Genesis Petroleum Share Discussion Threads

[rdpounder] 07/12/2007 17:53

What we need now is some press. This will be off most people's radars I suspect

[joestalin] 05/12/2007 11:47

Logic: placing price and actual price tend to converge post placing. But as you say, there is not much difference at present. I made my comment before I found out the placing price.

[barrywhit] 05/12/2007 11:05

Morning All,

baht, agree with your post 107...very sound Institutional interest...cash in the bank, just need a drilling programme......all bodes well.......imo

[rdpounder] 04/12/2007 17:31

JoeStalin - 4 Dec'07 - 11:35 - 105 of 106

"Genesis will raise additional funds by issuing new equity to institutional investors in a private placing"

This should drop the price to allow PI's to join in.


What's your logic there? They're issuing them at 25p anyway, so you can pretty much get that price now

[baht] 04/12/2007 17:03

Interestingly this is the second time GPC have undertaken a placing at a price above rather than below the share price at the time of the RNS. Something which rarely happens and tends to suggest that the peeps with money know a good deal when they see one. This should help restore 30p as a base line with further advancement possible when the drilling program is detailed. When they strike Oil who knows where the share price will finnish up.

[joestalin] 04/12/2007 11:35

"Genesis will raise additional funds by issuing new equity to institutional investors in a private placing"

This should drop the price to allow PI's to join in.

[barrywhit] 04/12/2007 10:57

Looks good to me as well rdpounder, roll on 2008, will be good to see a drilling programme.......

[wookie77] 04/12/2007 10:29

Put a buy order in at 25.5p thru my broker. Dont expect it has/will be filled...

[rdpounder] 04/12/2007 10:27

Looks good to me! Strong institutional take-up of the shares, will leave us with plenty of working capital (like we didn't have enough cash already!), significantly increases our stakes and gives us increased licensing right to very lucrative seismic data.

[rdpounder] 04/12/2007 10:20

NEWS! (haven't actually read it fully yet)




Genesis Petroleum Corporation PLC
04 December 2007


GENESIS PETROLEUM CORPORATION PLC
('GENESIS' OR THE 'COMPANY')

ACQUISITION AND FUNDRAISING


Genesis, (AIM: GPC) an oil and gas exploration company with assets offshore UK
and Norway, is pleased to announce that the Company has entered into two
significant agreements which will optimise the structure of the Genesis group
and simultaneously provide further capital for growth and aggressive
exploration activity entering into 2008 and beyond.


Background


In May 2006, Genesis, together with Petroleum Geo-Services ('PGS') formed a
joint venture, Genesis Petroleum Europe Limited ('Genesis Europe'), which is 50
per cent owned by each party, to explore for oil and gas with a focus on North
West Europe. Since its formation, Genesis Europe has been awarded an interest in
one UK exploration license and, following the award of pre-qualification status
for license applications on the Norwegian Continental Shelf to its Norwegian
subsidiary, has been awarded interests in two licenses, offshore Norway.


In April 2007, PGS and Aker Capital AS ('Aker') became substantial shareholders
in Genesis through a fundraising exercise with the Company (and are classed as
Related Parties under the AIM rules). Following this, the Board of Genesis has
decided that it is in the best interests of the Company and shareholders to
simplify PGS's position in the group structure and ensure transparency of
ownership.


Transaction


Genesis has therefore agreed to acquire the 50 per cent interest held by PGS in
the joint venture between the two companies for a consideration of £6.25 million
to be satisfied by the issue of 22.7 million new ordinary shares at 25 pence per
share in Genesis, and a £575,000 loan note convertible into 2.3 million shares
at the same price. The loan note is unsecured and non-interest bearing. Umoe
Invest AS ('Umoe'), a Norwegian investment company who maintain a holding in
Genesis, is currently regarded by the Panel on Takeovers and Mergers, as acting
in concert with PGS as a result of the Chairman of PGS being a principal of
Umoe, and this transaction is structured so that the aggregated holdings of PGS
and Umoe will not (excluding the conversion of the loan notes) exceed 29.9 per
cent of Genesis's issued share capital. This transaction is classed as a
Substantial Transaction under the AIM rules.


Following completion of the transaction Genesis will therefore acquire an
additional 50 per cent working interest in UK Block 16/8c which contains an oil
discovery, an additional 10 per cent working interest in Norwegian Blocks 34/8,9
&11 which contain a gas discovery and an additional 12.5 per cent working
interest in Norwegian Block 33/12. In addition the Company will obtain
significantly expanded licensing rights to PGS seismic data (worth up to US $30
million). The pre-qualification status of Genesis Europe's subsidiary, for
Norwegian license applications, is not affected by the transaction.


