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Not needing to sell for a while now they have held and since the govt started pitching money into the LCF situation through the compensation scheme they have time to wait.
The danger they pose is in facilitating a takeover. They agreed to decline the 20p offer to buy the debt by RRE in their attempt to gain leverage for a takeover but it will be interesting how long they continue to hold.
The LOG episode was undoubtedly very damaging to IOG. It's been a money spinner however for the LOG administrators in part at my own expense hence why I don't like how it played out.
Moleinahole
Regarding LOG, in addition to its share holding, LOG has:
* £11,400,000 loan notes convertible at £0.19, repayable in cash if not converted; maturity date of October 2024.
* 20,000,000 warrants with an exercise price of £0.3218; maturity date of 31 August 2023.
As with previous warrant exercises, LOG would need to sell shares to raise capital for exercising warrants. I don't believe the administrators will be doing that in the near future.
Moleinahole well put i get it now a lot of problems along the way ,Until people see first gas then it will stay at this price asyou say . .kind thanks
HI rhinos 1303 lets hope your wrong as i will give up shares if on first gas we are 33p a week later
We've rehearsed this one a few times: Sentiment/trust damage to long term holders
a LOG debacle. b. Skipper debacle . c. Harvey resources way below expected numbers. d. phase 1 volumes at Elgood still unknown after drill . e. Takeover attempt of DELT and low ball takeover target from RRE aimed at leveraging the LOG debt.
B and C cost us very dearly and resulted in alot of the debt such that when we did move to develop the current phase the cash was gone and they needed recapitalising which was done by giving away alot of shares to institutions. The board have sought institutional investors and were and still have been happy to bring them in at discount. CalE while a great partner still cost us 50% of the pot. The reason we are not in the 30's now is the recent placing at 25p to fund 2022 before production (to secure the rig - how ironic to then have the issue with the rig), followed by the late pushing back the first gas date and additional unexpected issues with the Southwark Rig.
That has pinned us between the placing at 25p and the 29p area which has significance for LOG options and has been a long term resistance area.
The net effect of the above has been IOG has slipped down and under the radar. It seems to have become an institutional share with a band of long suffering stubborn/patient long term PI holders. Why its not yet attracted more retail PI interest is still odd - we seemed to have attracted a few new ones but not that many. Not enough to absorb whatever shares the MM are prepared to shift and their often wide spread and tendency to be slow to move makes it not really a trading share.
Now the counter to that is that inspite of the mistakes that have been made and problems along the way we have got to the threshold of first gas at the right time. So whilst the long term investors have been significantly diluted we have arrived at this moment of truth. When the gas is switched on final doubts about the field and concept are replaced by the facts of gas flows and revenue.
That seems to be what the market is waiting on. If LOG and the institutions hold their shares then any buying pressure will move the price quite quickly I think and upwards. With a producing asset the risks of the future exploration are at least compensated and a good hedge will provide stability. It then becomes a question of whether the business will grow organically or be bought out.
Scored. I’m not as confident re pricing as some on here,
But I did expect 30-33 p by end of year.
Think we would have achieved it if first gas was flowing,
Just hope when first gas comes we kick on
Scored
Once we get going into production with Blythe /Elgood and then by mid 2022 bring on the first Southwark well, we will be generating a big revenue and I would not argue against or be surprised to see a share price in the 50-60p range
Not long now
All the best
GG
scored - its a mystery to all of us and I don't think you are missing anything. But - not the first time that the wider market has missed an obvious play, and I think we need that very positive headline announcement that spells out the good news in no uncertain terms in order to make a difference. It needs to be strong enough to penetrate the opinion-forming pages in the financial sections of the national press and broadcasting media - and to focus primarily on the importance of a new gas supplier to the UK market at a time of maximum requirement. One check on the current gas prices should do the rest!
Thanks GreatGig in the sky . I do have patience but would like to see more buys . Confident will my 60 p mid 2022. Have a good day I will chill
Scored
Your not missing anything.
We are just missing / waiting for the first gas RNS and I am sure we will get the required market reaction.
Gas prices are well over 230p /therm and analysts predict this level for the coming months.
GG
Lack of intrest here ! Aim company’s with no prospects can do five bag plus ! Just don’t get it . Surely by know we should be on 32/33 . I done all my due diligence here and it come up excellent ! Unless I’m missing something?