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Brazil's OSX, Bondholders Seek to Reach Debt Deal This Week - http://online.wsj.com/news/articles/SB10001424052702304434104579379443453878678?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304434104579379443453878678.html
RIO DE JANEIRO—Brazilian shipbuilding firm OSX Brasil SA, controlled by businessman Eike Batista, will try to reach agreements with its bondholders by the end of this week as it struggles to exit bankruptcy protection, a top executive said Wednesday.
OSX and advisers for its international bondholders plan to meet in New York Thursday and Friday to discuss a plan that could include a new payment schedule and give the company more time to meet a March interest payment, said Claudio Antonio da Silva Zuicker, OSX's chief financial officer and head of investor relations.
The talks will include the possibility of lowering the daily rate that OSX is charging sister company Óleo e Gás Participações SA for use of its OSX-3 floating, production, storage and offloading vessel, currently in operation at the Tubarao Martelo field. Óleo e Gás was formerly known as OGX Petróleo e Gás Participações SA, the flagship company of Mr. Batista's business empire.
OSX has $500 million in bonds outstanding and missed an $11.6 million interest payment in December. Its bonds, which are guaranteed by the OSX-3 vessel, mature in 2015 and carry a 9.25% coupon.
"We are in negotiations with our bondholders and with Óleo e Gás to create a package that will leave OSX up-to-date on its payments," Mr. Zuicker said.
OSX, which operates a shipyard under construction at the Port of Acu, in Rio de Janeiro state, filed for bankruptcy protection in 2013, shortly after Óleo e Gás sought protection from creditors holding more than $4 billion in debt.
The fall of Óleo e Gás, which failed to meet production expectations, sent shock waves across all of Mr. Batista's companies, and OSX was the hardest hit since the oil firm was basically its only customer.
Óleo e Gás bondholders also have been in discussions with OSX and OSX-3 bondholders since at least December 2013, a person familiar with the matter said, adding that those discussions are continuing as well.
OSX, which must present its restructuring plan in March, owns two other of the vessels which it is trying to sell to raise cash. The negotiations have been dragging out, but according to Mr. Zuicker talks with a possible buyer for one of them—the OSX-2—soon could become exclusive.
The executive declined to name the possible buyer.
The large vessels are registered abroad as part of the company's leasing arm, which is based in the Netherlands and weren't included in the bankruptcy-protection filling. The platforms have been targeted, however, by OSX creditors who fear they won't be paid.
In December, Spanish construction company Acciona SA won a court order preventing the sale of shares of OSX Leasing. Acciona had been hired to do construction work at an OSX site in the Acu Port and is owed 300 million reais ($123.9 million).
OSX has been trying to overturn the embargo granted by the Dutch court, Mr. Zuicker said.
—Emily Glazer in New York contributed to this article.
Write to Luciana Magalhaes at luciana.magalhaes@wsj.com
OGXPY
OGX's Tubarao Martelo field production hits 351,853 barrels in Jan 2014 - http://energy.seenews.com/news/ogxs-tubarao-martelo-field-production-hits-351-853-barrels-in-jan-2014-403989
OGXPY
http://www.newsnow.co.uk/h/?JavaScript=1&lang=&search=ogx
OGXPY - Bid keeps going up. A 'close' above .14 could really get things going here.
Im out..Too much dilution. The news hit early Friday and the stock did not move.
OGXPY - OGX Creditors to Inject $215 Million as Batista Bows Out - http://www.bloomberg.com/news/2014-02-08/ogx-creditors-to-inject-215-million-as-batista-bows-out.html
Creditors of Brazil's OGP Agree to Invest $215 Million - http://online.wsj.com/news/articles/SB10001424052702304680904579369262110393326?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304680904579369262110393326.html
Pimco-Led Group Said to Agree $200 Million OGX Deal - http://www.bloomberg.com/news/2014-02-07/pimco-led-group-said-to-agree-200-million-ogx-deal.html
At the economic limit there often is still a significant amount of unrecoverable oil left in the reservoir. It might be tempting to defer physical abandonment for an extended period of time, hoping that the oil price will go up or that new supplemental recovery techniques will be perfected. In these cases, temporary plugs will be placed downhole and locks attached to the wellhead to prevent tampering. There are thousands of "abandoned" wells throughout North America, waiting to see what the market will do before "permanent" abandonment. Often, lease provisions and governmental regulations usually require quick abandonment; liability and tax concerns also may favor abandonment.
