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CURTIS PAUL 02 Aug 2015

Re: RNS, Administration 'today's FT...... among other gems: "operating subsidiaries in Nigeria are unaffected by the parent company's collapse."'This may be critical for BH's but now irrevelant for SH'sIf subs avoid admin they MAY be able to avoid forfeiting licences, allowing sale to likes of Fosun or Seplat albeit at knock down price. Might salvage a few quid for BH's.According to ST Afren need additional $120m on top of additional $130m previously agreed.

The Millipede 02 Aug 2015

Re: RNS, Administration No fraud is not irrelevant although even if any is uncovered I doubt shareholders can see any compensation. The money simply is not there. More in today's FT...... among other gems: "operating subsidiaries in Nigeria are unaffected by the parent company's collapse."

josmith70 01 Aug 2015

Daniel Levi and Tom Winnifrith, two vitriolic bloggers well-known in small-cap circles [link]

josmith70 01 Aug 2015

#BMD, Daniel Levi and Tom Winnifrith, two vitriolic bloggers well-known in small-cap circles [link]

josmith70 01 Aug 2015

#BMD, Daniel Levi and Tom Winnifrith, two vitriolic bloggers well-known in small-cap circles [link]

josmith70 01 Aug 2015

#BMD, Daniel Levi and Tom Winnifrith, two vitriolic bloggers well-known in small-cap circles [link]

5 Iron 01 Aug 2015

Re: RNS, Administration OK I accept the investment risk but debt is one thing, fraud is another. Many have spoken of fraud leading to where we are. Is that now irrelevant in the scheme of things?

CURTIS PAUL 01 Aug 2015

Re: RNS, Administration We are all getting rolled over by the debt. I'm a bondholder and there is debt ahead of me. In a bear market where cash is king, companies are valued at a fraction of their true worth. If you are behind in the capital hierarchy you only get the leftovers if there are any. This is the bottom line. I will be lucky if I don't get wiped out but that's life in the real world. I invested knowing the risks (debt ahead of me) so won't be complaining. I agree you longer term investors have genuine greviances re past incompetence and corruption but sadly this is the risk we take

The Millipede 01 Aug 2015

Re: RNS, Administration But 5 Iron, You knew about the debt when you invested and you knew the risks. Administration is simply the consequence of those risks not playing out to shareholders' advantage and is why focussing solely on the asset value, to the exclusion of all other matters, is a mistake.The question of what might happen in the future to the assets is largely irrelevant to current shareholders. Just as someone who can not pay their mortgage and has their house reposessed can not complain that someone else buys it from the bank and moves in. The house could be worth a fortune but it does not help the person who took out too much debt to live in it.HTH

5 Iron 31 Jul 2015

Re: RNS, Administration So when we see Atrush and Barda Rash is all part of the mega field and actually things were better than they recently thought and pumping 100,000bpd next year not to mention cranking up Nigeria to 100kbpd all run by same management, there is nothing we can do but sit back and accept we were just defenceless pawns in a game of pass the parcel of money from the PI to the sharks. Repeat cycle on next target and nobody does a thing about it.

CURTIS PAUL 31 Jul 2015

Re: RNS, Administration Afren say actual reserves roughly as before, this is a cash flow glitch from operational delays and poo.That Bondholders won't cough up more to protect their existing bonds from Administration proves the point I have been spouting for month. Clearly, in the real (ie commercial) world, the actual value of the assets was WAY BELOW the debt. Bonds were worth way less than 100c (and now could be near worthless in Administration) and equity worthless and has been for many months.

memm21 31 Jul 2015

Re: RNS, Administration 5 iron No is the answer i am afraid to say There will also be a good number of bondholders who walk away with a smacked ar"e alsoPreferred holders will take it all Thankfully clear of this but a shocking result for those brave/foolish enough to hold on.

5 Iron 31 Jul 2015

Re: RNS, Administration When these things get winded up will there be anything left for the shareholders whatsoever?

rollthediceagain 31 Jul 2015

Re: RNS, Administration It was flagged up well before 10p levels so suppose most who lost out at the end were those trading for a quick buck and those who believed in tooth fairies and miracles.Question now is who will be next if low oil prices persist and as hedging deals expire? GKP must be a candidate given debt, regional & payment issues.

HOWRAH 31 Jul 2015

Re: RNS, Administration This was flagged up at 10p and you were warned by several posters including myself.We have seen this as standard procedure. .As shareholders if you were still holding the game is over .Put it down to experience and move on to trade more carefully.Good luck.

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