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Does RCPI have any convertibles?
Anyone buying more here?
Tried to call. Phone disconnected
Are you a long term holder or do you just trade this stock?
Taipan Resources sues Afren for $10 million in damages in Kenya’s Block 1
FEBRUARY 9, 2015 BY SAMUEL KAMAU MBOTE
Taipan Resources has announced that the Company’s Kenya based subsidiary Lion Petroleum Corp has commenced an arbitration action against East African Exploration (Kenya) Limited (EAX), a wholly owned subsidiary of Afren Plc.
This follows certain breaches to the Joint Operating Agreement (JOA) signed between EAX and Lion in respect of Block 1.
This Request for Arbitration is filed on behalf of Lion in accordance with Article 4 of the Rules of Arbitration of the International Chamber of Commerce (the ICC Rules).
In its Notice of Arbitration, Taipan claims that among other things, EAX, as Operator in Block 1, failed to (1) diligently pursue joint operations or meet minimum work obligations; (2) follow good and prudent petroleum industry practices followed by international petroleum industry operators under similar circumstances; (3) follow agreed contract award procedures; and (4) follow agreed accounting procedures.
Taipan is seeking not less than US$10 million as restitution for the damages it has suffered as a result of EAX’s breaches of contract.
Taipan (through “Lion”) holds a 20-per-cent working interest in Block 1 (5,497,000 acres/22,246 square kilometres) while EAX holds the remaining 80%. EAX has a two-well commitment in the current exploration period in Block 1 ending October 8, 2016.
Sylvan Odobulu has continued to buy. He has almost 5M shares now.
Maybe if you e-mail DK he can get you a free pass.
The Board only suspended the prohibition on purchasing shares during blackout periods. Still in place is the policy that prohibits employees, consultants, directors and officers of the Company from selling ERHC securities during blackout periods. Insiders will also remain subject to the company's policy and the general rules on insider trading as well as other prohibitions on directors and officers disposing of shares within certain periods after acquisition.
I believe. We will see.
Come on emdyal you know ban was only lifted on insiders buying. They can't sell and if somehow they could you would see a form 4 filed.
Shouldn't Sproule be able to come up with some estimates for our block?
How can Simba have estimates of 445.3M BOE when if I am reading this correctly they have only done the FTG survey and have not done 2D seismic yet?
Simba Energy raises $360,000 to fund exploration in Africa
FEBRUARY 5, 2015 BY SAMUEL KAMAU MBOTE
Simba Energy has announced it has completed a non-brokered private placement involving the sale of up to 15,000,000 units at a price of Cdn$0.03 per Share.
Each unit will consist of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable for a period of two years from the closing date at a price of $0.05 per share, to raise gross proceeds of up to Cdn$450,000.
Net proceeds from the Private Placement will be used towards funding and exploration commitments associated with the Company’s Production Sharing Contracts, payment of certain trade payables, and for general working capital purposes.
In its Kenyan Block 2A license Simba is preparing to acquire 300 to 400 kilometers of 2D seismic in the Mandera and Anza targeting two (the M1 and M3 prospects ) of the five prospects identified by the high resolution Gravity Gradiometry completed in August last year.
Last estimates by Sproule Worldwide Petroleum Consultants last placed Block estimates 445.3MMboe.
Wow same post almost 9 years ago????
In your opinion how do you think they should/could raise the needed funds for this year
I think I said at least 10X the current price. I would hope a lot more. Think of PN and Sylvan (30K purchase) and others who are buying here, 10X or more would be a nice return although that would not be enough for long term share holders who are in a much higher prices unless they averaged down.
The market cap shows 6.4M. Assets have to be worth much more than that. Seems like some larger company that has staying power could but the company for at least 10X that and they would still be getting a tremendous long term deal.
I thought I remembered that they said sometime back that they would drill within 12-16 months.
Let's put this to rest. I asked DK if ERHC had a London office.
His answer:
ERHC has no London office.
Example of what convertible notes can do to a stock price. Interesting read.
52 - Week Range 0.0012 - 0.450
2/5/15 - 3/26/14
DAVIE, FL--(Marketwired - Feb 4, 2015) - Vapor Group, Inc. (OTCQB: VPOR), (the "Company" or "Vapor Group"), today released a letter to shareholders from its President and CEO, Dror Svorai. In the letter, Dror Svorai addresses several concerns of shareholders that have been brought to his attention.
