Uk Oil & Gas Share Discussion Threads

[funkmasterp12] 02/8/2016 18:16

And wrong about the placing, wrong about the effect of the EY report, wrong about the cash position....

[funkmasterp12] 02/8/2016 18:14

The other fact is neither UKOG or SS have ever named MPET or stated any intention to acquire any of their share. It seems at this stage to be pure fantasy made up by holders desperate for you to buy to mitigate their losses.

[beebong1] 02/8/2016 18:14

Not bad. Wrong about Kimmeridge OIP upgrade. Wrong about extinct PEDL's 231 and 243 and no doubt wrong about MPET. We shall indeed see.

FunkmasterP12
I'll bet "closed periods" or "his wife won't let him" applies to loads of others as well.
Normally you would get contractors taking payment in shares as well.

[moneymunch] 02/8/2016 18:13

It wasn't my question funky you numptie!!! I was answering bistables question directed at me.......gla holders...
All eyes on Mpet. :-

[funkmasterp12] 02/8/2016 18:13

Bury it? No chance.As a "basher", I WANT UKOG to buy MPET!! It would prove everything I've been saying!As someone looking at the business, I could not see in a million years what sense it would currently make.

[moneymunch] 02/8/2016 18:10

Ps just in case anyone missed it before the basher's decided to trash the thread.....maybe in their attempt to bury it....gla :-)


agellan Completes Strategic Exchange Transaction

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DENVER, CO -- (Marketwired) -- 08/02/16 -- Magellan Petroleum Corporation (NASDAQ: MPET) ("Magellan") today announced that on August 1, 2016, the Company completed the exchange and the other transactions contemplated by the Exchange Agreement dated as of March 31, 2016, between Magellan and One Stone Holdings II LP ("One Stone").

J. Thomas Wilson, President and CEO of the Company, commented, "Following the approval of this transaction by our shareholders earlier in July, we are pleased to complete this transaction, which, we believe, was necessary to successfully execute our strategic alternatives review process."

16th June 2016

The Exchange will position Magellan to focus on generating additional value for stockholders by monetizing the Companys 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.

[funkmasterp12] 02/8/2016 18:08

How is this reasoned??!"the question is......has Ukog's share price been allowed to slide and held back intentionally???"It's nonsense!!!

[funkmasterp12] 02/8/2016 18:04

And another thing, why hasn't a director purchased any shares in the last 12 months, if this is all so great? Not even a minor purchase.No doubt I'll get the usual nonsense about "closed periods" or "his wife won't let him". That doesn't wash.

[moneymunch] 02/8/2016 18:00

and this was my reply on the subject.....gla holders ;-)


Mpet

Not too sure why bistable2, the drop in share price could purely be down to market sentiment as any real action ( as far as the market is concerned ) isn't likely to happen until next year until planning/permit approvals are in place and the 90 day production flowtests get underway etc.....although considering the stunning free flow from HH and the potential and prospects ahead ....Ukog are ridiculously undervalued at the moment and provides a great opportunity to accumulate shares imho..... the question is......has Ukog's share price been allowed to slide and held back intentionally??? If related to Mpet, i can only think that a low share price at Ukog and the other HH players, decreases the market value of Mpet's 35% HH interest, which may also be impacted now that the EWT isn't going to happen until next year......Ukog also appeared to down play the potential of the Kimmeridge Limestones when they released the reserves upgrade on the Portland, i'm sure they could have given more detail and made more of it if they had wanted to, but they didn't.????

Pure speculation and so watch this space. If Ukog wants all or some of Mpet's 35% , then they could be playing a blinder. gl ;-)

[beebong1] 02/8/2016 17:59

and this one really takes the biscuit. Only one person could have posted this!!

"Not too sure why bistable2, the drop in share price could purely be down to market sentiment as any real action ( as far as the market is concerned ) isn't likely to happen until next year until planning/permit approvals are in place and the 90 day production flowtests get underway etc.....although considering the stunning free flow from HH and the potential and prospects ahea, ....Ukog are ridiculously undervalued at the moment and provides a great opportunity to accumulate shares imho..... the question is......has Ukog's share price been allowed to slide and held back intentionally??? If related to Mpet, i can only think that a low share price at Ukog and the other HH players, decreases the market value of Mpet's 35% HH interest, which may also be impacted now that the EWT isn't going to happen until next year......Ukog also appeared to down play the potential of the Kimmeridge Limestones when they released the reserves upgrade on the Portland, i'm sure they could have given more detail and made more of it if they had wanted to, but they didn't.????

