Norske Interoil står i en speciel situation. Den kan måske friste nogen.
Historien kort fortalt:
Firmaet producerer knap 10.000 tønder olie om dagen fra felter i Peru og Columbia. Der er mulighed for at udivde produktione over de kommende år. Det må alt andet lige give et pænt cahsflow. Desuden har man en spændende udviklingsportefølge i Afrkia, der kan blive mange penge værd.
Sidste år kunne interoil dog ikke indfri et større obligationslån (lidt over 100 mio. dollar) og valgte ensidigt at tilbyde obligationsejerne en deal. Efter forhandlinger fem og tilbage endte man med en standstill aftale, og om at interoil skulle tilbagebetale obligationslånet via salg af aktiver (i sydamerika).
Det er dog lykkedes ledelsen at opnå et betinget tilsagn om at få obligatiosnlånet refinasieret via nogle banker, og har derfor meddelt obligationsejerne, at man ikke ville sælge aktiverne (et presset salg kan vel også resultere i en lavere pris). Obligationsejerne truer nu med konkurs-anmeldelse. Ledelsen siger, at aktiverne i firmaet langt overstiger gælden,og at man arbejder på de nye lån, der skal kunne betale obligationsejerne.Man har tidligere sagt, at man vil have en aftale klar senest ultimo april. Men er det tidsnok for at hindre konkursbegæring?
Så det er trukket op som en duel i det vilde vesten, hvem der blinker først.
Kursen er faldt fra ca. 50 norske kroner på toppen med de høje oliepriser i 2007 til nu under en blank femmer.
Det er høj risiko, men jeg tror på ledelsen og de underliggende værdier på de får et nyt lån,der kan betale det gamle lån tilbage. En konkursbegæring vil formetlig også tage tilstrækkelig lang tid til at dette lån kan nå at gå i orden inden da.
Det værste der kan ske er at de bliver tvunget til at sælge aktiverne i sydamerika i en konkursproces, hvilket måske vil kunne ske til en for lav pris.
Men altså vil obligationsejerne virkelig stå som ansvarlige for at drive et firma i konkurs i disse tider, når de har udsigt til at få pengene om max to måneders tid (og de får endda gode renter).
Deres udviklingsportefølje i Anglo er spændende. der ser ud til at være meget olie i Angola.
Som jeg husker det er der kun 21,8 mio. aktier i firmaet, så markedsprisen er kun lige ved 100 mio.norske kroner nu.
Så jeg vurderer at odds er temmelig gode for at markedet vurderer risikoen for konkurs som for høj med den eksisterende kurs. Men risikoen er der selvfølgelig, og den er høj. Så det er kun for dem med hård hud og man skal nok kun tage en lille portion. Jeg har selv købt lidt, og er pt nede 15 pct, men tager det roligt. Spread i aktien er pænt stor.
Ir-mangangeren købte selv 8000 stk lige før jul til en noget højere kurs, så han må tror på en løsning også.
Seneste præsentation her:
http://hugin.info/137537/R/1370276/338477.pdf
Historien kort fortalt:
Firmaet producerer knap 10.000 tønder olie om dagen fra felter i Peru og Columbia. Der er mulighed for at udivde produktione over de kommende år. Det må alt andet lige give et pænt cahsflow. Desuden har man en spændende udviklingsportefølge i Afrkia, der kan blive mange penge værd.
Sidste år kunne interoil dog ikke indfri et større obligationslån (lidt over 100 mio. dollar) og valgte ensidigt at tilbyde obligationsejerne en deal. Efter forhandlinger fem og tilbage endte man med en standstill aftale, og om at interoil skulle tilbagebetale obligationslånet via salg af aktiver (i sydamerika).
Det er dog lykkedes ledelsen at opnå et betinget tilsagn om at få obligatiosnlånet refinasieret via nogle banker, og har derfor meddelt obligationsejerne, at man ikke ville sælge aktiverne (et presset salg kan vel også resultere i en lavere pris). Obligationsejerne truer nu med konkurs-anmeldelse. Ledelsen siger, at aktiverne i firmaet langt overstiger gælden,og at man arbejder på de nye lån, der skal kunne betale obligationsejerne.Man har tidligere sagt, at man vil have en aftale klar senest ultimo april. Men er det tidsnok for at hindre konkursbegæring?
Så det er trukket op som en duel i det vilde vesten, hvem der blinker først.
Kursen er faldt fra ca. 50 norske kroner på toppen med de høje oliepriser i 2007 til nu under en blank femmer.
Det er høj risiko, men jeg tror på ledelsen og de underliggende værdier på de får et nyt lån,der kan betale det gamle lån tilbage. En konkursbegæring vil formetlig også tage tilstrækkelig lang tid til at dette lån kan nå at gå i orden inden da.
Det værste der kan ske er at de bliver tvunget til at sælge aktiverne i sydamerika i en konkursproces, hvilket måske vil kunne ske til en for lav pris.
Men altså vil obligationsejerne virkelig stå som ansvarlige for at drive et firma i konkurs i disse tider, når de har udsigt til at få pengene om max to måneders tid (og de får endda gode renter).