Dear shareholder:
As a result of requests from several of you, I am writing to give you more information on recent events affecting your Company. I will address these one-by-one as follows.
The Increase in the Authorized: This morning we filed a form 8-K with the Securities and Exchange Commission that increased our authorized common stock from 2.5 billion to 3.5 billion shares. As stated in the 8-K, the increase was approved by the Company's Board of Directors and a majority of the voting stock of the Company. But before explaining this action further, let me review events pertaining to our common stock that are the reason for the increase.
As we stated in the 8-K, and previously in the 8-K of December 4, 2014, we have had, and continue to have, several holders of convertible promissory notes convert portions of their debt into free-trading share. As noted, the Company has no control over their conversion of shares since a condition of their debt instruments is that each note holder can convert at will (in accordance with federal and state regulations).
Important, the documentation connected to the notes frequently requires that the Company authorize its transfer agent to reserve a quantity of shares that is a multiple of the total number of shares into which the note would convert at the time of its making, should the debt holder decide to convert any all or any of it after the six month regulatory holding period and should the stock price decline. Furthermore, such reservations frequently are set up such that any downturn in the stock's market price will trigger an increase in the quantity of shares reserved.
As a result of the recent downturn in our stock's market price, caused in no small part from the dilution of the sale of conversion shares by note holders, several note holders have required sizeable increases in their reserves resulting in a significant reduction in the number of authorized shares of common stock left in treasury. These treasury shares are needed, not only for their reserves, but for general business purposes, including future acquisitions that we are contemplating. In order to make sure that the Company does not default on its notes as a result of inadequate shares in treasury or in reserves, and in order to maintain adequate shares available for general business purposes, we increased the authorized common stock high enough to provide a significant cushion.
Swapping Stock for Debt: As of yesterday, primarily as a result of the large volume of shares issued from debt holder conversions, the number of shares issued and outstanding became 1,426,652,096. All of the debt conversions have resulted in a significant reduction in the Company's debt of over $1,500,000. We expect that such conversions will extend into early April and continue to reduce our debt even further.
Why so many conversions? The reality is most of the financing available to small startup public companies is from lenders who use a business model that lets them hedge the risk of loss of their loan's principal and its profit by methodically converting portions of their loan as soon as permissible. If the Company to whom they have lent the money has adequate stock trading volume, the lender will try to take advantage of that volume by converting debt and selling the resultant shares into the market. With the right company as a debtor, not only can they get repaid their note ahead of maturity, but actually can earn a significant profit over and above the return of the debt instrument itself. To protect their interests, such lenders will also limit, subject to their approval and significant penalty fees, the right of the borrower to prepay any of the note before maturity -- meaning that they have adequate time to convert debt and earn additional profit even when the company notifies them that it wants to pay down or pay off the loan.
To this point, since the first of the year, Vapor Group has attempted to pay down several convertible promissory notes, only to be told "No." by the note holders.
Ending Our Cycle of Debt Financing: As stated, based on the strength of our cash position, we have tried to pay down several convertible promissory notes to avoid their conversion into stock. And we will continue to do so. The recent, rapid returns of our new subsidiary, VGR Media, Inc., will help us pay down about $200,000 in debt this month. As I have said before, we believe that by late in the first quarter or latest, early second quarter, we will have reduced our debt burden by 90% or will have completely eliminated it. As a result of the Company's growth, going forward we believe that we can cease the use of convertible debt financing to fund our operations and expansion.
Reverse Split: Even though there are now almost 1.5 billion shares outstanding, our Board of Directors, for at least the period ending March 31, 2015, and most likely also for the period ending June 30, 2015, will not authorize any reverse split of our common shares. The matter of the quantity of shares issued and outstanding remains a concern to all of us; however, until we have either eliminated or significantly reduced the amount of debt on our balance sheet, which will limit the risk of debt holder conversions driving down the market price of the stock after the reverse, we won't consider any reverse split.
Is your EZ portfolio still GSS and ABIO. Has it been updated since 1/3/2015
Is this a joke or is this the actual building?
Lee and Bruce Costard have not sold any significant number of shares in a few years. The volume on this stock has been almost non existent for a long time. So if as you claim P&D who is dumping. Check the form 4's.
