I'll be surprised if PdVSA ever approves this deal publically. They'll be signing a new deal with +P after this deal closes and will get their PR in then. We'll hear the deal is done, they've extend or the deal is broken off. Option three would cost +P $10mm if PdVSA has 'approved'.
Peru Police Concealing Bodies of Indian Dead, NGO Charges. Look it up.
This is their flagship and VZ is in comparison under complete control. They were shut down by protests earlier this month and a production/trader company dries right up without bpd.
That's my understanding, next to no taxes and a special divvy. I'm thinking more like $10 minimum. $10 is still a 50% discount on the value of PD and nothing for Gabon. They can do better than that selling each alone. If Harvest pops up with a deal in Gabon before a deal for PD that will be a big signal. The fact that they haven't may be the signal already sent. I have no doubt that they have had offers for Gabon and we know for sure of one.
Me too. If they were to buy out Panoro and enough of Harvests share to be majority operator, I'd eat it up on both sides. A deal like this has to be on the table but the accountants are still shorting the PD deal. I think it's up to EGY to offer up a deal that assumes a graceful VZ exit and make it now. Harvest will get development loans from the world bank just like EGY did once the reserves are booked. EGYs share of Etame got them $65mm. Harvest has twice the reserves in Dassafu and that's enough for the development of the initial wells sans the PD proceeds. Those otoh will allow Harvest to go it alone.
How about +P? Because Harvest has other options the price needs to be right but +P has the PD deal leverage to bundle it all up if they want it. They operate onshore Angola, drilling commitments have all been met on Dassafu.
Never heard $200mm mentioned. They have that much offered and rejected imo. CEO said soon on PD, last CC he said not soon. The 3D outboard is pretty impressive. Shows the traps they were looking for in much thicker Dental. Next step they get certification on the reserves - from Gabon. They can then obtain financing for development which completes the production plan. Gabon approves the plan and first oil follows in 21 months.
A merger with post PD deal Harvest? If Harvest closes PD I don't think they'll farm-out. They'll either sell Gabon or develop it themselves. The right offer would almost force the BODs hand given their recent track record. The reserve estimates for Dassafu are right about the same as what's left in Etame and it's a 70% share.
+P has no interest in announcing anything other than a done deal. No shareholders, no reason at all to announce that PdVSA has already approved, they only lose leverage by doing so. They'll be negotiating things like; financing, the dividends owed Harvest and the declaration of Temblador as a new venture. No reason to announce any of that either but once they're done it'll happen quickly.
The early rounds of negotiations had a merger on the table where +P would own all of Harvests assets. I assume this was akin to the Vitol offer for Gabon; fire sale. Harvest scotched both deals but when they struck up again +P still had the other assets in play. They sought to limit Harvests ability to sell or deal. Makes no sense to me unless they were/are interested. Harvest was unequivocal and showed(imo) that they had "the other offer". +P operates in Angola on a different level but they're not unconnected in the area. They're drilling in a Peruvian sanctuary so they're not timid. So much for Harvest depends on the closure of PD that +P has significant leverage. Suppose they offer Harvest $2 less than value for it all with the threat of pulling the PD deal? I have always thought that a 60+% discount on 100mm bbls of oil is deal enough for +P and worth more than losing the opportunity by trying to gouge.
The deal is done imo. +Petrol needed to get their latest tenders sold and there was never any question about PdVSA approval. They torpedoed the PT deal for these guys. A higher offer would need to be for the company I think. PD has been on the market for 7 years so whoever wanted it had plenty of time. It's a tough deal because you need to be sure you can get your respect from PdVSA. That means you're a geopolitical player which means PD is on the small side as a deal. +P is perfect in size and is inside the political sphere. Still any company that can work with VZ might tip for the package including WAB 21 and BB. Real longshot imo but these are very interesting plays. It's $12/share to get serious as I see it, that's where HNR will be at first oil if they develop Dassafu instead.
He must have put his African contacts to work. Can't wait to here about the deals he's done to earn this.
Thanks. A change in what the shelf is to be used for? Glad to hear it if so. That $50mm to $100mm from the balance sheet they quoted in the presentation wouldn't get them more than a junior farm-in in Dassafu or anywhere else OS-WA. I'd like to see them operate it, no doubt imo that's what they want also. Harvest needs to call all the bluffs and sell PetroDelta first and that's what EGY is waiting for.
Don't you think your posts here have forced them to change plans?
You were looking for persons "not biased and holding in the red shares". That case, I don't think you'll find any.
Gasol wants West African gas leases, Panoro sets on two. Dassafu and Aje. The Dassafu play is intended as a power supply for development. This is what Gasol does and would be a manageable entry point.
Note Ajes' proximity to Ghana.
"AIM-listed gas-to-power group Gasol (LON:GAS) has signed a conditional gas supply agreement with Ghana’s main power generation company.
Volta River Authority has agreed to take 100 million cubic feet of gas off Gasol’s hands every day, which is more than the 60mln standard cubic feet (mmscfd) deal already in place with Benin and Togo’s electricity authority.
The new deal follows the joint venture (JV) agreement announced in April between Gasol’s affiliate Afgen and Ghana National Gas Company.
The JV was set up for the sale and marketing in Ghana of regasified liquefied natural gas (LNG) from Gasol's LNG import project in Benin via the West African gas pipeline.
It means Gasol LNG Import now has enough gas off-take agreements to continue developing its proposed LNG import and regasification facilities at Cotonou harbour in Benin."