Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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"did you actually read McTiernans and/or AM's statements, where this was addressed?"
Fwiw I did. For me, sadly, I have to say I have no faith or trust that this BOD is actually acting in share holders true and best interests. They seem lazy, contradictory and have been easily led by the Bond Holders.
Albie
Re the Bond buy back... did you actually read McTiernans and/or AM's statements, where this was addressed?
I think there's definitely scope for some trading here if people are brave enough and time it correctly but the risks are massive and the fundamentals are unchanged. Oil price is clearly an assist but I'd be more focused on the actual production from the only 2 development wells. 7 is dead. If 6 continues to water out and/or decline then the game is up.
RNSTranslater - All along the HUR BOD has taken every opportunity to undermine our company and never said f_all positive in any RNS about rising price of oil and the forecasts for that to continue. They didn't Buy back any Bonds the 'no brainer' option their 'New CPR' is as telling in its negativity as anything Trice's CPR produced to the positive. I suspect the well will chug along nicely producing oil with the possibility of an increasing water cut for some time to come maybe even years.
So if this ridiculous situation gets resolved in our favour (share holders) I see a situation were there maybe is a shortfall of a few $M, peanuts in the grand scheme of things and continuing production from the well (as do Bond Holders). Not a disaster by any measure.
My views?
All I hear is a partisan interpretation of what’s happening in court, and who is picking their nose and scratching their @rse.
He’ll either agree to the scheme or not.
If not the bondholders will simply force the situation.
Bottom line hasn’t changed, can’t pay debts when due, and an unresolved situation on the AM, so even if you can agree an 1 year extension on AM at an acceptable rate and even if you refi to cover the shortfall you’ve got no cash left to do anything and a well that’ll be doing under 9k and falling a day won’t get you $80mm plus to drill a sidetrack anytime soon after that.
The Judge cannot change the fundamentals of the situation, no cash to do actually do anything in every scenario.
As I’ve said previously the Board are toast whatever the outcome….shareholders don’t want them and neither do bondholders.
Your views please at this stage.