Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I'm preparing to exit today, hoping for a lift in SP even if momentary and thats it, i'll be out with at least something before it goes bust.
I would like a post mortem on seismic analysis. Was there a downside re: attic? Did the company tell shareholders of the downside? I haven't seen it!
Sorry anyone losing big on this one. It's a Duster, just accept it. Going to 0.1p I suspect. Don't know what happens now. CVN dgaf, they have bigger fish to fry. ADV is broke. Suspension maybe? Nothing concrete to offer have they?
I will except it when i see the company’s statement,right now you know as much as I do, so stop with the words of wisdom.
I am a CVN shareholder and I feel sick for you in ADV. I was watching the hubris ramp up in the lead up to the drill result, all the while thinking that LP has nowhere near the control of this that he was talking up. CVN spent a long time looking for a JV partner because it was willing to give away 50% on the basis that it, as operator, would spend no money. In other words, it had its eye on the big game, and was looking after itself and its own shareholders. LP on the other hand, needed to look out for ADV shareholders but didn't. He knew that this was his one and only shot and explicitly did not want to contemplate failure because it would mean total decimation. Nothing left is a good reason to not contemplate it.
Now LP's hands are tied. His rhetoric and hubris made ADV sound like an equal partner with say, but the reality is very different. He had no say, and for all his talking up his own experience, the only reason ADV was let in on this was because CVN wanted no financial risk to its bigger game in the Bedout Basin. Like I say, I feel sick enough to vomit! This has happened to me before, like most of us here. Please please please look after your mental health. Talk it out with someone you love. Don't look for someone to blame. Not even LP! He had to talk it up because he had no choice! Failure was too hard to contemplate for the one shot in the gun barrel he correctly thought he had. And when the RNS comes out, it will be clear that ADV has nothing like equal status in this JV. ADV won't be able to take this B-10 anywhere. But I know that the first step in all our recoveries is to accept this devastating loss, spill our hearts out, grieve over the damage it has done to us, pick ourselves up and dust off to live and fight another day.
Share - Why would they need to suspend if apparently funded from debt? To me they wanted the share price higher and assumed buffalo success to avoid substantial dilution. Theatre hope is now gone so any equity raise will involve big dilution to existing shareholders
Patch for me the board is smart, my understanding was that they wanted to close the production asset first, but the current one got over the line first, and doing a second RTO for a second production asset would have meant a long suspension around Buffalo drill. In any case let’s see if they expand on the future focus and provide other info in the RNS tomorrow. Enough from me, let’s wait.
Share - sorry but the BOD have not shown themselves to be smart - no fall back plan prior to drill. They put it all on black and it came up red
Ever get the feeling you've been cheated?
My 3rd duster in 12 months...
Hey ho!
"How was I ramping you dick!... The only siilver lining for me is that Muscles lost money, good.."
You were ramping, providing false hope to others based upon utter nonsense. Total vulture
Spike - I agree with the caveat that they undersold them risk to the point of dismissing it totally and a very underhand interims rns
How was I ramping you dick!... The only siilver lining for me is that Muscles lost money, good..
@Others.. just seen the RNS myself, but I've already said I'm not interested in what CVN says, they're complete to**ers in my book. Want to see what our company now says. All this banter is going to make those who are really down feel worse, so in that respect I'd like the sensible ones of us to please be careful what you say. Don't like the idea of people talking of suicide and the likes of.
I'm not gona say anymore on the topic.. I was invested, and my hope was a positive way forward and I'm allowed to that. Tomorrows RNS may be a lil more than CVN have said in terms of the companys future. We wait and see.
Amin, and other investors, I have also lost in ‘theory’ a large six figure sum and don’t blame others who have sold on the back of last week’s RNS which was clear to me already, hence the 90% drop. Personally I will not sell my shares and realise that loss, but will continue to hold all my shares as at a mcap of £5-6mio this is in my books now valued more or less already as a cash shell with a smart board who his as per latest interview in advanced stages of what should be a debt funded production asset. We will stay volatile and by the day we will get to a point where who wanted to sell is out. Conversely if, and there is no certainty, we close the production asset deal, we could start with a transaction similar to what RRE started with. I’m here long term, as I have been here for almost two years, Buffalo has not delivered, but a production deal would be a very different proposition. I hope the ADV RNS states tomorrow a change of focus towards production deals DYOR
Steve58 - you've spent all week since the first result spouting nonsense about the potential when it was obvious to anyone with a brain this was going to be non-commercial.
Now its proven to be non-commercial you're moving on to spouting nonsense about CVN conning.
There is no con, or liability here - Advance reviewed all the data, together with an independent auditor and agreed to farm in 50% in exchange for costs of the well. It failed, sometimes it does, Seismics are not an exact art. Thats the nature of O&G exploration and development,
Let it go - there is no big conspiracy here, it was a speculative investment with a huge downside if the well didn't prove the seismics - learn from it and move on.
Make your losses back in lithium…..
The EV boom is where the money is….
Atlantic lithium
Bradda Head Lithium
snd yet to leave the traps Firering FRG
Just do a bit of research … no brainer, as opposed to oil exploration coin flipping ;)
we wont get anything back and yup the article correct one big scam
The fact that we have spent £20 million on the pretence of reliable data when it was out of date and useless to us makes me think that we will be entitled to a fair chunk of the £20 million being returned to us.
Seems they already knew the data was useless but kept quiet about it because they needed the £20 million for other projects.
"The fact that they have received £20 million from us makes it all the more suspicious."
They didn't - Carnavon gave Advance half the licence in exchange for drilling the well. CVN didn't get anything out of this, they just saved their own cash on the drill.
So basically the work that carnarvon had done was a waste of their and our money.
The fact that they have received £20 million from us makes it all the more suspicious.
no we got rinsed for 20 million
No one is buying this - the licence will be relinquished.
The licence covers a large area.
Can we not sell it on to someone who is prepared to drill in another area of it.
Hope an rns will drop tomorrow and explain things much more.
Unfortunately ‘residual oil’ basically means what was left over and couldn’t be extracted previously - by Buffalo-7 - and it is often mixed with water which flood the reservoir and replaces the oil that was recoverable (which also ties in with Buffalo-7 producing for a brief spell before rates dropped off and water cut rose to a level where it was no longer economical continue, and it was abandoned).
"Uncommercial to them maybe but not a duster."
The operator has just told you its dead - its over.
"If they RNS tomorrow and it’s a carbon copy of the CVN one I’d be very angry. "
Doubt they will say much more, they'll probably be some blah blag about working on new deals, but it'll all be confidential so unless they have one finalised you won't hear anything else.