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There is only one duty of care he has respected throughout and that is his own fat a*se and his own fat bank account.
Eroton continues to accrue cash from OML 18 operations into the Debt Service Reserves Account ("DSRA") attached to the existing Reserves Based Lending ("RBL") facility. Cash flow to San Leon will begin once sufficient funds have accrued in that account, whereupon the Company will initiate its policy of returning 50% of Nigerian free cash flow to shareholders. The Company is well-advanced in reviewing the steps required to effect a capital reorganization which is required to allow such distributions. From the interims.
that was a guarantee to TOSCA before SLE bought the loan notes from them, MART is history.
The big question why if OML is a world class prospect and throwing off huge amounts of cash, why did Erotron find it necessary to take out another loan ?
The 'Niger Delta Avengers' have a message for Big Oil "When we warn that there should be no repairs pending negotiation/dialogue with the people of the Niger Delta, it means there should be no repairs," says the militant group. Militants operating in Nigeria's southern delta region appear to be sending Big Oil a message with a string of renewed attacks on the nation's energy infrastructure: Let sleeping dogs lie, or pay the price. The Nigerian National Petroleum Corp. said Wednesday that militants bombed the country's second-largest pipeline system just two days after it resumed operations following an attack in July. CNBC
.The 'Niger Delta Avengers' have a message for Big Oil "When we warn that there should be no repairs pending negotiation/dialogue with the people of the Niger Delta, it means there should be no repairs," says the militant group. Militants operating in Nigeria's southern delta region appear to be sending Big Oil a message with a string of renewed attacks on the nation's energy infrastructure: Let sleeping dogs lie, or pay the price. The Nigerian National Petroleum Corp. said Wednesday that militants bombed the country's second-largest pipeline system just two days after it resumed operations following an attack in July. CNBC
Well what would you expect, the year nearly finished & no sign of a deal on Barrylies. The world class asset that nobody wants...
RNS:Agreement: The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that it has today entered into a subscription agreement with YA II EQ, Ltd. (the "Investor") for a subscription for new ordinary shares in the Company for £980,000 in cash. In addition, the Company has entered into an equity swap agreement with the Investor for a payment by the Company of £870,000, which will entitle the Company to twelve monthly settlement payments of £72,500, subject to an agreed adjustment. The proceeds of the subscription (net of expenses and the swap payment), together with monthly proceeds pursuant to the equity swap agreement, will be used by the Company for additional working capital.