Dead DUCK in the water just like M. Tmhh.............
RNS LGO Energy plc31 Mar 2016 070:12LGO Energy PLCRNS Number : 6205TLGO Energy PLC31 March 2016 For immediate release, Embargoed until 7.00 am 31 March 2016 LGO ENERGY PLC("LGO" or "the Company"Notice of General Meeting LGO has today posted to Shareholders a circular and notice convening the General Meeting of the Company to be held at 200 Strand, London, WC2R 1DJ on Monday 18 April 2016 at 10.30 am. The circular and notice ("the Document" will be available on the Company's website www.lgo-energy.com and copies of the Document will be available free of charge during normal business hours on any weekday (except Saturdays, Sundays and public holidays) from the registered office of the Company at Suite 4B, Princes House, 38 Jermyn Street, London SW1Y 6DN from the date of this announcement for a period of one month from the date of the General Meeting. 1 IntroductionOn 16 March 2016, the Company announced that it had raised £1.06 million (before expenses) by way of a Company arranged placing of 424,209,334 Ordinary Shares at the placing price of 0.25p per Ordinary Share. The Company has also raised a further £0.30 million (before expenses) at the Placing Price subject to shareholder approval at a general meeting. The purpose of the Document is to provide further details of the Second Placing and to seek the approval of Shareholders of the Resolutions which are necessary for the Second Placing to be completed, to issue new Ordinary Shares in order to settle debts with various outstanding creditors, and provide additional authority to allot shares to raise funds should the market conditions permit. 2 Background to and reasons for Second Placing2.1 As you know, the last six months have been a difficult period for most oil companies and certainly that has been true for LGO. Nevertheless, the Company continues to produce oil in Trinidad and Spain and is now more optimistic about its future prospects as commodity prices start to turn around.2.2 In April 2014, LGO embarked on a multi-well program at the Goudron Field in Trinidad designed to increase production and reserves. The well program, conducted in two campaigns in 2014 and 2015, was additionally intended to provide the necessary information for the design of an enhanced oil recovery ("EOR" scheme. In 2014 a total of eight wells were drilled to the deeper C-sand reservoir and production increased to a peak of over 2,000 bopd in early 2015. As a result of additional work, the best estimate of oil in place ("STOIIP" within the field increased in June 2015 from the previous independent review in 2012 by over five-fold and was estimated to be 805 million barrels. 2.3 Proved (1P) gross oil reserves in the producing Goudron Sandstone and C-sand reservoirs increased by over 110% to 1.54 mmbbls, and the gross proved and probable reserves (2P) increased by nearly 60% to 11.37 mmbbls.2.4 On the basis of the 2014 drilling program, a further seven wells were planned to the C-sand reservoir in 2015, and a pre-paid swap based loan was arranged with BNP Paribas to fund that work. An initial drawdown on that loan facility was made in March 2015 and a program of wells was designed to both increase production and increase knowledge of the C-sand so as to permit a water-flood EOR. Unfortunately during the final phases of drilling the seventh and final well of 2015, the downhole equipment became stuck and despite extensive fishing attempts the equipment and the well were both lost in October 2015.2.5 This mechanical failure and loss of the last well of the planned 15-well program, GY-678, had immediate and dramatic impacts on the Company. The covenants on the BNPP facility, principally relating to liquidity, were breached and BNPP moved to restrict access to the accounts holding funds already drawn agains
Re: Gaining momentum 100 million BUYS and 50 million SELLSand only up 10%. Price is definitely being held down, but WHY.......?????
Gaining momentum 66 million shares dealt this morning. Any reason why.....Feels good when LGO is on every ones radar.Maybe some more news soon
The Petition is gaining support Apologies for board hopping but-The petition is going quite well; over 3600 signatures so far. Although it really needs a turbo boost.[link] petition was stalled in parliament since 12th Aug 15; finally green lit on 12th feb 2016.The FCA don't even reply on the matter, now is your chance to have your say.If you hate seeing buys reported as sells etc!!!!!!Has already been sent to Martin Lewis, Daily Mail, Moneyweek & Watchdog.My local MP supported this petition by writing to the petitions committee to help un-stall it.Theres 650 MPs in Westminster, So have you written to your MP? 649 to go!If this petition doesnt reach 10,000; then imo we might as well have not bothered as it will almost certainly be filed B1N; @ 10,000 the government should respond.So If you havent yet signed or indeed have but havent passed it on to others, then nows the time to do so. We really need a social / media savvy individual to help generate more interest in this.This petition will hopefully be the ring pull; sitting on top of the can of worms thats allowed under the current rules and administered by the FCA.
Phew............ .............there'll be enough to pay the directors for a month or two yet, after all - they must have been sweating.Is something funny going? Surely no-one in their right mind would put in £1.5m to keep this broken thing going, by taking 424m new shares to add to the 3.5bn already in issue (all but 4bn now) - is it just to stop the bums from coming in? My suspicion is that someone (I'm not saying who) is preparing to ditch you pesky shareholders. There's probably some value seen in Goudron with the oil price slowly recovering so it could go something like:"Despite their best efforts in the face of terrible adversity and after really being brilliant at everything they've done (including working out the best rates of interest to get on their money) the directors have reluctantly concluded that as a result of sheer weight of circumstance (not to mention debt) the continuing low oil price has prevented we talented and principled individuals from being able to trade your company profitably. Having unexpectedly received an offer for an undisclosed amount from a party that wishes to remain anonymous for the company's oil assets in Trinidad that would allow the secured debt to BNP Parisbas to be repaid in full, together with arrears AND pay off all local creditors, the directors have reluctantly concluded it is in shareholders' best interests to accept this offer and a general meeting of the company will be called in the Aleutian Islands to approve the transaction, on a date to be announced but is likely to be mid-winter.This is a very good news for shareholders because it will allow the company to strategically focus its efforts on its principal assets in Spain, where a recent strategic RAR prepared by the chairman's cousin - sorry, an independent firm of thingies - show the Aleppo field or whatever it's called, does it matter? - to contain more reserves than the Ghawar Field (Dave told me to say this)...........blah blah etc"The above of course is all in jest - I have a vivid imagination. I'd be strategically backing up the truck to LGO if I didn't have so many shares in other lesser oil companies which don't issue as many RNSs containing strategic news. Is it still a strong buy, tmhh?
Re: Placing @ 0.25 ................."mourning" indeed.
Placing @ 0.25 Rns this mourning ( 16 )TW hates it,
TMHH?? [link] one, rogadar
TMHH says 'BUY' because To tmhh"Good to know that your "strong buy" recommendations on LGO (and presumably all other shares you trade) are made only in an attempt to cause the price to rise"********** ********** ********** ****tmhh reply"ABSOLUTELY CORRECT"
Re: Not ANOTHER blue day .... Come on eagle pull him up on his 'spelling and grammar' it's only you whose allowed to make mistakes like that....How do you change your 'name into' something dumby ?
Re: Not ANOTHER blue day .... I think Thmm should change her name into ''desperado''
Re: Not ANOTHER blue day .... Your point Dumbo?Buy a share put buy rec and hope it falls?I think that would be XEL?
Re: Not ANOTHER blue day .... To tmhh"Good to know that your "strong buy" recommendations on LGO (and presumably all other shares you trade) are made only in an attempt to cause the price to rise"********** ********** ********** ****tmhh reply"ABSOLUTELY CORRECT"
Not ANOTHER blue day .... Surely... XEL just down the 10% then ....'happy to hold'