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Just to be clear and i should have wrote, the Stena farm-in will negate the full Bizzell CLN. I think it was possible to make out what i meant but i wasn't explicit.
Replacing the Bahamas Family CCN, not Bizzell?. So we have to wait to see whether and when the company has met it's Bizzell CN obligations?
JBT, My theory/hope on the way things will pan out are:
* A smaller unconditional amount of the Bizzell CLN will be subscribed to on or before 15th Oct. I don't think obligates anyone to go for the full amount if this option is taken, someone correct me if wrong.
* Stena will take up one of their funding options and I think the 10% of the asset is the more favourable as they can fulfil their element of this at cost price i.e. < $10m. This puts them in the commanding seat for a good chunk of work on P#1 success.
Should the above play out then i think we will come in close to 4bn shares in issue. We voted for an additional 1.8bn and that would have taken us to around ~3.7bn anyway. This might mean we acquired our CERP puppy for around 300m - 400m which in hindsight maybe softens the blow on that deal. I am still to be convinced on its merits, the jury is out.
Todays placing could roughly see an issuance of somewhere between 240m - 400m, i'm going to guess it'll be in the late 300's. Although its never nice to have this size of pool in the background i will give the board credit in knowing what they are doing, that this is part of a coordinated approach and they will release news on a farm-in which will see this pool absorbed by PI's rapidly.
If they continue on with the Bizzell CLN in full without any mitigation, deliver only a single well campaign and fail to deliver on any type of farm-in then they will have failed spectacularly and heads will need to roll and i will be the first to call for blood.
Here's to hoping they're not a pack of idiots and they are men of oil.
Jim, why do you think this has anything to do with the Bizzell CLN? have I missed something in the RNS?
Thanks.
MMM, the decline in SP that will commence after the placing has nothing to with any candlesticks or bearish sentiment and everything to do with the placing and its price. And as a few of us have stated for a while (look at my previous posts) it will not be a surprise to see a placing.
Any placing that occurs that will replace all or most of the Bizzell CLN is a bonus given the coupon rate of the CLN and compound interest from it.
I have always stated if we come in around the 4bn shares in issue at the time of spud this will be what was expected and we are on track for that.
magic mushroom, you no more know the way the wind blows that anybody who places a guess on AIM sentiments. We all know that rises tend to last 3 days, and then a red day. It's a very common pattern. What we can't say is by how much, what the spread is, and whether we are taking profits or chasing a tail for the next leg up, as surely this will. Candlestick and broomsticks mean nothing ST on aim, and I suggest that if you believe this then you should invest in British Bulls and lose more money than you have. I understand that cheesy might have ****ed you off - christ, he ****es you me off, but I'm going to have to say goodbye for now.
Back again on our board Starfish.. love your quote 'see my previous posts and my street cred'...
People with street cred don't have to announce it, the fact that someone does makes them have no street cred. It's a bit like saying 'I'm Cool' Bryan Ferry or Steve McQueen are the only two people who could get away with that.. but they are too cool to say it.
You seem.like a very distressed and insecure individual.. come back on our PRDboard and I'll go far deeper. . Got enough of a pain with MMM and Chesh counter posting, we don't want it to escalate do we? (Or do you secretly because it will make you the centre of attention, 15 mins fame etc..)
In good faith I will post no more on here you come back on our PRD board..your choice
Yes MMM we are all laughing... at you. Share is holding steady after a very good rise recently. You are correct, shares don't go up in a straight line, but who cares? as LTH's we are interested in the end game, we are drilling during the third week of December, that's all that matters and the likelihood of the share price being much higher at that point in time is all that matters to us. The fact that various numpties have turned up on the BB at this juncture is of no concern, these posters, you included, are of no consequence as your motives are entirely transparent. One thing is for sure, you are not here to help anybody but yourself so toddle off somewhere else you are not valued here and you are wasting your time. Bye.
Starfish_ what a tragic little prima Donna you are.
I've got funds and leverage...who the hell do you think you are? I've never posted in another board before but if you come onto PRD shooting the odds you will get it back.
Chesh spends a good deal of time winding us up, so you can hardly blame MMM for doing the same on your board. Simple cause and effect..
If you feel mocked you shouldn't.
If you feel challenged you should.
It is the same here for blind bears or blind bulls.
Charts have a time and a place, they form a useful part of a toolkit. Knowing when to use them is as important as knowing that for some jobs you need a hammer, othertimes a saw is better.
Anyone who listened will be very happy as this will tank in following sessions . I tried to help you out but the herd /pack mentality took over and clouded your judgment.
Shares never go up in a straight line and always retraces despite what all the rampers / bulls / LTH say.
I called it bang on yesterday and it would have fell from open otherwise .
Today saw a very bearish reversal and like I said before , the BEARS are in total control so those that held will watch their profits disappear as the red candlesticks start forming .
Cheers :)