Mayflower27
29 Mar 2015
Re: BOIL Certainly a vastly improved cash position which will partly be used for the forthcoming onshore drilling campaign. Lets hope for some good results!.
ON50
26 Mar 2015
LSE - RNS - 23/3/2015 Baron Oil plc ("Baron Oil" or "the company"
Company update Baron Oil announces an update following the sudden death of our Chairman and CEO Mr Rudolph Berends in early January 2015. Personnel and Board Mr Bill Colvin has agreed to formally take over as Chairman and CEO of the company on a permanent basis. Mr Colvin has been carrying out these roles on an interim basis since early January. Mr Colvin will receive a salary package totalling £170,000 per annum and has today been granted 35,172,141 options to subscribe for ordinary shares in the Company at an exercise price of 1.45p per share exercisable at any time from the date of grant to 23 March 2018. Further additions will be made to the Board of Directors in due course. Currently the Board consists of Mr Colvin and Mr Camilo Merendoni. Current cash position The cash balances currently held by the company are as follows: Sterling £800,000, US dollars $6.6million, (not including the $3.6million held in escrow cash for Block Z-34 work guarantee), in addition US dollars $3.1million are receivable from Vale and Union Oil ("UOGG" for the residual farm-out activity in Peru on Blocks XXI and Z-34. The company anticipate this cash will be received later this year. Operations Colombia NBM field (net 29.5% interest) - Production has been flowing from only one well in the Nancy field. The other wells in the Burdine field were shut-in as the operating costs were running in excess of $100 per barrel in Burdine. Current production levels are around 400 barrels per day from the Nancy well. The NBM operating licence expires later this year. The company has a 50% investment in the field owning company Invepetrol after selling 50% to a local Colombian company CI Fuels. Discussions continue with Ecopetrol on the field extension. However the commercial terms on this field production must improve to make this field economic for any third party to operate past the licence expiry date in October 2015. Peru Block Z-34 (20% carried interest) - This block remains in a Force Majeure situation awaiting a suitable drilling vessel. The adjoining Block Z-38 operated by Karoon Gas also remains in Force Majeure. In addition UOGG continues to work towards becoming a registered oil and gas company in Peru. We anticipate they will become registered in the first half of this year and this releases the balance of the Z-34 farm-out cash to us of US$2million. Block XXI (100% interest) - We still await formal EIA approval from the Government so we can begin seismic acquisition work on this block. However we continue to have active and fruitful discussions with a seismic contractor around the design and scope of the onshore acquisition, processing and interpretation programme. This activity will be focused around the Minchales well in the southern area of the Block which logged oil and gas shows when it was drilled 60 years ago. The company will provide updates on these assets as appropriate. Bill Colvin Chairman/CEO commented: "We all miss Rudolph but we will continue to build on the great work he did both in farming-out Block Z-34 and generating significant amounts of cash for investment in the Latin American exploration sector, a sector that he believed in passionately. Progress in our exploration efforts in Peru has been slower than we would all have liked but we are using the extra time to analyse our existing data and acreage to design the most cost effective seismic programme. I want to preserve our scarce cash resources as much as possible as I believe the company will have several potential investment opportunities available to it in the current lower commodity price environment."
ON50
25 Mar 2015
Good News - Check LSE RNS Baron Oil says Bill Colvin has agreed to take over as chairman and chief executive on a permanent basis.Colvin has been carrying out these roles on an interim basis since the sudden death of Rudolph Berends in early January.Colvin will receive a salary package totalling £170,000 per annum and has been granted 35,172,141 options to subscribe for ordinary shares at an exercise price of 1.45p per share. These are exercisable at any time from the date of grant to 23 March 2018. Baron Oil says further additions will be made to the board of directors in due course. Currently the board consists of Colvin and Camilo Merendoni.There is an update with the RNS - Best to all !!!
Mayflower27
10 Mar 2015
Re: BOIL Anyway the EIS license is due in March and then they can drill 3 wells at 100% interest as stated and all fully funded in a live petroleum system confirmed with oil/ gas shows on existing data. Fully funded to drill offshore wells carried through farmout with Union P50 2.2bn barrels. Cash position $10m+ so perhaps it's worth holding these?.
Mayflower27
10 Mar 2015
Re: Stock Overhang not really as the new ceo also purchased a few at 1.7p
loki666
10 Mar 2015
Re: Stock Overhang You often find with these small Aim companies that Directors make a token gesture of buying shares, using a small part of their earnings from the company to encourage Private shareholders to invest.I think you would agree there's a huge difference in the number of shares he picked up at 0.075p and the relatively small number he picked up at the higher price.Anyway now that he has passed away, isn't it likely that they will be sold.
Mayflower27
03 Mar 2015
Re: BOIL He also acquired stock in the 1.45p placing more recently purchased £37k's worth at 1.85p along with new interim CEO at purchase price of 1.7p.
loki666
02 Mar 2015
Re: Stock Overhang Details of RB Shareholdings taken from BOIL websiteThe Company has raised £2.085m, before expenses, by way of a placing of 278,000,000 new Ordinary Shares (“Placing Shares” at a subscription price of 0.75 pence per Placing Share (“the Placing”;Rudolph Berends, a director of the Company will subscribe for 36,333,335 new Ordinary Shares in the Placing.Further to the announcement of 24 January 2013, the non-executive directors of Gold Oil yesterday approved the grant to Rudolph Berends, a director of the Company, of options to subscribe for 22,000,000 new ordinary shares of 0.025 pence each in the Company (“Ordinary Shares”, with an exercise price of 0.75 pence per Ordinary Share
loki666
02 Mar 2015
Re: Stock Overhang I seem to remember he picked up the vast majority of his stock at a price of 0.7p a substantial discount to the price that most shareholders purchased pre-suspension.
Mayflower27
28 Feb 2015
Re: BOIL onshore block license expected end of Feb/ early March as outlined in last RNS. once they get that they can drill scheduled two-three wells fully funded at 100% interest. indepedently confirmed oil and gas shows from previous data in the south part of the block. well costs $1.5m each so onshore BOIL have very low break even and will be very profitable at $40/50/60 etc OP should they find anything.
Mayflower27
28 Feb 2015
Re: Stock Overhang RB's family will be inherit his stock. Given he invested so much time and backed the company with his own money he must have liked something about the assets to do that. Going on your previous negative sell recs on BOIL loki it comes as no surprise you post more BS. The interim CEO also purchased stock at the same time as the previous CEO at 1.7p.
ON50
16 Feb 2015
No Idea - Trying to be Hopeful I'm just hanging in there - nice to see positive price movement on volume. Let's hope for the best. Suspect it will be hard to replace Rudy! Wish the board luck on their search................. Best to all.
stockpiler112
16 Feb 2015
Anybody....? What's occuring?
loki666
30 Jan 2015
Stock Overhang Rudolph Berends recently passed away, I believe he had in excess of 30 million shares.It is not going to be easy to find a buyer with the oil price at $45 and heading lower.No interest in buying shares in small Oil Exploration companies
gliderpilot2
08 Jan 2015
Hello Hello Hello What's going on here then?
