Hi All Im Very Happy to see the share price rise .But like others wondering why its gone up so much .JUst a thought why would Sibco not buy up all these loose shares I certainly would if i had already committed 20 mil for shares at 0,8 .
Oh dear, I think someone missed the boat. Could it not be that there is little point accelerating drilling until the POO starts to recover which looks very much on the cards right now, despite the lack of agreement in Doha. The Chinese are massively stockpiling in underground caverns, their demand is growing and Russia are already trying to get another meeting together which I suspect will force Saudi to comply.
Can’t understand a rise of the back of the quarterlies and hot air but you have to use it to make money as a speculative play. The quarterlies show the cash position and movements. What they don’t show is the growing debt that is building up that has to be repaid to Land Ocean. Goods / Services received not invoiced etc.
The credit terms on offer are designed to ensure that all net revenues from oil production are passed through to Land Ocean and gain leverage on their accounts.
LGO produced an RNA which takes the piddle out of the “approvals” excuse, it is very apparent that delaying tactics are being used to shift expenditure post 30tH June to avoid significant debt on the balance sheet and an auditors note as at that stage, with the delays” they would have to append the accounts as there will be insufficient production to support the debt, other than a wish and a promise.
I’ve shifted funds across to FRR, with gas sales revenues due to be reported, increased production near term and a CPR imminent. I am of the view that there is a better than 50% chance of an outright purchase of 50% of the business. The MCap has fallen because of the closing near term debt problem, much the same as RRL will see when the accounts are published and debt will exceed free cash without supporting production.
Another 3 years holding for me. Hope to be higher than my AV of 2.8p. (Holding 1 mill shares) To be honest I thought I'd lost it all due to Landau but the company's in better hands now. Fingers crossed, good luck all longterm holders and new.
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