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what i am starting to become a little suspect about is the finances. If they are drawing down cash then what is it for. ? So we are delayed by 6 months then what is the cost of ongoing salaries and fees to all the at home board and consultants. Where is the furloughed workforce, where are the directors taking a pay cut until the drilling, is the office in Huston now empty or discounted. in rent. ? I also don't understand the financing, It seems the drilling costs keep changing, alternating somewhere between 20 and 30M, there never seems to be any contingency built in that is required. How can it be 25M but only 5 M contingency on a project like this ? Call me old fashioned but with the CLN drawdown it would have been a good time to get some clarification. I am starting to see why OMJ is skeptical needing more info. Eyton jetted back off to Australia at BPC expense and who knows what the rest of the staffing did. Anyway just asking !! Obviously I wont care if we get a farm in at 20p!
Sorry Tribune not Guardian.
X
Veteran, It is not 'death spiral funding.' The CLNs make perfect sense. I'd rather have a convertable loan for future payment than a farm-in at punitive rates now.
Star - morning.
IMO the convertibles were always going to be actioned dependent, as per today, @ a cheap rate OR in the event of progress and subsequent share spikes.
The point is this proves the commitment of the investors to our cause and is a sign of intent.
This is good news - our backers are serious.
On a further note re Yesterday’s Nassau Guardian article :
BG may be preparing the populace for its own involvement in our project as per our discussions last week or so.
GL
IK
XX
Morning all.
Taking time away from any sort of stockwatching during this extraordinary time period, but did note the RNS msg.
Pretty standard and as part of the facility in place, which will eventually take us to drilling.
Patience & perseverance wins the game.
Back to my eggs benedict & coffe.
Atb & have a peaceful day
They need to take any sort of farm in offer to get out of this death spiral type of funding.
The share dilution is negligible if you take today's conversion and the one on 14 April also stated in RNS. Extra 100m shares is approx 4%. On par with a Scrip issue in new shares to pay an annual dividend for a FTSE company.
According to RNS, Investor converted some shares. He/they got a very deal at 1.28p, which could soar in future