Pure speculation and so watch this space. If Ukog wants all or some of Mpet's 35% , then they could be playing a blinder. gl ;-)

Pure speculation"



How many times have you said we are still waiting for the Kimmeridge OIP upgrade? Now you come out with "Ukog also appeared to down play the potential of the Kimmeridge Limestones when they released the reserves upgrade on the Portland". Are you real?
What muppet would allow a share price to slide intentionally?
What an absolute load of tosh IMO. You have really lost the plot. I feel sorry for those that base their financial decision making on your posts.

[beebong1] 02/8/2016 17:41

Baroness Neville-Rolfe DBE CMG

Biography
Baroness Neville-Rolfe DBE CMG was appointed Minister of State at the Department for Business, Energy and Industrial Strategy on 17 July 2016.

Education
Lucy was convent educated and studied philosophy, politics and economics (PPE) at Somerville College Oxford. She is also a Fellow of the Institute of Chartered Secretaries.

Political career
She joined the House of Lords as a Conservative Peer in October 2013 and served as Parliamentary Under Secretary of State at the Department for Business, Innovation and Skills and Minister for Intellectual Property from July 2014 until July 2016. From May 2015 she was also Parliamentary Under Secretary of State at the Department for Culture, Media and Sport.

Career outside politics
Lucy worked at Tesco Plc from 1997 to 2013 and was an executive director on the main Board from 2006.

She has also served on the boards of ITV, PwC and Metro AG and the China Britain Business Council and was Chairman of Dobbies Garden Centres Plc. She was also President of EuroCommerce, the EU trade association, between 2012 and 2014.

Until 1997 she was a senior civil servant in the Cabinet Office, the Prime Minister’s Policy Unit and the Ministry of Agriculture, Fisheries and Food.

She was awarded her CMG for her time on the FCO Board and her DBE for services to industry and the voluntary sector.

Personal life
Lucy is married with 4 sons.

Minister of State for Energy and Intellectual Property
The minister is responsible for:

energy (with the Minister for Industry and Energy)
nuclear
oil and gas, including shale gas
low carbon generation
security of supply
electricity and gas wholesale markets and networks
energy efficiency and heat, including fuel poverty
smart meters and smart systems
international energy
energy security, including resilience and emergency planning
intellectual property
EU single market
Lords lead on all BEIS issues
More about this role
Department for Business, Energy & Industrial Strategy and Intellectual Property Office
Previous roles in government
Parliamentary Under Secretary of State and Minister for Intellectual Property
2015 to 2016
Parliamentary Under Secretary of State for Business, Innovation and Skills and Minister for Intellectual Property
2014 to 2015

www.energyvoice.com/oilandgas/96392/oil-and-gas-firms-assigned-ministerial-buddies-in-bid-to-improve-access/
"Other firms teamed up with ministers include fracking and new North Sea entrant Ineos, which also owns the Grangemouth refinery. The group is linked to Baroness Neville-Rolfe, junior minister at the Department for Business Innovation and Skills (Bis)."

No doubt having working at Tesco's it will benefit UKOG in some way or another ;o)

[beebong1] 02/8/2016 17:18

Even worse were these two IMO as only about 2.5bn is issue when the recent ones make it into the pot:

luckypuss
Posts: 227
Off Topic
Opinion: No Opinion
Price: 1.275
vernonyMon 16:33Two or three weeks ago, can't remember exactly I mentioned that consolidation could take place but found in poster's replies that this was not expected. Have I missed something as you mention consolidation? I remember also recommending that LTH have shares in multiples of tens for example so if there was consolidation, they would hopefully not lose a few shares. Do you think there could now be a consolidation? I thought it would be acceptable to lift the shares price into an area where investors might be more interested.Vernony
Posts: 1,828
Off Topic
Opinion: No Opinion
Price: 1.275
What is wrong ?Mon 16:18Well Investments Managers expect their Fund Managers to turn in a profit, prefereably at least monthly, and they are certainly not going to tie in funds which may make a profit in a couple of years, but in the meantime were subject to fluctuations. If they simply stuffed £5m, into a bank they could probably do better than that. In the current state of play, this leaves this share open to Market Skimmers and they are in and out like a yoyo . The solid money will not come in here until there is definate news and if we do not see a reasonable rise in the share price before that, then it would probably lead to a consolidation of the shares. If you believe in this stay, but IMO one would need at least 50,000 to survive a consolidation i.e. 25 - 1 (but it could be any figure) So to my way of thinking you need at least 100,000, so you are not sitting on the edge of your chair for the next year, or so !

