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Hague and London Oil

  • BY: Andrew Hore |
  • POSTED: 29/05/2017 |

Hague and London Oil has restructured and reduced its admin expenses.

Higher risk assets have been spun off into 51%-owned Vermeer Exploration BV, while the farm-in to the Duyung licence in Indonesia is not going ahead and some UK licence blocks have been relinquished.

In 2016, admin expenses have been cut from £2.96m to £677,000.

Hague and London Oil plans to acquire the Netherlands-based assets of Tullow Oil for an initial €9.75m with the potential to pay a further €20m. There are capital spending requirements for these assets which are generating revenues, having produced 2,900 barrels per day in 2016. Operating expenditure is estimated to be $21/barrel in 2017. Nearly two months after the announcement of the deal, the finance for the deal is still being negotiated. A separate application has been made for the F5 block, offshore Netherlands.

There was £50,000 in the bank at the end of 2016 and since then £115,000 of loans have been provided by the chairman and an investor.

Trading in the shares remains suspended until the acquisition deal is completed or if it is no longer going ahead.

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