Deres udviklingsportefølje i Anglo er spændende. der ser ud til at være meget olie i Angola.
Som jeg husker det er der kun 21,8 mio. aktier i firmaet, så markedsprisen er kun lige ved 100 mio.norske kroner nu.
Så jeg vurderer at odds er temmelig gode for at markedet vurderer risikoen for konkurs som for høj med den eksisterende kurs. Men risikoen er der selvfølgelig, og den er høj. Så det er kun for dem med hård hud og man skal nok kun tage en lille portion. Jeg har selv købt lidt, og er pt nede 15 pct, men tager det roligt. Spread i aktien er pænt stor.
Ir-mangangeren købte selv 8000 stk lige før jul til en noget højere kurs, så han må tror på en løsning også.
Seneste præsentation her:
http://hugin.info/137537/R/1370276/338477.pdf
18/2 2010 13:09 collersteen 0
26068 Jeg har også kig på den, men er stadig lidt tøvende efter, at jeg har set hvad "forsmåede" bondholders har kunnet gøre ved AGI, TSU m.fl.
Der er iøvrigt for 2 timer siden kommet indkaldelse til ex.GF.
http://hugin.info/137537/R/1385892/344652.pdf
Måske man skulle tage lidt nu.... og så ½ mere når det hele er faldet på plads. Eller næsten faldet på plads. Jeg går i tænkeboks.
Der er iøvrigt for 2 timer siden kommet indkaldelse til ex.GF.
http://hugin.info/137537/R/1385892/344652.pdf
Måske man skulle tage lidt nu.... og så ½ mere når det hele er faldet på plads. Eller næsten faldet på plads. Jeg går i tænkeboks.
18/2 2010 13:20 butterboy 026070 Ja, man skal passe på. Men her ser det ikke ud som om bondholders vil ind og have aktier og udvande os aktionærer. mon ikke kreidtmarkederne er tøet så meget op, at de kan finde nyt lån (det bliver dog nok til en høj rente eller som jeg kender Macquaire banekn med en masse warrants som tak for hjælpen).
Så enig i at man skal købe ldit drypvis. Jeg har som sgt også en lille portion nu, og man kan nok nå at fange den på dagen, npr/hvis der kommer en god nyhed om en løsning
Så enig i at man skal købe ldit drypvis. Jeg har som sgt også en lille portion nu, og man kan nok nå at fange den på dagen, npr/hvis der kommer en god nyhed om en løsning
Tak for et rigtigt spændende indlæg. 100 mill marketcap er virkeligt ikke meget, men som coller også skriver så er bondholders nogle hårde drenge og kan virkeligt gøre meget skade. Hvilke banker forhandler man med?
Jeg kan godt lide at IR - manageren har købt, medmindre han er kommunikationsuddannet
Deadline er om 2 måneder? altså 1.april eller 15. april?
Jeg kan godt lide at IR - manageren har købt, medmindre han er kommunikationsuddannet
Deadline er om 2 måneder? altså 1.april eller 15. april?
26/2 2010 15:37 collersteen 026440 Q4 regnskab idag med medfølgende præsentation.
http://hugin.info/137537/R/1388814/347038.pdf
Der er muligvis også en webcast man kan hente et eller andet sted. Jeg vi ihvert fald lige lede efter og se om jeg kan få hørt den i så fald.
Aktien er lidt oppe idag, men stadig under begrænset omsætning, så umiddelbart er der nok ikke sket det store idag på præsentationen.
Hele Q4-regnskabet er her:
http://hugin.info/137537/R/1388814/347036.pdf
Der står i meddelelsen stadig ikke noget konkret om bondholder-problematikken - det eneste jeg lige kan se er flg:
InterOil has during the last eight months worked for full repayment of all
outstanding debt. The company has the opinion that both a sale and a
refinancing
will secure the full repayment of all outstanding debt. The Board of Directors
is aiming to find a solution acceptable for the bondholders, the shareholders
and the company. The plan is to conclude this process in the near future and as
soon as practically possible.
http://hugin.info/137537/R/1388814/347038.pdf
Der er muligvis også en webcast man kan hente et eller andet sted. Jeg vi ihvert fald lige lede efter og se om jeg kan få hørt den i så fald.
Aktien er lidt oppe idag, men stadig under begrænset omsætning, så umiddelbart er der nok ikke sket det store idag på præsentationen.
Hele Q4-regnskabet er her:
http://hugin.info/137537/R/1388814/347036.pdf
Der står i meddelelsen stadig ikke noget konkret om bondholder-problematikken - det eneste jeg lige kan se er flg:
InterOil has during the last eight months worked for full repayment of all
outstanding debt. The company has the opinion that both a sale and a
refinancing
will secure the full repayment of all outstanding debt. The Board of Directors
is aiming to find a solution acceptable for the bondholders, the shareholders
and the company. The plan is to conclude this process in the near future and as
soon as practically possible.