Placing


In parallel with the acquisition, Genesis will raise additional funds by issuing
new equity to institutional investors in a private placing for cash (the '
Placing'). The Company will issue approximately 41.7 million new shares at a
subscription price of 25 pence per share. Aker will subscribe for 15.7 million
new shares and will underwrite the remainder of the new issue in full. As
consideration for the underwriting, Aker will receive warrants for 9.3 million
shares exercisable at 40 pence for 2 years. A total of approximately £10.43
million, before expenses, will be raised to provide additional working capital
for the Company, including exploration drilling expenditure. Following the
Placing, Genesis will have approximately £20 million of working capital
available and intends to participate in several wells during 2008, the first
expected around mid year. Carnegie ASA is managing the Placing, which is
expected to close on or around December 19, 2007.


Aker and PGS each currently hold 25 million ordinary shares with each holding
representing 24.4 per cent of the Company's issued share capital and each has
Board representation. These transactions are, therefore, considered related
party transactions under the AIM Rules. The Directors, excluding the
representatives of PGS and Aker, having consulted with Jefferies International
Limited, the Company's Nominated Adviser, consider that the terms of these
transactions are fair and reasonable insofar as its shareholders are concerned.
Following completion of the transactions, which are inter-conditional, assuming
there is no call on the underwriting, no exercise of the warrants and no
conversion of the loan note, PGS will own 28.56 per cent, Aker 24.37 per cent
and Umoe 1.38% of the Company's issued share capital which will comprise 167
million shares.



Gerry Harrison, Chairman and Chief Executive of Genesis commented:


'We have developed an excellent relationship with Aker and PGS and their
continued support, financially and strategically, is very welcome.

We have developed excellent exploration prospects, plan to drill in 2008 and
have the potential to discover both oil and gas.

As a result, we are optimising our structure to maximise value creation for
Genesis shareholders and raise new capital for the drilling programs in a share
issue that is fully underwritten by Aker. Our unique position with seismic data
access is improved through the new agreement with PGS.

We appreciate the continued support of our current shareholders and look forward
to meeting new institutional shareholders who wish to share in our plans for
success.'

[stoploss2] 04/12/2007 10:19

Acquisition and fundraising

[baht] 28/11/2007 15:31

You could always comment on why ADVFN seem unable to stop posting Biotech RNS stories on the GPC BB!!!

[joestalin] 21/11/2007 17:56

Correct BW - nothing happening so no reason to post anything. Maybe next year?

[barrywhit] 21/11/2007 17:22

StopLoss2,

They haven't given us anything to talk about or discuss, you are right with your comment, when we have a drilling programme we will start heading up..
but my watchlist looks pretty sad these last few days, GPC holding up quite well...regards

[stoploss2] 21/11/2007 13:19

Decidely quiet around here.

Confirmation of the execution of a contract for the Byford Dolphin for early 2008 and the naming of the prospect to be drilled should get this moving in the right direction.

SL2

[joestalin] 13/10/2007 14:12

I forgot to mention GPX, and IOG.

I keep larger positions in PMO, DNX and AEX, Smaller positions in OIL, GPC and EOG. The rest are all under £5k based on the theory that some of them might hit the jackpot.

I will probably be adding to GPC after reading the article on Oilbarrel on the basis that if David Bamford is complaining about GPC, then they probably have an advantage over the others in that corner of the O&G sector.

[jimarilo] 13/10/2007 00:22

Yes still think so Joe ;-)

[barrywhit] 12/10/2007 10:29

Morning Jim,

Yes, we seem to have very good support, even the 107k sell yesterday didn't do any damage.........

[joestalin] 12/10/2007 08:15

And Oilexco, MOG, Premier, BLR, NPE, ROS, TLW, AFR and EOG.

Still think so?

[jimarilo] 11/10/2007 18:32

Hi Barry, showing good strength, no worries

Joe, I see you are in AEX as well as GPC, I must say you have excellent taste ;-)

[barrywhit] 08/10/2007 17:48

JoeStalin,

Oilbarrel have always been very positive about GPC in the past, i think they are concerned about the tie-in with the Norwegian companies...but i see this as very positive.......so sour grapes it is.......

[joestalin] 08/10/2007 17:18

Is it me or are Genesis being negged on Oilbarrel?

Looks like sour grapes to me.

[joestalin] 05/10/2007 11:07

Look upon it as a buying opportunity. You might not get many more.

[5dally] 05/10/2007 10:06

Could do with some good news here, hate this waiting game

[barrywhit] 19/9/2007 12:58

This is the bit i liked.

"We remain on track to delivering to our goals and are well positioned to
significantly add to shareholder value."