Incidental stuff

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21st May '09 by emptyend

1294 comments 413271 reads

NO TA ON THIS THREAD PLEASE - (edit) and no pointless speculations either!

I've created this thread just to park stuff in that is only tangentially-related to SOCO's interests and doesn't relate to any of the specific assets.

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About the Author

Emptyend

Premium Member

1294 comments

kenobi

28th Aug '13

Mick,

Interesting I am sure ed story has mentioned interest in areas disputed by the chinese at one of the last couple of agms, I doubted they were serious but within an agreement between vietnam and china I don t see why not. Interesting to see if this develops into anything.

K

rhomboid1

1st Oct '13

http://www.investegate.co.uk/soco-international--sia-/rns/directorate-changes/201310011650024665P/

Non exec rotation, interesting new appt.

tiswas

1st Oct '13

Certainly is.

http://www.socointernational.co.uk/index.php?cID=119&cType=news

BNP Paribas
Sole financial adviser to Sinochem + 33 1 42 98 36 40
Marianne Daryabegui

Acted for Sinochem when they purchased Yemen.

gibson330

1st Oct '13

Whilst we're digging:
http://www.investegate.co.uk/article.aspx?id=200708141701150917C&fe=1

BNP Paribas Arbitrage held a disclosable interest in August 2007 that was briefly above 3.00%.
It looked a bit strange at the time and I dont recall the story.

rhomboid1

1st Oct '13

I think this is the more more relevant;

"Ms Daryabegui is currently the Managing Director of the Corporate Finance Oil and Gas Team at BNP Paribas in Paris, France. She has extensive experience in oil and gas corporate transactions, including structured financing and reserve based lending facilities, and has advised a wide number of oil companies across the sector.

Prior to joining the Oil and Gas Team in 2006, Ms Daryabegui worked for 8 years in BNP Paribas' Energy Commodities Export Project Department where she headed the Commodity Structure Finance team for the Middle East, North and West Africa. Prior to joining BNP Paribas, Ms Daryabegui spent 8 years at TOTAL, working amongst other activities on upstream acquisitions and divestments in Europe and Africa."

So a deal with Total doesn't look too unlikely...

nigelpm

1st Oct '13

I'd argue she is exactly the right person to have on board if/when a sales process starts. Great appointment!

emptyend

2nd Oct '13

Yes - think that is the right bottom line conclusion Nigel.

It isn't a "rotation" rhomboid - Michael Johns was a relatively recent appointment but (having met him and chatted a year ago) I suspect that he has unfortunately got over-riding family reasons for retiring.

IMO it is always useful having access to an in-house deal-doer when contemplating a deal. She will be very helpful in helping the company understand the dynamics from "the other side" - and it may perhaps be a small pointer towards potential French interest? I think the market will read the appointment as a clear signal that the "for sale" shingle (to use the American term) is close to being raised.

tiswas

2nd Oct '13

Call me a cynic but this appears to rule out any potential purchaser being French and/or one where Paribas would have hoped to get the advisory mandate as by letting her join Soco there is now a conflict of interests?

nigelpm

2nd Oct '13

highgate55

2nd Oct '13

Now that we have had the results from the third zone of TGT-10 does anyone know what is the next likely news from Africa ( and when ?).

tiswas

2nd Oct '13

It doesn't strangely enough.

The same firm can act for buy and sell side as long as Chinese walls and a separate team are used and of course all parties are content with the situation.

In a professional capacity I've seen it work effectively on numerous occasions

Chinese walls where the Managing Director of the Corporate Finance Oil and Gas team is employed by the seller and wants to achieve the best price when the team acting for the buyer wants to obtain the lowest price?

Oh yes, you will have seen that hundreds of times!

nigelpm

2nd Oct '13

Do you actually have any corporate finance experience tiswas or are you shooting from the hip here?

A sales process is hugely involved and will encompass lots of work from all parties.

tiswas

2nd Oct '13

A sales process is hugely involved and will encompass lots of work from all parties.

No, get away!

Yes Nigel, 20 years in the City before I quit to trade full time.

And the thought that our team could be bidding for a mandate with one company while our MD, who signs off on pricing and terms and conditions, never mind be instrumental in securing that business through their personal relationships, could be employed by the opposite side is beyond imagination.

Where are you shooting from?

nigelpm

2nd Oct '13

Fair enough.

Just making the point that there are numerous ways to have the same firm acting for both parties and your comment "rules out any potential purchaser being French and/or one where Paribas would have hoped to get the advisory mandate" is certainly not the case.

emptyend

2nd Oct '13

Call me a cynic but this appears to rule out any potential purchaser being French and/or one where Paribas would have hoped to get the advisory mandate as by letting her join Soco there is now a conflict of interests?

Returning to the topic raised here, I'm not sure that there are any conclusions to be drawn of that nature. Olivier Barbaroux is also an ex-Head of the Energy Sector at Paribas and was quite possibly Ms Daryabegui's boss at some point in the past. I'd see that as a significant "deal team" to have as internal advisers.

Obviously BNP Paribas are unlikely to have a current advisory mandate from a potential buyer - and indeed are unlikely to have any such mandate in prospect. OTOH they may well have concluded that they are more likely to pick up some sort of formal role working for the seller....in which case there would be an advantage to being on the inside to better understand the nuances.

IMO the company will have long ago formed a list of potential buyers. And I'd be sure that at least a couple of those would be French.

tiswas

2nd Oct '13

I would go along with that EE, maybe trying to keep Merrills on their toes?

And I am not ruling out French bidders entirely, just those where Paribas may have had a good chance of securing the mandate.

nigelpm

2nd Oct '13

Good summary ee. Either way the appointment is a good one and should ensure excellent value for shareholders if/when the sales process begins in earnest.

Who knows an information memorandum may already have started to be worked on.

tacheman

2nd Oct '13

Very interesting bloomberg link posted by ohIsay in the other place.

The test increased the well resource estimate to 150 million to 200 million barrels, up from the previous guidance of 50 million to 100 million barrels. “It’s the biggest well I’ve ever been associated with in 37 years or so,” Chief Financial Officer Roger Cagle said in phone interview.

Cagle declined to comment on any possible bids.

“You’d think that people who are interested in production assets would be more interested now than they have been before,” he said. “There has been plenty of interest.”

emptyend

2nd Oct '13

Yes - I thought they would be raising that number. Of course that was the sort of number SOCO International (LON:SIA) had in mind all along - but it looks as if RPS may well be in agreement this time.

Good comment about "interest".......it won't be too long before we get people spreading rumours (though I won't be among them - such chat can often mess things up)

shanklin100

2nd Oct '13

Yes, if you really muck up, you get to release an rns like this...

http://www.investegate.co.uk/globo-plc--gbo-/rns/clarification-statement/201310021213255445P/

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Incidental stuff

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Emptyend

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