1/3 2010 15:55 collersteen 026534 Bondholderne trækker sig lidt tilbage igen om man så må sige. Er der mon en løsning lige rundt om hjørnet?
http://www.newsweb.no/newsweb/search.do?messageId=255283
On 18 February 2010 Interoil Exploration and Production ASA informed the market
of enforcement proceedings initiated by Norsk Tillitsmann ASA. Interoil
Exploration and Production ASA has today been informed that the enforcement
proceedings initiated by Norsk Tillitsmann ASA have been dismissed.
http://www.newsweb.no/newsweb/search.do?messageId=255283
On 18 February 2010 Interoil Exploration and Production ASA informed the market
of enforcement proceedings initiated by Norsk Tillitsmann ASA. Interoil
Exploration and Production ASA has today been informed that the enforcement
proceedings initiated by Norsk Tillitsmann ASA have been dismissed.
1/3 2010 16:37 collersteen 026537 hmm, det er vist ikke et helt frivilligt træk fra bondholdernes side, men det gør vel egentlig ikke så meget. Dette er vel et tegn på, at konkursfaren i hvert fald er ovre eller i det mindste risikoen herfor væsentligt formindsket.
http://www.dn.no/energi/article1850486.ece?WT.mc_id=dn_rss
http://www.dn.no/energi/article1850486.ece?WT.mc_id=dn_rss
1/3 2010 17:23 butterboy 026539 Ja, sådan læser jeg det også. Det må vel være godt for kursen.
Market cp : 20 mio. dollar. Gæld 150 mio. dollar.
Senest har de solgt 10 pct af nyt område i Columbia mod at få boret 2-4 brønde der af ca. pris 4,5 mio. dollar pr brønd. Det siger vel lidt om værdierne i firmaet.
Market cp : 20 mio. dollar. Gæld 150 mio. dollar.
Senest har de solgt 10 pct af nyt område i Columbia mod at få boret 2-4 brønde der af ca. pris 4,5 mio. dollar pr brønd. Det siger vel lidt om værdierne i firmaet.
1/3 2010 18:15 collersteen 026550 Det ser ud til at det mere er af procedurale grunde at sagen er afvist og ikke fordi man bestrider kravet eller obligationsejernes ret til at inddrive pantet.
Nåh, vi må håbe at Interoil får en løsning på plads i mellemtiden. Nu hoppede jeg i hvert fald med idag med en lillebitte post i håb om 1-2 kurspoints gevinst.
http://www.stocklink.no/Article.aspx?id=64715
Nåh, vi må håbe at Interoil får en løsning på plads i mellemtiden. Nu hoppede jeg i hvert fald med idag med en lillebitte post i håb om 1-2 kurspoints gevinst.
http://www.stocklink.no/Article.aspx?id=64715
2/3 2010 12:03 butterboy 026579 Jeg har solgt mig noget ned igen efter en profit på 7-8 pct. Jeg vil også kun ligge med en lille position, da usikkerheden er høj, så det var for meget at doble op igår. Jeg har lovet mig selv at gå efter de mindre men mere sikre gevinster.
3/3 2010 17:18 collersteen 026651 Ude igen med 1 kurspoints fortjeneste.
Ikke blær, men blot en disclaimer.
Ikke blær, men blot en disclaimer.
10/3 2010 16:42 collersteen 027004 Bondholderne appellerer.
10-03-2010 15:37:00 - Hugin, Norway
IOX : NORSK TILLITSMANN ASA - APPEAL OF ENFORCEMENT PROCEEDINGS
Interoil Exploration and Production ASA (IOX) informed on the 1(st) of March
that the enforcement proceedings initiated by Norsk Tillitsmann ASA were
dismissed. IOX has today been informed that Norsk Tillitsmann ASA will appeal.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
10-03-2010 15:37:00 - Hugin, Norway
IOX : NORSK TILLITSMANN ASA - APPEAL OF ENFORCEMENT PROCEEDINGS
Interoil Exploration and Production ASA (IOX) informed on the 1(st) of March
that the enforcement proceedings initiated by Norsk Tillitsmann ASA were
dismissed. IOX has today been informed that Norsk Tillitsmann ASA will appeal.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
11/3 2010 10:40 collersteen 027044 "Unexpected depletion" lyder ikke rart, men aktien ligger urørt omkring 5,90-6,00
IOX : Production update February 2010
The average production in February 2010, compared to the average production in
January 2010, was:
Production* February 2010 January 2010
Peru 4'107 4'923
Colombia 2'131 2'219
Total 6'238 7'142
*The production is average daily production (bopd) and is working interest
before royalty
InterOil Peru has experienced unexpected high depletion by some of the wells in
the Mirador area lately. Some wells were also shut-in due to work-over and bad
weather in Peru in February. InterOil will during the next couple of months
drill two new wells in the Mirador area in Peru. In Colombia the first
exploration well on the Altair license will be spudded at the end of March.
Oil has been sold at average sales price of USD 72.59 in Peru and USD 70.94 in
Colombia per barrel during February.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
IOX : Production update February 2010
The average production in February 2010, compared to the average production in
January 2010, was:
Production* February 2010 January 2010
Peru 4'107 4'923
Colombia 2'131 2'219
Total 6'238 7'142
*The production is average daily production (bopd) and is working interest
before royalty
InterOil Peru has experienced unexpected high depletion by some of the wells in
the Mirador area lately. Some wells were also shut-in due to work-over and bad
weather in Peru in February. InterOil will during the next couple of months
drill two new wells in the Mirador area in Peru. In Colombia the first
exploration well on the Altair license will be spudded at the end of March.
