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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Madagascar Oil | MOIL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.45 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.45 | 0.45 |
| Top Posts |
|---|
Posted at 03/8/2017 21:46 by euclid5 Interesting to see what they do with the co now it's in private hands"Short term financing for working capital purposes of US$15 million (the “Bridge Loan”) to be provided to the Company by BMK Resources Limited (“BMK”), a company connected with Benchmark Advantage Fund, Ltd. (“Benchmark&rd hxxps://www.energy-p Shocking how they went to 140 potential co's to farmin to MOIL "Since the summer of 2015, the Company has been conducting, with the assistance of Jefferies and other advisers, a "Partner Process", to identify and secure a strategic partner(s), to work with Madagascar Oil on the development and funding of the Tsimiroro Block. The Company can confirm that this Partner Process is continuing, but that it has yet to yield any actionable proposals" "Under the terms of the Bridge Facility, the Company provided a Lender Report to the lenders on 6 January 2016. In this, the Company reported that it had presented the opportunity to over 140 organisations ranging from E&P companies, oil services companies, private equity firms and private investors. The Lender Report explained that a number of leads were being pursued and were undertaking due diligence including" |
Posted at 25/3/2016 13:54 by carrottop I sent an email to MOIL expressing my disappointment about how I consider my investment and some shares I had put away for my kids being being taken from me for practically nothing by the Bond holders and to my surprise I got a reply and must admit it is a considerate and thoughtful reply which is unusual in this business. I have reluctantly sold some of my shares but am keeping the rest in certificate form and after absorbing the email I feel there may just be some hope yet. Copy of reply to my email follows:-Dear Mr Stewart, Many thanks for your email and getting in touch. As way of introduction Camarco is working with Madagascar Oil and the Board has asked that I come back to you on your email. The team at Madagascar Oil share your frustration and disappointment as to how this situation has worked out. The management team has, and continues to, work tirelessly to secure a partner and alternative sources of funding for the development of the Tsimiroro field since Jefferies’ appointment in June 2015. We entered into a short term Bridge facility compromising of two tranches, with Outrider Management LLC, BMK Resources Ltd, SEP African Ventures Ltd and the John Paul DejoriaFamily Trust in September 2015 so that we were able to continue operations and our work towards securing a partner. The first tranche of funds were made available in October 2015 and we continued to progress the strategic process. Unfortunately, and as you will be aware, the current macro-economic conditions and the low oil price environment made it impossible to bring a strategic transaction to a conclusion in that time frame and subsequently our lenders informed us that they were not prepared to provide the full amount available under the second tranche of the above Bridge Facility. However they have indicated that they may provide some further funding, subject to additional conditions which includes a delisting of MOIL’s shares. Importantly this funding will allow the Company to continue its advanced discussions with potential partners for the development of the Tsimiroro field, but there are no guarantees that those will lead to a successful conclusion. It is important that you understand that the major shareholders / lenders would simply not have funded the Company going forward without an agreement to propose the delisting and that would have meant insolvency. The Company and the Board are very aware of our responsibilities to all shareholders and the Independent Directors of the Board have worked hard to protect your investment in the event of a delisting and minimise further dilution and certain other possible negative effects the delisting may have in the short term. We consider this to be of particular importance as the current share price does not reflect the potential value of the business and its assets and the future upside for shareholders should a partner be successfully identified or a strategic transaction completed in the short term. As a private Company you will still be able to participate in any value accretion from here, although there is no guarantee as to what further dilution shareholders may suffer over time. The Company has secured the following commitmentsfrom in place with the Relevant Lenders to try to protect your investment in the event of future upside in the short term., minimise further dilution and provide you with the ability to continue trading your shares in the event of a delisting. Further detail on these can be found in the Circular under section 3.4. In short these include: · No conversion of debt before 15 September 2016 · No compulsory purchase before 31 December 2016 · Tag-along and drag-along rights · Share trading service for 24 months (if practicable) · Website content for 24 months We would hope this provides some comfort during this period and re-assures you that the Company has done whatever it can to preserve value and that should a partner be identified you will have the opportunity to share in the potential upside in the near term. I hope this is helpful but do let me know if you have any further questions. Kind regards Georgia Georgia Mann Associate Partner Camarco |
