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Nothing to say they can't bring the EWT forward, and if needed raise again..
Just need to watch out for the previous shenanigans..
Crusty - it's not impossible that they might hire out the Rig, but I personally just don't think it will happen before Q3.
The cash they had as at 31 December 2023 was pretty much all spent on drilling Itumbula. The cash they have presently is what was raised at the recent placing. If it's enough to cover them to Sept 2024, and also to pay for the EWT, then He1 would come out and say they are fully funded and have no plans to raise. They haven't said that. I've been in and around He1 long enough to know that this means they will raise prior to the EWT. I'm not going to have my holding chopped away by whatever sized discount the broker will give away to its clients this time round.
But at the end of the day, it's for each of us to make our own judgement call on this. If you don't think there will be a raise, then fair enough.
You are right deltalo, apologies, enough is enough.
Bye for now
Pete,
It’s good Friday, no trading today, your not invested so your view’s are looking desperate now ,
I’m qu a relaxed person but your comment’s are getting desperate.
I’ll say this in going, any shorters in here now will be cleared out and that’s with my experience,
I’ve been trading for 29 years and seen it many times.
Definitely stick around Pete as I value your views up till now.
Atb
You can suspect whatever you like Donni - I can assure you that you are wrong and there are some here on this board that can and, I am sure will, attest to that fact.
Though you are correct to a degree Donni and I am rather tired of having to restate them to be honest but, then, the very same accusation could be made of you and others because, despite my restating the seemingly obvious, you / they too keep making the same assertions. Is that because they are not capable of understanding our Board's own words, grasping very simple concepts, or more simply that you choose to ignore them?
Crusty dear chap I suspect you might be professional deramper your so determined to get your point across no matter when
So Mr nobodys, have you actually read the RNS for the £4.7m raise? If so I suggest that you read it again. It says quite explicitly...
"The company led placing provides the Company with sufficient working capital to progress its planning for the next stage of the work programme in Tanzania."
&
"This placing enables the Company to determine the next stage of its work programme following the success of the Tai-3 and Itumbula West-1 exploration wells."
So, to summarise this gives the company the Capital to progress the "planning" and to "determine" the next stage of the work programme. So if it only provides capital to plan and determine the work programme and NOT to initiate or complete that work programme.. Simples!
I do disagree with LW about renting out the drill as, and as recent RNS's have clearly stated it is hot stacked (costing money) and we will not be drilling again until after completion of the EWT. AS we know the EWT is not due to start let alone finish until Q3 (July or September?), so we won't need be drilling again until what, September - November? That is plenty of time to rent it out and get it returned. Though if so, would pose an obvious risk of damage and delay.
So, we could rent it out, in my view BUT even if we do, the rental income might cover EWT but not the appraisal well too.
Sorry Roger disagree they still could have raised more in February it would have been the smart thing to do only time will tell
Because Donni, as I said below and as the company have said themselves - until they have completed the basin modelling and revised resource estimates they CANNOT plan or determine the future work programme and until they have done that they won't know how much they need to raise!
It's easy really, if you are willing to listen.
Net cash balance at 31 December 2023 of US$8.7 million + 4.7m raised since. possible JV. could also let out the rig no cash needed.could also per sell the gas.the 5.3p is there valuing for now and 20p when things get going . could be quicker than some people think
It makes no sense having to raise now just after a 4.7m raise in February if they needed more money they would have had a bigger raise then when the share price was higher why wait till the share price drops they can't be that short sighted all the talk of another capital raise is just scaremongering AIMO- gla