Oil has been sold at average sales price of USD 72.59 in Peru and USD 70.94 in
Colombia per barrel during February.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
17/3 2010 11:03 collersteen 027297 Lidt nyt - vel egentlig kun sidste afsnit, hvor vi nu har fået en tidsramme på. Det lugter lidt af en lille forsinkelse i mine ører - men det er måske bare mig der havde for høje forventninger.
IOX : NOTIFICATION OF BONDHOLDER MEETING
InterOil E&P ASA (IOX) has received notification from Norsk Tillitsmann ASA of
a
new bondholder meeting March 25. Norsk Tillitsmann ASA proposes consents to
certain of the bondholders separate petition for the enforcement of the loan
security in the Senior Secured Bond Loan.
IOX is of the opinion that these bondholders will not be entitled to pursue
enforcement proceedings against IOX.
IOX is approaching the end of a refinancing process in order to secure
repayment
of all outstanding debt. The plan is to conclude this process by the end of
April.
IOX : NOTIFICATION OF BONDHOLDER MEETING
InterOil E&P ASA (IOX) has received notification from Norsk Tillitsmann ASA of
a
new bondholder meeting March 25. Norsk Tillitsmann ASA proposes consents to
certain of the bondholders separate petition for the enforcement of the loan
security in the Senior Secured Bond Loan.
IOX is of the opinion that these bondholders will not be entitled to pursue
enforcement proceedings against IOX.
IOX is approaching the end of a refinancing process in order to secure
repayment
of all outstanding debt. The plan is to conclude this process by the end of
April.
18/3 2010 11:04 butterboy 027336 Jeg mener, at de også tidligere har sagt end of april.
Hvis de kan have refinanseirng klar ultimo april, så virker det på mig urealistisk at bondholders kan nå at sende dem i skifteretten. Bondholders mødes først 25. marts, det er vist ikke afklaret ved domstolen om Norsk Tillitsmann kan repræsentere bondholders (dommen er appleret af Norsk tillitsmann), papirgangen og en dommer vil vel lægge vægt på udsigten til en refinansiering? Bondholders vil vel heller ikke skride til konkurs, hvis de står umiddelbart foran at få deres penge.
Kursen vil nok kunne være i høj bølgegang som de forskellige nyheder kommer ud, men jeg synes kurs 5 er et attraktivt niveau og har genkøbt. Men risikoen er der stadig.
Hvis de kan have refinanseirng klar ultimo april, så virker det på mig urealistisk at bondholders kan nå at sende dem i skifteretten. Bondholders mødes først 25. marts, det er vist ikke afklaret ved domstolen om Norsk Tillitsmann kan repræsentere bondholders (dommen er appleret af Norsk tillitsmann), papirgangen og en dommer vil vel lægge vægt på udsigten til en refinansiering? Bondholders vil vel heller ikke skride til konkurs, hvis de står umiddelbart foran at få deres penge.
Kursen vil nok kunne være i høj bølgegang som de forskellige nyheder kommer ud, men jeg synes kurs 5 er et attraktivt niveau og har genkøbt. Men risikoen er der stadig.
22/3 2010 23:00 butterboy 027467 Så er der lidt nyt....hmmm, er det godt eller skidt (har de brug for mere tid til refinansiering?). Men det er da fint, hvis de kan snakke sig til en mindelig løsning
NOTIFICATION OF BONDHOLDER MEETING
InterOil Exploration & Production ASA (IOX) has approached Norsk Tillitsmann ASA (the "Loan Trustee") to convene a Bondholders meeting to consider a postponement of the Maturity Date of the NOK 100 million Senior Unsecured Bond Issue. Due to Easter holidays, IOX has chosen to schedule the meeting to 6 of April 2010, to accommodate Bondholders who would like to take part in the meeting. IOX will be present at the meeting to give information on the present status.
For more information on the Proposal and the situation of IOX, Bondholders may contact Kristen Jakobsen (Mobile: +47 915 48 408) acting as the financial advisor for IOX.
Please find attached the summons for the bondholders' meeting.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
E-mail: f.zernichow@interoil.no
***************************
InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America and West-Africa. The company is operator of several production and exploration assets in Peru and Colombia, and is an active license partner in Angola and Ghana. InterOil currently employs approximately 250 people and is headquartered in Oslo.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
Files
Summons to Bondholder' Meeting
NOTIFICATION OF BONDHOLDER MEETING
InterOil Exploration & Production ASA (IOX) has approached Norsk Tillitsmann ASA (the "Loan Trustee") to convene a Bondholders meeting to consider a postponement of the Maturity Date of the NOK 100 million Senior Unsecured Bond Issue. Due to Easter holidays, IOX has chosen to schedule the meeting to 6 of April 2010, to accommodate Bondholders who would like to take part in the meeting. IOX will be present at the meeting to give information on the present status.
For more information on the Proposal and the situation of IOX, Bondholders may contact Kristen Jakobsen (Mobile: +47 915 48 408) acting as the financial advisor for IOX.
