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This time was even worse Swify. He announced a ' glorious project' (Perth Basin) to pump up the SP, suck in more PI 's and went on a hyping roadshow (including London) giving a presentation selling how great an opportunity investing in the Perth Basin JV was. The SP reached 0.75 p then mysterious large sell off and then released an RNS saying he wasn't going to participate in the Perth Basin Project anymore. You couldn't make up a better plot for a movie about a con imo.
Why is this share too high price?
well, it was to be expected as in my previous post. It's at least a year if not more before anything happens. The profile is the same 1 1/2 years of nothing, then a project to raise capital, then a dilution, and on and on. I am in for quite a bit. its all in a SIPP, so it can sit there until 3p and im a gonner ! If I'd put it in my tech funds 1'd 40% up noe after 8 years C U all Later SWIFY
Even forgetting about the ongoing salary Bandy and his Board are taking, the current SP is much too high atm. There are more than 529 million shares in issue (not counting all the share options to be exercised) and only around £2 million in the bank. That equates to a MAX SP of 0.378p per share based on cash which is all RMP have now. Sell up now and get at least some of your money out now while you still can.
Who knows, I am in for the next drill. Need 3p then I am gone. Each drill it goes well beyond that but I will not risk it for full results this time. Knowing my luck they strike oil this time.
So, we didn't do the deal because he thought it would be better to keep the cash in the bank!
So, he will be able to draw his salary, for doing very little, for yet another year or three.
Money in Red Emperor is a dead asset for at least another two years which is why I sold out as soon as the deal was cancelled.
You will be able to buy in next year at under .003 as people get bored.
See you next year.
It just gets worse and worse for shareholders. The new quarterly now reveals that RMP and their jv partner 88e have lost the Alaskan Western Slope rights . This along with the Bandy pulling out of the Perth Basin means that RMP has no physical assets at all. Just some cash which is being pi**ed away paying for Bandy and his mates on the Boards Salaries- wtf are they still taking a salary for when there are no assets to manage.
hmmm, i can't see many positives at the moment. i'm not going to cut Bandy any slack for preserving the balance sheet, surely that's the least he should be doing? the company has no assets other than £2.5m in the bank, and its certainly peed away a lot more than that over the years. in my opinion we're heading for the same old format: buy into a "world class asset" (oh, but it isn't really) followed by the inevitable capital raise. i just get the sense Bandy doesn't know what he's doing - what is the strategy, how is it going to be executed, how is he still in a job?
Hi GPRD,
Protecting the balance sheet, implies preserving cash (which they have) by keeping overheads low which they are. No debt , so what’s the issue?.
You are entitled to your opinion but I believe it will be before the July and even if it is not, so what? I am not in a hurry. Only 175 million shares I open circulation, is also a huge factor.
I do appreciate a bit of positivity, but surely you must realise the ONLY reason for protecting the balance sheet is that they still need an income.
We've had this years news of a possible asset, so we're going to have to wait until at least next year before another is announced. I would normally say two years, but this one only lasted a couple of weeks, so I'll go for July/August before we have news on any possible projects. If you're going to ask what I'm basing this on, it's the fact I've been here since Puntland and seen it all before.
I like the use of the words @ extremely confident “ and thanking shareholders. It’s just a waiting game $4.6m in the bank. Their focus on protecting the balance sheet is good.
No projects announced, Alaska north slope dropped by the JV. A$4.6M cash in the bank. The search for a new project continues.
that's the problem !! :-)
Hi Swify, yes I agree, and the prospect here is huge, I wonder what the buy in price is?. RMP’s history in Alaska makes this an interesting proposition. Quite a few people are looking to exit around 2-3p. Problem is when it gets there you always want more lol.
HI Suthy....it ties in with GB's declining of NOPTA licence perhaps- it's speculative, but possible- especially given RMP's involvement in the North Slope already. I hope we get some direction in the GM- we might want to keep our eye on this. "2 x drills 2021" ....I'll just keep adding my 30-50 free regular with interactive each month. I still want out though at 3 / 4 p will do me fine (2.5 p doesn't cut it as its actual my average input since Puntland. Regards
Hi Swify, that is a good find. You could be right.....
HI Time to act , I just seen this- could we be seeing a RMP farm in here ? "88 Energy Ltd (AIM: 88E) is continuing its high reward strategy towards making a multi-billion barrel oil discovery in Alaska. In fact, it’s more emboldened than ever, doubling down on its North Slope ambitions and acquiring 100% of Project Peregrine......(goes on to say)....88E intends to secure a farm in partner and drill two, low cost wells to explore Project Peregrine in early 2021. Given the size of the prize and the leverage to near term upside here, we would expect the farm in process to be a success. We’ve seen 88E’s share price move upward in the lead up to drilling events before, and we expect to see something similar to unfold in the lead up to its early 2021 drilling.
Agreed, i can wait, but to be honest 50 quid a throw each month at this price is a pittance- it can't sink any lower IMO. but, yes, am all over it at work place ! 2p gets my initial back- 2.5 gets a week away with the family . Red Emperor my arse...should be renamed " Red Herring" ! Everything about it stinks- the hype, the ****e RNS's, the 1 year between each opportunity, the "spread" lock in....I feel ...violated TBO ;-D still i can't afford to sell and realize a paper loss...I just gotta wait and time it right ! Cheers
Your better getting selling all your shares and not throwing more money at it.
Keep an eye on the share price and if there comes another deal. Most people are not looking every day so if there is a deal around you can get in quickly.
I sold all of mine the moment he stuffed us. But I still keep a regular eye for his next con and I'll be on it. If your quick then you might be able to make a turn and make some money back.
I also think the days of large spikes are much weaker; the confidence in the company is almost non existent after all the failures, ambiguous RNS's and finally- the NOPTA episode- I am curious as to what happened there, but I am also sceptical as to whether we will get a detailed explanation in the GM. Hence for me, it is now all about damage limitation. The best solution is s to keep averaging down with the odd 50 quid here and there, and set my sights on a 2.5 / 3pm exit as GB is sure to dilute and play the same game again and again. 2.5 /3p It will come, but I think we are looking at months rather than weeks. Am i bitter - too F right I am...but if i come out with my initial + a few quid, I'm ok with it as it sits in a SIPP anyway.
Agreed, I think you will find most people will out at around 3p, when the time comes
I too have been stuck since Puntland, I have missed 2 chances to exit due to timing more than anything else as you cant always be around to intercept the wild swings. I watch this like a hawk now- every evening and morning on the dot. I don't see much happening here for 6 - 12 months; it will bumble along at cash value. I kind of feel 2.5 mill is not alot in the oil game, and as a consequence RMP is IMO a last chance saloon. I may be wrong, but as far as i am concerned i just been averaging down and will be a gonner at 2.5 - 3p. Never again in AIM ! And yes, I do blame myself for falling for all the hype gone by. G L everyone.
Yes he is a POS, but if comes up with a drill opportunity, people will pile in and he knows that. Especially early, as the gains are much higher
Bandy is a crook pure and simple.
Eternal burny pish would still not be enough
This has been a complete POS for nearly a decade. I learned my lesson back in 2012, with the Puntland drill. Tbh, that really hurt - but I learned a valuable lesson that paid off in the end.