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So far, changing the odds has meant employing security and surveillance officers at the islands. It will also mean bringing in partners – preferably at least one with a ‘‘big chequebook’’. About $50 million would allow him to commercially develop one of the islands, he says. To this end he has invited a group of journalists to visit his Coral Sea paradise to see it for ourselves. We meet in Cairns on a balmy evening. About 70 of us – family, friends, potential investors and about 20 journalists, plus Gowrie-Smith and his entourage with concept plans for the islands – assemble at a bar on the foreshore. The following day he will have us flown on a chartered Fokker 100 to Alotau, the capital of Papua New Guinea’s Milne Bay Province. There a group of bare-breasted men and women will welcome us with a traditional dance at the airport (which would not normally have taken international arrivals had Gowrie-Smith not organised customs officers to travel from Port Moresby). But for now, everything seems to slow in the muggy air of the Cairns bar. Gowrie-Smith says a friend of his neighbour in Sydney, actor Russell Crowe, has even expressed some interest in the Conflict Islands. "I knocked on his door the other day and that actor ... he was in Something About Mary ... answered the door,’’ Gowrie-Smith says, struggling to find the actor’s name.
Your point is well made, but I think the well should be able to be drilled for a lot less than the £7.5M you are suggesting. I would put it in the £ 4-5M range. After expenses, and subtracting their ongoing overheads for the next year, this does not leave sufficient to fund 70% of the well, assuming MEO stumps up their 30%. So my overall conclusion is the same as yours. They will need to farm out to drill Shannon, ie exactly the position they have been in ever since Puka-3. Desperate last throw of the dice, with no guarantee of success in raising £3 M.
Even if Shannon 1 is not a success, there is a potential second prize for Kea. The Shannon-1 well is expected to intersect the Mount Messenger sandstone reservoir, above the oil-water contact, that Kea has previously penetrated from the shallower Puka wells. As a safety net for investors in any future fundraising, the well will be drilled so there is a fall back production scenario from the Mount Messenger reservoir if, as expected, it contains oil. Production from another Mount Messenger well with similar characteristics to Puka-1 and Puka-2 would improve the economics of resuming production from these wells. However, there is no guarantee that an intersection of oil at the Mount Messenger level will sufficiently change the economics of the field to justify restarting production, especially at current prices.intresting paragraph
guys, for starters IGS would not have a liquid half a million quid and couldn't raise it at the present time so that option is out the door,now 3GBP million to drill a well, settle their legal battle, the rate they get through it in head office that would hardly complete the paper work for the consent process required if their track record is any thing to go by.i like all the banter in the latest RNS of what the companies share would be if all the hypothetical numbers play out but alas still more banter the way the illustrious BOD are promoting them once again. Shannon will cost in circa of 15 million NZ dollars history tells us that from the last 2 encounters with a drill bit. i am not an accountant but how can that work if you only have 6million NZ and you need 15, MEO would be up for 30% so its still short 10mill.spending on Puka to get it operating again, it wasn't economic before it was shut in producing 40 bbls per day and the oil price isn't 75 bucks, they are using production figs of 30 dollars that's not an accurate expense if their past a/accounts are anything to go by. the companies problems have not gone away they are still sitting round the board table, this latest release is further proof of extremely poor judgement. nothing is going to change. I don't buy this at all.
maybe the company will be doing all they can (how i dont know) to get this price up to around 1.50p and then maybe enough PIs will join primary bid to get a lower price and the £3 million will get raised.
'Having the courage of their convictions' comes to mind - I will be waiting for the 'BOD will be purchasing a % too' RNS No one in their right mind would invest unless the Directors are investing too (i.e. not getting freebies as usual)
from sh#rephrophets a months or two back and Winnifrith was trying to get you to join primary bid. If I recall I think he said he's involved with them somehow. Anyway to cut my waffle I would say the chances of raising £3 million from PI's at a price of at least 1p are near zero. I mean what PI would join the primary bid site and say "yes I would like to commit £10,000 and be part of the placing at a price of 1p please"? I personally doubt anybody.
Why bother paying more than you need to then.. go on it and pay a penny for each share.. gona add 300 million shares that's 3x the current shares.. 30k down in this still they we need to make a complain to the FCA regarding the insider dealing of the couple of II's that bailed before the news!!!...
Well ive gone and started,£400 has halved my average price now so,yes i know its a gamble for what could unfold but if there's any chance i can try and pull something back i need to act quick . We all have our thoughts on what has unfolded with the last 2 years and it is and will be in the next few months,quite impossible to view this share without bitterness towards the way it has gone and could go.....but i need to try something to get out.Backlash expected,but down on knees now to try and get SOMETHING BACK ! GLA
Come on everyone Shannon is worth a potential £80 million as per IRGS today boooom
Money 1k get you around 100k.. i'll pay more if the fund raising goes well and a rig is secured to drill!!!... I'll support it got no choice..
