Happytom, not sure if you've misunderstood or not. There are two options: The option that expired was the one the company had to buy the shares from the bank, and that has not been renewed because it's worthless at current prices. The other is the bank's option to sell the shares to the coy at a set price. We extended this because if they were to exercise it this year we'd be crippled. They get a better price because they're effectively lending money for longer. The entire thing is effectively a finance arrangement, which is why the liability has been recognised in the accounts. We definitely didn't have any choice over the matter, but it's good to get a bit of breathing space to make that breakthrough in production we ultimately need. (Sorry if I've misunderstood your post answered a question you didn't ask).
yes invested here for quite some time !!! hence any good news is favourable !!atvb
15M non-current already in the accounts, but the call has expired, so why renew now at favourable terms rather than just saying so be it, you have the shares?
abit more breathing space from the bank??
I read it that Schlum were brought in to plan the wider drilling programme, not to increase production from existing wells, so I wouldn't judge them on that. The key will be whether they manage to drill more effective wells next time. Would be nice to have news of some progress, but if there was news already you wouldn't be able to pick up this share so cheaply.
for me schum needs abit more time !! i worked on north sea gas platforms for many years and any infrastructure that is put in place does take time !!! thats without the logistical probs of being in the wilderness rather than a 30min helicopter ride from the beach, i like recovery stocks and to me this is one !! it will and must recover its just when !!! and ive got time at the mo !!! but ........ i do truly feel it is so underpriced at the mo imo 40p reflects current state of affairs with the exception of the ukraine kicking off !!! atvb
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