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Once they started skipping interest payments it was crystal clear to everyone that there is a cash-flow problem. Each drill cost them 15 millions and these lot ended up spending all of cash reserves on drilling. If only one of these drills came good it would have been a different story.
DaProphet, I've never shorted anything in my life but I have been sucked in by rampers before.
I knew their game here and they try and discredit you and everything you say but they can't ever discredit the facts.
The company did actually warn about administration but they all want you to look at the gas prices etc
I've had one of my posts removed from two days ago.
Perhaps there's some sort of cover up behind the scenes.
I said there was a rumour that the Bondholders and CalEnergy would do a J/V with CE becoming the operator.
Sorry to hear the news recently and condelences to all long term investors .. Totally threw me on the admin side.. Expected it to be suspended yes but not on both counts yet.. I held strong in the knowledge that the bod would make every effort to come through for all stakeholders involved!
What excactly did they expect from Bylthe alone??
I guess the radio silence said it all and a plan of takeover for pittance was always going to be the outcome 😲...
Tbh i kept a holding in here due to bebeto and the likes constant attack strategy .. Usually means one thing that shorts are active..and fud spreading goes in overdrive..
True that some of them made all sort of bs, being optimistic is one thing and lying is another. They had a taste of their own medicine and did not like it.
I disagree the rampers on here were very disingenuous & deceitful.
I see straight through them but what they got was from their own making and no one else is to blame.
You are pos, no one deserves to lose money but why would you want to lure others in. As I said these guys got in for a quick trade and got caught in it. These sort of people normally leave investors high and dry but got instant karma.
I agree, no one deserves to get wiped out. This was high risk even when it was much higher. Most of us have experienced losses in our time. The important thing is to learn from it. Good luck to all here. And those who recently ramped this should have a conscience and try harder not to lose their integrity.
shaml89
what a *** you are no one deserves to lose money you don't know everyone's situation
As a matter of fact most of these so called "long term holder's" got in for a quick trade and got caught in it. Almost all of them knew equity was worthless but were still ramping it madly to lure others in to get out. Am I supposed to feel sorry for them? No, they deserved it.
I don't care about the losses of the people who chose not to see it.
It's the innocent people who get ramped in, who they use to sell out on, I care about their losses.
Lol lol lol. this was so obvious it was going to happen. And yes ive lost money on here too. Still amuses me all the so called know it alls in here!!
Pointless exercise as it looks like bondholders won't get their £100 millions back either in fact they would be lucky to get 1/3. It was crystal clear to everyone after last four updates that there was no money to pay coupon but then we had likes of Coldspy, poorinvester and many more who were sprouting all sort of rubbish to lure newbies in. Why did bondholders not take advantage of "historical losses" and why did they not wait for summer when company could have turned over half a million everyday?
Reread these snippets from the RNS, there's a potential deal being formulated, everyone is going to lose out but shareholders will lose everything. Creditors get paid out before shareholders.
Company's current financial situation following underperformance of the developed assets and the resulting creditor position,
placed into administration ("the Administration") in order to preserve the value of the business for creditors.
a notice has been filed with the Court today
discussions have been held with a representative group of senior secured bondholders and their advisors regarding a potential additional capital injection and associated restructuring of the Company.
a view to a potential restructuring solution that protects the operating subsidiaries, which are not being placed into administration.
The Interim Results for the six months ending 30 June 2023 will not be released.
We have not found a viable solution that would provide a return to shareholders.
We regret the impact this outcome will have on our many stakeholders.
Janes>If they breach the agreement with the bondholders this gives the bondholders the right to call in an administrator.
I GUESS this means IOG suspended yesterday because they want to choose their own Administrator (one that's friendly to the board's interests). Rather than wait for the weekend as that (failing to pay the deferred coupons today) would give the bondholders the right to choose the Administrator. (?)
It does feel like there is no accountability here.
Half year financials not released? How close were we to having the money in the bank to pay the interest ?
What money was spent over the past 3-4 months and where? What negotiations were made over the past 3 months? Reading between the lines what I’m seeing here from the RNS is a company that planned to go into administration and break up the company. It looks like from the last extension the only plans that have been made were how to run the company down. These last 3 months were used with a plan to go into administration then restructure. Has the board really had IOG share holders interest as part of their plan? What did they action or try to do to put this company ack on track and AVOID administration? Where is accountability? Why no financials? If the plan was always to go in this direction then that is highly immoral and misleading!!! I would like some answers because something doesn’t feel right. To many little things don’t feel right, even the guy and IOG getting promotion yesterday?? How can you get a promotion at a time when the company is supposedly folding????? Anyway I was on the group chat last night regarding finding some answer if nothing more, who knows. I think this platform is the right place to rant, vent et. and put things out there, it’s been happening for months. Hopefully have more progression as and when how things progress on the other group chat which hopefully is being used by people who understand the administration process, legals, the oil industry and anything to do with IOG and associated companies. Fingers crossed for something rather than nothing which is where I am!! And accountability
If as intended the administrators are brought in then unfortunately suspension will is permanent.
It should not last more than two days so keep ramping!
How long does suspension usually last?
My average is 8 pence
Hurricane did have £160 millions and needed to pay £250 millions, there was a good chance it would have paid and it's institutional investors rallied behind shareholders. I did try to warn people as there were very few people who were throwing all sorts of numbers like half a million revenue a day, gas price would go through roof this coming winter, this would be taken over, this is sitting on historical losses which can be used. Bla bla. Problem is this company only had 10% of what needed paying and missed on coupon payments. Bondholders have been patient and they gave of chances to management to sort out this mess. This company had four chances, they drilled four wells and each one of that turned out to be a failure. I was 50/50 on administration as in my opinion bondholders won't pull the plug as these assets were worthless and realistically only chance of them recouping any money would have been through increasing production by drilling a new well. Looks like they would bring in their own people for drilling. As far as this lawsuit is concerned, I have seen countless people trying to sue BOD and none of them received a penny.Coldspy must have been speaking to his lawyers for quite sometime and about time he takes this war to management.
If anyone believes anyone on a chat sight they are an idiot. The truth is you do not know anyone here, people say they are buying but do not same for selling. I lost a fair bit in this awhile back but got out at 1.5p. Been a crappy day all round for a lot of people.
Useful and positive call tonight between some shareholders. Heavily invested and today has been on the cards for a while but rubbish never the less. Realistically done and dusted but when you have nothing to loose then what's the worst that can happen by exploring all options. Keen to try and get some weight behind the conversations so if you are interested to join the group chat message me and I will add you in. 0 7 no space 9 no space 7 9 4 1 7 2 7 6
Rampers accused me of shorting this everyday, I've never shorted anything in my life and there was no paid deramping going on.
And to add, those same people who lured you in and was ramping are nowhere to be seen, you see it right accross chats here.