African Petroleum Plc

[BLUEMONEY]

Originally Posted by billions

The above excuse is certainly not good enough...

And that is because Afribank Registrars is among the worst in the industry. All you get from them is Excuses.

[knightofdelta]

Ha!

AP is presently running at a PE of 28 when more than a tenth the secondary market is selling below PE of 20. Coupled with Afribank Registrar as their registrar...

Well, good luck to anyone who is interested in the PO. I believe they will recoup their money in a few years, though...

[citizen]

Afribank Registrars Are The Registrars Because Afribank Has About 16% Equity In African Petroleum- So It Doesn't Take A Rocket Scientist To Figure Why They Are The Registrars.

The Whole Reason For This Ap Public Offer Is For Otedola To Increase His Stake In The Company Before He Merges It With Zenon And Then Go For The Big Fish- Upstream Production[crude Oil]. So If You Are Using Just The Books To Access This Offer It Might Just Not Be Enough. In A Few Years Time The Plan Of The Single Largest Shareholder Is To Equate It To The Likes Of Chevron, Mobil E.t.c. If You Can Hold On That Long.

Caveat: One Man Businesses Are However Not The Best Sought Of Stocks To Own Except They Show Serious Discipline E.g. Warren Buffet And Not Engage In Buying Private Jets And Owning Their Own Telecoms Companies.:d

[hispy99]

Latest Market Info
AP: RIGHTS TRADING ON OCT 2
AP PLC: THERE WILL BE TRADING IN THE RIGHTS OF AP PLC ON THURSDAY, 2ND OCTOBER, 2008, WHICH IS THE CLOSING DAY FOR THE OFFER.

PLEASE NOTE AND TAKE THE NECESSARY ACTION.

[billions]

AP PLC
PERIOD 30-09-2008 (3RD QUARETR)
2008 2007
TURNOVER N122.955b N74.814b
PROFIT BEFOIRE TAXATION N6.318b N4.030b
TAXATION (N1.263b) (N1.209b)
PROFIT AFTER TAXATION N5.054b N2.821b
RETAINED EARNINGS N5.054b N2.821b
BALANCE SHEET INFORMATION FIXED ASSETS
N10.222b N8.800b
STOCK N13.016b N5.248b

TRADE DEBTORS N37.234b N9.742b
CASH AND BANK BALANCES N5.704b N4.650b
OTHER DEBIT BALANCE N2.100b N2.816b
TRADE CREDITS (N30.050b) (N11.353b)
SHORT TERM BORROWINGS (N20.001b) (N11.321b)
OTHER CREDIT BALANCES (N11.515b) (N6.259b)
WORKING CAPITAL N7.177b (N623.698m)
NET ASSETS N6.902b N4.442b

[citizen]

The House of Representatives ad-hoc committee probing operations of Nigerian National Petroleum Corporation and its subsidiaries has uncovered $1.148bn (about N134.339bn) owed the Federal Government by oil companies from the sale of oil blocks.

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File
Speaker, House of Representative, Hon. Dimeji Bankole

Investigations by our correspondent showed that the debt resulted from “staggered payment schedules” for oil blocks acquired in breach of established rules between 1999 and 2007.

The oil firms ought to have paid within 90 days of winning the bid rounds for the oil blocks in accordance with guidelines.

Other arrears were payments allegedly made, but which the committee could not trace to either the Central Bank of Nigeria account or other banks that served as the custodians of such funds.

Sixteen companies (names withheld) were said to be involved in the deals, and were believed to have been aided by some officials of the Presidency in the last administration.

A source said the committee, which frowned on the staggered payments, had vowed to compel the affected oil companies to pay up.

The source added that the committee might indict the officials that facilitated the abuses and refer cases of amounts paid but not accounted for to the Economic and Financial Crimes Commission.

The debts run as follows: $75m, $121m , $33m, $15m, $15m, $19.2m, $209m, $110m, $114m, $33m, $13m, N10m, $15m, $125m, $10m and $231m.

Our source disclosed that the probe of the NNPC would begin shortly after the report on the operations of Department of Petroleum Resources from 1999 to 2007 might have been submitted to the House by the Igo Aguma-led committee.

According to the investigations, the $114m debt accrued from a staggered payment schedule associated with OPL 248, sold in the 2004 bid rounds.

Similarly, the alleged $209m debt was payment by Shell Ultra Deep for an oil block, which NEITI’s report confirmed had been paid for, but yet to be traced by the committee.

Also, the $75m arrear is linked to OML 139, secured by one of the oil majors during the 2007 bid exercise.

Our source said, “The DPR schedule of payment submitted to the House ad-hoc committee showed that $70m payment was made in respect of one particular oil block; however, from financial analysis made by the committee, the money is not traceable to any account.”

It was gathered that the committee was also amazed that Production Sharing Contracts were signed by the Federal Government and some of the oil companies in spite of the anomalies in their oil blocks acquisition.

The source said, “Why will anybody stagger the payment for an oil block acquired by any of the major oil companies?

“They have enough money to clear their debts; yet, somebody staggered the payment to suit their interest to the economic disadvantage of the country. It means that they have been making money from the oil wells, and yet holding on to the country’s money.”

Evidence of under-payment in some of the bid rounds could be seen in a technical committee’s report on the evaluation of the 2000 bid rounds.

