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Quite soon the company will need money, all you will achieve is to bring the placing forwards, thus diluting you.
A better idea would be to respectfully ask for an open offer and be prepared to fund your offer shares.
The working capital is sufficient until at least 31 December 2024 as set out in the fundraising circular. Cash balance at 30 June 2023 was $2.4m. Cash balance to year end 2023 will be about $2m, and appreciation of the pound against the dollar. Licence renewal is at the end of this year, and funding from a partner or finance incoming on the back of negotiations coming to a conclusion. Navitas will be completing FID this year by July/August so expect this will pave the way for BOR in monetising Darwin as the risk of investing in oil projects in the Falklands reduces. Navitas likely to farmin to BOR dependent on the additional partner entering Sea Lion with Naviats. A lot of moving parts being synchronised. It's coming.
Nige- you are a bit strange mate ? Whatever you smoke, give me some!
Certainly, have som Skunk
Salient Knowledge Usurps No 'Kinidea.
Drillship on location at Argerich-1 within 20 days, let's hope they find something. As for funding BOR is unlikely to let the cash balance drift below £1 mil. Sorry Gus, Howard's holding alone will defeat a few PI's.
The purpose is to be heard and I am confident that we can get to 5% of the company as one voice. 5% of the company aligns us with the bigger shareholders in decisions for the company. That's what it's all about, as for funding requirements your talk is insanely premature at this stage of the year, we have enough till 2025 and like all others here I am hoping for real progress at some point.
Ok well firstly I dont think being heard is a ludicrous idea despite my own reservations about revealing holdings. Secondly as to cash the balance at end June 2023 was 2.4m and at the rate of cash burn then we have enough till mid 2025, however our year end is December and in order for the auditors to sign off the year end accounts the company has to meet the going concern test, ie have enough funds for the next 12 months, so a cash raise will be needed by Q1 2025 at the latest. The concern is the last time small PIs were not asked, if that happens again would I be ok with a further 100m shares to raise 2m plus?......probably....just.
" a cash raise will be needed by Q1 2025 at the latest. The concern is the last time small PIs were not asked "
I recall buying shares at 1.3p under the last cash raise, so presumably small PIs were asked.
Check your facts buffit.....there have been two smallish cash raises in the last three years....we were included in the first...not the second.
Drillship Valaris D-17 is already on location offshore Argentina and is drilling the Argerich1 well. It arrived on 24/04/2024. The well is expected to take 50-60 days.
How far in relation to BOR acerage is that POC?
OK Phil164 - your memory is better than mine.
I agree. I wish to participate in any equity issuance. After 20 years, I don't want to be locked out of participating and diluted by a newcomer, or indeed the chairman at cheap prices.
Rookie. It's about 900 miles north of Falklands. Sounds a lot but it's a geology on trend with Namibia. It was once part of the same continent of Africa before drifting to the South Atlantic. Same as the Falklands.
Mr Cups, yes you are totally correct, thanks. What is the destination of the Valaris Renaissance? Initially it appeared to be heading South but may just be on a sea trial.
Either way I wish the Argentinians success with their various licences. Majors paid a fortune in the licensing round!
Nigel, Valaris Renaissance DS-15 is contracted out to BP and Total for operations in Brazil until Jul 25. Two 160 day options and one 120 day option. See fleet status link.
https://s23.q4cdn.com/956522167/files/doc_downloads/fleet-status-report/2024/04302024-Fleet-Status-Report_FINAL.pdf
Good research PoC, I did not know that there are operations in that area.
Which is bit dim looking at the scale of Brazil's oil reserves haha.
A drill ship with 3 well options capable of drilling at Darwin. BP and Total opening up a new basin in the South Falklands on an already discovered 460 million barrels would be a quick money earner, if the new Argentine government are fine with it. They want better trading relations and need the UK at the IMF.