The power of the card. When buying any stock you may purchase only 5% of the outstanding stock. This is controlled by your issued number a family member noted by tax returns, birth, work place the list is large as a collective group can only own up to 10% of a company so if one member has 5% the other members can only have a maximum of 10% of the outstanding shares of the registered shares of the company but in the case of employees that is 49% as a collective group.
With no employee owning more then 5% as well as 10% as a whole when it comes to family members of course if there is lots of company employees then that eliminates for the most part family members.
This is not always the reason that shares are not available to the public it may be that there is no shares available but what you will see is a no bid or ask situation arise until there is an ask or a bid now you may have a bid in and it not show up you know you have maxed out and must sell before you can purchase.
QGEP, OGP may announce larger-than-expected reserves in BS-4 block - report - http://energy.seenews.com/news/qgep-ogp-may-announce-larger-than-expected-reserves-in-bs-4-block-report-403330
OGpar Announces Agreement with OSX for testing in field Blue Shark - http://ogpar.riweb.com.br/Show.aspx?IdMateria=r/YesNyiNgBlZPfJj9Y9Jw==
http://thehill.com/blogs/regwatch/finance/189295-cftc-moves-to-rein-in-market-speculation
Speculation moves markets
OGP produces 11,300 bpd oil in Tubarao Martelo field in Dec 2013 - http://energy.seenews.com/news/ogp-produces-11-300-bpd-oil-in-tubarao-martelo-field-in-dec-2013-402873
February 4, 2014 14:38 CET
Print
(SeeNews) - Feb 4, 2014 - Brazilian oil and gas firm Oleo e Gas Participacoes (BVMF:OGXP3), former OGX, produced 11,300 barrels per day (bpd) of oil at its Tubarao Martelo field in December 2013.
The figures form part of the production report of Brazil's oil, gas and biofuels sector watchdog ANP released yesterday.
At present, OGP has only two producing wells in Tubarao Martelo field connected to the OSX-3 platform. Other two wells will start operation between April and May 2014.
Tubarao Martelo started to produce oil on December 5, 2013. In early January, OGP reported a total production of 333,100 barrels of oil equivalent (boe) at Tubarao Martelo for December 2013, but did not announce separately the oil and gas production volumes.
Tubarao Martelo is located in BM-C-39 and BM-C-40 blocks, in the southern part of Campos basin, at a water depth of 100-110 m. The presence of oil was first announced in November 2010.
OGXPY
eighty seven point nine million barrels and they hold only a small interest come on were are you going with this it won't even cover a portion of the debt never mind the risk one associates with drilling this stock s over priced but with such calls she is a good play never the less and that is all. She bought a little time if it can get financing but I'm sure he has had his fill of the risk in this type of work.
The debt has to be paid. The company will often buy the shares at 10% of the outstanding shares then sell them back into the market place to form a secondary market taking them off the treasury count. they can't buy secondary market shares they can reverse those secondary shares this is also true for insiders they can buy the new issue up too 10% at a time along with the company because if you think about it the company does not have funds for such purchases because the funds belong too shareholders and unless shareholders authorize the spending of there money for share purchase it is not allowed with out more capital and that is were insiders capital come in. The liability goes up and often the debt will go down.
Because the insiders are affiliated they can not own more then 49% of outstanding shares and when in default as the company is all votes are now turned over too the debt holders that is most likely the insiders but unless they reported a sale of equity they still hold 49% but what does it matter they will as well be wiped out but will end up with the company in the end so what they have done is use Joe public money for the risk end of the drilling and kept the other intact for them selves by charging cheep rent along with depreciation the offices building land is worth little due to the cost of building removal as well as any other upgrades to the land that requires demolition removal from the land to unlock the lands value for example the rendering showed the other day of a hotel proposal for the site the company owns and that means the removal of the old ship yard on the site.