Posted at 21/2/2016 21:43 by control1 Big, BIG questions to be answered here. The major shareholders have pulled the funding because they are unhappy with the performance of the company in finding a partner. So, lets examine the make up MOIL.Mr Andrew Morris - non exec chairman and FOUNDER of Persistancy now SEP African Ventures (23.46% ownership of MOIL) and Mr Stephen Hope - non exec director and FOUNDER and virtually sole proprietor of Outrider (28.8% ownership of MOIL) Oh wait, these 2 (Non Exec chairman and director) basically own/control 2/3rds of the investment vehicles that own and fund MOIL, so essentially, THEY ARE MOIL. I find it hilarious that they are therefore in essence being publically critical of their own performance. Surely they must see the irony in this...?!! BMK (31.72% ownership) are a bit of an enigma at the moment as info is harder to come by but according to the relationship agreement (18/12/12), they would seem to be connected to/in cahoots with SEP. Clearly the directors also forgot the RNS that THEY ISSUED on the 7th September 2015 stating "A clear timetable has been established and the process is currently expected to run through to the end of 2015, with the target of finalizing any transaction by the end of Q1 2016." Several of the prospective partners listed in the latest RNS are due to complete due diligence around about this time so, an offer may or may not be forthcoming as a result HOWEVER, the moment that the permit for Tsimiroro arrived, all bets are off and thy can't wait to bump out the PI's. Lets be clear. This was clearly a long term plan and there is absolutely 0%(that's ZERO) prospect of the major shareholders not continuing to fund MOIL, they have all invested way too much money not to continue and they will all make a huge amount of money in the longer game when they partner up. The withholding of funds here is a ploy, plain and simple to rob PI's of the remaining 10% of the stock for a pittance. This is theft in the true terms of the definition so we, the private investors who are being screwed over, should stand up and make a LOT of noise about it and expose these crooks to the harsh light of the bad and unwelcome publicity that they so DESPISE... |
Posted at 19/2/2016 18:53 by rapide35 In the present circumstances, it is highly likely that MOIL will delist. Even if MOIL could sell its oil in stock, the sales proceeds must be used to pay down the debt and not for working capital.The four controlling shareholders hold 90.5% of the equity and can therefore pass a Special Resolution (75% vote). Those considering staying in the stock long-term might want to consider the following possible scenario: -MOIL is delisted. -An SGM is called and a Special Resolution to add Drag-Along rights to the Articles is passed. -A new company set up and funded by the controlling shareholders makes an offer for the company at 1p/share (or lower), which will get at least 90.5% acceptance. -The Drag Along rights are used to compel any non-accepting shareholders to take the offer. -The controlling shareholders become the sole owners of MOIL's assets. The above is purely speculative of course. DYOR. |
Posted at 15/2/2016 09:33 by squiresquire My own reading comes up with the following, i give these comments as my research only and intend no advice, thats for you to do, but i feel MOIL is about to re-rate. Should we pop up over the 4p mark then i truly believe its all systems go until 12p but further upon the grant of the environmental permit as that is truly transformational for the company.The company was awarded a 25-year development mining title approval for block 3104 – Tsimiroro. The Tsimiroro block controls greater than 1.7 billion barrels of contingent resource base and covers the entire 6,670km2 of Block 3104 including the Tsimiroro Main Field. This development mining title also covers appraisal activities of conventional light oil potential in the Tsimiroro South and Tsimiroro Deep South. Madagascar Oil has spent over $300 million in the past ten years through drilling 138 appraisal and pilot production wells in Block 3104 – Tsimiroro; and additionally, designed, constructed and is operating the Tsimiroro steam flood production facility while maintaining its excellent safety record and an environmentally-frie Currently we are waiting for the Environmental Permit to be granted at which point the company will be able to choose from the options of farming in others, direct joint venture or raising money to go it alone. Robert Estil the CEO has years of experience in heavy oil and will be able to take full advantage of the simply massive oil that MOIL has leases over. The company is already in with Total and i would expect some kind of further and enhanced partnership with Total in the future. Symbion, another huge American company, has just secured a contract with the Malagasy government to produce electricity for Madagascar. They have sited a huge generator next to MOILs current oil plants. |
