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Hi Guy's, someone has just bought 2000,000 shares, someone knows something, lets hope its great news...
I don't see 10p by Friday either, but 4-5p range definitely in sight IMO. SP is barely 50% of the pre COVID highs and drilling was still 2-3 months away at that stage which suggests it was headed higher into drilling. Rig contract is now signed and costs have been reduced this time around.
Some beautiful ramping here this morning.
Keep it up guys... :-)
10p by friday lol! Some heavy ranping going on here, newbies be carefull, look at the share price near the last time this was abiut to get drilled, not putting ppl off but dont like people damaging a share for a quick ranp and trade
Trek, £200M pre drill was my guess also. Plenty of other AIM drillers have hit similar market caps or higher prior to drilling, often targetting much lower numbers of net barrels. Would still only be 26p/barrel.
Potential is obviously massive
Definitely Worth a punt
I’m thinking. 10p by Friday !!!
Dont worry it will be 6p a share by friday, get out if you want but this is a multi billion $ company in the making
Don’t forget there are hundreds of millions of warrants outstanding and salary deferrals from 31st Oct 19, previous ones being cancelled. section 20.
It is also not clear what the future drawdown conditions are to meet the agreed revised dates. I wish they’d say what the SP terms were and wether or not agreement was met. It’s just not clear...I’d email and ask but I have never previously had a response from their IR!
“The ability of the Group to draw down on this facility on these revised dates is contingent on the Group and the facility providers agreeing to reset certain prerequisite conditions relating to the Company's market share price which were breached following the global financial market response to the Covid-19 pandemic.
As at 31 December 2019 and the execution date of these financial statements the Group had no ability to draw down on the above convertible loan facilities and there can be no certainty that the facilities will be or remain available for drawdown in the future.”
However, total costs now is expect to be $30m was previously $30-35m
Review of ops section in finals, today’s RNS..
‘ the total cost of Perseverance #1 has been estimated to be up to $30 million in total‘
26th May RNS...
‘These contingencies (if required) were estimated to add up to a further $5 million, such that in the extreme case of all contingencies being required without any offsetting cost savings being achieved, the cost of Perseverance #1 might be up to $35 million in total.’
Just a $5m change! That’s just sloppy!
The cash raises are via equity, sure it’s how it works, but whilst financing has undoubtedly been innovative it’s all been hugely dilutive. There needs to be more control on cost, I get the increased legals and IFRS changes but employee benefits are to high. Even with 16% reduction and deferrals it’s still been a highly paid gravy train for what has been delivered thus far and that has been the case since before Covid.
There is no financial contingency in the plan for a second drill, sidetrack or for that matter any ops issues. This is a really tight ask.
Given the quality of the asset I am at a loss as to why they cannot do a farm in deal. Look at what the likes of Exxon have been doing In Guyana. There is an appetite for quality why can’t they deliver a partner after all this time? Probably greed but the danger is we could end up with nothing. Imo a farm in would be a massive SP driver!
All that said it’s still not to late for a farm in and now we have a window the SP is imo only going 1 way. This is a £200m drill in the making and I can see the MCAP reflecting that at some point before we drill and get speculative around oil shows. ATB.
Trek