Any idea which company that was ?
I started about 5 years ago & have surfed on shares that went x40(+). But unfortunately, each time I sold either too early or too late(incl. still holding with loss) with a HUGE difference.
( Amongst them (near-)bankrupcies : LVS, C, AIG, SSCC(Q).
Amongst them (others) : ASFX(dead now), HLNT & BBDA. )
Regarding this one ( OGXPY ), I stepped into this one after reading the stories about the previously ( 2012 ) 1 of the richest men on this planet & found out that the shares had already lost 95+% of their value ( couldn't go much lower unless BK ).
But I think it's very difficult ( to get a big multiplier ) with the decreasing wells + little output, the big cash needed & highly probable dilution of extra shares for this extra cash...
Hi MH. They are about due to post their oil-yielding numbers from the Tubarao Martelo site again... As far as I know they only posted their 'first' results early in January, so we might be close to a 'second' update.
And that was with only 2 pumps (or whatever they call them. LOL) running out of a possible 6-7 pumps... They might have more pumps running by now if things are going well.
Could get 'very' interesting here if the new numbers are bigger than last... That's what most are betting on here.
Great 'monthly' close on the charts and highest in many months... Big buys came through the last hour on Friday as well.
Here's a recent article about the well: http://riotimesonline.com/brazil-news/rio-daily/ogx-strike-oil-at-tubarao-martelo/#
Have a great one,
NYCrew
OGXPY
Here's to a new trading day :)
What are the potential new events coming up that could move this stock?
I am not heavily invested here but around 5 years ago there was a BK company that went from .05 to $30. This could be possible here.
This is very true. I do hope to continue to see movement higher.
Of course ( you were denied ) ! I actually brought this up BECAUSE of YOUR posts, of which quite a big portion are IRRELEVANT & should therefore have been deleted from the board by a moderator ).
i put my name in for the position i was denied
Aye, finally a RELEVANT & positive post ( again ) !!!
( This board needs a moderator... )
Have a nice weekend !
OGXPY - Looks like highest MONTHLY close since last August!
Half an hour left in trading and looking good.
Have a great one,
NYCrew
http://www.hoax-slayer.com/boeing-797-hoax.shtml
What do you think?
http://en.wikipedia.org/wiki/Samuel_Cunard
New Aircraft Boeing 797 american airlines are to receive the first one and two, three and four on order.
Let me tell you something about the mental power of sales and lets face it we are here to sell something and every thing has a price and if one owns something and has paid money for that item they are going to think it is worth more then what they paid or could be and that maybe a pump, just one more whole in the round or maybe someone else wants a crack at putting a whole down in the ground and is willing to give something to get a kick at the cat so to speak.
Now even if payroll is no longer being met, depreciation is eating up what little asset value is left along with the falling value given that asset in the open market to have that one last chance at obtaining riches below the ground people are going to think they have bought and own something that is worth more then what they bought it for and hang on.
Now lets look at the buy side there thinking the risk is very high and they are right when one takes is the capital surplus and the little left when looking at the retained earnings but as been said you have to spend money to make money but a lot of time has passed from the last out flow of money from revenue that could of dried up or still locked away or traded for something else or again all is needed is a pump and more money to pay wages that for some unknown reason is not happening but hey someone is stalling to buy cheap shares it only stands for reason but then again why can't the courts see this unless they are on the take as well and being a judge has to be a lawyer to be a judge that only stands to reason.
What has all this created a chance to make money and why because of low uncertainty with high chances things could swing into the positive but with the chance of lost being high there is opened opportunity of huge spreads as we see with penny stocks.