Read the latest 10Q. The business plan in outlined in it. I already know what you are going to say "they have been trying to raise money for the project for 2 years, they won't be able to do it now".
Think about this. Why would they spend the money to become current (costs a lot) and update the web site (under construction) and why would Lee Costard purchase 3M shares @ .01 if something wasn't up.
WOLV is now listed as current on OTC with all warnings removed. Still shows Pink sheets. But I think that should change to Nasdaq soon.
http://www.otcmarkets.com/stock/WOLV/profile
Could you please update us on your EZ portfolio. Are you still just holding GSS and ABIO. That's what shows in link.
Afren receives $300 million debt facility
FEBRUARY 2, 2015 BY SAMUEL KAMAU MBOTE
Afren plc has provided an update regarding the review of its capital structure, liquidity and funding requirements as announced on 27th January as the business seeks to address how it manages the overall leverage position of the Company.
Further to its previous announcements, Afren has obtained from the lenders of the US$300m Ebok debt facility a deferral of the US$50m amortisation payment due on 31 January 2015 until 27 February 2015.
In addition, the Board has decided to utilize a 30 day grace period under its 2016 bonds with respect to US$15m of interest due on 1 February 2015 while the review of the capital structure and funding alternatives is completed.
Afren adds that it is continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business.
Further the Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalizing the Company.
The Company had a cash balance of approximately US$235 million at 31 December 2014 with the liquidity available to the Company being significantly lower as a result of restricted and segregated cash balances in place to address operational requirements.
Afren has operations in 11 countries across Africa and the Middle East including Kenya, Tanzania, Seychelles, Ethiopia and Madagascar in East Africa.
Afren receives $300 million debt facility
FEBRUARY 2, 2015 BY SAMUEL KAMAU MBOTE
Afren plc has provided an update regarding the review of its capital structure, liquidity and funding requirements as announced on 27th January as the business seeks to address how it manages the overall leverage position of the Company.
Further to its previous announcements, Afren has obtained from the lenders of the US$300m Ebok debt facility a deferral of the US$50m amortisation payment due on 31 January 2015 until 27 February 2015.
In addition, the Board has decided to utilize a 30 day grace period under its 2016 bonds with respect to US$15m of interest due on 1 February 2015 while the review of the capital structure and funding alternatives is completed.
Afren adds that it is continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business.
Further the Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalizing the Company.
The Company had a cash balance of approximately US$235 million at 31 December 2014 with the liquidity available to the Company being significantly lower as a result of restricted and segregated cash balances in place to address operational requirements.
Afren has operations in 11 countries across Africa and the Middle East including Kenya, Tanzania, Seychelles, Ethiopia and Madagascar in East Africa.
When was this article written. I know it's dated today but "massive reversal"?
ERHE has made a massive reversal off $0.007 after years of steady decline. The stock is quickly gaining a rapidly growing shareholder base that swears this one is going way higher.
it was and is impossible to convince everyone of what consequences this was likely to have no matter how much evidence there is.
I guess you couldn't even convince yourself as you also bought shares.
No learn how to trade. Keep a core position. Buy more when the stock Is down and take some profit when the stock moves up.
The entities are listed in the 10Q. The same entities issue the convertible notes to many other companies. That's their business.
Did I complain him on those even he exhausted all 40M gain on selling some of JDZ interests?
Huh? are you speaking English?
Sometimes it's hard to get filled with an AON.
No reason to miss it. Just put GTC order in to sell at .03
It may not move back to .10 soon but you saw a couple of weeks ago how fast it moved to .04 (someone bought 700K @ .04). So a buy at these prices could be a least a possible double or triple with very little news. Of course also could go lower with no news and more dilution.
As Clint Eastwood would say "Are you feeling lucky today?"
Bury your head in the sand about some of the positives.
Upcoming drilling in Kenya
Possible partners in Chad and EEZ
Insiders buying
Possible other means of financing other than convertible notes
Are you still waiting for .03 to sell?
Assuming the first well finds oil and more wells need to be drilled to prove up the field (like Africa oil and tullow are doing) how can ERHC raise funds for their portion of the additional wells. Do you think it will be easier to raise funds if the first well finds oil or do you think they will just sell the Keyna asset at that point.
It doesn't appear the the EZ portfolio has been updated in awhile. It still lists ABIO @ 1.04 and GSS @ .22.