ghoti - thanks for posting the link - if the 'street talk' is correct - my immediate reaction:
Paying off debt is good and unburdens COI of the Santos shackles other than their JV position in the main Mahalo Block - which of course can be increased at the pro-rata rate COI paid APLNG.
This leaves COI in a better negotiating position should Santos want to increase it's percentage in all the Mahalo Blocks to 50% which has to be exercised by the year end.
It's always better to be able to negotiate without having one hand tied behind your back - ie. with no debt owed to the party with whom you are negotiating.
With the debt gone - this clears the way for either a massive capital injection into COI from Santos by the end of this year as we move forward in all the Mahalo Blocks on a 50/50 basis - or - COI is free to farm out to a third party who will do the same - or - COI can be bought out in it's entirety
Has our management forced Santos's hand? I presume that loads of alternative avenues are being discussed should Santos not exercise their option.
AngryBear's comment - 'Santos' - might have hit the nail on the head. Who's to say that Santos won't stump up the cash required in exchange for a percentage of the company at 17.5 cents a share during this capital raising?
If was in Santos's position and I wanted to buy all/some of COI - that's what I would do. After all - why wait until later this year when they enter into negotiations with COI to raise their percentage in the main Mahalo Block and in the other Mahalo Blocks to 50% which will cost them more.
Then again - it's only 'street talk' at the moment.
I feel end game is approaching.
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17.0¢ |
Change
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Mkt cap ! $188.3M |
Open | High | Low | Value | Volume |
16.5¢ | 17.0¢ | 16.5¢ | $86.14K | 512.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 625000 | 16.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
17.0¢ | 456200 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 625000 | 0.165 |
7 | 286056 | 0.160 |
3 | 127419 | 0.155 |
5 | 440301 | 0.150 |
2 | 106889 | 0.145 |
Price($) | Vol. | No. |
---|---|---|
0.170 | 456200 | 5 |
0.175 | 621379 | 6 |
0.180 | 347824 | 5 |
0.185 | 240000 | 4 |
0.190 | 249480 | 2 |
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