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NoEasy, true, but they have acknowledged they will need to 'significantly' reduce costs. I would suggest they all take a salary in terms of share options, a la Musk et al. That would be a very fruitful incentive for them.
Tempting to put money in after the dust has settled to lower risk profile if there is a future. Means taking LP at his word though.
There's 'near term' and then there's 'immediate near term'. Unfortunately the wording here is that there is only enough cash left for immediate near term. I can only see them giving it until the wake is over for Buffalo which probably won't be long now, at least as far as the company is concerned. I also don't think there is going to be much difference between raising now and say raising in a couple of months.
It’s game over for Buffalo but not for ADV then. Bottom drawer for now. I’m sure the £30k a month will be getting the handbrake out in it (reducing costs) and rightly so. Next asset might be the turning point, wait and see. It’s gonna be a bumpy ride for a while.
No BPC spent about £200 million on seismic data & drill
Drill to abandonment in three weeks.
£20 million spent.
Must be a record.
Morning SI, Agree with you totally...Was hoping that the CEO might elaborate of at least one of the projects that they were considering so we could at least have some dd to do.
This has been one of the most disastrous results I can remember on AIM., "
No, there's horror beyond compare on AIM...
RNS exactly as expected and no point in throwing more money into Buffalo. Everybody will act as they deem appropriate but I'm definitely not selling down here.
I'm looking at this a cash shell with cash left near term, say year end at least on the back of also cost cutting mentioned, therefore no raise needed to keep lights on.
But where more importantly a cash shell where we are already in advanced stages of evaluating 'value accretive opportunities and include an opportunity with cash flow, which would be suitable for debt or vendor financing'.
I think they main target now if the production asset suitable for vendor debt financing ie it's probably a major disposing of a producing asset which would be great for us an generate probably a couple mio profit per year.
Patch when I mention suspension I mean because, as when they bought Buffalo, the target asset would cost more than our market cap it would be deemed an RTO.
I don't expect any new asset to be purchased in a matter of days but they will clearly have now a sense of urgency. Nothing guaranteed with any cash shell, but that's why I stay put and would suspect some to take a punt into this cash shell if we go a bit lower. A lot of patience required DYOR
For me
This has been one of the most disastrous results I can remember on AIM.
The directors made the well a binary outcome for the company with no risk management and lost the gamble
As expected the well is being abandoned.
No point in selling now though, I personally am going to wait to see what else there have in the pipeline.