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spray good to hear your not happy here with the BoD treating us like ****ez.. Placing after placing after placing, after one strategy to another and then another strategy cleaerly shows your due diligence your expert AC needs to go. ffs a small company blowing millions away and still can't sustain itself.. Codey after the last placing at 0.30 we drilled s3 produced great numbers guess what we only own between 14%-17% of these you can read old RNS to be exact. And there zones is well its pot luck which has more. Spray is right why bother having trading activity expecially a newbie when it allows etx caoital and the bod to sell shares. Its not written in the RNS they are locked down. To be Frank trading should temp freeze as it does not reflect the company anyway.. Let them do s4 and s5 and see what life after Chinese New year looks like. Once you have summin concrete and proven strategy sp will rocket on opening
You still believe in this BOD?. You will loose everything with these Oxygen thieves in charge. How many chances is everyone going to give them. most people are running at a loss with this dead duck. :)
If the BOD can actually achieve all their planned drills this year, there will be a considerable upside. The sale of the two assets should add a large chunk of cash for future drills and new ventures. Forget about OZ for now.
Exactly the point ! Simple Accountancy don’t spend what you don’t have assets for !
Now we pay through placing dilution !
Great assets are only worth looking at if you have the funds to explore !
Example looking at an Aston Martin when you can only afford £300 a month ! Wake up time
Dyor
Yes correct , but all this costs money and more important time ! So we have GEM and Blackstone both of which have had time spent dealing with recouping funds etc but believe me by the time these are agreed they cost to recoup , we have no idea of the cost of time and fees etc etc .
We had done due diligence on all these assets and this is the black hole of costs that should be l think more on doing what our business was exploring !
My view on recent business ventures above
DYOR
Who and where are the costs for C/J and legal costs against Blackstone !
They are indebted to us $146,000 how and why if we have not got it to lend !
Questions to be answered
DYOR
Arkoma getting sold now can only be a good thing
It has not delivered anywhere near the expectations and hopes that started out with and as time has passed the bod obviously don’t see the point in spending more here to try and get limited rewards if any , so as I said before if we can get close to the 1 million spending outlay that would be good to spend on more profitable pursuits with the Stanley’s.
Welch is still a 50/50 call for me I think we spent circa 400-500 dollars all in when oil prices were distressed at 30-40 dollar range , the wells are old and I suppose although currently profitable the thought is over time that the wells will continue to become depleted and we would need to spend on new wells, my personal opinion would be to hold welch for the next few years and see where the finances stand for a horizontal well, clearly no jv partners are willing to spend 2 million pounds currently to get a 60 - 70 percent share to give us a free carry for 30 percent of that.
If we can get half the valuation of Welch (assets , present valuation estimates of 2 million dollars from moyes & co reports) then again that would make good profit and again go into the Stanley’s.
So if the funding plan comes together on selling these assets that may see us go for falcon and galaxie on our own with baja without a jv partner let’s see.
Putting our eggs into the most profitable basket makes sense and hopefully there are plentiful future growth potential in time with baja to justify the dropping of welch and Arkoma.
All said and done believe me I am only looking for share price rises now actions speak louder than words and perhaps taking this action if a key step forward.
I will continue to buy more where I can to continue averaging down but that is my choice,
DYOR and make your own choice .
Aim is a total gamble where 80 percent of people lose money so you know the risks be prepared to lose your money and don’t invest money that will impact on your life or your family’s life,
Gla
If we got our finger out ie : why have presentation in 2018 and in 2020 say oops think we found a better option , at the conference attended by many investors who must have been watching and waiting for progress on Welch just thought typical hype to zero ! So many times this has happened either oil crash which was tough actually but that was passed and we survived ! Only to continue finding exiting prospect and then letting them pass !
By the way this was what l was told and was very exited at the prospect !
By the way l have not listed past missed opportunities because l know you all know them .
This new strategy l think favours the BOD with limited risk to there outcome , l personally was with Andy and would raise production to move forward we were an explorer that’s why l think Andy was so exited which if you saw , you would be posting this as l did after the conference in2018 .
We are now safe for market to play ! Sad
DYOR
They maybe want to change strategy and go with Baja more because they seem to know more about what their doing rather than JB and AC. I’ve held this share for over 2 years now and the amount of times I’ve heard Them both on interviews say “We’re very pleased with....” They wouldn’t be very pleased if it was their own money they’d been messing with. I’ve managed to average down to .35 feel sorry for those higher.