Posted at 02/2/2016 15:23 by squiresquire Peeps just dont get this share.The Company has exploration and development rights for oil and gas in Madagascar, and the Company’s two principal fields include Tsimiroro and Bemolanga. Block 3104 Tsimiroro is approximately 125km from the west coast of Madagascar. Block 3102 Bemolanga is located approximately 170 km from the west coast of Madagascar. The Company has 100% interest in Tsimiroro Block 3104. Madagascar Oil also has 100% interest in Blocks 3105, 3106 and 3107. The Company’s exploration projects include Manambolo Block 3105, Morondava Block 3106 and Manandaza Block 3107. The Company has a wholly owned subsidiary, Madagascar Oil S.A. The Company is developing a promising portfolio of onshore blocks in a region of growing prospectivity. Madagascar Oil is Madagascar’s leading and longest operating oil and gas company. It operates the four onshore blocks at 100% with its non-operating block at 40% with super major, Total. The Company is the first in the country to advance to the upstream oil and gas development phase. I feel that the tie in with Total, the tie in with Symbion and the pretty amazing effect this oil is going to have on over 20 million resident people on the island will bring this to the £ 2 plus mark in three years. However NOTHING 'SEEMS' to have been happening to MOIL for years. Thought they have got to the stage of storing the damn stuff, investors still think MOIL is an explorer. Dont ask why but they clearly dont get it yet, 1 The massive reserves found inland. 2 The huge areas offshore being currently operated by Total. 3 The pretty massive lease areas MOIL has yet to examine. 4 The customer base in Madagascar, 20 million, currently relying on imports. 5 Symbion as a customer, already with its generating capacities Govt sanctioned. The environmental licence is the stumbling block for the investors currently looking at MOILs data base. When this is given shortly i suggest there wont be much more stumbling. |
Posted at 02/2/2016 12:43 by gimmetheloot It is vital with MOIL to remember that it has been working in Madagascar for eleven years.It has spent $300 million to get to where it isnow, ie right at the production stage. It is currently producing, its now awaiting results from potential customers tests on its oil, and it is expected to supply the government generating stations.There is no other supplier in Madascar who can do this. Though the oil is called heavy, it is lighrter than water and MOIL use it for their steam program thus reducing costs even further. The oil is very shallow and therefore very cheap to produce. Madagascar Oil has spent over $300 million in the past ten years through drilling 138 appraisal and pilot production wells in Block 3104 WHERE IT HAS 1.7 billion barrels of HEAVY OIL. MOIL producing now will have its first sales on this years accounts, first sales due to be notified any time now. This development mining title also covers appraisal activities of conventional light oil potential in the Tsimiroro South and Tsimiroro Deep South areas It operates the four onshore blocks at 100% with its non-operating block at 40% with super major, Total. MOIL is targeting production of 10,000 barrels of oil per day by end 2018 Although VSA Capital reckons the shares to be worth more than three times current levels (10p) at 35p, this is half its February target price of 70p. It's still a bullish stance and explains the 'buy' Currently the management are still working on the funding. Since last year when they opened the farmout information room to investors they have been pondering the correct course to take. The market is currently awaiting the management decision on this, again any time now. Once that hits the RNS we are in for a serious raise as it is beyond doubt that the CEO Robert Astill will drive a good deal, his experience is at the top for years. 25 Jan '16 GraphiteTech RE: Flying 3.25 No Opinion From advfn. 25 Jan'16 - 09:12 - 1938 of 1940 1 0 It is vital with MOIL to remember that it has been working in Madagascar for eleven years.It has spent $300 million to get to where it isnow, ie right at the production stage. It is currently producing, its now awaiting results from potential customers tests on its oil, and it is expected to supply the government generating stations. There is no other supplier in Madascar who can do this. Though the oil is called heavy, it is lighrter than water and MOIL use it for their steam program thus reducing costs even further. The oil is very shallow and therefore very cheap to produce. Madagascar Oil has spent over $300 million in the past ten years through drilling 138 appraisal and pilot production wells in Block 3104 WHERE IT HAS 1.7 billion barrels of HEAVY OIL. MOIL producing now will have its first sales on this years accounts, first sales due to be notified any time now. This development mining title also covers appraisal activities of conventional light oil potential in the Tsimiroro South and Tsimiroro Deep South areas It operates the four onshore blocks at 100% with its non-operating block at 40% with super major, Total. MOIL is targeting production of 10,000 barrels of oil per day by end 2018 Although VSA Capital reckons the shares to be worth more than three times current levels (10p) at 35p, this is half its February target price of 70p. It's still a bullish stance and explains the 'buy' Currently the management are still working on the funding. Since last year when they opened the farmout information room to investors they have been pondering the correct course to take. The market is currently awaiting the management decision on this, again any time now. Once that hits the RNS we are in for a serious raise as it is beyond doubt that the CEO Robert Astill will drive a good deal, his experience is at the top for years. Posted by Graphite last week on LSE 300 million spent ;-)) |