Please find attached the summons for the bondholders' meeting.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
E-mail: f.zernichow@interoil.no
***************************
InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America and West-Africa. The company is operator of several production and exploration assets in Peru and Colombia, and is an active license partner in Angola and Ghana. InterOil currently employs approximately 250 people and is headquartered in Oslo.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
Files
Summons to Bondholder' Meeting
19/3 2010 01:11 Darwin 027369 Jeg havde aktien for ca. et år siden, da den lå imellem 12 og 15 kr., hvorefter den tog et dyk ned til 7 kr. og op i 10 kr.
Historien var dengang præcis den samme, som i dag:
IOX skulle refinansieres, fordi de ikke havde overholdt afdrag til bondholders, selvom produktionen var højere end i dag.
IOX risikerer at miste alt, men som sagt, det er ikke første gang, og der er måske endnu en redningsplan.
Jeg forstår ikke hvorfor IOX ikke snart ansætter en person, som har forstand på økonomi, men de pumper olie op og glemmer alt andet.
PS: Jeg bryder mig i øvrigt ikke om hvordan olieselskaberne sviner naturen (regnskoven) til i bl.a. Sydamerika.
Historien var dengang præcis den samme, som i dag:
IOX skulle refinansieres, fordi de ikke havde overholdt afdrag til bondholders, selvom produktionen var højere end i dag.
IOX risikerer at miste alt, men som sagt, det er ikke første gang, og der er måske endnu en redningsplan.
Jeg forstår ikke hvorfor IOX ikke snart ansætter en person, som har forstand på økonomi, men de pumper olie op og glemmer alt andet.
PS: Jeg bryder mig i øvrigt ikke om hvordan olieselskaberne sviner naturen (regnskoven) til i bl.a. Sydamerika.
6/4 2010 18:09 butterboy 027919 Mere nyt:
Spudding of Altair-1 exploration well in Colombia
The Altair-1 exploration well in the Altair license located in the prolific Llanos basin in Colombia was spudded on the 2 nd of April. The well will be drilled to a total depth of 2'400 meter. Altair-1 will target multiple Tertiary sandstone reservoirs with TD in the Cretaceous. The initial result from the well is expected during the second half of May 2010. We are presently preparing a second drilling location in order to drill and complete a second well in Altair before the end of May. Expected spud date for this well is 14th April. The wells will be drilled by the Colombian drilling contractor Erazo Valencia SA, which will receive a 10% working interest in the Altair license against the drilling and completion of the two exploration wells. Depending on the result of the two exploration wells, Erazo Valencia SA is committed to drill two more wells in Altair in 2011.
"We are looking forward to the result of these two explorations wells, as the targeted reservoir in this area is well known for their good performance due to good quality sandstone reservoirs and a strong water-drive" says Tom Wolden, Managing Director of InterOil E&P ASA.
og så den her også fra idag, som jeg synes er godt nyt (det er dog kun en lilel del af de samlede lån)
Reference is made to today's bondholders' meeting. InterOil Exploration & Production ASA (IOX) approached Norsk Tillitsmann ASA (the "Loan Trustee") to convene a Bondholders meeting to consider a postponement of the Maturity Date of the NOK 100 million Senior Unsecured Bond Issue. The proposed resolution to postpone the Maturity Date from 29 March until 31 May 2010 obtained 98.11% of the votes, and the proposal was therefore adopted according to the voting requirements of the Loan Agreement.
Spudding of Altair-1 exploration well in Colombia
The Altair-1 exploration well in the Altair license located in the prolific Llanos basin in Colombia was spudded on the 2 nd of April. The well will be drilled to a total depth of 2'400 meter. Altair-1 will target multiple Tertiary sandstone reservoirs with TD in the Cretaceous. The initial result from the well is expected during the second half of May 2010. We are presently preparing a second drilling location in order to drill and complete a second well in Altair before the end of May. Expected spud date for this well is 14th April. The wells will be drilled by the Colombian drilling contractor Erazo Valencia SA, which will receive a 10% working interest in the Altair license against the drilling and completion of the two exploration wells. Depending on the result of the two exploration wells, Erazo Valencia SA is committed to drill two more wells in Altair in 2011.
"We are looking forward to the result of these two explorations wells, as the targeted reservoir in this area is well known for their good performance due to good quality sandstone reservoirs and a strong water-drive" says Tom Wolden, Managing Director of InterOil E&P ASA.
og så den her også fra idag, som jeg synes er godt nyt (det er dog kun en lilel del af de samlede lån)
Reference is made to today's bondholders' meeting. InterOil Exploration & Production ASA (IOX) approached Norsk Tillitsmann ASA (the "Loan Trustee") to convene a Bondholders meeting to consider a postponement of the Maturity Date of the NOK 100 million Senior Unsecured Bond Issue. The proposed resolution to postpone the Maturity Date from 29 March until 31 May 2010 obtained 98.11% of the votes, and the proposal was therefore adopted according to the voting requirements of the Loan Agreement.