Totally agree. But the success at Stanley brings a positive change of strategy.
Whilst other projects such as Welch and Arkoma have production and upside potential, they cannot compete with the outstanding commercial opportunities emerging from successful application of Baja's model in East Texas.
· Regular additional drilling starting with Stanley-4 in February and Stanley-5 expected to be drilled in Q2 2020;
· Preparation for Falcon and Galaxie drilling which is anticipated in H2 2020;
· Acquisition of additional working interests and leases .
John W Barr, Chairman, said: "Welch meets the stated strategy of delivering operating cash flow and having development upside.
"We are pleased to achieve this milestone of Proved Reserves that underpins our view that Welch was a sound acquisition, at the right time, and where we have added value in less than 12 months. Importantly, the Proved Reserves identified at Welch should provide a basis for being able to obtain bank debt to assist in funding further production growth. Looking forward at Welch, we continue to evaluate horizontal wells with the objective of having a development plan to put before the Board later in 2018."
I read notes and documents given and questions asked , Andy was so cheered and upbeat of the prospect at Welch the horizontal wells up to 5 would be a production increase as graph we were given showed . Just don’t get why this was so important then now dropped !
Reason being that is why l am and were still invested . To back track on the excitement Andy felt is just Odd.
To present that less than a yr ago and then question it is and needs to be answered .
DYOR
Been keeping the faith with MSMN since 2014 - I’m almost fully atheist now!
Keep the Faith. Could be a transformational year for Mos.
If your average is 0.15 perhaps - not if it’s 0.85 ....
Well said. :)
I wonder if the OZ deal was imminent but the virus stopped proceedings,then there was last minute cash grab to keep things moving with Baja. Just my opinion.
Placement thoughts
In the past they have secured finance for 600k, 750k
This time they only needed 300k,
Does that reflect current production supplementing the rest?
So the directors fees for the first six months of the year have been converted to shares at 0.15 also
Our new investors have also a warrants option at 0.23 for twelve months , also the November 2018 placement have 1-2 warrant options for 0.4 until November 2020, the directors subscribed a month later on same terms.
So outgoings should be reduced and all the money focussed on the Stanley’s moving forward for now as well as anything that happens with ep145
God knows we need traction and positive momentum the share price needs to start shifting north with no one looking over their shoulder for the next placing , so corporate profitability must be the goal in the next six months to release us from the chains and give investors new and old some surety that our money has not been washed down the pan.
Ok board let’s see the progress of this refocused change of strategy only share price increase is the only metric people will care about now, a 0.15 is the lowest you go!
Dilution is not good. But the prospects look very good this year. At least two new wells at Stanley. Farm-out and further drills of two other assets. Oil production already doubled in a year. Exciting times ahead.
Having a think about this last night, doing a placing at 40% discount of the share price is f...ing ridiculous! Corrupt as they come! Why on earth would you do that?? Could have released the production update RNS first let the price rise then do the placing. It has been done to give shares out on the cheap, why would you give a 40% reduction other wise. It has really annoyed me to be honest. Yes we will rise, yes there's value from here but it just stinks to be honest!!.
You have only a few more posts to hit 12000 that's a milestone congratulations.(should get that done today).
Saying that this has been engineered to sort the halfwits out. They could have released the production update, which was a rise in production, then do the rns. This is getting Cooked by the halfwits and the mms. Surprising considering jb and ac are pretty much dimwits. But now we are in baja hands completely and they are taking share for payment maybe we can get this moving. Jb remember you can’t take this cash with you.... soooooooo let’s not get to greedy. Cakey bastard haha
The placing was to a small number of investors
If so why do we never see a 3 percent and above holding rns.
If we look at the six month production figures about half is attributed to Stanley production and that is 1-3!with intermittent production issues due to upgrades , they are new wells with multiple zones, so simple logic would be dictate focus on profitable production and if possible drop Arkoma and get money back,
Welch selling the logic would be old wells and no appetite shown for a Jv partner to spend 2 million on horizontal drill, anger understandable but for those remaining we need to move on
The company is not dead but focusing in on what is profitable for the future and so we go again.
This change was necessary to see future improvements and corporate profitability.
Aim is mostly lifestyle companies feeding off the peasant shareholders.
So 42 million shares for taking the share price to practically nothing John and Andy. What attributes do you think you offer the company? Certainly not share holder value. As far as I can see all you get paid for is handing a cheque over to Baja and they do all the work. Would be nice if you could hold the AGM in the Uk where most of your share holders are but we know that won’t happen.