Posted at 29/1/2016 15:22 by squiresquire The project is not economic at these prices if they were to sell to an outside market. You really need to read up to understand the position MOIL holds in Madagascar. The play here is for the agreement they can now sign once they get the environmental licence.Basically its a country with no economic development likely as it has to import all its oil. However MOIL has these utterly huge reserves available to the country from only a couple of hundred feet down. The Americans are bringing in massive generating capacity and MOIL can supply them with oil direct cutting it with 15% diesel. Over ten years or so MOIL have spent 300 million developing these fields, they have run pilots and extract oil for years now. Once they get finance, and the environmental licence was the last hold up, they can start the oil flowing immediately. They also have huge acreage offshore and this area is not far from another offshore site currently being drilled by Total. Basically this has been trashed so far the market has entirely lost sight of the massive oil reserves held and the even larger potential yet to be found. Its currently priced at 30 million or something quite absurd. |
Posted at 25/1/2016 09:12 by squiresquire It is vital with MOIL to remember that it has been working in Madagascar for eleven years.It has spent $300 million to get to where it isnow, ie right at the production stage. It is currently producing, its now awaiting results from potential customers tests on its oil, and it is expected to supply the government generating stations.There is no other supplier in Madascar who can do this. Though the oil is called heavy, it is lighrter than water and MOIL use it for their steam program thus reducing costs even further. The oil is very shallow and therefore very cheap to produce. Madagascar Oil has spent over $300 million in the past ten years through drilling 138 appraisal and pilot production wells in Block 3104 WHERE IT HAS 1.7 billion barrels of HEAVY OIL. MOIL producing now will have its first sales on this years accounts, first sales due to be notified any time now. This development mining title also covers appraisal activities of conventional light oil potential in the Tsimiroro South and Tsimiroro Deep South areas It operates the four onshore blocks at 100% with its non-operating block at 40% with super major, Total. MOIL is targeting production of 10,000 barrels of oil per day by end 2018 Although VSA Capital reckons the shares to be worth more than three times current levels (10p) at 35p, this is half its February target price of 70p. It's still a bullish stance and explains the 'buy' Currently the management are still working on the funding. Since last year when they opened the farmout information room to investors they have been pondering the correct course to take. The market is currently awaiting the management decision on this, again any time now. Once that hits the RNS we are in for a serious raise as it is beyond doubt that the CEO Robert Astill will drive a good deal, his experience is at the top for years. |
Posted at 25/1/2016 08:41 by squiresquire The company has issued the following statements, all taken from their RNSs. News is now due on several levels from farmout to sales of the oil locally.The news coming is all pretty transformational as MOIL moves from a non-income generating entity to one that has a regular monthly income from self generated oil. They are predominantly using Steam to move the oil, their own oil is being used for this purpose. Its quite a fascinating read when you go into this company, years of data gathering, followed by years of preparation for drilling etc, then years putting in the Steaming systems. The steaming has now been tested since 2013 and they are on target for sales...ie now. The tests being done by their potential customers used oil given to them by MOIL, these tests will now show the oil can be used. MOIL had local manufacturers of generating plants do independent tests, and these came through with flying colours. We are now waiting on the news which is simply any day now. -- The Tsimiroro Block 3104 , which contains contingent resources of 1.7 billion barrels, was declared commercial under the terms of the Production Sharing Contract -- Madagascar Government approval of the Tsimiroro Block Development Plan obtained in April 2015 which includes appraisal activities of conventional light oil potential in the southern parts of the Tsimiroro Block We currently hold over 110,000 barrels of oil in storage. This production from the SFP is targeted for domestic sale and commercial discussions are progressing with several potential local customers. -- Positive discussions regarding the development of the project are ongoing with various potential partners including service companies, off-takers and other strategic entities. -- Completed well-work programmes in July and August 2014 allowing all 25 wells to operate simultaneously, which included successful water zone plug-backs in the steam injection wells. A farm-out programme exercise covering the three licences was commenced in 2014 with a wide range of international companies entering the data-room. The dataroom remains open to date with interest continuing to be shown. MOIL also has, Bemolanga - Block 3102 (Madagascar Oil S.A. 40%) This covers an area of approximately 5,463 km(2) and is operated by Total E&P Madagascar S.A.S ("Total"), which holds a 60% working interest. It is highly likely, given their current relationship, Total may well go in with MOIL for the inland, ie steam work,if so its lift off, |
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