For instance, the technical committee said in its executive summary that “companies that may have misconstrued the minimum signature bonus for onshore blocks to be $5m should be given the option to match the $10m minimum.”

A DPR report indicates that the country realised $2.112bn from oil block bid rounds between 2003 and 2007, while $610.452m was realised in the 2007 exercise.

Following allegations of under-hand deals in oil block allocations in 1999, a presidential panel chaired by Dr. Christopher Kolade had in 2000 revoked the oil prospecting licences granted some foreign and indigenous companies.




TOO MUCH MONEY IS WASTED IN THIS COUNTRY!!!!! IT IS SO SAD

[muranay@yahoo.com]

Reps ask NSE to lift suspension on AP

By John Ameh, Abuja
Published: Friday, 21 Nov 2008

The House of Representatives Committee on Capital Market has directed the Nigerian Stock Exchange to lift the technical suspension placed on African Petroleum Plc.

The committee, headed by Mr. Ahmed Wadada, said that the lifting of the suspension would give investors the opportunity to know the true state of AP’s share value.

The committee’s directive was contained in a letter it sent to the Director-General of the NSE, Prof. Ndi Okereke-Onyuike. The letter was dated November 17.

The company was placed on suspension from the trading floor, when it wanted to float a Rights Issue, which closed last September.

AP subsequently sought and was granted a two-week extension for its share price listing but since then, the suspension has not lifted.

Part of the document, which our correspondent obtained in Abuja on Thursday, reads, “The non- lifting of the suspension has given AP Plc undue advantage as her capacity to borrow money is dependent on its market capitalisation,” the letter stated.

“Please make available to the committee all relevant information, which is not known to us as to why the suspension is not yet lifted and in the event that there is none, please lift the suspension immediately to allow the true value of AP Plc to be known to Nigerian investors, especially now that Zenon Oil is working towards a merger with AP Plc.”

According to the committee, a comparative analysis of two companies in the petroleum sub-sector indicated that Total Nigeria Plc lost about 23 per cent at the height of the bearish run while AP Plc only lost 2.3 per cent during the same period.

“There have been litanies of petitions from concerned Nigerian investors who are complaining about the non-lifting of suspension on the shares of AP Plc to allow for proper determination of the value of the company,” the letter added.

Meanwhile, the committee has asked the Securities and Exchange Commission to supply it with detailed information on planned merger between Zenon Petroleum and Gas Limited and AP Plc.

The committee, in its letter to SEC, dated November 13, sought for information on the “Pre-merger ownership/share structure and composition of Zenon, minutes of meeting of its board of directors for the last five years,” among others.

[BLUEMONEY]

Originally Posted by muranay@yahoo.com

Reps ask NSE to lift suspension on AP

By John Ameh, Abuja
Published: Friday, 21 Nov 2008

The House of Representatives Committee on Capital Market has directed the Nigerian Stock Exchange to lift the technical suspension placed on African Petroleum Plc.

The committee, headed by Mr. Ahmed Wadada, said that the lifting of the suspension would give investors the opportunity to know the true state of AP’s share value.

The committee’s directive was contained in a letter it sent to the Director-General of the NSE, Prof. Ndi Okereke-Onyuike. The letter was dated November 17.

The company was placed on suspension from the trading floor, when it wanted to float a Rights Issue, which closed last September.

AP subsequently sought and was granted a two-week extension for its share price listing but since then, the suspension has not lifted.

Part of the document, which our correspondent obtained in Abuja on Thursday, reads, “The non- lifting of the suspension has given AP Plc undue advantage as her capacity to borrow money is dependent on its market capitalisation,” the letter stated.

“Please make available to the committee all relevant information, which is not known to us as to why the suspension is not yet lifted and in the event that there is none, please lift the suspension immediately to allow the true value of AP Plc to be known to Nigerian investors, especially now that Zenon Oil is working towards a merger with AP Plc.”
According to the committee, a comparative analysis of two companies in the petroleum sub-sector indicated that Total Nigeria Plc lost about 23 per cent at the height of the bearish run while AP Plc only lost 2.3 per cent during the same period.

“There have been litanies of petitions from concerned Nigerian investors who are complaining about the non-lifting of suspension on the shares of AP Plc to allow for proper determination of the value of the company,” the letter added.

Meanwhile, the committee has asked the Securities and Exchange Commission to supply it with detailed information on planned merger between Zenon Petroleum and Gas Limited and AP Plc.

The committee, in its letter to SEC, dated November 13, sought for information on the “Pre-merger ownership/share structure and composition of Zenon, minutes of meeting of its board of directors for the last five years,” among others.

From what I understand when a Quoted company is about to Merge with another company, it is placed on Suspension and I Believe Rep. Ahmed Wadada should no better or maybe he is calling for the suspension to be lifted because AP Plc is now a Political Stock and Politics now want to Replace the normal Procedure of the NSE.

[Michael]

Originally Posted by BLUEMONEY

From what I understand when a Quoted company is about to Merge with another company, it is placed on Suspension and I Believe Rep. Ahmed Wadada should no better or maybe he is calling for the suspension to be lifted because AP Plc is now a Political Stock and Politics now want to Replace the normal Procedure of the NSE.

This is another company that has taken Transcorpic Dimensions!