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Cuckoo am a bit behind you at 59p to break even. I stuck with Delt 2 or so years ago when Shell came on board. Will wait for the dust to settle and then probably exit.
Never mind i have been waiting since 2014 to break even ,and to days drop only takes me back to that level,could of ,should of ,never did cut my losses ,i never chase ,once bitten etc , my bag but still hurts when i was half way back i still need 94p to break even
Soem of us at least twice
Exec directors and the HR Lady ? Gravy train choo choo
Got any idea how much these guys get paid ?
DP exactly my point. Time will tell
Algy Cluff and Michael Spencer are big pals. They are involved in Cluff Energy ( Africa)
Those of us who have been here long enough know the ropes! We're just Gun fodder
So are we to swallow that 30% share of an estimated 640 mil cuft of gas is going to be given to shell ,dont treat us as complete morons , there will be an eleventh hr buy out [give away] of the pen share funded by a new comp and i wonder who the money bags will be ? algy" Surely Michael Spencer could pay for this out of pocket change". I WONDER??
Dr Patience, no I wasn't aware of the May deadline. I put it down to not having done enough research. Not sure it would have made any difference as I would have seen it as news being just around the corner, and that news not being what we received this morning.
Ok GGG🙏🏻
Spencer, if not already part of a plot, will surely be a very angry man right now. Feels risky if the CEO doesn't have him onboard in some shape or form.
Did anybody see this mentioned before? Somehow, obviously incorrectly, I assumed they would have more time, given the drill realistically is Q4, right?
I may be back Dr Patience if this is what they;re going to do. Absolutely stunned by today's news. How we managed to get away Selene on such good terms and not a discovery is mind boggling. Best case outcome is they give away 60% of the company to some wealthy shareholders. It would be nuts to let Shell pick up 30% of the field for nothing.
Surely Michael Spencer could pay for this out of pocket change. Not sure what Richard Sneller is worth.
GGG, I agree, there is a plot somewhere. TBC!
Sorry to see you out (almost or in full), I have enjoyed your contributions!!
The contract must be split 70/30 for tax reasons Shell offsetting its cost by I think effectively 95%. Deltic cannot
and will be contracted to pay its full 30% costs. Business being Business I don't see why Shell should pay up for
Deltic if they cannot pay their share or default costs even if the licience defaults to Shell.
Fairdealer, the majority shareholders may have been unwilling to fund the drill at +30p. However they may have told our CEO they would do it for 20p. Hence the number we're bouncing around now. If this happens then you know the deal was agreed before today's rns. There's no way they could tell the market they cannot get a f/o away and have raised £10m with some multi-millionaires at 20p. They need shareholders to believe it was this or nothing.
The rns is particularly bad, which could be for a reason. We'll find out in the next 4 weeks. Good luck folks.
DP afraid that is the grim prospect. Multi-nationals care little for the small fry
GGG, shareholders listed on the Delt website...
The biggest shareholder worth a look!!
Whether Selene is worth more is academic at this time. The Company could be in the same position as now. The CEO has some questions to answer as it was known weeks ago the Liablities the company faced at the end of May. GS may have been concentrating on a FO deal but should have known given the Political environment a fall back position should have been planned. Maybe there is one in place? The majority shareholders would have been aware of the position some time ago and appear unwilling to back a fund raise. PI's need to consider the possible outcome of these events.
Is it possible JV partners could take a bigger share which enables Delt to retain a lesser interest in Pensacola?
One avenue that I haven't mentioned, which would be the best case scenario, is finding some parties with deep pockets to raise £10m. This would mean an extra 66% shares in issue at today's sp. They can probably get an additional £1-2m from the market. And they have just over £5m in cash. So it's possible for them to get this over the line and still have a couple of million spare. Or they could try giving an extra 10% to Shell (for a nominal fee) and raise less money. This would mean £10m is required in total for 20% stake in the field. They would then need to raise £7-8m and use some of the £5m cash they have in the bank.
The big question is whether they have already spoken to parties with deep pockets who have said they'll only stump up £Xm at 20p. If this is the case then mgt need the sp to drop to current levels in order to sell the raise to shareholders i.e. it's this offer or we lose the license. Out of interest, does anyone know who our biggest shareholders happen to be, and how much skin they have in this company?
If this is what happens then it's already been agreed. If I was worth a lot of money I'd see this as a pretty safe bet. The issue isn't the government at the moment, although they are a bunch of h@lfwit c@nts. The issue is getting the cash to appraise a multi-decade discovery to re-rate the sp. It is years away from development but the start-up value is now.
If indeed a raise is announced in the coming weeks then I'll come back for more. They will have 2 guaranteed drills. And will have maintained higher ownership of a potentially huge gas field (although at the cost of significant dilution). If this happens then I feel the sp could re-rate quite quickly to +30p. Only good if they offer the same deal to PIs and you have cash spare though. Will have to wait and see now.
AIM is so murky.
As I understand it, Shell holds the contracts. If Delt doesn't pay-up/show they can pay, then we will effectively hand over 30% of Pensacola for free. That will be the end of it, I believe, but a rather grotesque outcome.
Has Deltic already entered into a contract to do the work on Pensacola?
Re RNS "The rig contract was entered into in February which secured the Valaris 123 heavy duty jack-up drilling unit to drill both the Selene exploration well and Pensacola appraisal well, with the Pensacola well due to be drilled immediately following completion of Selene operations."
What are they liable for in term of cash if they pull out.
“I still feel Selene is worth more than the current share price”
If there is success at Selene it may well spike the SP up but then there will again be an extended period of nothing and Delt will be back in the business of trying to farm out more of Selene to try and fund more appraisal and ultimately development in a market where very few are interested - so if Selene does progress it’s unlikely to see production before maybe 2027 and Deltic might be lucky to still own 5% of it (or shareholders are further diluted by future raising)
Really hard to see any investment case now, other than for a spike if there is some Selene success - and that’s a risk as failure likely is the end
Decent been waiting for some spurious news to make the price drop.
Unless there is a big plot involving the CEO, Shell and the large shareholders, I think the CEO is history unless he comes up with a solution. I cannot see Michael Spencer taking this...
GGG sorry to hear that. I still feel Selene is worth more than the current share price, in case they give up Pensacola for nothing. Still feels unreal if they do, real money have been invested and it has proven value. To let it go for nothing will be a huge failure and I suppose it will then be goodbye to the CEO. Even a mediocre deal is better than a zero value outcome.