The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Month end I reckon there will be a few more shares in issue, look at Bells cash burn on his many jollies.
Who will be strung along again?
Approaching 2 years of you pumping this dog helpful, what’s changed other than millions more shares in issue? I’ll answer, nothing. Same as the last 10 years that I’ve been here.
Avoid this share like the plague
looks like its moving closer. Another filing made 2,580,645 shares being sold which makes it between $10.7 million to $13.2 million
blue.....
Sorry my bad, I assumed you understood how balance sheet valuations worked...
Fully understand how you get yourself into such **** poor companies!
Ah the expert on dumbness..
https://www.accountingtools.com/articles/liquid-investment#:~:text=A%20liquid%20investment%20is%20any,on%20an%20established%20stock%20exchange.
"A liquid investment is any investment that can be easily converted into cash without having a significant impact on its value. Examples of liquid investments are cash, money market funds, and shares of publicly held companies that actively trade on an established stock exchange."
A liquid investment is a readily realisable investment.
DYOR
So we need the Congo money before we can tackle Glencore. Let's all hope AB has been successful.
That's a pretty dumb take on it. All that matters is that RRR is able to REALISE the saleable asset before it inevitably ebbs aways towards zero.
Confirmation of misunderstanding.
From RRR's point of view, who cares? All that matters is that it lists and that RRR has a saleable asset on its balance sheet.
No misunderstanding Helpful. I never said you were in Recon.
I know you are a shareholder in EOC and you're making a comical read-across from a highly promoted stock in RECO.
"It probably is over-valued at the moment" - might be the understatement of the year. The bubble is bursting over there, already a -65% collapse in market cap from its ramped high. When it looks and smells like a pump & dump...
But let's return to EOC. This is a corker "We believe that the net proceeds from this offering, together with our existing cash and cash equivalents, will enable us to fund our operating expenses and capital expenditure requirements for the next 24 months following the closing of this offering"
That statement hasn't changed since they've had to walk back the raise from $15m to $10m ($7m net).
They believe $7m is going to last 24 months. For a junior oil explorer. Who are they trying to fool?
But it gets better. Remember that Lofgran gets $360k + 50% bonus and the CFO gets $220k after listing. Pure greed.
So that $7m net has to last 2 years and pay out 22% of that just for 2 greedy greedy employees.
It's a lifestyle company and you would have to be a clown to be involved with EOC. I'll praise Bell if he dumps the lot on IPO but not holding my breath. I'm confident EOC will join the -99% club just like Lofgran's other horrendous vehicle NTOG.
Where is AB? The man who promises so much.
Is the snake oil rubbing off ?
Effortlessly misunderstood again....
I am not in Recon and never have been and have no intention of buying into Recon. It is called an analogue, a read across and so on.
Recon has blocks in NE Namibia and NW Botswana that cover the Kavango Basin. When they started some people were dubious about oil being in Namibia. Recon have drilled and proved a working hydrocarbon system in the Kavango Basion: they now have to find commercial oil.
In the meantime there have been several offshore discoveries offshore Namibia, so much so that they now estimate that there is 11bn barrels of oil offshore. The upshot is that Namibia is currently regarded as the hottest oil territory in Africa.
Elephant's license directly abuts Recon's most westerly acreage to the south. The size is 2.8million acres. It is highly prospective and EOC has started desktop work on the licence area. All in the S1 on the SEC website.
Recon is currently valued at about CAD720mil but has been as high as CAD1.3bn. It probably is over-valued at the moment and it has been even more over-valued.
Just factual information. No need to get wound up but when you next feel the need the say that EOC has nothing you might reconsider.
DYOR
I see over on A@VFN the username Atinos auntie Ettie has appeared, many believe it is almost certainly Andrew Bell, the last time the alias posted he was suggesting it was time to buy RRR, the share price went on a strong run soon after, eventually hitting .70p from current levels.
This time Atinos auntie Ettie's main strap line is .......
'Buy the shares yes but please do not come crying to me if your entry is not ideal and you make only 30% instead of 300%'
DYOR etc
No new longs for me in this bear market. Hedged for the bear market rally but short the market otherwise.
I can see the speculative appeal at these levels however.
Good luck to you though.
Understandable KimiR,
You sound knowledgeable and understand the markets.
Are you a buyer of RRR at 0.4…..despite AB?
No drama LS - just noticed the embarrassing walk down in the expected raise. $7m does not go very far for an o&g junior explorer these days. I highly doubt a serious campaign is possible.
I was simply suggesting that if AB is smart he will dump the lot asap to maximise value - we will see. Heavy dilution in juniors from IPO is highly likely, especially when the company has to lower its fundraise by 50%. Then you have the Lofgran factor. Whatever value you attribute to this lifestyle company, halve it, halve it and halve it again.
What is the drama over Elephant Oil?
It was an investment by RRR which is now worth around $1.8-2m to RRR on the IPO. The IPO will be probably in the next two weeks whether they raise $7 or $10 or $15m.
I understand your point about $20 to $10m but that's sufficient funds for a serious campaign and you will know there is usually hype in the runup to drilling news in an oil company.
Even if the price were to fall the value for RRR as a business is very significant. It's a non-dilutive large raise to support the projects and plc costs. If the US market were to like the story and the share price were to rise it could be worth $3m+ every easily in a short period.
IMO RRR is a great buy at these levels with their projects and news flow to come. Including positive assay results from BF shortly which although may not be earth shattering but will still be positive and build on Kenya, Australia and the DRC.
If or when they manage to get the arbitration of $7.5m then RRR could go crazy with a squeeze on the stock at these levels. I see the positive at 0.35-0.5. GL.
Hahaha Recon Energy... Yes DYOR indeed. Viceroy's research reports make for enlightening reading.
A bubble that is ready to pop but thank goodness that EOP is right next door. Whatever "Helpful", keep pumping these ****e investments!
EOC has a block adjacent to Recon Energy:
https://reconafrica.com/
Market Cap CAD752mil
https://money.tmx.com/en/quote/RECO
DYOR
"good news or bad news will have an impact on that share price" - no **** Mr. Buffett
LOL What if Elephant Oil actually finds oil? $7 million will create more information. good news or bad news will have an impact on that share price
Elephant Oil IPO is being well received then... IPO documents state that it was looking to raise $20m in March. Then down to $15m in Aug and now only $10m in the latest filing in Oct.
The management estimate net proceeds of only $7m resulting in a 40% reduction in proceeds outlined for exploration and paying licence fees.
So either everything has got a lot cheaper (ha!) or the sounding out process has been poor and now management are praying to get it away for much less. $7m will get spunked straight away and the company will be back for a discounted raise in short order. If AB has absolutely any sense at all he will dump the lot on IPO (if no lock in!), the shares will only go one direction and it isn't up. Par for the course when it comes to RRR.
The last Bell Tweet was 15 hours ago, does that mean he is on his way home ?
As mentioned before not a whimper from him concerning RRR business on this trip to the Congo, one or two larger trades have been going through the market over recent days however, they look like buys as the bid has been gaining strength.
It is one big guessing game, will Bell deliver the $7.5m cash this time around ?