Prospex Oil And Gas Share Discussion Threads

[tasty1] 30/6/2020 10:04

the last placing they did ok for over subscribed placing at 0.012p just above nominal value 0.010p but come at a cost of more confetti 800 mill
We will have only 88 mill after consolidation may stand a better chance of getting share price moving more rapid at 0.025p and less dilution
Vauch why all the placing placing talk we have 1 Revenue Bainet Revenue El Romeral future Revenue Selva and Resource based lending off Selva to fund projects, not bad for a aim company with a market cap of 2 mill
Lots of funding options besides placings

[vauch] 30/6/2020 07:24

That is the priority reason for consolidation. resolution 9.
As they state unable to raise money.

[broad] 30/6/2020 07:19

RESOLUTION 9– SHARE CAPITAL REORGANISATION
The Existing Ordinary Shares have a current nominal value of £0.001 per share. In the future if the Company
wished to raise funds via an issue of Existing Ordinary Shares it could not do so at a price of less than £0.001,
being the Existing Ordinary Shares’ nominal value and the approximate current share price of the Company.
The Company is therefore proposing to undertake the Share Capital Reorganisation, the effect of which will be
that the number of Ordinary Shares in issue will be reduced and the Company’s share price will
correspondingly increase. This will allow the Directors to raise further funds for the Company following the
Annual General Meeting, without having to call another general meeting should any fundraise price be below
£0.001 per share and the Board determine this to be correct course of action. The Board has, at present, no
definite plans to issue further New Ordinary Shares.
To effect the Share Reorganisation, the Company intends, immediately prior to the Share Reorganisation
Record Date, to issue an additional 1,864 Existing Ordinary Shares (assuming that no other Ordinary Shares
are allotted and issued by the Company between the date of this Document and the Share Reorganisation
Record Date) as will result in the total number of Ordinary Shares in issue being exactly divisible by the Share
Reorganisation ratio. Since these additional shares will only represent a fraction of a New Ordinary Share, this
fraction will be combined with other fractional entitlements and sold pursuant to the arrangements for fractional
entitlements described below.
Subject to the passing of resolution 9, the Share Capital Reorganisation will take place in two stages:
Firstly, every 5,000 Existing Ordinary Shares will be consolidated into one Consolidation Share. The
Consolidation Shares will not be held by Shareholders but are an integral part of the Share Capital
Reorganisation process (the “Consolidation”). In cases where a Shareholder’s total holding of Existing
Ordinary Shares is not exactly divisible by 5,000 as at the Record Date, the Consolidation will give rise to
fractions of Consolidated Shares attributable to individual shareholders. In such instances, fractions of
Consolidate Shares will not be allotted, instead they will be aggregated and the New Ordinary shares from the
subdivision, as described below, sold for the benefit of the Company.

[vauch] 30/6/2020 07:13

So is this the sweetener before the intended placing.
I only say this as in the co stated in their agm notification they stated the share price was less than the paper value making it imposable to raise money by placing, the reason for consolidation

[rwells4474] 30/6/2020 07:07

RNS
TIDMPXOG

RNS Number : 4445R

Prospex Oil and Gas PLC

30 June 2020

Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

30 June 2020

Prospex Oil and Gas Plc ('Prospex' or the 'Company')

Annual General Meeting Statement

Prospex Oil and Gas Plc, the AIM quoted investment company, is holding its Annual General Meeting ('AGM') later today. At the meeting, Edward Dawson, CEO of Prospex, will make the following statement:

"The 2020 Prospex Oil & Gas AGM is unusual, not just because COVID-19 has prevented shareholders from attending and voting in person, but also because a resolution has been put forward for shareholders to vote by proxy to change the Company's name to Prospex Energy Plc. In our view, the proposed name change reflects how far we have come in terms of building a portfolio of onshore European projects that are at various stages of development and cover the entire energy cycle including exploration, development, production and power generation. Today, Prospex has a producing gas field in Romania, an integrated gas and power project in Spain, a gas discovery in Italy that is expected to come online in H1 2021 and a large scale exploration / appraisal project in southern Spain that has the potential to hold up to 830 Bcf of gas.

