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Morning. Hoping that there are options perhaps. Interested that CHL will be at the meeting since they perhaps tipped the balance for VOG to enter administration. Wonder if assets can be wholly or part sold to fund the bulk/all of any debt repayment and if there is a surplus as Kever suggests that VOG take on Matanda with enough cash in hand to do the job. Basically become an explo co. What is Maranda valued at - nothing? something? Hoping that there is some form of positive outcome for the browbeaten shareholders!! GLA.
I don't think any assets need to be sold. I expect a deal of some sort to be done between CHL and the big shareholders of VOG
Recent pdf document from babr:
2.13 Inviting key stakeholders to attend a virtual meeting in an attempt to ascertain whether there
was common ground between them which may result in a restructuring proposal being put
forward. Whilst not all parties attended, we have since been advised that dialogue is continuing
independently, and good progress is being made.
OK - so another option. Assuming VOG carry on trading then CHL take a stake then in likely the Doula gas plant etc and perhaps Matanda etc. I assume that VOGs 'tipping point' of carrying debt (from screwed up operations since the start of the company - Kem, West Med, drilling etc) is not actually that large, so hope that CHL or whoever it is will bring some cash to the table in lieu of a share in the company. VOGs issue has been cash flow - never quite enough to service the debts in place. Can this be reconciled? Still assuming a write off, but fingers crossed.
I believe VOG still own 1/3 of CHL. My gut feeling is this administration was a joint protective measure to block any creditors from going for liquidation. This offers the best solution, if there is one.
I haven't really been following the detail. I'm curious to know what happened to the initiative on Kemerkol. The plan was to go to arbitration if the authorities didn't engage. There's never been any indication this has happened.
Also, is the insurance claim totally dead? They had lawyers involved.
If they can sort something out and get on with Matanda that should be enough to turn this round. Assuming successful drilling. All boils down to funds in the end.
West Med. Looked promising for a while. Maybe again post Putin.