P.S. on evaluating management performance, I see no reason to give Mr Nicandros credit for the multibagging explosive share price rises that will inevitably follow from lighting the blue touch paper: he gets credit for lighting the blue touch paper, if decides to, for talking oil and gas language right and for giving attention to health and safety issues. On listening to shareholders and communicating his plans honestly to shareholders he gets zero out of ten. On understanding the relationship between the pace of work and future finance charges he get zero out ten (he doesn’t talk about that, but the numbers in the accounts do to those shareholders capable of understanding them: there is a glaring disconnect between the words and the numbers). Just my view. BTW, I have been a shareholder in this company for about 6 years.
DevonianExile, hi Are you casting me as a bear with “Time will tell re who is right but my strong sense is that a compelling game plan is emerging that was first conceived many years ago.” and, by innuendo, with “However my strong sense is that all the indicators suggest that I and others are increasingly likely to be right,” (...and you are wrong?) for having the temerity to criticise the management? I don’t know what the outcome will be here, because I don’t control Mr Nicandros’ behaviour. I can’t force him to light the blue touch paper. I know what will happen if he does. I know he doesn’t listen – that is very apparent from the RNSs. He certainly does not choose to bother to have AGMs and present himself for challenging questions (the fear of the reaction from shareholders who can’t reason properly, who have lost money as a result of being invested here and who have a poor understanding of which bits of their losses he is responsible for and which bits he is not responsible for, given the warnings in the prospectus and given the legal get-outs on the RNSs that give him free reign to quote the maximal outcome as if it was the most likely outcome or which allow him to overpromise and underdeliver without any consequences. I stand by my use of the word “scam”. I have a scientific background. I simply don’t know if it is a scam or not: there are many things that have yet to play out before we will know if it is or not. Some may argue that the randomness of it all means you couldn’t design a scam that was legal to transfer wealth from shareholders to certain other stakeholders in the business (e.g. directors, salaried staff, senior creditors to the company, etc.) with any kind of certainty. I beg to differ on that. IT IS ALL ABOUT PROBABILITY. We don’t know how Mr Nicandros manages conflicts of interest (we can’t question him about this if he does not present himself for questioning – I don’t doubt he will present himself for “shareholder stroking” at some point when the share price is much higher, but that is the time I am least interested in talking to him – that is the time to sell?). The time to talk to him is before he lights the blue touch paper, i.e. now, precisely when he least wants to talk to us.
Whether we get an RNS on Monday or not, this is massively undervalued and I'd imagine a stampede to get shares next week ahead of the interim RNS. Surely we'll break the 1.2p resistance by Wednesday next week.
I see you are back to cause fear and panic because you may have missed the rise hence why the negativity. To state that the upgrade in reserves are worth nothing is verbal diarrhoea.
I know along with everyone else that the upgrade in reserves adds value to B12 as it continues to verify the existence of a larger reservoir in relation to gas and oil.
When the CPR is updated later this year it will confirm the prospective and internal reserves as actual reserves that can be booked as P1 as the Greater Mtsare Khevi Gas Complex is to date delivering gas into the national grid albeit at a reduced rate.
Engineering works are due to begin to increase this rate of gas flow in our pipe which can handle up to 5mmcfpd. That on a yearly basis can and will generate up to $15million which is more than sufficient to service the debt which stands at circa. $30Million.
You clearly state that the field is worthless and attach no enterprise value. I find this statement ridiculous let alone nonsensical. I say this due to previous examples of fields being proved up and sold for billions of dollars. A typical value of a field with 9tcf recoverable is in excess of $1billion. So who is to say that our field will not be sold to a third party after the CPR update?
On a final note, Verang is NOT the operator of the field FRR is. Verang has INVESTED $36Million to allow FRR to increase production from The Taribaani Complex for which they will receive a 50% share.
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