Kito Licence Related, page-42

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hombre cara

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21/02/17

14:23

Post #: 22780814
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Originally posted by 62strat ↑

Wasn't it all to do with JV monies paid in by OEL and Tata to the operators acct in respect to the Pangani licence, and interest from said capital was not distributed back to OEL and Tata but siphoned off to a SOGTL acct, or some such??

Or was it that SWE moved all of the money (incl interest) into a SOGTL acct just prior to administration??

19 April 2016 - SWE goes into trading halt pending corporate restructuring and future funding.
21 April 2016 - SWE voluntary suspension of trading (requested by SWE through to 23 May 2016)
13 May 2016 - SWE in legal dispute with OEL announced.
23 May 2016 - SWE seeks extension of suspension until 14 June 2016.
14 June 2016 - SWE seeks further extension until 30 June 2016.
21 June 2016 - OEL announce successful farmout of 25% of Kito-1 well to MV Upstream.
24 June 2016 - SWE goes into voluntary administration.
23 August 2016 - SWE official suspension from ASX quotation.
26 October 2016 - Last official ASX announcement by SWE.

And that's the way it all still is.

SOGTL investor preso in mid Nov 2016 (written re OEL dispute like a shitty schoolboy argument...embarrassing) has them engaging Exotix to raise funds of $120m for the purchase of a producing African asset.
Raising to be complete by mid Dec 2016 and funds placed into escrow (or committed) until 30 June 2017 and then released and deployed.
Jan 2017 - June 2017 supposed to be gaining government consents, partner pre-emption, etc, etc.

Have not heard a word about this since. I may have missed it, but imo, if they'd raised the $120m they'd be shouting it from the rooftops and it would be all over the SWE threads.

However, am in total agreement that the priority of all parties should be to make the drill of Kito-1 happen in 2017 regardless of resolving the dispute beforehand.

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I think its clear Swala are getting protected by the local authority...probably because of the vested local interest...just hope theres not a shifty going down...

OEL Price at posting: 3.5¢ Sentiment: Buy Disclosure: Held
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Kito Licence Related, page-42

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Kito Licence Related, page-42

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