Uk Oil & Gas Share Discussion Threads

[beebong1] 28/7/2016 08:09

Flowermay charged the most for 1%. HHDL as a seller was Angus Enery as they set up the company (HHDL).


Flowermay 6% HHDL £1m £166.7k/1%
Angus 12% HHDL £1.8m £159k/1%
Danadav 2% HHDL £325k £162.5k/1%
Angus 8% HHDL £580k £72.5k/1%
HHDL 12.5% HHDL £750k £60k/1%
HHDL 7.5% HHDL £450k £60k/1%

So far UKOG have paid £4.905m for 48% of HHDL (31.2% of HH). I'm pretty sure MPET know that as well.

[moneymunch] 28/7/2016 06:45

SS's take on the acquisition of Angus Energy's 7.8% interest back in April. Gla ;-)

"We paid £1.8 million for that so when you look at that in terms of cost per barrel of potentially recoverable resource, that's very cheap, it's sort of 23 cents to 45 cents a barrel, that's very very low which is good if you're acquiring.

I think people should understand that when we move this project forward in the next 6-18 months where we actually prove that we have commercial resources and reserves here that value per barrel is going to move significantly upwards so adding a lot more value to the company and to these assets. Looking at other assets in the basin and looking at other assets in the world which have very similar sort of rocks and performances to our Horse Hill Kimmeridge limestones I think it's not beyond the realms of possibility that when we get to proven probable reserve we'll be looking at in the range of $5-10 per barrel net present value so you can see that having paid only cents on the dollar with something that ultimately that has value in dollars up to $10 a barrel is a very good move and if people stay in for the long term, and long term being 6 months to a year to 18 months which is not that long, then they could see very significant returns I think."

[beebong1] 27/7/2016 17:45

POO back in the $43's (April level) and futures below

www.barchart.com/commodityfutures/Crude_Oil_Brent/CB?search=CB*

[beebong1] 27/7/2016 17:31

I see the 29th Offshore round was announced today. Nothing up for grabs south of the Severn. I did notice that some of P1916 is a Designated Special Area of Conservation (SAC) which is probably why they need to drill from the shore.
The 3 main concerns being;

1170 Reefs
1230 Vegetated sea cliffs of the Atlantic and Baltic Coasts
8330 Submerged or partially submerged sea caves

magic.defra.gov.uk/magicmap.aspx?startTopic=magicall&chosenLayers=sacIndex&sqgridref=SZ462771&startscale=500000

Even shows the onshore SAC's.

[moneymunch] 27/7/2016 15:36

Mpet on the up. Gla :-)

[bionicdog] 27/7/2016 08:51

Indeed it is Curry as discussed , shan't say too much on here.
You know what walls have (sausages).

[currypasty] 27/7/2016 08:49

made a few bob on these in the past.. is it time to buy back in ?

[moneymunch] 27/7/2016 08:18

"The Special Committee believes that completing the Exchange is likely a pre-condition to the successful completion of any such business combination."

and the Exchange completion is expected this week...so watch this space.

[beebong1] 27/7/2016 07:49

another player could make a move for Mpet's 35%
full Nasdaq public listing
a reverse shell take over
someone buys part of MPET's 35%

We just need the 5th horseman to come along to sort it all out IMO!

[moneymunch] 27/7/2016 06:59

Essentially, Mpet have sorted out their short term liquidity problem and are free of debt etc etc, their only near term likely marketable asset is their 35% interest at HH and their US Public Listing....in due course they will need more cash to retain their Nasdaq listing, and so they will have to act soon imho.

If they want to hold on to their 35% given HH's potential and the free carry they have on the extended flowtest, perhaps they will be able to raise cash to contribute to its development, although time could be against them, and so news from Mpet, which could be significant on proceedings could be close imho. Gla holders ;-)

ps If not Ukog, then another player could make a move for Mpet's 35% or full Nasdaq public listing.

[moneymunch] 26/7/2016 22:38

Knee's and finger nails spring to mind. ;-)

[moneymunch] 26/7/2016 22:36

Deficiency notice

If a company is in violation of the continued listing standards for a period of 30 consecutive days, the NASDAQ sends a "deficiency notice." The most common reasons for a deficiency notice are a share price that falls below $1.00 or a market cap that falls below the stated minimum (as low as $5 million if other requirements are satisfied).

Once a deficiency notice has been sent, the company has 90 days to comply with the continued listing standards, or 180 days if the violation was for a sub-$1.00 share price. In order to be compliant, the company's share price or market cap must rise above the minimum for at least 10 consecutive days in the 90-day (or 180-day) period.

[moneymunch] 26/7/2016 22:31

What Is the Delisting Process for the NASDAQ?
Under what circumstances can a company be delisted from the NASDAQ, and what is the procedure?