21/4 2010 17:40 butterboy 028395 guf guf guf
21.04.2010 17:07:37
OSLO, 21 april (Reuters) - Interoil har funnet olje
i to brønner i Peru, hvorav den ene har støtt på et nytt felt
som planlegges utbygget med syv brønner, skriver selskapet i en
børsmelding.
I tillegg til dette har selskapet også funnet olje i den
første brønnen i Altair-blokken i Colombia, heter det.
Selskapet vil etter dette oppdatere sine reserveestimater
for begge land.
21.04.2010 17:07:37
OSLO, 21 april (Reuters) - Interoil har funnet olje
i to brønner i Peru, hvorav den ene har støtt på et nytt felt
som planlegges utbygget med syv brønner, skriver selskapet i en
børsmelding.
I tillegg til dette har selskapet også funnet olje i den
første brønnen i Altair-blokken i Colombia, heter det.
Selskapet vil etter dette oppdatere sine reserveestimater
for begge land.
26/4 2010 09:02 apis 028525 http://www.hegnar.no/bors/article421602.ece
nu placeret på den specielle observations liste
nu placeret på den specielle observations liste
4/5 2010 11:43 collersteen 028869 Så kom der en opdateret finansiel kalender. Det bemærkes at man har fremrykket 1.kvt. fra 14.maj til 7.maj.
http://www.newsweb.no/newsweb/search.do?messageId=259665
Det er vel lidt søgt at fortolke derhen at det betyder at man har en finansieringsløsning parat, medmindre det er fordi banker m.v. har krævet at se 1.kvt førend man sætter den endelige underskrift? Men hvorfor skulle det så kræve at man ligefrem fremrykker offentliggørelsen udover at man vil være flinke ved investorerne?
En evt. begrundelse med at det er kurspåvirkende info som skal offentliggøres såsnart man har det tror jeg ikke på, for man kan jo altid finde en grund til lige at tjekke tallene en gang mere eller sende dem forbi en revisor.
Om ikke andet så burde en løsning jo være lige om hjørnet - hvis man altså skal tro udmeldingerne som jo - som jeg husker de seneste - snakkede om slut april som tidspunkt for en endelig løsning.
Spændende...
P.S. Jeg har ikke IOX-aktier pt.
http://www.newsweb.no/newsweb/search.do?messageId=259665
Det er vel lidt søgt at fortolke derhen at det betyder at man har en finansieringsløsning parat, medmindre det er fordi banker m.v. har krævet at se 1.kvt førend man sætter den endelige underskrift? Men hvorfor skulle det så kræve at man ligefrem fremrykker offentliggørelsen udover at man vil være flinke ved investorerne?
En evt. begrundelse med at det er kurspåvirkende info som skal offentliggøres såsnart man har det tror jeg ikke på, for man kan jo altid finde en grund til lige at tjekke tallene en gang mere eller sende dem forbi en revisor.
Om ikke andet så burde en løsning jo være lige om hjørnet - hvis man altså skal tro udmeldingerne som jo - som jeg husker de seneste - snakkede om slut april som tidspunkt for en endelig løsning.
Spændende...
P.S. Jeg har ikke IOX-aktier pt.
4/5 2010 11:48 butterboy 028870 Tak coller, tager det som godt nyt. Ja, de er ikke erklæret konkurs endnu og finansieringsløsning må være lige op over, hvis man skal tro ledelsens tidligere meldinger.
jeg holder mine IOX. Kursen er dog sevet de sidste dage.
jeg holder mine IOX. Kursen er dog sevet de sidste dage.
7/5 2010 08:33 butterboy 028950 Så er kvartalsregnskabet her. Finansiering ser ud til at være på plads næste uge. Jeg synes det ser ok ud - de afrikanske muligheder er dog gået lidt i stå ser det ud til pga pengemanglen
http://www.interoil.no/?page_id=5&PressReleaseID=1412970
http://hugin.info/137537/R/1412970/365108.pdf
http://www.interoil.no/?page_id=5&PressReleaseID=1412970
http://hugin.info/137537/R/1412970/365108.pdf
7/5 2010 12:28 butterboy 028962 Så rykker den - oppe med små 20 pct. Surt man solgte en del af i tossetimen
7/6 2010 21:06 butterboy 030048 Happy ending. Så kan tråden her sendes på pension
InterOil Announces Proposed Going Private Transaction and Refinancing
Oslo, Norway and Toronto, Canada June 7, 2010: - InterOil Exploration and Production ASA ("InterOil") and West Face (Norway) AS ("West Face"), an investment vehicle related to Toronto-based investment manager West Face Capital Inc., today announced that a binding memorandum of agreement (the "Agreement") has been entered into between InterOil, West Face, the two largest InterOil shareholders, Mårten Rød and Gian Angelo Perrucci and the former CEO of InterOil, Nils Trulsvik (Messrs. Rød, Perrucci and Trulsvik referred to collectively as the "InterOil Principals"), pursuant to which West Face will, subject to certain conditions, launch a public voluntary cash tender offer (the "Offer") to acquire all outstanding shares of InterOil (other than the shares owned by the InterOil Principals). Subject to successful completion of the Offer, West Face will also provide new financing to InterOil as part of a refinancing of existing bonds issued by InterOil.
