ROS .. the gamblers anonymous thread !!!

with ref to the above...not quite we sure we`re on the same wave lenght here...£1m was raised earlier in the year, obviously with institutional blessing, which was used for seismic work on the peripheral blocks surrounding the 7h field that have now been completed so the above scenario comes into play..The 7h gas project was financed by a non recourse loan plus the oil service guarantee balance (OSGB) against Ramco Seven Heads Ltd (RSHL) and Northern Exploration Ltd (NEL). The OSGB has now been repaid and the the banks will undoubtedly push for the best deal they can get with regards to RSHL and NEL`s debt.Both these company`s are subsidiaries in Ramco Oil and Gas Ltd (ROGL),ie, the holding company,namely Ramco Holdings.In all probability these two companies will be eliminated after the sale(subject to Islands 12.5% free carry being succesfully renegotiated as part of the sale conditions))...therefore implying that any licence extensions and probably 7h oil will have to go through yet another sudsidiary of which there are as many as 10+..with `a number of dormant subsidiary holdings`, and as a consequence are beyond the banks durisdiction.We don`t know why we have a delay in `sale` of 7h gas...maybe,as you rightly imply, the banks may well insist that RSHL or NEL should be `kept alive` and deals surrounding the `sale` of the field would mean that the banks still retain an interest in the area as a whole?...but to do this , they would have to write off the RHSL@NEL debt.These are not straws. The banks haven`t made a total loss.There`s been no profiling this year so we can assume that the field has been pumping out an average of 12mmscfd..to which the 2004 statement adds `expectations are that Seven heads gas field will continue to produce gas for several more years`...of which 9bcf has already been extracted(June 2004).