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Lol,
You haven't got 7 people around your lunch table today ?
I have no problem of genuine share holders are having a go at this pathetic company. Why would someone pop in here time to time and bash this when you dont have any interest in this ?
What a sad life ...
"I am just making sure the dodgy mgmt here get fully exposed"
Ohh really, and you want us to
"You should all look at GENL for a much better investment"
This is a pile of crap. If we have the ability to generate decent cash flow then you don't need to repay the debt. You generate decent cash through to 2024 and then you refinance taking out the debt. We've been done. Simples.
Worried? Lmao.
I just like watching comedy shows
I am just making sure the dodgy mgmt here get fully exposed. Hopefully no more idiots get sucked into this cess pit.
If actual share holders are not worried, WHY are you worried about this. One thing is very sure . You are very worried and disturbed by this RNS and I wonder why ?
The fact actual shareholders are not worried by this is a lot more scary imo!
Number of non share holders worring about echo is unbelievable.
What a sad life no shares but keep on coming here .
When will he finally buy some shares? Whats his salary ? might be wrong but I think its around 350k.... Could anyone confirm?
MH how much of the £450k is going on the restructuring expenses?
All this and they are still to sign off on the end of year accounts.
Away to climb back into a bottle where most that invested in here will doing the same.
Slava
Who needs De-rampers when you have Martin Hall as CEO.
Don't think for one minute that this gets rid of the debt, I'm pretty sure this only a % of what hangs around Echo's neck.
Total Cluster Feck . Shocking time to release the RNS too just shows you what they think the markets take on it will be.
Have to say I told you so. Lifestyle Company right there before your eyes MH couldn't make it any clearer than that if he tried. The odds on my 0.19p prediction have just been slashed along with most PI's investments.
your not tonto in disguise are you ?, its just we have another selfless non shareholder that tries to save us from ourselves, bit like the Jehovah that come door knocking.
No I sold here a long time ago.. But I keep my eye as I think its a scam share.
gregp, are you a genuine ECHO investor or just jumping on this to push GENL, will let other decide for themselves.
Anyhow i am looking forward to Monday to see how the markets react to this news.
Unsurprisingly even this is not bad news to abzzba. Massive dilution watering down the value of shares held and all we get is the same drivel. The debt repayment is now extended to 2032. Nowhere in his posts has he stated that the debt could not be repaid by 2025 but he now says most shareholders knew that anyway.
Those that want to purchase more shares good luck to you. We all know it`s a risk but a gamble ,no. `It is a win win situation` laughable if it was not so tragic for the holders who have lost big. Insulting to them as well. However, for people who are paid to tell lies you have my utter contempt and for those that cannot accept reality you have my total sympathy. You will not be getting your money back or anywhere near it.
Abbza, thing is you read what they said at the last refinance.... They were supposed to do all of these things then, and they have delivered nothing other than a loss making enterprise even more burdened with debt, even more shares, ever more warrants. And thats with commodity prices rocketing!
This is a complete basket case....
You should all look at GENL for a much better investment, and before you all shoot me down - as it is worth currently 100 x the market cap here, but just look at some numbers
GENL 370m mkt cap
250m free cash flow per year (USD) yes that is free cash flow. So in 2 years, its more than the market cap
Net cash positive (150mUSD positive after debt)
50m of dividends per year
31,000 bopd per day - juts raised guidance
I could go on - but that type of investment you can sleep at night and progress is being made, the company is stable. Echo have had chance after chance after chance and always failed. Why should they now make a go of it?
Like COPL they will just spend this latest round of cash and then be back for more with ever more shares.
gregp, you are half right, we deliberatly have not done CL but not for the reason you suggest.
It has not been completed as there was a clause in the sale of Santa Cruz that Phoenix woud pay the costs of drilling CL but we had to repay back to them once completed 60% of the costs upto a maximum of 1.1 million, quite simply CL has not been completed as we do not have that 1.1 million.
See 02 Dec 2019 RNS link below which explains.
https://www.lse.co.uk/rns/ECHO/santa-cruz-sur-operational-update-qgogdcq6ronz69a.html
I think most investors realise we could never pay back the huge debts we had by 2025, this restructure reduces debt dramatically to a manageable figure and extends the payback time to 2032, its a win win situation debt wise, agreed it means huge dilution, but as the RNS says the balance sheet will look a whole lot better every year and that will be reflected in the sp.
Add to this the fact we are increasing production by some 40% at a time when we are selling our oil and gas at high prices all bodes well.
Add to that the fact we have god knows how many wells that would produces vastly more oil and gas if worked over its all good news, maybe not so good for investors that bought more shares than they can afford and had hoped for a quick profit but thats the throw of the dice and a risk gamblers take, one thing MH is not is a gambler, slow and steady.
Have they deliberately not done CL so they get themselves into this position and can then sort their finance mates out and shaft shareholders?
Successful reduction of company debt for shares. Genius. Understandably a slight funding raise is a concern. Let’s hope we have sold it as a company that will increase significantly in value in the long term. 40% increase in production anticipated in the next six months. That’s great news if it comes in. CL testing oddly seems not to have been mentioned for a considerable amount of time, is it a duster. Let’s see how the market reacts next week.