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Well, hopefully your comment is a hint that you have heard something positive is going on behind the scenes...
I just hope that they can get a good deal over the lune soon!
Oh dear it’s the daveri “news soon” curse - at least another 6 months then ;-)
cannot disagree with those that have been here (like me) from the beginning ......but have a very strong feeling that we are going to see something happen this month....cash flow positive production coupled with exploration would be super welcomed! Ducks Ducks
I'd second most of that, Paul.
Additionally, I think that a lot of these deals are taking longer to structure than they previously have because as LBE said in their latest presentation, most of the deal process even for smaller packages is being done by the banks, but also because the deals that are being completed seem to have so many contingencies in them now compared to simpler cash only deals of the past.
I don’t think Longboat have missed their chance - from what I understand there is still plenty for sale in the North Sea. A few months of high or low oil prices might won’t change the longer term strategies of large companies. It may alter the way in which deals are structured but I don’t think it will prevent deals from being made. There are still fewer buyers than there are sellers, and even fewer financiers wanting to be associated with fossil fuels so the advantage lies with those who can get access to funds.
I actually had a slightly different take on possible concerns, that oil becoming more profitable over the past months might have made things more difficult. I think the fact that oil is 'falling out of fashion' can only play into LBEs hands.
I would hope that one way or another we get some kind of progress update on or around the 28th, rather than simply a rns at or around that time to note the date of the next AGM and an acknowledgement that a continuation vote needs to take place.
Should we not also take succour from the fact that the level of II interest seems steady?
Thanks!
TBH, I think that's a really good summary of the potential issues here - I think that we'll likely have radio silence until either a deal, or the next general update, because thus far, they seem to have decided to communicate as little as they can get away with and I can't see that changing much.
Hope it works out here for all patient investors : you guys deserve it & this is one of the nicest / best informed boards.
My feeling is that combination of covid uncertainty and oil falling out of fashion have made things tricky. Likely they had a plan for specific target acquisition but for whatever reason been unable to execute... funding perhaps hard to secure? Or unrealistic price from seller?
Would buy back in : but lack of positive noise / information from isn't exactly inspiring. If they can get off ground the board is experienced and credible with ability to add value so I watch with interest.
I think this recent period of the 80/85 spread (16 sessions I make it) is the longest that the spread has been this flat for on a daily basis - not that this means anything, bar not a lot of volume being traded.
I think it's a tricky one. The problem is that I can completely see why they wouldn't want to say much pre-deal(s) incase they fall through, or due diligence comes out counter to what was expected, etc. Also, undoubtedly we can write off probably at least six months due to covid alone, so for periods of time there perhaps really wasn't much to say.
Bar anything horrendous, I'm here to stay, but I just really hope they can actually do a production deal, because I'd be really quite annoyed if we've waited this long for what turns out to be an exploration asset.
This all being said, it's ultimately all about structure. If they can raise equity for it at 300p then then i'll be happy if they've bought an ice-cream van, TBH.
Some folks simply do not understand pre - reverse takeovers expecting news pre deal(s) - they also forget the pandemic and the negative collapse in the price of oil - understand the frustration though! GLA
For the length of time that's passed the company has been extremely pee poor at communications. Certainly puts me off throwing any more hard earned dosh in, even when/if a deal is done.
Poor
I do wish I'd never invested here as missed out on gains elsewhere like FXPO for instance but now I'm here I'd hate to sell and then a deal happens so I feel a bit stuck.
Yes I had a quick look at LinkedIn to see if there were any clues. The only change I could see was Ludvig Hovring as Finance Manager although it’s backdated to November so maybe he’s been with them for a while. He had previously worked at Faroe Petroleum then DNO when it was taken over.
His profile states “ Background from audit, tax (especially oil taxation), financial reportng. Financing of exploration expenditures, and RBL ( reserve base) lending”.
No sign of any of the recent jobs yet on LinkedIn but I expected it to take a little while and not everyone uses it anyway.
On one hand we do have the liscence application tidbits, but equally any other firm would probably have put an RNS out explaining why they need this, how long it will take, etc.
I've often thought that there's a lot more that the BOD could say, but that they just seem determined to avoid it.
Right now, bar an actual deal, we're waiting on news re. those job spots and liscence approval.
..........