I am glad to see we could manage to sell heap of scrap for $7.2M. This should have been done 2 years before. This way I think we got relieved from any obligations toward 250 odd workers. If they don't perform we can change our drilling contractor, also also can increase or decrease no. of rigs on short notice as and when required. Things are really moving at fast pace.
It goes without saying mate that I also hope you get your dough back.
As for the deal? I actually view it as weighted towards positive, the big negative of course is what LO decides to invoice every month for the rigs (no one knows if they will act honorably here).
When this gets trading again I have lost count of how many shares will now be in issue. When you look at the likes of Ithaca Energy (as an example) are are pumping out big numbers and have hedged until 2016 at over $100 per barrel and have a MCAP at less than £200m, what are RRL going to be priced at in this Oil Market Bloodbath we are going through?
Lewis don't try to derail cart....the idea of having a representative on board is very badly conceived...I hope no one is paying any heed to your suggestion..it will be impossible to manage the expectations of 800 odd PIs, and also I could see numerous governance issues.
I worked out your current holding and almost cried. 4.5 million shares is a hell of a chunk of cash. I know others have higher averages. But I do hope they have less invested. To see that much cash go I couldn't even imagine.
hi mate.. i hold 4.5m shs here so try to be as optimistic as possible mainly to hold onto the little sanity i have left but there is one side of my ravaged brain that tends to agree with your latest post.
The picture I paint is just logical assumptions based on facts contained within the RNS and of course, with a large cautionary and negative view to it. As you say, it could well be false but you are free to decide which suits you best. It just strikes me as too cosy an arrangement. I have used this analogy before, you buy shares in a cheese factory but the sole supplier of the milk for the factory is wholly owned by the directors of the company! You stand no chance of benefitting from the milk activity. Directors are free to set the price for the milk and you have no visibility. It is not arms length dealing and it is very very far from corporate best practice. Read it whichever way you want but my experience has led me to smell fish.
Who cares about my credibility. I just want to share a flipside view with the BB. End of the day, there is no denying that corporate governance here is probably one of the worst in aim.
YB, I have only posted about what HAS happened. I am not going to comment on what RNS say MAY happen.
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