I wonder if it's a coincidence that it will arrive around the time that the AGM should be... I wonder if we'll receive a more informative update sometime around the time we are "sent" notice of the AGM/when we are able to vote for any resolutions that might be needed. I wonder if in the meantime we'll hear diddly squat?
The "reduce risk" comment re additional pumps is interesting. Might be mud pumps to reduce kick/blowout risk:
Fig. 1 depicts the one-circulation method. At Point 1, the shut-in drillpipe pressure is used to calculate the kill-weight mud. The mud weight is increased to kill density in the suction pit. As the kill mud is pumped down the drillpipe, the static drillpipe pressure is controlled to decrease linearly until at Point 2, the drillpipe pressure is zero. The heavy mud has killed the drillpipe pressure. Point 3 shows that the initial pumping pressure on the drillpipe is the total of psidp plus the kill-rate pressure. While pumping kill mud down the pipe, the circulating pressure decreases until, at Point 4, only the pumping pressure remains. From the time kill mud is at the bit until it reaches the flow line, the choke is used to control the drillpipe pressure at the final circulating pressure. The driller ensures the pump remains at the kill speed... etc
Nothing changed today for me and it remains a very risky hold. I think we saw today I'm not alone. Whilst a few are trading averaging down in the process the vast majority of stock appears to be settled (a third is with service providers) I'd say probably another third with long investors like myself and probably a good chunk of the remaining third the board know who they are. Hence talk of removing/voting SN out went when we agreed to change the articles and subsequent headroom increases. Since then we have been passengers.
There remains very considerable risk in the company running out of money and being restructured on poor terms for equity. SN has still made no attempt to rebuild his equity position but has massively increased his debt interest and we know the bondholders now have secured debt. The increase in revenue was key to changing the dynamic - and that has been pushed back another quarter. Everything is now converging on that key period around April yet they have not felt the necessity to get a headroom increase now.
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