Equator Exploration Share Discussion Threads

[2lb] 05/12/2017 21:25

So, some corrupt auditors, sent by a corrupt government organisation, to audit a corrupt company, listed on a corrupt stock exchange , are going to produce a report.

Should be fine then - cant see this taking more than 3 years - oh, before the appeals process begins, which as we know from bitter experience (Peak) has no actual rules, or conclusion in Nigeria, you can literally keep appealing for decades!

Meanwhile - over at the Kosmos HQ, at least there is some actual commercial activity going on that may in some way add some sort of value.

[whowants2bamilionare] 05/12/2017 20:50

December 05 21:15 2017

The Securities Exchange Commission (SEC) has begun its forensic audit on Oando, two months after the commission notified the company of a possible audit on October 17.

In a letter sent to Wale Tinubu, Oando’s group chief executive officer, and seen by TheCable, SEC advised the company to expect auditors any day from Wednesday, December 6.

The fiasco started when some shareholders of the company accused the board of infractions.

Shares of the company were also suspended on the Nigerian Stock Exchange and Johannesburg Stock Exchange.

SEC had accused the board of insider trading, declaring false profits amongst other infractions.

“The Securities and Exchange Commission (SEC) has commenced the forensic audit of Oando Plc, contrary to media reports that the audit had been stopped following the suspension of the director general of the commission, Mounir Gwarzo,” the letter to Wale Tinubu read.

Another letter signed by Abdul Zubair, acting director general of SEC, said there is no restraining order stopping the forensic audit.

The letter was titled: ‘Re: Forensic Audit into the affairs of Oando Plc’.

“Further to our letter to you dated November 27, 2017 and another letter to your lawyers dated November 28, 2017, wherein the commission had notified Oando Plc of its decision to go ahead with the forensic audit, the commission in the light of recent development wishes to reiterate the following:

“That the commission is aware, that suit no: FHC/L/CS/1601/17: OANDO PLC V. SEC & ANOR was struck out on November 23, 2017 by his Lordship Hon. Justice Aikawa of the Lagos Division of the federal high court.

“That the commission is not aware of the existence of any valid or subsisting order of court restraining the commission from proceeding with the forensic audit.

“While we acknowledge that a notice of appeal has been filed to challenge the judgment of the federal high court, this notice does not serve as an order of court restraining the commission from conducting the exercise.”

Zubair was appointed on November 30 after Kemi Adeosun, minister of finance, ordered the suspension of Mounir Gwarzo.

It had also been reported that the minister suspended Gwarzo for refusing to halt the Oando probe.

[geordieduke2] 04/12/2017 11:11

It's worth remembering that we heard that last year, and the one before that and the other 8 or so before that...

[jeaniehow] 03/12/2017 12:01

All good to go guys. Keep digging yourselves, in a friendly way of course, and all will be revealed, I'm sure. More positivity here may encourage the return of those in the know. Santa is on his way.

[beeks of arabia] 30/11/2017 12:21

What company would you be getting behind exactly?

[unabkxb] 30/11/2017 10:05

Yes Muto. Some xmas spirit required here. Here's an off the wall suggestion...lets stop the moaning , recognise the challenges and get behind this company . Postive vibes and all that.

[muto] 30/11/2017 07:28

Thanks Jeanie for sharing that with the BB. Makes a pleasant change from the perpetual moaning drivel that's posted most days.

[jeaniehow] 30/11/2017 07:17

What do you know? Do some research yourself

[moormoney] 29/11/2017 23:00

Thank you for sharing Jeanie.

[fatfish] 29/11/2017 22:55

I have had no response at all to my inquiry. Well done JeanieHow

[jeaniehow] 29/11/2017 21:09

Good evening everyone

I just wanted to share with you that I have had an excellent response regarding our investment in EEL and I have it on good authority that Equator’s assets are “extremely valuable” nothing has changed, in fact the value of the Eez assets has increased. The seismic acquisition undertaken by Kosmos is currently being interpreted and evaluated, this process is expected to conclude by spring 2018, with drilling due to start on block 5 by Q1 2019 as per the PSC terms.o

The legal dispute with OPL 321&323 was resolved in the early part of this year. This ruling has allowed Equator to move forward with the blocks, something that has not previously been possible due to the long drawn out legal disputes between the Nigerians & KNOC.

More information will be sent out regarding the accounts.

[geordieduke2] 28/11/2017 18:39

We've waited more than 10 years so why not wait a couple ore months. Long fraud tactics, works every time, especially when the victims of it have no balls.

[wantmorethan24p] 28/11/2017 00:17

keep calm i have a 10 year price of £1.75p

[jeaniehow] 27/11/2017 22:04

exile - as promised.

[mknight] 27/11/2017 21:44

Exile

It is all about timing once oando are back trading then it Would be the time to sit down and have a chat with them .

[exile] 27/11/2017 18:45

mknight..... Of course Oando will survive, however, it has been publicly disclosed by the SLG THAT THEY HAVE KNOWLEDGE OF WRONGDOING by Oando, this was thereafter described as the "Nuke". Now that Oando are under investigation I would think that any information the SLG claimed to have is now useless as leverage and a liability for those claiming to be in the know for reasons stated many time previously.

Someone mentioned about us being minority shareholders in a "Private Company" and it led me to think where a "Private" non performing asset would show in the books. Would it be possible it was OFF-BALANCE SHEET ? If so how would the SEC know it existed or where to look if they were not informed? I suggest we give them as much information as possible.

Meanwhile mknight you carry on DOING NOTHING ! It dosn't work.

[mknight] 27/11/2017 17:32

Not mine , I would imagine Oando will get finned and carry on . I cannot see them closing the company . IF so they would have closed VW ,BP and TESCO to name a few.