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I haven't been in this since the day of the Percy 1 result but what an utter shambles. These placing shares will be flipped at a profit and poor PIs will be the ones to bear the costs. It's a desperately sad state of affairs and my only hope is that existing shareholders don't let them get away with it, if only out of principle.
Wow certainly makes an interesting read and suggest reading it from top to bottom.
Quite a few of the sums don't add up especially with previous disclosures.
How much did saffron 2 cost, bit of confusion with previous rns.
How much is it currently producing, nothing seems like a bit of a trend.
400 Bopd but once again sums don't add up
But the best bit is they can only issue a certain amount of shares but guess what , yes you guys can join in again.
Yes we know what happened last time but it's going to be different this time, honest.
All you have to do is agree at the egm for us to issue another shedload of shares so you can join in our lifestyle, let's call it a work event, and also we can issue more shares to pay off the convertible loan notes.
Just a bit of banter, but
D
I'm 93% down and I'm out. Been in this since before the Ice Max sailed from Las Palmas. All very exciting tracing the passage of the ship.
Was alaways a risky one and I couldn't believe the **** coming out of Starfish.
Anyway enough is enough, sale order in for the morning.
1000 barrels a day. Hasn’t that been the unachievable target for these T&T for 15 years all the way back to LGO. Pull the other one!
And finally, the Bahamas seems to be completely dropped, no farmout, no data room, I'm guessing the license has now expired or else it would have been mentioned, that's $120M well spent.
The never ending issue of confetti my oh my!
Am assuming by raising that large amount that the issue price for all the new confetti will be somewhere between 0.3 - 0.4p?
Nearly 50% dilution with most of the raise being used to pay debt and salaries, current production planned to increase from 400bopd to 1000bopd by 2024, will the company even be around by then.
And yet there will be people stupid/desperate enough who will still buy in, as others said it's a pure lifestyle company now.
Loads of new directors joining the trough but at least the company destroying Simon Potter is going, expect a huge drop in the coming day's.
Just a typical lifestyle share in Aim now...
Until the coffers run empty.
I think all the cards but the joker have been used until now lol
Do they seriously think that people will buy in here to keep the BOD in the lap of luxury for another two years.... I suppose they do don't they.
So Saffron is indeed dead. They didn't manage to tell us last year, and they seem to be dancing around having to tell us today, but we do learn that the higher-risk appraisal well in Trinidad was unsuccessful and that the Bonasse licence (including Saffron) is producing less than 20b/d.
So the pitch is please give us millions more to pay the debts, so we can do drilling that a year ago we ranked behind Saffron.
Use of proceeds. $0.6m cash plus $5.5m from the raise will makes $6.1m. But then they detail having to spend $11.7m in the next two years on debts, work commitments and financing costs. How does that work!
Please Sir, can I have some more!!!!!!!!!
Oooo an open offer... bargain lol
Nice to see some board changes. I don't know who these people are but will look for previous experience and success.
I'm not impressed to read that Suriname is still the next target but there may also be a Gourdron Well in there with the mentioned "infill".
Hopefully the new Chair will cut away everything that the previous Chair was holding onto out of pride. I was hopeful of a new CEO as well but. Maybe that will happen in due course.
They want to raise a placing for shareholders to pay the existing debt...
You couldn't make it up :)
I cannot believe what I have just seen, crooks, goodbye