dat_51or, no clues or hints towards ERHC at the AGM as far as I could read although the door seems to be open for a buyout/buyin according to some.Although I hope it comes to some kind of merger.
Myself I couldn't attend but some on the EEL board posted a summary.
#31713
suspension extension...read between the lines of 24 Dec (PR words). Awaiting farm out.
#31719
om....bw payment "still in negotiations".
On another matter, related to Cityview.....EEL expects $20m payment towards end of Jan 09 for a deal involving an oil refinery.
#31741
matt19....so, so to be frank. at least we're into extra time so that's a positive.
"shortly" has been mentioned, as has "imminently" too. But the future doesn't depend on one single aspect: the farm outs are critical, as is the $20m from the oil refinery expected at the end of January. Then there's the immediate short term capital announced on Xmas eve (funded by Royal Bank of Canada IIRC).
Rig is confirmed for 323 and 321 but not showing on web site for reasons of negotiation & Nigerian scrutiny. Will drill two wells this coming financial year, and two the next, in the order of 323, then 321, then 323 and then 321.
More to come.....
#31755
Mogs...farmouts have been mentioned...that's the "imminent" quote & as has been reported here previously- awaiting baba go slow sign off (only).
Markets updates have been written for release but sit on PR's desk because he can't get written approval from the party connected with it. Used eg of release confirming Nigerian contentment with being 'almost there' with BG farm out....had verbal approval from Nigerian minister but couldn't et it in writing.
Equally, and again as advised here previously by those far more knowledgeable than me, Peak use news releases to allege EEL is destroying their business...hence nothing more publicly is said on that matter.
#31758
yes soup, correct, but Luqman is a busy man. Phil Dimmock knows him "but so do a billion other people too". (response to soupdragon55 #31757 : Nigerian farm outs only have to be signed by the Energy minister, that was the President until recently, so now its up to Lukman to sign them.)
#31759
ingalls relationship remains excellent but credit crunch is inevitably making funding more difficult.
The farmout with BG is still awaiting the presidential signature but the problems between the Koreans and the Indians have delayed matters.
yes, that's my understanding from today's meeting too, no deadline and so open ended extension
Just got back, on the up has posted most bits so far.
Don't know if he mentioned this but PR has been told that the KNOC/ONCG question should be resolved "soon"......reading between the lines by end of Jan 09, that's how i read it. EEL happy to work with either party.
PR ssems to want longterm value for shareholders not quick easy solutions.
As for selling licences at cost, that can be avoided by selling the company holding the licences, although not an ideal solution as this practice is not encouraged.
Was interesting to note PR mentioned that the backers of VOG (not Foo) had shown some sort of interest.
The $20m from the CityView transaction is a deal where by CityView acquire an oil refinery on a sale and leaseback and the vendor injects the cash into EEL in the form of debt. No indication of equity price given.
EEZ - Possilble delination in early 2009. Potential farmins have been discussed, but very early stages. $15m-$20m maybe raised from sale of sesmic.
Once OPL 321 and 323 farmouts complete, then debt can be converted to equity.
2009 funding requirements - $15m with farmouts complete $100m without farmouts.
Tamtam
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