Under the terms of the Offer, West Face will pay NOK 12.50 per share in cash, valuing the total share capital of InterOil at approximately NOK 273 million. The Offer price represents a 19% premium to the closing share price on Friday June 4, 28, 2010, a 95% premium to the volume weighted average trade price ("VWAP") year to date 2010, and a 140% premium to the share price on May 6, 2010, the day before InterOil announced the potential new bank financing.
The Offer will be made in collaboration with the InterOil Principals who, directly and through related parties, control in aggregate 51.83% of the outstanding InterOil shares. The InterOil Principals have agreed with West Face to cooperate in the acquisition and subsequent de-listing of InterOil. Following successful completion of the Offer, the InterOil Principals and West Face will own no less than 90% of the outstanding InterOil shares
In conjunction with the successful completion of the Offer, West Face and/or a related party will also participate in the refinancing of InterOil, both by purchasing new equity shares and providing a bond loan. Together with new senior bank debt to be obtained by subsidiaries of InterOil and secured by assets in Peru and Colombia, West Face or a related party will contribute up to USD 40 million in a new secured bond loan (the "New Bond Loan") and up to USD 10 million in new equity. The new financing will be used to repay the senior secured USD 115 million bond loan (ISIN No. 001.036356.7) (the "Senior Secured Bonds"), amounts owing to entities related to Mårten Rød and Nils Trulsvik relating to tax liabilities previously incurred by those entities, and for general corporate purposes.
In addition, as a condition of the completion of the equity and debt financing transactions, holders of the unsecured USD 20 million Bond Loan (ISIN NO 001.032535) and unsecured NOK 100 million Bond Loan (ISIN NO 001.036280.9) (together the "Unsecured Bonds") must agree to exchange the Unsecured Bonds into the New Bond Loan on the same terms as West Face. To the benefit of other holders of Unsecured Bonds, the InterOil Principals have also agreed to convert approximately USD 10 million of Unsecured Bonds into equity.
Details of the proposed New Bond Loan will be presented to the bondholder meetings for the Unsecured Bonds in due course.
The launch of the Offer is expected to be made as soon as practicable following completion of the offer documents, the execution of definitive agreements relating to the Offer, and receipt of a waiver and extension of postponement from the holders of the Unsecured Bonds. West Face also reserves the right not to launch the Offer should it prior to such time be reasonably clear, in the sole opinion and absolute discretion of West Face, that the conditions for completion of the Offer cannot be or are not likely to be satisfied.
InterOil has for a sustained period of time been in continuous discussions with its main creditors concerning a refinancing, and believes the opportunity that is offered by the West Face Offer and New Bond Loan represents, today, the only available solution for InterOil, its shareholders and creditors. Mårten Rød, Chairman of the Board and main shareholder remarked: "InterOil has worked hard over the past 12 months to secure a complete refinancing of the company. It has been a challenging process; however we are pleased to have reached an agreement with West Face".
The Board of Directors of InterOil, including the independent directors (the "Board"), has unanimously resolved to support and recommend the transaction today and is expected to give its formal statement upon conclusion of a fairness opinion to be performed by an independent financial advisor.
The complete details of the intended Offer, including the offer period and all other terms and conditions, will be contained in an offer document (the "Offer Document") to be sent to InterOil shareholders, following satisfaction of the conditions referred to above and review and approval by the Oslo Stock Exchange.
The Offer will be subject to certain conditions, as will be further detailed and specified in the Offer Document, including (i) the offeror receiving acceptances from shareholders representing in aggregate a number of shares which (a) would constitute at least 40% of the outstanding shares of InterOil, and (b) together with the shares owned, directly or indirectly, by the InterOil Principals, after giving effect to all conversion and exercise rights of all securities convertible into shares, would constitute at least 90% of the outstanding shares, (ii) agreement with the holders of the Senior Secured Bonds and Unsecured Bonds on the terms of the refinancing, (iii) completion of the new senior bank financing in Peru and Colombia on terms acceptable to West Face, (iv) formal recommendation of the Offer by the Board (and an independent expert as may be required by the Oslo Stock Exchange), (v) the results of West Face's confirmatory due diligence investigations being satisfactory to it in its sole discretion, and other customary conditions for a transaction of this nature.
The condition relating to agreement with the bondholders includes waiver by the holders of the Senior Secured Bonds of any right to enforce their security in pledged assets and acceptance to receive cash payment at par for their bonds with accrued interest following successful completion of the Offer and refinancing. Any actions taken by the holders of the Senior Secured Bonds jeopardizing the completion of the Offer may lead to an immediate withdrawal of the Offer.
The Offer will be financed by West Face from existing cash resources and will not be subject to any financing condition.
InterOil Announces Proposed Going Private Transaction and Refinancing
Oslo, Norway and Toronto, Canada June 7, 2010: - InterOil Exploration and Production ASA ("InterOil") and West Face (Norway) AS ("West Face"), an investment vehicle related to Toronto-based investment manager West Face Capital Inc., today announced that a binding memorandum of agreement (the "Agreement") has been entered into between InterOil, West Face, the two largest InterOil shareholders, Mårten Rød and Gian Angelo Perrucci and the former CEO of InterOil, Nils Trulsvik (Messrs. Rød, Perrucci and Trulsvik referred to collectively as the "InterOil Principals"), pursuant to which West Face will, subject to certain conditions, launch a public voluntary cash tender offer (the "Offer") to acquire all outstanding shares of InterOil (other than the shares owned by the InterOil Principals). Subject to successful completion of the Offer, West Face will also provide new financing to InterOil as part of a refinancing of existing bonds issued by InterOil.
