Max Petroleum Share Discussion Threads

[ozymandias11] 09/2/2015 08:52

Reading RNS this line stands out:

"The Directors of Max Petroleum currently believe that there is a reasonable prospect that ongoing discussions could result in a sufficient refinancing of the Company"

[ozymandias11] 09/2/2015 08:49

Now 0.153p!

[dosser2] 09/2/2015 08:49

Good punt at this level??

[hiddendepths] 09/2/2015 08:49

Short closing? Henderson?

whoppy - it all depends on what Sberbank see as being in their best interests. If it is better for them to renegotiate and receive cashflow for years to come, no doubt they will renegotiate. If on the other hand, they think they can pick up the assets (and probably sell them for a sensible amount) by taking Max under, then no renegotiation.

Unfortunately we are not privvy to their calculations.

[dipla] 09/2/2015 08:47

why are people buying if they done bust?

[ozymandias11] 09/2/2015 08:43

Who's buying?

[ozymandias11] 09/2/2015 08:42

Sorry, meant bid price is 0.141p

[ozymandias11] 09/2/2015 08:42

Now offer is 0.141p

[whoppy] 09/2/2015 08:39

Why do directors think there is a reasonable chance of significant refinancing.
Surely the company will go into administration.

[christh] 09/2/2015 08:38

Sad , my dreams are gone, shattered.
Some persons in the other thread will be very happy this is gone under.
People like hiddendepths, who always was bashing it.
There you go,


THE END TO A DREAM!

[ozymandias11] 09/2/2015 08:35

Saw this on the fallers list this morning.

Interesting to note initially 0.08p was the bid price, then jumped to 0.133p!

Keeping an eye on.

[edgein] 09/2/2015 08:25

Bigsi,

We'll agree to disagree on that one I guess, mxp looked operationally sound apart from the high gearing of course. Had the bank been willing to play ball AGR would imo went ahead. By mid year MXP was due to be on 5000bopd approx with 3 more fields into FFD. Banks unfortunately prefer to lend to companies that don't need the money and pull the carpet from under those that need the cash. If they can get their hands on $5-10m short term funding then they can survive otherwise its all in the RNS for us and your mate.

Regards,
Ed.

[bigsi2] 09/2/2015 08:18

EdNo- seriously this was pretty obviousThey barely kept the lights on with agr deal with oil at $100There was very very little chance of staying solvent at $50Have a mate with 1m plus of these been screaming at hm to sell from .90 down

[hiddendepths] 09/2/2015 08:15

Dead man walking.

I suspect Sberbank will end up with the assets, other shareholders with nothing.

It's up to Henderson to fight the good fight now!

[edgein] 09/2/2015 08:15

BigSi,

Not necessarily, banks playing hardball with MXP unfortunately. From the last production update the company has opex of $35/bbl and producing at $70/bbl, now around $58/bbl export sales price. Operationally they're cash flow +ve. The debt renegotiation was part of the financing, had the bank agreed then AGR would have went ahead. As it stands it now requires short term dilution for this to occur as they're not generating $6m per Q for the debt repayments. I guess the bank can smell blood and can get hold of the 10mmbbls and 3500bopd and sell it off on the cheap. I guess AGR would be a buyer as they were preparted to invest $63m for half og MXP therefore $120m for 100%, obviously they'll get them for less if in liquidation. Definitely not looking good for MXP this morning, needs significant funding short term, $10m would keep the lights on till mid year but the oil price would need to recover or AGR make a move fast. Definitely high risk short term.

Regards,
Ed.

[bigsi2] 09/2/2015 07:43

Fairly obvious this was going to happen with drop in pooAll the same - it's a shame

[soul limbo] 09/2/2015 07:38

ouch !!


Edgein 4 Feb'15 - 14:30 - 31781 of 31788 0 0

Libra,

Well when you look at what they're getting 1/2 the production and 1/2 the reserves for their £37m investment its quite good value. That cash injection also opens up the possibility of FFD but also the possibility of finally completing NUR-1 (potential into the hundreds of mmboe). Imo the 1.64p investment is still a good deal on their part. Sure the share price has fallen with the oil price (although not recovered with the recent oil price rally). MXP quite similarly to FRR and JKX are just over sold with solid assets and production. I cannot see either side backing out of the current deal, we as investors just have a remarkable opportunity at the current price. £12m cap is just insanity for 4000bopd and 10mmboe, it'll rebound like JKX its only a matter of time imo. Just imagine if they say they're fully funded and ready to progress NUR-1 to TD! ;) Bank renegotiated (covenants etc) just need the Kazakh's to agree to the massive local investor and we're off to the races imo.

Regards,
Ed.

[chesty1] 09/2/2015 07:24

Blimey.....I had these on my watch list thinking it could be a good turn around prospect....

Be lucky to all & hope it comes good BUT the writing is on the wall by the looks of it.

[judijudi] 09/2/2015 07:21

Sorry guys,
Feel for you.
Ed best you delete your last post mate

[waynz] 09/2/2015 07:08

Yep, another of my investments down the hole.

[librag] 05/2/2015 13:03

Thanks Edgein.
I appreciate the possibilities re. NUR-1. I was querying whether the Kaz offer is guaranteed. I guess from your answer it's not. I'm happy to stay in with a higher average than here and was wondering if averaging down was a good bet.
GL.