Their target is to come out of suspension before end of year. I make that 9 more working days to get back on NSX and try to pay back their 3 big creditors. I think they have fulfilled all conditions that forced them to go into voluntary suspension. Not that we expect them to open at the 6c they were at 18 months ago, but anything might be a pleasant surprise.
Currently it's 5B. $40m (£25m) at 0.8p will be circa 3B. The other $20m (£12.5m) at 0.9p will be circa 1.3B. 9B fairly likely (though maybe not the $20m for a while IMO) Depending on how we deal with Lind could see 10B. Lots of different factors, I'd say 8B a given and 10B within a year or so followed by consolidation.
Just have to hope the extra 3-4B shares are held and not sold down.
The TT gov monthly reports give some indications of whats going on. Rigs working , new wells, completions or non completions. No one has explained the mystery why we have rigs described as operational but not doing anything because Permits (STOW or othertherwise ) have not been given. The other thing that happened was that TTgov clamped down on the sale of oil on the black market. Has RRL employees been involved we wonder. There is something wrong in that rigs have been "off line" for 8 months and more which means we have only 2 point something rigs and not 5 point something. So they have to get a drilling sub-contractor with permits or new equipment. In any event getting to 700bopd from TT alone is going to be a real struggle until something happens so this is more operating loss and money down the pan
Hi, yes it would be very interesting to see how the drilling is progressing with all this turmoil and now that company is without its chief operating officer. The end Jan update will be telling. I am guessing a lot of big decision will be put off until the Chinese have control post EGM.
With 11 billion plus shares on the cards, I doubt this will be over 1p in a hurry considering the current oil price (mkt capt £110m). It will take at least 2 years even taking into account waterflood.
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