreme Court is due to take place on the 26th January 2016. The most current information learned from the AGM, is that both OPL 321&323 will incur an approximate signature bonus of $50m per block in today's present market, of which both KNOC & Equator wish to reduce their respective stake- holdings down from their previous positions, exact figure still TBC.EEZ Block 5 & 12Both EEZ Block 5 & 12 would currently appear the most optimistic near term assets in Equators portfolio, in terms of unlocking intrinsic Shareholder value, most notably Block 5.Equator currently has a number of interested parties in Block 5, with which at present, one party are understood to have reached an advance stage in negotiations. These negotiations are anticipated to conclude at pace, with a farm out agreement in early 2016 to be expected. It is understood that Equator will reduce down their interest in EEZ Block 5, whilst retaining some form of Free Carry with the potential for a cash amount to incorporate works carried out to date including seismic costs etc. In terms of estimated drilling costs, $70m per well was given as an indicated cost due to the overall drilling depth required due to the PSC terms Approx 5500m TVDSS.As per the PSC terms, Equator must make investments of approx. $400k to social obligations in Sao Tome & Principe & 0.25% of projected Opex ($100k-$250k) in training for the STP per annum.EEZ Seismic revenues expected to be in the region of $200k at present.The Block 12 Signature Bonus is currently under negotiations with the STP (expected to be in the region of $2m (US).Peak OML122Whilst Equator has to date, have experienced nothing but broken promises & legal battles from Peak Petroleum, Equator currently has a winding up order lodged with the Nigerian Courts. The basis of the Winding Up Order is formed upon the 2008 Arbitration Award receive by Equator for the sum of $123m. The recent accounts indicate that Equator have agreed to a settlement figure of $52.24m form Peak, with respect to Peak sourcing 3rd Party funding, in order to cover all outstanding creditors & move the OML 122 licence forward. Whilst Peak have recently been unable to meet Equators deadline (expired 30th November 2015)Equator have agreed in principle, to extend the deadline until 31st January 2016 upon certain conditions being met by Peak, currently Equator are waiting for the relevant documentation to be presented by Peak.Minority Shareholder position.At present there is NO OFFER forthcoming from either OER / Oando in terms of a cash / paper offer.The argument offered by Pade Durotoye, is based upon the current Oil/Gas price being at a 7 year low with which OER are attempting to conserve capital. A suggestion was put to Pade Durotoye in respect of the minorities being potentially open to a paper offer, as this would offer no capital outlay for OER, whilst all three relevant parties effective value have eroded in parallel. This alternative option put forward, received the exact same response. When pushed further on the matter, as to exactly what would trigger OER into making an offer to the long standing & more than patient EEL Minority Shareholders, the response given by Durotoye was an oil price of $65. Even the most optimistic analysts’ reports only indicate an increase in Oil price towards $65 in late 2017/2018, therefore it would take somewhat of significant result with one of Equators assets to initiate any form of offer from our OER/Oando friends.Whilst OER are under no obligation to make any form of offer to the Minority Shareholders, it is extremely frustrating for all shareholders (the SLG Team especially) there are other options open to explore.One option available to the SLG upon a farm out agreement being concluded on EEZ Block 5 would be to request that our collective holding be removed from within the Equator EEZ Entity, thus allowing the sale to any interested party. The sum of $100k would be needed in order to change the ownership rights in the exploration stage (this sum would be expected to be incorporated in any possible sale). The same terms outlined for EEZ Block 5 would also apply to EEZ Block 12, at this stage. Block 12 is not as far advanced as Block 5, therefore in terms of the most realistic value trigger point for the Minorities, at present Block 5, has the most potential.All this is concurrent with the January Peak Deadline $52.24m settlement (IF RESOLVED, a longshot in most views) plus implementation of the Bilabari settlement terms of 5% Oil (carried) & 12.5% of Gas (paid interest). The recent impairment write downs with regards OML 122, essentially open up the ability to issue a special dividend upon any settlement being received, this would potentially allow a special dividend to be issued of approx. 7pps (not incorporating the Bilabari Settlement). It would be reasonable to anticipate that sufficient working capital, should remain in the company along with the furnishing of current Equator debt, using the OPL refund as a historic benchmark, this may not prove to be the case.Until such time that the EEZ farm out terms are known, it would be prudent not to speculate as to their exact valuation, but rest assured the EEZ Blocks are of key strategic importance to one interested party.Best regards,The SLG Team.

[jasonoranged] 23/12/2015 07:04

Mr K are you going to do a summary note from the agm so we know where we are up to.

Thanks.

[debbiegee] 23/12/2015 00:19

Finished 268% up at 1.40 1.45 the high of the day was 1.56

[digger27] 22/12/2015 23:53

It doesn't do to try and play nice with this bunch does it?

[aquilla] 22/12/2015 23:32

"The Consideration represents a 177.2% premium to the 20-day volume weighted
average price of the Common Shares on the Toronto Stock Exchange for the
period ending December 21, 2015... The transaction provides total
consideration to holders of Minority Shares of approximately US$13.7 million."
So if they can buy out OER minorities for a decent premium and have the money for this why can't they buy out EEL minorities for a decent price as well?? Their excuses get flimsier and flimsier and the way we've been treated looks even worse now in the light of this OER move.

[mrkeysersoze] 22/12/2015 20:32

Look at OER's share price today....http://www.newswire.ca/news-releases/oando-energy-resources-enters-into-agreement-with-oando-plc-for-oando-plc-to-acquire-oer-minority-shares-for-a-consideration-of-us120-per-share-in-cash-563272181.htmlNo wonder there was no interest in a paper offer for the minorities.....Mr K.

[whowants2bamilionare] 21/12/2015 18:31

On a lighter note ;¬)

she said: “I vehemently deny any intimacy or liaison with any of these gentlemen. She said she is happily married like mots of them are happily married, asserting that she is not a scarlet lady as people try to pain her

hxxp://westernpostnigeria.com/i-have-no-intimate-relationship-with-kola-aluko-wale-tinubu-says-diezani-alison-madueke/

Mrs. Diezani Alison-Madueke, has denied any relationship with some players in the oil market and upwardly mobile young men like Kola Aluko, Jide Omokore and Wale Tinubu....................

[2lb] 21/12/2015 09:59

Quote of the year in this one...

"Shareholders appear to be getting the opposite of what they expected from Oando "