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Peak as you know I hit my target holding well over a year ago - so the ups and downs of last few years I have used to increase (not by trading!) my holding in several bites of the cherry.
I'm happy with overall direction - the what could have been with Skipper and Harvey means we are due a positive drill! it will be interesting to see if we move up now as given the significant change in gas price and proximity to market we should be north of here. With LOG not selling - this placing might explain the subdued share price performance.
mole - these factors will always grate with me too, but that will never change the system and the pecking order. I tend to rely on gut feeling allied closely to full company knowledge and sensitivity to outside influences - which again, are beyond our control. Hence my early entry today for top-up after the correction, and always expecting the bounce back once the facts have sunk into the market. We are slightly diluted, but the overall direction of the tide will overcome that in spades. All imho!
Mole- I’ve always thought of it as the ‘pecking order hierarchy’. I’m certainly no fan of ‘pump and dump’ placing but felt that the explanation was justified and made sense with the current timing.
It was good to see the intelligence behind the RNS by giving an operational update on Blyth. Dare I say it- perhaps one of the more credible placings I’ve seen in a while… (touch wood)
Monkey I don't like being diluted and its always a pain watching the continued ability of the big boys to buy at discount! The board are very much aligned to them and the day we let the big boys in at 10p was when we went to the back of the line in terms of who matters!
Where the proceeds are clearly used for a defined purpose and not just lost in a general pot its more acceptable.
Hopefully, brakes can start to come off a bit now this is out of the way and the positive news flow commences again.
The bigger beasts here (CalE, LOG and the city) will be expecting a good return now. Lombard "only" took 4m of the placing (11.6% of the pot on offer) - so the rest have gone to others which is probably good.
Mole / Peak- I couldn’t agree more. Given the current share price after this placing RNS, reports that gas prices will remain high for some time, and gas will flow creating revenue - I can’t see how the placing will not be over subscribed.
Furthermore, if practical drilling of Kelham North and Central costs around £7M ( excluding survey and associated costs) at historical low rates- makes me wonder how many millions will be saved by securing the drill rig now.
mole - it will be oversubscribed for sure, and when the MMs did what they always do with a placing and clipped us, I got my retaliation in first at just above mates rates. I see that we are bouncing back already and no surprise there, whilst LOG admin remaining cool is another plus imho. A good flow test will also be useful.
The question will be how over subscribed it is and whether they accommodate requests further! In current climate of gas crisis if you can't raise then you never will.
Share price indicates to me no issues raising. You can't buy volume on IOG unless Lombard or LOG admin sell. This is the easy way for the funds to do it at a discount. Mates rates.
LOG admin approach now will be interesting with the extra dilution. They seem to be playing a very long game.
So we should hear today if the placing is successful or not via RNS, and the shares will trade on the 28th Sept.
Flow test to be completed within the next week ( Sept end) - so expect this RNS in the next 10 days.