When this drops to near placing price, this an opportunity not to be missed watch this space, anyone in around 0.2 today will see 100 profit in a month or two (only my view glad to share it with the negatives)
3.25m fundraising and loan restructuring and TVR, all good instituional backing, BNP on board with the new strategy, production on the up all good news, next few months with rising POO will be interesting here for sure, definately a recovery play, anyone seeing it anyother way needs their head re adjusting or they here sprouting off for other reasons
I do not believe for one second these complete sado's are either not invested or have an agenda, which is to completely drive down the SP for s cheaper buy in, trade at a higher SP, rinse and repeat. They are Traders, simple as but don't have the balls to admit what they're doing. We all knew the placing was coming, but it's music to their ears... Ghis will be jumped on, exaggerated, manipulated, twisted and fook knows what else just so these muppets can ultimately get what they want. Dyor and trust in your own feelings, I would waste one iota of thought on the likes of LLL, Bile, Surely, EBD, the finger etc. All a bunch of complete dweebs that bash there keyboard all day, spouting negativity as clearly they have nothing better to do... Undoubtably they will object and claim they are acting for the greater good, protect new investors, have an interest in the share (albeit a completely unhealthy fatuation if you ask me!!) check their posting history - it speaks for itself! Dread to think what LGO related (wet)dreams they gave at night.... Probably bash a bit more than the keyboard me thinks! :0D
LayLadyLay - your ' take' seems to be based on the ************* view of LGO which I trashed the other day and you didn't want to talk about- even though you were the one drawing it to my attention.
You say ' only work overs are mentioned ' - you only have to look at the penultimate rns to see an example of what they are actually doing - looks to me like this is pretty similar to the result you'd get drilling a new well - results look good too don't they LayLadyLay!
These are early days in the new campaign but if you've got some solid evidence that drilling in the GS is not economically viable I'd like to see it - but don't refer me to that joke article again unless you're going to say it was written by a 7 year old preparing for the SATS in which case I'd concede it wasn't a bad effort!
The $4m restricted funds that was in LGO's account is now gone. That's how they have managed to reduce the debt still owed to BNPP but they still owe the bank $4.87m albeit at reduced repayments.
The worrying aspect for me is that the funds raised don't appear to provide for any drilling of new wells. Only workovers are mentioned and repayment of existing trade creditors and working capital. So it would seem to me that they still need additional funding before they can spud a new well.
This placing was always going to happen as the alternative is to switch off the lights for good. But I don't see this placing as more than temporary survival and LGO may have difficulty in managing operational costs while they still have to make significant repayments to BNPP.
I still think the company is running on fumes and consolidation will likely be the next step to raise the sp to a level where they can offer more discounted placings.
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