Shocking From my reading of rms Kea will fold within 2 mths No more money for big offices etc Want to turn £1 into 33p for a drill that they think will be 20% success rate BOD have no regrets for the shareholders that they have shattered by their shocking decisions This share is a dog Sorry to all involved
You realise this is simply being moved up to the proposed placing price?
GET IN QUICK
1p this day
Guess what, Darwin back in the picture after milking Kea more than once before. Note the address of the two companies, both at The Royal Institution, 21 Albemarle Street, London W1S 4BS. What deal is Darwin being promised this time?
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11549582/War-hedge-funds-and-China-why-oil-will-hit-100-a-barrel.html May be life in the dog yet come Irgs put some of your millions in if you believe that much in this company , champagne not's cheap or caviar , Aldi is where I get mine!!!!
Haha it would seem so, fresh money to pay the wages, westminster offices, round the world flights & nice pension arrangements..as Da_Gee rightly says not a penny until a rig date is secured..£3m doesn't last long with big spende, fat wallet IRGS at the helm..spirit crushingly horrific, expensive & disapointing scenario will be the order of the day..
I wouldn't have thought so as there was already a 10:1 consolidation on the 28th Nov.
Firstly I am invested - lucky me. I have been through 1 consolidation previously with FJET and that slipped back from 10 to 1 to 0.95 last night and new consolidation today. ( they did that to raise finance for new aircraft etc. ) Last time they did it as it neared 1p and had to raise finance via drawdowns etc. I believe that finance is hard to come by if the price is below 1p and hence the reason they might have mentioned 1p. Are we on for a consolidation in that case soon? In order to then try and get someone on this that will possible put funds up in exchange for a lot of shares and dilution? To be honest I am that far down on this makes absolutely no difference to me and worth a shot as the little bit of actual cash I have left in here if I take the paper loss out will make no difference if it completely dissolves.
Does the RNS not seem totally unrealistic to anyone else? * Expecting Primarybid, a new investment raising vehicle with no history or background of success in operating this placement approach before (believe this is the first placement they've done), to find enough private investors to raise £3m. * Stipulating that the lowest price that will be accepted is 1p, when you could've bought shares for significantly less than that on the open market! * Stipulating 1p placing price, when the current share 'bid' is 0.75p, so anyone buying in the placing will not only be paying a premium to market price, but will also instantly find themselves at 25% loss! Just doing a quick calc, and ignoring the fact that interest in KEA is minimal at best, averaging around 4-5 trades a day and also ignoring the fact that most of those trades are in the region of only £100-£500, and ignoring the premium 1p placing price and 25% instant loss on bid price........... let's just assume optimistic projections that people are willing to buy £1,000 of shares at the 1p placing price (why they would I don't know, but for arguments sake), then Primarybid will need to find 3,000 private investors to raise the £3m! Where are they going to find 3,000 private investors interested in overpaying for KEA shares? Current interest in paying less than 1p, is avg ~5 investors a day. Primary bid timescale is 16 days. So even at less than 1p, current estimates are they might possibly be able to find around 100 people. Where are the other 2,900 going to come from? To reduce the number of investors required would mean some investors paying more than £1,000, but again, current trading levels show investors trading at significantly less cost than this. In fact even if you go all the way back to the 10th March, there hasnt been 1 single trade over £1,000 value, so even this figure is wildly optimisitic! Why would investors be suddenly interested in buying much much larger amounts, and at a large premium to the real SP? It makes no sense at all. If somone wanted to buy KEA shares, they'd have been doing it, in large volume and at less than 1p. The only way I see this placing working is if there is a large instituion interested in purchasing almost all the placing shares at 1p, which would possibly be a discount to which they could purchase on the open market given the SP increase such buying would induce, AND that Primarybid will charge KEA less commission than standard placing vehicles, hence to KEA's benefit to use Primarybid instead of their normal placement route. Though, tbh, the whole thing seems completely unrealistic.
atleast the only way is up,or belly up.......nobody in there right mind is going to chuck any more hard earn,t cash at this shower,at a 98% loss myself and just sitting tight to wait for a miracle..but come on guys,nobody trusts you....and you have your cap out once more!
Can you please buy the share on Primarybid.com i think you have made enough money of us over the last couple of years.. it's still a risk.. after the hype of PUKA 3 and it's more about adding bopd to the exisitng p1 and p2 rates i was convinced it was a no brainer.. i'm very cautious with KEA now.. had 30k in there.. if i get that back some day would be a dream come true.. but with 400 share there placing plus the 92 million currently.. we are back to square one again.. dilute, consolidate bad drill and repeat the cycle.. put your money where your mouth.. disgusted by your actions.. and management
took a small loss as read the top bit and not the bottom if vote goes through and raised i am in.