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Dr, yes i wrote to Swindells around two months ago, and it was regarding the F/O i never got a reply.
Fairdealer, the BP Hydrogen plant is actually getting built on Teesside 30 miles from the Pensacola bore hole so it's actually a better scenario .
Rot1, I think we are all in the same boat!!!
Did you/anybody else write the CEO or the board by any chance??
I doubt they read what is said here.
Dr, i agree surly when they committed to a £15 drill you have a plan B&C as a contingency, and one would think that plan A would be pretty robust for us to sign up for a drill if not, delay it till funds are secured, I do agree if Swindells doesn't pull this off then he has to go, but if there is a plan and there is more to this and it is brinksmanship it has shattered my nerves and all this really does need explaining to our shareholders. I just don't get any upside to that RNS, i f do i think (hope) there is a deal just it will be a damp squid and we will wonder what it has all been for, Selene i think will get us back to 40p.
A message to Graham Swindells You have a duty of care to your shareholders.
Agree it's all a bit suspect. Problem is I'm leaning toward them doing a raise, or raise / farm-down combination and have driven the share price down so PIs see it as a win when they raise int he high teens.
They have just over £5m in the bank. If they give away 10% of the field to Shell for a nominal fee, then they'll require a raise of circa £6-7m. Surely this isn't too hard to find when you have a billionaire as your biggest shareholder. It would mean circa 35% dilution at current sp.
If what I'm saying about a raise is correct then PIs with cash at the ready could do quite well. I don't see any way they can do a raise and not include PIs. Having said that dodgy AIM operators like to put a Primary Bid offer out in the afternoon and you have to subscribe immediately. Will find out soon enough.
DP your synopsis is nearer the truth than many realise.
As a gas field in the southern north sea, a much easier environment than most NS Fields. Infrastructer adjacent Bacton terminal running at less than total capacity. The construction of a Hydrogen plant at Humberside. NS gas is known as a feeder stock for the production of Hydrogen. Hydrogen is a Green energy source.
Something smells!!!
He has to go, unless this a deliberate act or part of some cunning plan. Absolutely useless. Still getting a big salary though
In fairness Shell is playing ball! They did f/o deal to drill both Selene and Pensacola. If not sorted, it's a Delt management problem for not having plan B and C lined up for a relatively small amount vs the upside. In reality it will cost Shell very little to take that amount on due to the tax benefits, so I am surprised another f/o deal cannot be reached with Shell. Maybe there is already a bad deal on the table, say we retain x %; and the RNS is there to just soften the blow and cover the CEO's own a$$.
Oil in the ground is exactly that ! It will always be there and in years to come, if it’s viable, a major can extract it without worrying about giving a chunk away to a small partner.
Finding the oil is only the first step unfortunately but the cost of extracting it is another ! The North Sea seems to be a difficult area to get a major to play ball and it has cost me on two past occasions when a small oil company finds a reasonable amount of oil but none of the majors want to play ball. Blamed on politics this time it seems !
Might have a better chance appearing on the bbc Dragons den to stump up the cash
Exactly my thoughts. the only reason i can think of is to lower the share price before the drill. there is no other reason to announce this. I would find it very strange a company giving you a "heads up" to get out before it happens. I'm hoping there is a deal being done and announced next month before things start moving. i also found it strange to see the SP moving to 43p and holding around the 40p mark with so few trades (that worries my suspicions mind).
Fingers crossed it all tumbles down the right way for anyone invested. personally i am all in at this stage.
Contract Law can be very complex. For instance if a JV partner is required to provide funding of X by X date, and breaches the agreement, there could be forfeiture clauses which hands an asset to the JV partner.
It seems strange here, the drill of Pensacola is programmed to start in Q4, which could be 6 months away. The recent statement does seem premature.
Does anybody know why the RNS was issued on the last day of April? Why not wait until end May?
For an ongoing negotiation, it seems silly to reveal your cards!
There must be a reason? Hopefully a constructive one!!!
NOK, correct. Small investment to retain up to USD200 million one would have thought!!
If I read the RNS correctly they need to find £15m for their share.
Jack, I agree, Selene - unless it's dry (pretty unlikely ) - is worth a lot more than the current mcap. TBC early Q4.
If Pensacola not resolved, I guess the CEO is history, so one would assume he is doing his utmost to get a deal done.
A fundraise at this sp or lower is pointless for most investors, unless we are given our chance to buy in fairly...as we otherwise will reduce our fair share of the value in Selene ( give away value cheaply). Then it's better just to let Pensacola go and extract the value from Selene; then implode Delt and put it down to (a not great) experience.
NoOneKnows,
That appears to be the current situation now i.e. they own a 30% share of the licence but are unable to stump up the £5m.
Good luck win some money. I think it would be strange if Dana petrol didn't take up a similar deal as the 2 could be connected I'm sure I seen that been mentioned
I don't know how various contracts are worded but isn't giving the licence away in its entirety the least likely outcome ? Would it not be possible to (worst case) give 2/3 of the licence away so they only need to find £5m. Better case, sell 1/3 to get the money to fund the other 2/3. Best case is to get full funding but their must be options not to lose the licence entirely. Maybe I'm being naive ?
Best to get your money back on Helix Exploration 10 bagger soon (financed, no debt) a duplicate of Helium 1
I have followed sqz serica energy . Personally I think Maybe thet are going to fund them via some kind of merger. Bit of a wild conspiracy but I think they have the means to fund.
G-G-G
Yesterday’s RNS was terrible news considering all the discussions were around a farm out or placing. Nobody thought the unthinkable that neither would move forward and the licence returned.
However, I disagree with your comment that “this is almost at the value of selene drill alone”.
Are you really suggesting that c£17M market cap = fully funded to success case for Selene?
The narrative in yesterday’s RNS was unbelievable. Long lead items acquired, site surveys complete, rig contracted and remains on track to be drilled in Q4 2024.
But Deltic are at risk of walking away.
Either a major c**k up or part of a wider game plan.
Counting down to end May
Jack
In a no win position re funding regarding the share price. I sold out and will buy back if and when there is a placing. I only held a small position here but it still hurts and makes one angry. Really sorry for big holders like GGG
He1 did similar for their drill, announcing funding was required roughly two weeks before it was a done deal, resulted in the market discounting the price each day the funding was not announced.. Then a big discounted placing followed..
It created so much extra upside
LTH taken to the cleaners, except for those who had the funds and nerve to load up
Timber