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Remember this in the 30 June RNS:
‘ In addition, we raised GBP4.2 million to provide funding for the above and other key activities, to include the forthcoming HH-1 reperforation and preparations for work at Loxley and follow-up of the Arreton planning application.
I acknowledge the concerns of private investors about 'dilution' of shares in the Company. However, it is our view that, particularly in these financially uncertain times, raising funds from equity remains the most prudent and only feasible way to fund projects that can add substantive growth in the asset value of the company.
Had oil prices remained at their healthy pre-Covid levels, this would have been a different story, as with our current low $13/bbl operating costs, the Company would have been able to consolidate a heathy cash position, plus debt funding would be a reality. I trust you understand that, at present, we do not live in such a world. We hope and plan for a better Brent price in the not too distant future.
I believe that it is also a sign of confidence in the underlying strength of the company, together with the resultant liquidity of our stock, that has enabled us to raise significant funds during such troubled times. This liquidity is a valuable tool, but rest assured that we will only use this route when it is the best or only way to implement our strategy to grow the value of the company.’
Don’t understand your angle on this...if the kits essential then you need to buy the kit! They can’t sit idle can they? If so it’s up PIs who’d be first to bash the bod on progress!
The staggered deal with part cash and part shares works best in the current climate for the company and allows them to preserve cash. What’s there to complain about?
Why do you think it’s staggered, because they can’t afford it. Just another nail in the coffin for lth. SS is the joke of the Aim at our expense.wake up.
Watch and learn day tomorrow it appears..this is a good deal in anyone’s book. Saving cash and it’s staggered by 6 months and can be paid in shares.
Haha in the 20s, this ain’t ever going back up no matter what Tymers or the rampers say. It’s deader than a Dodo .
Sparticus. Your idiotic anger stays with you I'm all good. I sleep well have a feeling you dont due to your failings. Glh
Tymers you are a first class **** lol I wonder if SS sleeps at night noing how much he's ruined so many lives I'm guessing he sleeps like a log
If it’s finished why they purchasing kit for over £1/2m...lol
It’s great news, shows confidence to be taking shares at 15% premium of today’s price. Should be in 20s tomorrow.
Scally try reading the rns if you can? Glh
Bye bye sparticus
This is finished game over millions of £s of our money wiped out by HIM
Three cheers for SS Hip Hip.
Tymers,
When you say a cash deal, are you saying S.S got a back hander for the sale. I'll tell you, I know the back hander I'd like to give him. as would few more in here would as well.
Scally. SS negotiated a fantastic deal cash and or share options kit value considerably more and the cash is there !! Looking good on the balance sheet. Glh
Sanderson paid way over the odds for the 2nd hand equipment. PW are miles UP. not lost a anything. Sanderson already knew he hadn't the oil for the extended storage and then he BOUGHT IT. .................Total Nutter
55 million in assets and producing 250bopd. Fair value 1-2p.
Now ask yourself why would you sell equipment for half its value as cash and take the rest as shares? Oh as it will be worth a lot more soon enough, now ask yourself why would you buy the equipment and finance £275k now as it as a producer is the correct investment buy the kit.
Some see some look!! Glh
So the initial instalment to to PW was for £550,000 of which £275,000 was cash and the other £275,000 in shares @ 0.2099p p/s - However, at todays price that equates to £235,826 so PW are down roughly £40,000 - not for long though as I'm sure SS has a rabbit he's going to pull out the hat.
GLA SR