Ann: $15m raised to fund Well Test & Cabora Bassa Operations, page-914

Be careful what you Wish for

Be careful what you Vote for/NOT Vote for !!.......

See: Xcite Energy (XEL.L) - Liquidation https://en.wikipedia.org/wiki/Bentley_Oil_Field#Liquidation.....

"The company was due to repay 139.05 (USD m) of bonds which fell due for repayment on 30 June 2016.

"They announced on 16 June 2016 that they had requested an extension of bond maturity to 30 September 2016, which was granted at a bondholders meeting on 30 June 2016.

"The following day the three non-executive directors resigned and the Chief Operating Officer, Stephen Kew, stepped down from the company to remain solely as a non-executive director.

"On the 27 September 2016 they announced that negotiations were being concluded between the principal bondholders and the company for a restructuring that would see the bondholders exchange 100% of the value of the outstanding bonds being exchanged for 98.5% of the enlarged share capital of the company.

"The company advised that should the shareholders not support the proposed restructuring the bondholder would likely pursue enforcement action against the company.

"Private shareholders were vocal in their support to vote down any proposal, and on the 25 October 2016 the company announced that the bondholders were planning to instruct the Bond Trustee to petition the Court in the British Virgin Islands requesting the appointment of a liquidator to the company.

"As a consequence of this planned action the Directors of the company requested the immediate suspension of the trading on AIM (London) of shares.

"The petition to place the company into liquidation was heard by the Eastern Caribbean Supreme Court in the British Virgin Islands on 5 December 2016.

"Licence P1078 was subsequently licensed to Whalsay Energy, who have sold it for $42 million to Enquest"........

https://en.wikipedia.org/wiki/Bentley_Oil_Field#