Nasdaq

Companies that want to list their stocks on the NASDAQ need to meet a pretty long list of continuing requirements. Just to name a few of them, listed companies are required to:

Maintain a share price over $1.00
Maintain a $1 million valuation for all publicly held shares
Have a minimum number of stockholders – as low as 300, but varies depending on the type of listing
Maintain a minimum amount of stockholder's equity or minimum market value of all listed securities or produce net income above a specified minimum
Distribute annual reports to shareholders
Have a majority of independent directors on the company's board
Have an audit committee consisting solely of independent directors
Adopt a code of conduct applicable to all directors, officers, and employees
Hold an annual meeting of shareholders
Disclose all "material news" – defined as information that would reasonably be expected to affect the stock's value or influence investors' decisions
Pay annual listing fees, which range from $32,000 to $155,000

If any of these, or any other published requirements of the NASDAQ, are not met for a period of 30 consecutive days, the exchange can start delisting procedures.

[moneymunch] 26/7/2016 22:30

They will be under pressure on their current valuation and cash balance......they have been given time to improve their position. Gl ;-)

[theuniversal] 26/7/2016 22:07

Cool so how much do they need to keep their listing. ... as a mcap? Could be a clue to a share of their 35% off HH

[moneymunch] 26/7/2016 22:02

Essentially, Mpet have sorted out their short term liquidity problem and are free of debt etc etc, their only near term likely marketable asset is their 35% interest at HH and their US Public Listing....in due course they will need more cash to retain their Nasdaq listing, and so they will have to act soon imho.

If they want to hold on to their 35% given HH's potential and the free carry they have on the extended flowtest, perhaps they will be able to raise cash to contribute to its development, although time could be against them, and so news from Mpet, which could be significant on proceedings could be close imho. Gla holders ;-)

[theuniversal] 26/7/2016 22:00

Moneymunch i left a message on lse for yah just a second ago

[moneymunch] 26/7/2016 21:43

Lol Ancient history shapes the future....and Mpet's present, is highly relevant to proceedings. Gla holders...BIG news coming??? ;-)

Offshore exploration is on the back boiler for the majority of small cap explorer's until oil hits $80 plus again.

The exchange transfer agreement with One Stone is to be completed by end of this week...and is a pre-condition for any potential merger/buiness combination.

[beebong1] 26/7/2016 21:20

I fail to see why ancient history has reared it's ugly head again. Nothing new in the last two posts that we did not already know about and has been on the cards since 1 April.
June 6th was the document date.
$30 value put on the Australian Offshore field by external source is hardly little value IMO.

www.magellanpetroleum.com/ is far better value for accurate reporting though.

Just over $29m reported for total assets.

[moneymunch] 26/7/2016 20:56

All eyes on Mpet and the completion of the Exchange end of this week. Gla ;-)

"The Exchange will position Magellan to focus on generating additional value for stockholders by monetizing the Company’s international assets and pursuing business combination opportunities, possibly with private companies or international parties interested in accessing the U.S. capital markets.

The Special Committee believes that completing the Exchange is likely a pre-condition to the successful completion of any such business combination."

[moneymunch] 26/7/2016 20:38

Mpet have monitised their Australian assets apart from an off shore license block in Northern Australia Timor Sea that looks unlikely to be developed anytime soon and probably has little value if any, and their UK assets apart from their 35% interest in HH.

The exchange agreement with One Stone is for the transfer of their remaining asset, the US based Poplar prospect, which now means in return Mpet with a market cap of c$7m and listed on Nasdaq, are clear of debt, litigation, liability and provides short term liquidity. The only asset they have of any value is the 35% interest at HH.

The closing of the exchange transaction is expected by the end of this week.

Their SEC filing dated 19th July, as follows, which suggests that Mpet's public US listing would be of interest and of value to a comapny wishing to gain access to the US money markets.

All eyes on Mpet in the coming days, to see what happens to their remaining asset HH, and who might be interested in a merger/business combination etc etc Gla holders.....BIG news coming??? ;-)





The special committee of the Board (the “Special Committee”) believes that the Exchange and the monetization of some or all of the Company’s remaining assets should allow the Company to continue to operate on a limited basis and satisfy its remaining financial obligations for a substantial period of time following the completion of the Exchange. See “Post-Exchange Business Strategy” for a description and discussion of the Company’s remaining assets immediately following the Exchange.

The Special Committee also believes that Magellan’s public platform is of potential additional value, which could be realized through a merger or similar business combination transaction with another company. Although the terms, timing, and availability of a possible post-Exchange merger or other business combination transaction are uncertain and subject to certain risks, the Special Committee believes that the Exchange may facilitate such a transaction, including by eliminating the Company’s debt, the Preferred Stock, and virtually all liabilities associated with Poplar.

The Exchange will position Magellan to focus on generating additional value for stockholders by monetizing the Company’s international assets and pursuing business combination opportunities, possibly with private companies or international parties interested in accessing the U.S. capital markets. The Special Committee believes that completing the Exchange is likely a pre-condition to the successful completion of any such business combination.



19/7/16
J. Thomas Wilson, President and CEO of the Company, commented, "We are pleased that Magellan's shareholders have approved the Exchange Agreement with One Stone, which paves the way to finalizing the strategic alternatives review process the Company is conducting. We are currently working with One Stone to obtain the remaining consents required to permit the closing of the exchange transaction, which we expect should occur toward the end of July 2016."

[moneymunch] 26/7/2016 08:17

Lol TU, funky can't see past his nose, and is driven by jealousy and envy of DL's success.....what a way to live your life!!!?? Gl ;-)