[funkmasterp12] 02/8/2016 16:52

LSE is depressing. I've just seen this comment:

"However I am reviewing the logic proposed on this BB that UKOG's low share price is to encourage sellers such as MPET to accept shares in part payment for their assets."

REALLY?

Does this not person not understand the basics of what they're doing? A company's valuation isn't and cannot be deliberately depressed! The share price isn't going up because not enough shares are being purchased - it's really that simple.

I would wager the reason UKOG have used shares to make the previous acquisitions is a) they couldn't afford the free cash and b) the shares could be flipped. Note that neither RNS had any reference to the holders being subject to lock-ins.

Nice work if you can get it. Terrible for private investors.

And we've covered MPET enough before - buying their share would be awful for current holders, I still cannot fathom for the life of me work out why people want it. That is of course if they've thought properly about it and not just thought "Great! More of Horse Hill for us!". Because that would be very silly.

Oh, wait..

[moneymunch] 02/8/2016 16:10

Lol Mpet are on the market you desperate numptie, merger, business combination etc etc, they're now debt free with no liabilities with the transfer exchange complete and the sale of Pedl234 and their Australian asset relieved their short term liquidity problem. Apart from their public listing the only other near term saleable asset is their 35% interest at HH. Gla holders it should be very interesting to see what transpires at Mpet and could be highly significant to proceedings. :-)

[moneymunch] 02/8/2016 16:10

Ps watch this space...gl :-)

[beebong1] 02/8/2016 15:55

But nothing since then and the One Stone deal done.
13th June
"J. Thomas Wilson, President and CEO of the Company, commented, "These transactions represent another important step in the strategic alternatives review process the Company is conducting. Considering that PEDL234 is due to expire at the end of June 2016, we are pleased to have been able to monetize this asset. Moreover, by resolving the dispute with Celtique and following the Exchange Agreement with One Stone, Magellan should be a debt-free and litigation-free company, which we believe are important factors in our ability to attract valuable partners, with which we may enter into a business combination transaction. The proceeds from this transaction will also contribute to satisfy the Company's short term liquidity needs and supplement the cash balance the Company is building from the monetization of its international assets. The Company continues to hold its 35% interest in the Horse-Hill-1 well.""

The Company continues to hold its 35% interest in the Horse-Hill-1 well
The Company continues to hold its 35% interest in the Horse-Hill-1 well
The Company continues to hold its 35% interest in the Horse-Hill-1 well

Not "The Company intends to sell its 35% interest in the Horse-Hill-1 well"

[moneymunch] 02/8/2016 15:45

Try this one you desperate numptie, from their SEC filing 6th June 2016. Gla holders...it should be very interesting to see what transpires next with Mpet, their short term liquidity is sorted, but still need more cash and are open to a business combination etc with a third party, which can now started with the transfer exchange with One Stone completed. :-)


The dramatic decline in worldwide oil prices beginning in mid-2014 has had a variety of adverse effects on the Company, including by reducing revenues from Poplar’s shallow conventional wells. The reduction in Poplar’s revenues has caused liquidity constraints for the Company that the Exchange is intended, in part, to address. See “Background of the Exchange” for further details. In particular, the transfer of the West Texas State Bank loan and other liabilities associated with Poplar in the Exchange will substantially strengthen the Company’s balance sheet and is expected to improve future liquidity. 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.