Under the terms of the Offer, West Face will pay NOK 12.50 per share in cash, valuing the total share capital of InterOil at approximately NOK 273 million. The Offer price represents a 19% premium to the closing share price on Friday June 4, 28, 2010, a 95% premium to the volume weighted average trade price ("VWAP") year to date 2010, and a 140% premium to the share price on May 6, 2010, the day before InterOil announced the potential new bank financing.
The Offer will be made in collaboration with the InterOil Principals who, directly and through related parties, control in aggregate 51.83% of the outstanding InterOil shares. The InterOil Principals have agreed with West Face to cooperate in the acquisition and subsequent de-listing of InterOil. Following successful completion of the Offer, the InterOil Principals and West Face will own no less than 90% of the outstanding InterOil shares
In conjunction with the successful completion of the Offer, West Face and/or a related party will also participate in the refinancing of InterOil, both by purchasing new equity shares and providing a bond loan. Together with new senior bank debt to be obtained by subsidiaries of InterOil and secured by assets in Peru and Colombia, West Face or a related party will contribute up to USD 40 million in a new secured bond loan (the "New Bond Loan") and up to USD 10 million in new equity. The new financing will be used to repay the senior secured USD 115 million bond loan (ISIN No. 001.036356.7) (the "Senior Secured Bonds"), amounts owing to entities related to Mårten Rød and Nils Trulsvik relating to tax liabilities previously incurred by those entities, and for general corporate purposes.
In addition, as a condition of the completion of the equity and debt financing transactions, holders of the unsecured USD 20 million Bond Loan (ISIN NO 001.032535) and unsecured NOK 100 million Bond Loan (ISIN NO 001.036280.9) (together the "Unsecured Bonds") must agree to exchange the Unsecured Bonds into the New Bond Loan on the same terms as West Face. To the benefit of other holders of Unsecured Bonds, the InterOil Principals have also agreed to convert approximately USD 10 million of Unsecured Bonds into equity.
Details of the proposed New Bond Loan will be presented to the bondholder meetings for the Unsecured Bonds in due course.
The launch of the Offer is expected to be made as soon as practicable following completion of the offer documents, the execution of definitive agreements relating to the Offer, and receipt of a waiver and extension of postponement from the holders of the Unsecured Bonds. West Face also reserves the right not to launch the Offer should it prior to such time be reasonably clear, in the sole opinion and absolute discretion of West Face, that the conditions for completion of the Offer cannot be or are not likely to be satisfied.
InterOil has for a sustained period of time been in continuous discussions with its main creditors concerning a refinancing, and believes the opportunity that is offered by the West Face Offer and New Bond Loan represents, today, the only available solution for InterOil, its shareholders and creditors. Mårten Rød, Chairman of the Board and main shareholder remarked: "InterOil has worked hard over the past 12 months to secure a complete refinancing of the company. It has been a challenging process; however we are pleased to have reached an agreement with West Face".
The Board of Directors of InterOil, including the independent directors (the "Board"), has unanimously resolved to support and recommend the transaction today and is expected to give its formal statement upon conclusion of a fairness opinion to be performed by an independent financial advisor.
The complete details of the intended Offer, including the offer period and all other terms and conditions, will be contained in an offer document (the "Offer Document") to be sent to InterOil shareholders, following satisfaction of the conditions referred to above and review and approval by the Oslo Stock Exchange.
The Offer will be subject to certain conditions, as will be further detailed and specified in the Offer Document, including (i) the offeror receiving acceptances from shareholders representing in aggregate a number of shares which (a) would constitute at least 40% of the outstanding shares of InterOil, and (b) together with the shares owned, directly or indirectly, by the InterOil Principals, after giving effect to all conversion and exercise rights of all securities convertible into shares, would constitute at least 90% of the outstanding shares, (ii) agreement with the holders of the Senior Secured Bonds and Unsecured Bonds on the terms of the refinancing, (iii) completion of the new senior bank financing in Peru and Colombia on terms acceptable to West Face, (iv) formal recommendation of the Offer by the Board (and an independent expert as may be required by the Oslo Stock Exchange), (v) the results of West Face's confirmatory due diligence investigations being satisfactory to it in its sole discretion, and other customary conditions for a transaction of this nature.
The condition relating to agreement with the bondholders includes waiver by the holders of the Senior Secured Bonds of any right to enforce their security in pledged assets and acceptance to receive cash payment at par for their bonds with accrued interest following successful completion of the Offer and refinancing. Any actions taken by the holders of the Senior Secured Bonds jeopardizing the completion of the Offer may lead to an immediate withdrawal of the Offer.
The Offer will be financed by West Face from existing cash resources and will not be subject to any financing condition.