Speculation creates opportunity if one wants to take advantage of it and trade buy low and sell high and if you think great things are coming your way then protect your position by always buying first and selling second it is a no brainer
So come on get into the game lets rock this thing.
The power of an investment club is to have every member buy a penny stock and when a rights issue comes out the information will be shared among all members of the group.
The power of an investment club is to have every member buy a penny stock and when a rights issue comes out the information will be shared among all members of the group.
What you want to do is wait for this to be offered to you after the restructuring as was done with American Airlines shareholders of the record not offered to the general public that could be offered a much higher price then today's share price but remember they will be diluted were as the rights will not and that is were this article is wrong because there would be know way in know how that they could sell a right for more then a given share price as well the right has to be underwriten by debt or loaned shares from someone unless it is a buy signal as it was with American Airlines.
Your not in the know unless your in the game.
http://www.investopedia.com/walkthrough/corporate-finance/5/raising-capital/rights.aspx
http://www.investopedia.com/walkthrough/corporate-finance/5/raising-capital/introduction.aspx
What they want you to think is happening and what here we have taught you is the truth.
The message for the ones who want to go long and not worry about the trade and math that goes with it is find those companies that are buying up that cheap asset that has the means to use it the ones with high earnings amortization as well as intrinsic value and goodwill those are the companies buying this cheap asset and using it and are they over valued hell know not for what they paid for those cheap assets that many companies who got them selves into trouble sold cheap on the market to those individuals who could buy and use the asset.
Buy low and sell high but you got to know what your buying that is the name of the game.
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OGX
OGX Petroleo E Gas Participacoes Sa
Praia do Flamengo 154
Rio De Janeiro, RJ 22210-030
Brazil
Phone: 55-21-25555248
OGX is part of the EBX Group, an industrial group founded and under the leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in the development of new ventures in the natural resources and infrastructure sectors.
OGX is the largest Brazilian private sector oil and natural gas company in terms of offshore exploratory acreage, with concessions blocks covering approximately 7,000 km2 (1.7 million acres) acquired on the Ninth Bidding Round held by ANP.
Since its inception, in June 2007, OGX has established a leading position in the Brazilian oil and natural gas exploration and production sector by acquiring a diversified portfolio of high potential exploration blocks.
In November 2007, OGX raised U.S.$1.3 billion in an equity private placement, providing capital to purchase concession rights in the Ninth Big Round, held by ANP (Brazilian National Petroleum Agency). In this round, OGX acquired concessions rights to 21 exploratory blocks in the Campos, Santos, Espírito Santo and Pará-Maranhão basins, comprising a total area of 6.4 thousand squared km.
Planning to pursue additional growth opportunities, OGX has entered into a farm-in agreement for a 50% participating interest in an exploration block in the Santos Basin totaling 6.8 thousand squared km of offshore exploratory acreage.
In June, 2008, OGX held its Initial Public Offering (IPO) whereby approximately R$ 6.7 billion were raised in a 100% primary offer, representing the largest IPO ever in Brazil. The resources will be used to fund OGX’s exploration campaign and initial production development.
OGX has engaged DeGolyer & MacNaughton, a leading consultant in reserve certification for the oil and natural gas industry with over 70 years of experience, to prepare an appraisal report. Based on information derived from this report, its exploration blocks contain prospective resources of 20.180 billion barrels of oil and natural gas and net risked prospective resources of 4.835 billion boe.
The OGX’s net risked prospective resources are assuming a probability of exploratory success of 27%. However, the exploration team of OGX believes that the average success rate can be closer to 50%.
Brazil
Flavio Godinho, Exec. Dir.
Marcelo Adler Cheniaux, Exec. Dir.
Paulo Manuel Mendes Mendonca, COO
Marcelo Faber Torres, CFO
Bank of New York Mellon Corp.
One Wall Street
New York, NY 10286
Citibank, N.A.
388 Greenwich St.
New York, NY 10013
Pinksheets Information
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=ogxpy
Earnings link
http://ogx.infoinvest.com.br/ptb/712/Release3T09inglsvfinal.pdf
News Links
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