[beebong1] 02/8/2016 15:32

SEC filing from Magellan
"Item 1.02
Termination of a Material Definitive Agreement.
On August 1, 2016, Magellan Petroleum Corporation, a Delaware corporation (“MagellanR21; or the “Company”;), closed the transactions contemplated by the previously announced Exchange Agreement dated March 31, 2016 (the “Exchange Agreement”), with One Stone Holdings II LP, a Delaware limited partnership (“One Stone”).
In connection with the closing of the Exchange (as defined below), on August 1, 2016, (i) that certain Amended and Restated Unlimited Guaranty dated June 30, 2015 (the “Guaranty̶1;), pursuant to which Magellan had guaranteed, among other things, the obligations of Poplar under that certain Restated Loan Agreement dated June 30, 2015 (the “Loan Agreement”), between West Texas State Bank (“WTSB”) and Poplar, was terminated; (ii) that certain Pledge Agreement, effective as of September 17, 2014 (the “Pledge”), pursuant to which Magellan pledged the Poplar Membership Interests to WTSB to secure the payment and performance of the obligations of WTSB under the Loan Agreement, was terminated; and (iii) WTSB fully released and discharged Magellan from its obligations under the Loan Agreement, the Guaranty and the Pledge.
Item 2.01
Completion of Acquisition or Disposition of Assets.
Exchange Agreement
On August 1, 2016, pursuant to the Exchange Agreement, One Stone transferred to the Company 100% of the outstanding shares of Magellan Series A convertible preferred stock, par value $0.01 per share (the “Preferred Stock”), in consideration for the assignment to and assumption by One Stone of 100% of the outstanding membership interests (the “Poplar Membership Interests”) in Nautilus Poplar LLC (“Poplar”;), a Montana limited liability company and wholly owned subsidiary of the Company, and 51% of the outstanding common units in Utah CO2 LLC, a Delaware limited liability company and majority-owned subsidiary of the Company (“Utah CO2”), as adjusted by the Cash Amount (as defined in the Exchange Agreement) (collectively, the “Exchange̶1;).
Upon the closing of the Exchange, One Stone (i) paid the Company $900,000 in respect of the Cash Amount and certain property and other taxes related to Poplar and Utah CO2, and (ii) assumed all assets and virtually all liabilities related to Poplar. The transfer, sale or exchange of securities in the Exchange is exempt from registration as a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder, among other exemptions.
In accordance with Article 11 of Regulation S-X, the Company is providing as Exhibit 99.1 hereto the unaudited pro forma condensed consolidated balance sheet of Magellan as of March 31, 2016, and the unaudited pro forma condensed consolidated statement of operations of Magellan for the nine months ended March 31, 2016, and for the years ended June 30, 2015 and 2014, all of which reflect the Exchange.
Secured Promissory Note and Pledge Agreement
In connection with the closing of the Exchange, on August 1, 2016, (i) the Secured Promissory Note dated April 15, 2016, between Magellan and One Stone (the “Note”), pursuant to which One Stone made a $625,000 loan to Magellan to pay certain transaction costs and outstanding accounts payable, was deemed to be paid in full as a portion of the exchange consideration, and no amounts under the Note were, nor will be required to be, repaid by the Company, and (ii) the Pledge Agreement dated April 15, 2016, between Magellan and One Stone, pursuant to which Magellan pledged, assigned and granted to One Stone a security interest in certain assets of Magellan (as collateral for the loan), was terminated in accordance with its terms."

No mention anywhere in today's or any recent press release of "generating additional value for stockholders by monetizing the Companys international assets".

[beebong1] 02/8/2016 15:16

This bit been made up from a document filed in April and is not from the official release today so I put no faith in the accuracy of it's content. Looks like someone's opinion to me.

"The Exchange will position Magellan to focus on generating additional value for stockholders by monetizing the Companys 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] 02/8/2016 14:36

The Exchange will position Magellan to focus on generating additional value for stockholders by monetizing the Companys 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] 02/8/2016 14:31

Magellan Completes Strategic Exchange Transaction

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DENVER, CO -- (Marketwired) -- 08/02/16 -- Magellan Petroleum Corporation (NASDAQ: MPET) ("Magellan") today announced that on August 1, 2016, the Company completed the exchange and the other transactions contemplated by the Exchange Agreement dated as of March 31, 2016, between Magellan and One Stone Holdings II LP ("One Stone").

J. Thomas Wilson, President and CEO of the Company, commented, "Following the approval of this transaction by our shareholders earlier in July, we are pleased to complete this transaction, which, we believe, was necessary to successfully execute our strategic alternatives review process."

[daveperry] 02/8/2016 00:25

DL Tweeting April video.

[temmujin] 01/8/2016 21:50

told you about AST...10 bagger by friday...trust me

[moneymunch] 01/8/2016 20:18

A new and exciting chapter for UK Plc, with every chance that the billion barrel potential of the Weald Oil Basin will figure highly in securing the UK's future energy supply. Gla holders ;-)

Following the creation of the new Department for Business, Energy and Industrial Strategy (BEIS) and the appointment of Rt Hon Greg Clark MP as Secretary of State, the full list of ministerial responsibilities within the department has now been confirmed.

The new ministerial portfolios reflect the key priorities for the department to develop a comprehensive industrial strategy; continuing to ensure the UK remains at the cutting-edge of science, research and innovation; tackling climate change; and ensuring affordable, clean and secure energy supply for the UK.