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EXT - 50% of which is Mr Karam - made such idiots of themselves going ahead with that PUT option and then announcing a 'premium priced placing' which it turns out they couldn't even complete.
I feel sorry for all those who were suckered in here with that near 100% bounce over the last week or two.
£500k won't go far, especially as £180K of that was part of the previous placing. It certainly won't fund much of an acquisition. Maybe the company is nearer administration as posters were saying recently than I thought as I was assuming that Karam and EXT would keep coughing up but they have defaulted on doing that already.
"Further to the announcement of an equity placing on 15 April 2024 (the "Placing") and the announcements of 13 May 2024 and 7 June 2024, Extraction Srl, a subscriber to Tranche II of the Placing, and a third-party subscriber to Tranche I (together the "Subscribers") were unable to meet their obligations to provide the funds in the specified timeframe, as a result, the Directors of the Company deemed it necessary to complete the fundraise announced today. Therefore, the 180,000,000 Ordinary Shares and 180,000,000 warrants which were due to be issued to the Subscribers in the Placing will no longer be issued."
So EXT defaulted on the earlier placing at the premium price. That doesn't happen very often.
Corcel Plc (London AIM: CRCL), the pan Angola-Brazil focused exploration and production company announces that it has raised gross proceeds of £500,000 from the issue of 500,000,000 new ordinary shares of £0.0001 ("Ordinary Shares") at £0.001 (the "Placing Price") per Ordinary Share (the "Fundraising") with high-net-worth investors.
Granted... stupid statement and absolutely nothing!
For the record, I'm not on the ship but I don't have a motive to making spreading idiotic statements.
What’s labour got to do with our assets ? lol
With all due respect I think someone is deluded.. If RNS isn't released on Monday, this is going to touch all time lows. If RNS is released at 7:00 it better be good, otherwise you'll be sitting on a sinking ship.
There will be no administration or suspension unless they want take this private. Extraction (co owned by AK,) has offered fund at 0.50, at the very worst they will reduce the offer price. They have shares at 0.75, administration. would be like a Turkey voting for Xmas. Take no notice of this lot, BarnetPeter didn't know the windfall tax applied to UK O&G.
Anyone any thoughts about the fact that no RNS today as evidently promised? I really hope we are not looking at administration or suspension on Monday???
You're taking the p*ss right? Suggest you read up on Windfall tax.
I reckon suspension on Monday morning is a fair bet. Who is going to put good money in this company with Labour about to get a huge majority and ban OG?
The Company will provide a further update by June 14th, 2024 on the remaining funds.
Lets wait and see , hopefully some more news soon haha
Hi Ed,
Yeah you are right, it was still a very good deal for the price we paid.
Just been unlucky really, hopefully the new work that is currently being planned on the blocks will help solve the issues and production can start next year.
They must feel they have an excellent chance otherwise the consortium would spend more money on the project?
Let’s see what happens
Thanks Nige
Good morning Nige,
Easy to say with hindsight, but they got into Angola on the cheap and more than likely thought that Tobias and Galinda would provide first production. Not the case so far, but Brazilian gas production has been talked about for about a year or so. They do need to take their time too and get the right assets. fingers crossed they'll get something over the line this year.
Regards,
Ed.
Morning Ed,
Great post, thanks for posting the other company examples.
It makes you wonder why they didn’t take the existing production route initially?
Would have been a low risk option and they could have built up funds to buy other assets later?
Let’s see what the next move is, hopefully not too long to find out?
Thanks Nige
Luke,
Absolutely, these guys currently leading the company have been very successful.
Nige yeah production base would steady the ship for sure. Well some of the companies I mentioned, like SRSP for example had next to no funds, but contacts with AFC and Trafigura etc. They managed to acquire an interest in OML 65 Nigeria and finance the workover programme with other people's money, Now also apparently have acquired Tunisian production with offshore development potential and are pending completion of BP operated blocks in Angola with Etu as a JVP. Or another example SQZ managed to secure the mature Erskine field from BP in the NS for circa $21m, between the effective date and the completion date the field had pretty much paid for itself. Like I3E, SQZ then also acquired further fields through debt. So it does happen, Mr Karam etc has been associated with a lot of African banks etc. Even little TRP is apparently trying to secure bank funding in Cameroon for its appraisal drilling.
So we can just wait to see what scale/quality of assets that CRCL can get and how it would be funded. All those mentioned above were for thousands of boepd, doesn't need to be on that scale to make a difference to our £4m cap.
Regards,
Ed.
Yes agreed Ed, a guy of Scott Gilbert`s quality does not move from one Company to another easily, in my opinion, unless he sees huge potential in Corcel to make his mark in a very impressive way !
Thanks Ed,
Great post as always.
Yeah you are right, we could do with a deal of some kind to get things moving again?
Although not sure what can be done with limited funds available?
AET seem to have got it right, there market cap must be around £ 100 mil now?
I suppose we can dream:-)
Thanks Nige
Luke,
Indeed. Mr Gilbert has been highly successful in African oil and gas, founder of GdeC etc. They have been unlucky so far on Tobias, there are very few single well success stories out there, these things always take time. Both our top management and even the lower management have been very successful developing businesses.
Regards,
Ed.
Cheers Ed, just a question of time in my opinion before we return to great sp levels. Gla holders, the rest have been filtered lol !
Morning Nige,
It seems like the extended pre-empt is now over. I'd imagine that the deal can now proceed but that will require approval by the authorities etc. So I think you're being very hopeful when thinking days. Sale of the mining assets will be useful for sure, hopefully complete before year end. I'm more interesting to see what the combo of Mr Karam and Mr Gilbert can bring to the table in terms of deals, both highly successful. Reading up on Mr Gilbert is certainly interesting, developments there could happen at any time.
Regards,
Ed.
Seems to me that the RNS explicitly leaves out a definitive statement of n proceeding, which it could have done.
TECHNICALLY they can proceed, but given the refusal to grant the licence, WILL THEY proceed. this is yet to be confirmed. IMO.
Morning Ed,
Hope you are well, thanks for explaining the RNS to us, as I found the wording a bit confusing.
Good news that the transaction can now proceed, although I suppose the funds will take a bit of time to come through?
Let’s just hope the balance of the fund raising comes through in the coming days, as that will give some stability to the share price.
Thanks Nige