trinidad/monitor energy

Greetings,

Following is an extract of "derosie's" report on the Monitor Energy (MHL) AGM which gives more information on Trinidad than we have received from RRS.

Thanks for the post derosie and trust you don't mind me spreading it a bit further.

>>* TRINIDAD
Basically through luck, they have got the opportunity to finally become a producer overnight. The 2 owners of SOCA are very old and frail (one has just come out of a coma),
their families wanted to sell and not knowing how to go about it, asked a Texan analyst, who soon after had a meeting with the guy from Range Resources. Now as stated on this forum, Range would have loved to have got more than 10%, unfortunately they were totally stretched with what they already had, so they brought their mates from Monitor in on the action.
And now they have the gear and infrastructure to start producing immediately, which has been a small two bit operation upto now. Being blessed with oil, the owners have only done enough to happily live of, without going deep, or south of the fault line..... and that's where the excitement is for Jon, Mark and crew.
The other little gem they are keen on is Walter, the old German operations manager who runs the show. The drill rigs are amazingly clean because of this guy.He is a very savy operator and has always wanted to do these extra drill holes knowing the potential, but was never allowed, because of the crusty owners that were never interested.
So in summary.... $90 million seems like a good buy, with the good chance of being a bit less.

So there you have it! There will be a CR, and shareholders will get first crack, with some mob in London taking whatever is left.

And why is it taking so long?
Waiting on lawyers. The deal was ready, but at the eleventh hour something happened, in favour of MHL.<<

TerryA