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No nasty surprises in the report....and buys the company and PVR plenty of time to progress Barryroe to successful farm out and advance the project with predrill activities.
Good heading (Higher prices),...now we have the Cash to survive until the end of Q1 2018, we have a chance of seeing them. (imo);- Steve Boldy, CEO commented: "We would like to thank Brandon Hill Capital for its continued support. In the current environment for junior oil & gas companies, we believe the terms of the Loan are very attractive and a testament to the potential offered by Lansdowne and its flagship Barryroe project. Through a variety of cost cutting measures, Lansdowne's monthly burn rate has been reduced to circa GBP 30,000 per calendar month. With this Facility in place, callable at Lansdowne's request, the Company now has sufficient access to capital to fund its current operations until the end of Q1 2018. Whilst we acknowledge the farm out of the Company's Barryroe asset has taken longer than originally envisaged, the Company remains heartened by the level of interest it continues to receive in the farm-out process and looks forward to updating all shareholders on progress in due course." Source: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/LOGP/13277496.html Enjoy the wine JH77. BW
Inexperienced traders out for a quick buck! But a great result by SB and long term looking very much better than before. Bought me self a nice bottle of Pouilly Fumè just to celebrate. And tis going down well. Good luck all. It's been a hard slog and we all know it!
People paid for what reason?
Well i think 💭 a lot cheaper cos it didn't go up
Back to the base
Hope it doesn't go up too quickly. I fancy another 150000 of these at least. Maybe a few more. Looking forward to the AGM to get a bit more insight into the plan going forward
Excellent News; GBP 350,000 Loan Agreement Entered into with Major Shareholder Brandon Hill Capital Limited. I was become a little anxious, with the Loan Note dated 30/06/2017 being so close,....I'm not anxious anymore. BW
Still no BR farmout. Needed more cash. Gets a paltry £350K. Has to pay 12% interest. Do me a favour. It's embarassing.
that they are adressing the finance in a prudent manner but I would also like them to get a flipping move on with this farmout/JV/sale/whatever it is they are trying to do for the last 5 years!
You gotta admit old Steve Boldy has pulled off a blinder here all right. Damned fine fellow. This should see the company through until farm out deal is concluded and then there will be a slug of cash from the farminee to cover past costs. All set for a springtime drill next year imo. Bound to be some movement on Helvick over that timescale as well...so looks like the lean years are behind us now.
I think you'll find they know it's going ahead. See below re the wording of the RNS. "Taken" as opposed to "is taking".
Very rare to see a small cap AIM stock receive such favourable loan terms. The fact that there are no warrants/conversion rights attached to this makes it look like BHC are incredibly confident. LOGP's only real asset is Barryroe, and without it they would probably go bust (i.e. BHC would not get their loan back). So...BHC must be v confident that Barryroe is going ahead because that is essentially the 'security' to their loan being repaid.
Correct
Interesting wording in the RNS.... "we acknowledge the farm out of the Company's Barryroe asset has taken longer than originally envisaged,...." Taken (not taking)- as in done?????
slow reaction i thought this would go mental
No dilution, no warrants, no attachments or conditions. Flipping excellent news.....
Excellent news and great to see the cash burn rate has been very much reduced...almost to the bare bones. I knew this was going to be OK in spite of the doubters. Time to load up with a few more methinks.
Brandon must be of the opinion that theres something good coming if they are willing to give an unsecured loan of 350k for 12 months .... hope their right.
RNS Yippee...! Loan agreed.
and movement
#NCCL did 5000% on its funding... #LOGP way better terms!
I have held LOGP shares in the past JH 77,...... bought back in earlier this year in anticipation of a Barryroe Farm Out in first quarter of 2017,..... last year the loan note was extended to 30th June 2017, our Cash position must be getting low now. LC Capital Master Fund, Ltd, look to be in a strong position here,... I also believe a Barryroe farmout will come this year,..soon I hope. BW
Hi Wraith....I dunno how long you have been invested here, but are you aware that LC Capital Master Fund is the private investment vehicle of Steve Lampe who is a director of Lansdowne? So in effect, as well as holding a directorship he is also the company's principal backer and has a lot of skin in the game. For this reason I cannot see him pulling out now as he would stand to make a major loss....so I'm guessing that the company will be kept going until Barry and Helvick come to pass. I hope that they get shut of some of the board of directors and reduce costs to an absolute minimum. Say 3 directors only and get SB to work from home to eliminate cost of office. Unless Barry is closer than we think.....