"It is no coincidence that all our projects target gas as opposed to oil. Historically gas prices are less volatile than oil benchmarks, due in part to the fuel typically being sold to local markets at prices agreed in multi-year contracts, providing a greater degree of predictability to revenues. Natural gas is the cleanest hydrocarbon in terms of carbon emissions when combusted, and so is increasingly viewed as an important transition fuel as the world moves towards net zero emissions. We believe now is the right time to change the Company's name to Prospex Energy as the Board attaches a great deal of importance to its Environmental, Social and Governance ('ESG') obligations and the Company is on course to become a 49.9% owner of an 8.1 MW power station that sells electricity to the Spanish grid, subject to the completion of the transfer of the El Romeral asset.

"The proposed name change is not based solely on the Company's assets today but also on those we expect to acquire in the future. Three of our four core projects are either currently producing gas, such as the Bainet field in Romania and the El Romeral gas and power project in Spain, or being advanced towards first production, as is the case with the Selva gas field in Italy, but all our projects offer multiple follow-up opportunities to substantially grow the number of gas fields within our portfolio.

"At El Romeral in Spain there are, gross contingent resources of 5 Bcf and gross prospective gas resources of 90 Bcf have been identified at two development locations and 11 very-low risk prospects respectively. These provide considerable scope to add to the three producing wells on the licence, which would not just increase gas production but would also scale up electricity generation towards the plant's full capacity. Together with enough gas resources to feed the plant for years to come, El Romeral has the potential to generate annuity-like returns for Prospex, which in turn could be reinvested elsewhere in our portfolio to increase production and cash flows further.

"Another prime candidate for follow-up activity is the Podere Gallina Permit in the Po Valley region of Italy. Here, as well as the Selva gas field, which is currently in the process of being permitted ahead of commencing production in H1 2021, there is much more to go for in terms of additional prospectivity across the licence. In addition to the 13.3 Bcf (2P) gross gas reserves assigned to the Selva field, a CPR produced by geophysical services consultancy, CGG Services (UK) Limited, estimated Selva's two historic gas producing North Flank and South Flank reservoirs have a 60% - 70% chance of holding gross contingent resources ('2C') of 14.1 Bcf. Outside Selva, there are four large prospects (East Selva, Fondo Perino, Cembalina, and Riccardina), which are estimated to hold aggregate gross prospective resources (best estimate) of 91.5 Bcf.

"Our immediate priority in Italy is of course to bring Selva into production. Once the permitting process has been completed, the planned development is relatively straightforward and involves initially installing a fully automated gas plant at the location of the successful Podere Maiar 1dir well, along with a one-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid. In all, the footprint of the planned Selva development will be less than half a hectare and importantly will result in zero emissions arising from any future gas production. At an estimated net cost to Prospex of EUR400,000, bringing Selva into production at an initial daily production rate of up to 150,000 cubic metres (5.3 mmscf/d) has an attractive payback profile, even at today's subdued gas prices.

"When Selva comes on stream and subject to conclusion of customary discussions with the regulator regarding the transfer of El Romeral to our Spanish affiliate Tarba Energia, we will have material interests in five producing wells, which combined have the potential to produce over 7,800,000 scm net to Prospex in 2021. This level of production will provide us with a cash flow generative platform to further develop the portfolio, whether at El Romeral, Selva, Suceava or Tesorillo.

"While timings may be pushed out by the ongoing COVID-19 pandemic and associated lockdowns, as has been the case with the Selva gas field where first production is now expected in H1 2021, a route map remains in place to monetise and maximise the value of our asset base. I am therefore confident the year ahead will see further progress made towards transforming Prospex into an energy company that not only has a portfolio of diverse and stable revenue streams, but also one that takes its ESG responsibilities seriously."

* * ENDS * *

For further information visit www.prospexoilandgas.com or contact the following:


Edward Dawson Prospex Oil and Gas Plc Tel: [phone]
1619
Rory Murphy Strand Hanson Limited Tel: [phone]
Ritchie Balmer 3494
Jack Botros
Colin Rowbury Novum Securities Limited Tel: [phone]
John Belliss 9427
Duncan Vasey Peterhouse Corporate Finance Tel: [phone]
0932
Frank Buhagiar St Brides Partners Ltd Tel: [phone]
Cosima Akerman 1177

