Due to possible dilution. It seems a number of sources have come to the conclusion that there are significant funding gaps between now and a successful RBL agreement being arranged. JP mentioned that it 'could' be organised before Christmas, but was hesitant. We still have bills to settle for the first Nervesa well and bills for the upcoming Nervesa Drills... + normal company overheads.... (£5.5million + £2.5million wont last long :/ )
I am holding my shares as it is not really worth selling them now, but I will purchase some more later this year once the funding has been arranged... I hope JP gets a farm-out agreed for both Badile and Laura asap to help stabilise the sp and allow SOU to retain some of the cash from the RBL for other, safer, adventures...
You've posted whats exactly been on my mind since that rns. Im sick to the back teeth with this share that when you do get a really juicy rns the flipping thing starts to drop considerably. Hey???? Think sound needs a serious promotion push to get some serious investment to really bolster the sp.
Were is this SP going to stop falling? Not back to single figures surely!! Looks like we are going to need some news, JP mentioned he (SOU) had an appointment with UIMING (spelling?!?) today - hopefully we will get an update RNS tomorrow :)
Coburn - it is certainly the case that interest is only due on any 'drawn' debt. Not sure about the fee though, I would imagine that is payable even if the funds are not used. I agree with your sentiment and it is this kind of innovative funding that will enable better negotiations with potential partners or financiers.
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