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I’m sure you are aware but AIM regulators will look into your case BUT will not tell you the outcome.... this I know 100%.
You mention lawyers, there not cheap so who is SAG funding there costs as I assume that will cost thousands in a legal battle?
Can I ask what the point of SAG is if it’s not to claim compensation back from the company. I’m just trying to understand what SAG is trying to do?
For once I agree with you wizard.
Good post.
WT well said. People should stop crying and sell up and move on if they think this is down the pan.
I’m down a considerable amount, and yes bought more. My responsibility to accept the risk.
If Fi was still in charge we would be gone by now! With MH and his business expertise we still have a chance. The first TA drill was close, still being assessed, but 3 more to go
GLA
8% interest issued at 80% of par, 10% fee and warrants. Could be Sound Energy, Coro Energy or Echo Energy. Today it is Echo Energy. The debt bubble is planted in each. Heed the warnings. The share price is under pressure. As an investment the game is over. My favourites include: " it would be rude not to", " a cheeky little top up", " these same people had a 50 bagger at IRG/Echo(sic)" and " all the more for me". I hope everyone involved doesn't waste any more time and money on Echo Energy. I'm sad to say it's not your money anymore. Stay and see the end but make sure it will not cost you money. There is oil/gas revenue but it is matched by cost of sales and administration costs and interest costs(suspended). There is unlikely to be any drilling and cost savings will be the only game in town. Expect the CEO to go or accept NED status as at Coro Energy. Mr Parsons and Marco to rule the roost.
I am giving Martin Hull my full support, given this is the sort of area that he has great experience and expertise in.
The naysayers, the intellectually challenged, those who hold no shares or ever have can go and take a flying f..... !!
Hold and see this through.
Sell up and shut up.
A binary choice, that is an individual one.
And no amount of long-winded, never ending discussion ad nauseum here will be the substitute for pressing your SELL button. Your decision, your responsibility.
My view is that Dr Bessa, that previously lauded "Super Duper Geologist" has taken us to this point.
Unless, the Palermo Aike well is a resounding success, he deserves a gigantic boot up his backside with our eternal gratitude in the form of his very own and hugely deserved P45!!
0 for 6 is no track record for a geologist to be proud of, but there again; Palermo Aike just might deliver something worth having!??!
I suspect not too long to wait?
WT
Gut feeling there may be another RNS very soon and it may have some good news, lets wait see.
The note holders are between z rock and a hard place. They either agree to Echo's proposals and gamble that they have the cash in 2 years time to pay their loans, or they say no and call in their payments due which will put the company up she its creek. Leaving the note holders to pick over the bones.
So I would imagine that they will come to some sort of agreement , allowing Echo to stay afloat.
Things not looking great, and any more poor news regarding work in progress will see people leaving for the door in numbers imo
GL
Echo putting the balls on the table with this offer.
Either they are confident they will find gas and make a lot of money or they will give up the majority of the business to pay off the debt.
I think it means that the Argetinian assets all default to the bondholders if the loan and accrued interest is not paid. To do with what they want to raise funds. You'll still hold the same number of shares but their value might be zero or thereabouts.
yes that's how i see it 18 months to have success somewhere , even if latest drill was a success ,they still dont have the money ,but hopefully they will have in 18 months or so , it is more likely it will all go through ,then down to drilling results to save us
How I read it is if the default on payment in 2022 then they will give the Argentina assets over to the lender as payment.
Also re CLix-1001.
Will they delay news until after 1 May?
Testing of this well has taken over 1 month thus far and still no news?
Get the Note deferral out of the way and then announce a duster/ success?
If it was good news you'd think they would have updated the market helping to underpin the interest deferral payments to 2021?
Am I right in thinking if they default on the 2020 payment then the lender will receive the amount of shares in issue?
''Additionally, the Company is also proposing to grant security in the form of a share charge over 100% of the shares in Echo Energy Argentina Holdings Limited. Such security will be shared pari passu between the Noteholders and Lombard Odier Asset Management (Europe) Limited in its capacity as lender under the Company's EUR 5.0m 8.0% secured convertible debt facility (the "EUR 5m Loan").''