Notes

Prospex Oil and Gas Plc is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

AGMKKCBPFBKDKAB

(END) Dow Jones Newswires

[johncasey] 27/6/2020 22:50

roll on the trillion cubic feet of gas..i can put up with abit of fund raising

[tasty1] 27/6/2020 22:35

Vauch
Or resource based lending on Selva boom!!!
El Romeral already bought in for 50% share strait into revenuejust needs drilling out 2 pugs to go with 5 bcf or 5 mill value total bcf 95bcf, 4 mill revenue on full production power plant.
Tesorillo we already own 15% share and warrego willing to take 85% if we can't afford it but can't see us letting that happen can you at 837bcf for cpr already done on that volume and more to be revealed on our own cpr,3 more potential wells to drill besides the one we know about.
Sure does stink having a placing? on aim lol more like STINKS of gas gas gas!!! and $$$$$$

[vauch] 27/6/2020 19:17

The good news will be that they can finally do another placing, it stinks

[kibes] 27/6/2020 18:17

Shares currently 0.08p that would correspond to 2p in the new shares. They might attract more interest at that price especially if some good news can be created.

[tasty1] 27/6/2020 11:06

25/1 consolidation and we will have 88 million shares instead of 2.2 billion if accepted in agm could make share price move very fast if we get some decent news on Selva or El Romeral purchase or Tesorillo long overdue cpr which Warrego have said is nearly completed fingers crossed gla
Ps also grancesti workover in the mix

[kibes] 26/6/2020 18:25

Prospex Oil & Gas plc has announced a Capital Reorgansation comprising a Consolidation and Sub-division. Initially holders will be issued with 1 new Consolidation share for every 5000 shares held. The Consolidated shares will then be immediately subdivided into new ordinary shares on a 200-for-1 basis.

(received from my broker).

[tasty1] 26/6/2020 15:23

Cheers soulsauce
Looking at next stage and being past off from Italian ministry then funding for pipework to main gasline 400k resource based lending as in rns?
Revenue will be later probably up to 6 months from government go ahead

[soulsauce] 26/6/2020 12:42

Uog updated yesterday in it's conference call. Definitely 2021 and reading between the lines I wouldn't expect Selva to be in production before end of April.

[blueblood] 26/6/2020 12:31

Don't hold your breath C19 & Italy timescales mean you will be very lucky to see it in 2020! Big opportunity here but timing is key as easy 5 bagger from these levels once Selva is approved imo

[tasty1] 26/6/2020 06:24

Selva can't be far off now share price looking depressed and poised for move up with non equity funding covering costs!!!
Final stages before we get long awaited revenue £££

o Awaiting final sign off by Ministerial decree, the issuing of the required INTESA (intergovernmental agreement) and the final grant of a production concession from Italy's Economic Development Ministry

o Expect early discussions regarding non equity funding of Prospex's c. EUR400,000 share of Selva development costs to mature as permitting process progresses

[johncasey] 17/6/2020 06:26

classic double bottom... powerful

[johncasey] 17/6/2020 06:18

well ive taken my biggest position..italy news within the week

[vauch] 10/6/2020 08:06

If you have a holding in this and an un round number that cant be divided by 5000
any amount left over will be claimed by the company
5000 fir 1 then 1 for 200
so if you first division leaves say 4999 then the co will get them to accumulate all and then do the 5000 for 1 and 1 for 200 then sell them on the open market.
Must be for the tea and biscuit fund!

[vauch] 02/6/2020 08:54

It has been reported that the tiger on the leach has been quarantined due to Covid-19
Once the 14 days has passed we will update all.

[vauch] 27/5/2020 07:43

All well but after all this time talk is cheep, seeing is believing

[burtond1] 27/5/2020 07:13

With a growing portfolio of interests and an expert management team in place, @ProspexOG is well-positioned to become a European focused oil and gas player.Here, @copytaster spoke to Edward Dawson M.D at #PXOG who expands a little more...https://total-market-solutions.com/2020/05/27/prospex-oil-gas-4/

[johncasey] 23/5/2020 07:21

they better get their acts together..grand solar minimum will intensify these coming months...winter only six months away

[soulsauce] 22/5/2020 16:42

Probably got ahead of itself anyway. With principle assets in Covid bound Italy and Spain it was hardly going to have got anywhere.

[vauch] 22/5/2020 16:41

and sorry to say Spain is no better and doing things fast either.