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PG11A is being paid for out of the monies owed to AST by our partner.
Let me get this straight. Beryl is so impressed with the performance of the AST BOD that they are willing to invest £1,000,000? I would not be putting my money into Beryl or AST.
This is just another JP scam, different than the Cuba one, but also the same. It will be interesting to see if this one works.
AST needs more cash to pay the BOD and for the repairs on PG-11A.
I am amazed at how many times the same basic scam has been pull so far. Starting with JB and continuing with JP.
Another addition to the Board....just what AST needs.
Begs the question - when will this company produce anything of substance instead of pipe dreams to pay salaries!!!!
From what can see dilation was always the name of the game here! That’s why they did 100 for 1 grab .. This has allowed they to carry in diluting at will . The share price will fall back as the number of shares rack up.. as you say the wages are paid for another year if it does actually go through! And now another mouth to feed with the new director too. …Imho
The RNS states “Beryl International” but I cannot find it!. There is another company called “Beryl Group” in South Africa.
I haven’t tried very hard due to my personal time constraints today but I cannot seem to find any accounts for this company and very little info on the proposed new board member.
Something really smelly here…Parsons still calling the company Hispanic when there is no working interest in those countries now taking S.A. money through further dilution. a million quid over a year will not do anything except pay salaries!!!!
So is this what 2 expensive executives have been working on for over 2 years an agreement to look for opportunities where no one in the business has any history or skill base! Very unimpressive Parsons has been kicking this nonsense around over at Corcel energy for years too .. it sound like they are looking for what ever business would like .. small capital outlay for near term cash flow ! Hmmm will let’s see!
Winnimandala - The last I heard, work on Pg-11A is supposed to proceed in about a month.
Oldblue73 that work was scheduled to be completed in Jan 23 … was it successful? I’ve seen nothing to indicate this ??
Not at all. Just tying to get the BOD changed to a group that knows how to make a successful oil and gas company. Then the share price will look after itself.
and another LTH ****ging the heck out his own share
Oldblue1973 - The insight of this BOD is simply astounding! The tool became stuck in the tubing a few years ago and they are just now addressing the issue. For 200,000 Euros, they could have removed the tool using coiled tubing and increased the production years ago. They have lost years of production income. The only reason they are speaking about removing the tool now is that there are other issues with PG-11A, that they have been forced to address. The BOD believes they can "cover up" these other issues by telling shareholders that the work is being done to remove the stuck tool.
now old shareholder in this but key thing guys
https://www.lse.co.uk/rns/AST/funding-corporate-update-tvr-mqs3wrv89qcet2g.html
The Company is pleased to announce that it has agreed with its JV partner, Geoenergo, to implement an Ascent recommended maintenance and operational programme at the PG-11A well, which will include a "fishing" operation. The fishing operation will seek to remove or bypass a mechanical obstruction which was historically left in the well when it was drilled, as previously announced on 5 April 2018, and the Company believes that this has been impairing production.
STUCK tool from way back blocking what seems like the flow rate then there the 50 million that has to be paid regardless
its AIM you pays your money you takes your chances
GLA....
Pinguser, there may be a way for minority shareholders to remove the current BoD and replace with a BoD who actually know how to run an oil or gas company (as an example, Alwaysup seems to understand the complexities of drilling and also the operational aspects of mobilising, demobilising rigs). A derivative claim (or derivative action) is a claim brought or continued by a shareholder on behalf of the company in relation to a breach of duty by a director. It will usually be used in circumstances when the majority of directors or shareholders wrongfully prevent the company bringing or proceeding with such a claim itself. If it were to emerge that the current BoD rejected a finacing proposal that would have resulted in a lower cost of capital provided to the company than what the BoD then announced as a 'no win, no fee' arrangement with the law firm advising upon the arbitration, then the activities performed by the BoD may have been to the detriment of the company & may construe misconduct by some members of the current BoD. I am not a lawyer & am not giving any advice.
Yes it's just all words and endlessly kicking the can down the road. Since they have been appointed, they have achieved nothing tangible. RNS in December suggested material progress with arbitration early in New Year but once again just words.
The new Metals strategy has consisted of implementing a bonus structure.
The company email should be bombarded with messages from investors! This crew should be shown up for what they are! The only updates we ever receive are confirmation of BOD bonus structure or a new addition to the Board.
It is appalling!!
Petrader - I believe you are 100% correct! This BOD would rather watch AST be destroyed than hire a CEO with oil and gas experience to turn the company around! They have had years to do what was right for shareholders!
The so called BOD here are only interested in drawing there expensive salaries for little or no work or progress .. the longer they can drag out the inevitable the better! I’d be very surprised if this legal challenge ever get to a court of any kind .. it’s all smoke and mirrors operation.. what else has happened in the last 24+ months since they took over .. you got it Zilch!!…IMHO
Pinguser, I could not possibly comment as to whether, or not, the Board of Directors are misleading investors to suit themselves. But for any investor in AST it might be worth running a web search using the words ‘how long on average does an ICSID tribunal take after arbitrators have been appointed’. Then factor in that the tribunal has not yet been appointed - (AST appointed an arbitrator, Slovenia then appointed the professor whose view for the expropriation of Yukos was that arbitration should not be a money-making machine to enable investors to discount future cash flows back to a present day judgement/award. But the chairperson has not yet been appointed so the tribunal is not yet complete) – then try to consider how many years before AST will even see a positive, or negative, judgement given that the tribunal has not yet been constituted. How will the company finance a legal process which may last for several years from the present date, and for which the Slovenians will undoubtedly request that AST has to post security of costs before the ICSID tribunal can even meet. Security of costs will be a seven figure request by the Slovenians. AST does not have that sort of cash and may struggle to get any insurance policy if not everything has yet been disclosed by both sides. Disclosure is a necessity.
Hypothetically, if a previous offer to finance the entire costs of the claim had been made subject to completing due diligence, yet the Board of Directors rejected such an offer & instead retained a law firm knowing the law firm would request a greater percentage of any ‘winnings’ than what was proposed by the financier willing to finance all costs, then in such a hypothetical example the cost of capital to the shareholders of AST would be greater with the ‘no win no fee’ law firm than if an offer to finance all the costs of the legal dispute had been accepted by the directors. The board of directors should certainly have to disclose the cost of capital relating to the retention of Enyo Law on a ‘no win, no fee’ basis, but those at Enyo Law have not confirmed if they will underwrite adverse costs. The process and names of relevant lawyers is available in the public domain via the ICSID website, and pending cases.
PetTrader,
Does this meant that the Board of Directors are misleading investors to suit themselves???
For Slovenia, the ICSID has not yet appointed chairperson of the tribunal, so with the tribunal unlikely to meet until at least mid 2024, any decision will be at least 2025, then there's appeals, enforcement etc. I am guessing the Slovenians have not yet disclosed their full hand, and when they do they will be confident that AST will lose the claim and be liable for costs incurred by Slovenia for the defense. And that will be more cash than AST currently has to hand, or will have to hand by 2025.
Strange how Mr Parsons/Mr Dennan despite their alledged expertise have chosen to focus on the AIM sector where there is less regulation and loopholes which create opportunities to earn vast sums of money without making any progress!
Slovenia apparently delays are due to the legal process??? Cuba??? Yes what exactly are the delays with this??? Who on the BOD actually cares about making progress if you're getting paid handsomely in the meantime!!!
AIM is full of these characters. AIMHO
Ah well looks like links cannot be added here
H t t p s://****/+sIZEuk68VS0yYTM0
try again
(*************+sIZEuk68VS0yYTM0)
Come on over to the ascent telegram chat board
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