SierraBravo
27 Jun 2015
Re: A Fyne state of affairs I rather wonder with KEA just what on earth they can possibly do with 1m. Apart from pay the board for a while of course.
Landlocked Viking
26 Jun 2015
Re: A Fyne state of affairs Anyone anticipating a late Friday RNS?
Push2Gush
26 Jun 2015
Re: A Fyne state of affairs Looks Like KEA are dead in the water,,,, almost zero funds, looking at options to drop PAR value from 1.0p to 0.1p, also they have a buyer for their ASSETS who is taking them for a song and leaving KEA with nothing more than an investment stake in the original assets.ringing similarities on a few fronts imo,,,,
SierraBravo
25 Jun 2015
Re: A Fyne state of affairs It is also impossible to glean that information from the accounts. It would be good to have a better breakdown in the accounts as to what was spent where - though there is no requirement under rules to do it.
Push2Gush
25 Jun 2015
Re: A Fyne state of affairs To be honest SB,,, the problem with Minty & Co is that they NEVER RNS really relative news about funds, funding, debt, debt coverage, Consortium arrangements, or how much was ever paid to WG for their work that has now come to NOTHING & Fyne being almost dead,,, just another in the growing string of what seems another baby dropped to move on to MFD.They are killing the Co with their own actions & seemingly poor decisions imo.
SierraBravo
25 Jun 2015
Re: A Fyne state of affairs "owning more than half the company and having to abide by takeover panel rules and buy the whole company!"I'dforgotton about that when I postulated the possibility of an issue to Shard.Shard would have to agree to buy everybody else at that price if they go over 30% I think.Whether there is anyway of holding more and "not voting" or something I'm unsure (I have a recollection there might be).But yes, that effectively seems to remove any real possibility of paying the debt with new paper.
Push2Gush
24 Jun 2015
Re: A Fyne state of affairs Ewwwwwwwwwww OUCH !!! now that is not what shareholders (well I mean non Minty shareholders) expected at all. P&A will see these fields probably dead until the day oil sees $200 bbl, but that is years off and some...I suspect Minty will come back with some smartarissss response to all this in that they are no longer a Co that is lookin to be part of a producing group, they are looking to be fronting as a Marginal Field Development Co,, in that they only provide ermmmm Marginal field kit to those oil Co's that may want to use them. Nothing more than a subby now really, and that will massively depend on firstly anyone WANTING to use Minty's Marginal consortium Empire to supply the requirements for a % or rental scheme.It will be a hard one to sell though,,, Oil Co approaches Minty Consortium, first question !! can you demonstrate & provide information on proven success with what you are fronting ? A: Well, ermmmmm ermmmmmmmmm we waz gonna buy an old buoy out from Dundee harbour and ermmmm modify it,, quick needle gunnin, lick o paint and some ermmmm gear inside and off yer gooo....... other than that we ermmm got ferkalll really,,, Ohhh we do have some good components within the consortium that should get us about half a concept thingy built....Reply: Nahhh we will steer clear of that one then,,,, ermmmmm Hey what about SIFT ??? A: well yeah, we can do one of them selfie installing fings for ya,,, but it isn't ours, it is someone else's great idea, we just front it to skim some off the top....LoL,, are you guys serious,,, reallyyyyy,,,,, LOL,,, so is this ermmm Co buoy' ant ? Ermmmm welllll ermmm we're not bankrupt YET so that's positive for now...... Minty blinks and the room is now empty AGAINNNNNNNNN..Head in hands he mumbles: damn,,, I never got to mention IRELAND to em,,, need ot offload that duffer ASAP before we doomed..... Ohh well early lunch it isssss AGAINNNNNNN...
videodawn
24 Jun 2015
A Fyne state of affairs I see that the operator of the Fyne and Erne licence blocks has now awarded a contract to plug and abandon the wells on those blocks, in anticipation of licence expiry requirements.So much for the Fyne FDP and Enegi's first flagship foray into marginal fields. Dead in the water now. How much cash did they blow on this failed project I wonder?D - day approaching for Shard debt repayment, and enough cash cannot possibly be available. If Enegi settles the debt with shares as permitted, Shard might find themselves in the same position as Chrisoil's mum - owning more than half the company and having to abide by takeover panel rules and buy the whole company!So it might become Shard Oil plc next week.
videodawn
22 Jun 2015
Re: Fracking Jed Sampson in Port au Port begs to differ..................[link]
hethersett62
22 Jun 2015
Fracking Well it may be only a pipe dream, but that Irish position is the one to have : someday.[link]
SierraBravo
20 Jun 2015
Re: Fracking Video; yes it us. But in round terms mkt cap is 1.5 same as debt. Any settlement by shares will double the shares in issue.Some sort of further roll over might be achievable. But that jjst puts the problem further away.
videodawn
20 Jun 2015
Re: Fracking So they could issue say 200m @ 1p to settle========== =SB, that is more than the shares already in issue. I agree that is theoretically possible but would be an astounding feat.I am genuinely fascinated to see how the directors fix this debt problem. If another consortium RNS comes out without any answer to the money question, then they are whistling in the dark.
Push2Gush
20 Jun 2015
Re: Fracking lol,,,, just how MUCH pain has the Minty "supposed gamble" on those BSE buy back shares cost the Co, pretty much that is what this loan was created for...So a cheap punt on some unwanted stock "may ultimately" sink this outfit in the end or cost it & the current shareholders 5 fold what was paid for those shares at best.. it has to be one of the most stupid top level decisions todate, would have been better to just stealth the dosh out for a night and go stick it on red or black.I do not doubt that this debt is going to have a massive weight ON for some considerable time and there is no real clear solution, personally I think something will come up like ermmmm Enegi Finance Co will make out a new loan to cover the debt but only at killer cost to Enegi holders and it will only kick the can a little more down the road... Nowt of worth has been delivered at all for years now, infact all that has happened is they succeeded in choking the Co to death with splinter Co's and payments to RMRI for all their good work Lollolol..Well out of it,,,,, and will remain so,,,,P2G
SierraBravo
20 Jun 2015
Re: Fracking Forgot to mention. Strictly the sp is irrelevant in terms of the issue of new equity.they could circumvent this by issuing to shard at 1p. So they could issue say 200m @ 1p to settle. Agreeing to pay nominally over the odds and it just so happens they got sold in the market and raised 1.5.I wouldnt be overly surprised if this happens.
SierraBravo
20 Jun 2015
Re: Fracking It is hard to see how it will be reolved. It doesnt seem likely the cash is there.I guess that one possibility is suspension pending clarification. A other is potentially the issue of some form of senior notes to grant a stay of execution. That may be possible without shareholder approval. But all of these cost. The advisors need paying. If they going to take some sort of paper in lieu of fees then they are going to want a pound of shylockian proportions. I guess its not likely to be as bad as what afr holders are enduring.
