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Thanks, I’ll make a note of it. Does feel like something’s brewing.
Before 10:30 on tuesday
Any thoughts about when an update for California may arrive?
Yep, looks like MM's are accumulating, most probably in the know!
Jack, Badger, Simon,
Good to see the objective and competent posters supporting the chat board.
Harry
True Simon - historically they've always liked to keep the bank balance on the high side so they've got more flexibility if something good appears on the radar. Acquisition/divestment deal take as long as they take with DD etc so matching cashflows in/out would be more luck than judgment. As I say, my ponderings will probably prove to be zilch and the quiet period down to something as bland as permits and awaiting equipment installation ! ATB
Knowing S&S, they wanted to capitalise on the spiking share price to raise with the best possible value for shareholders. I know some PI's hate this but those are the most economic times to raise, and also knowing S&S, it would have been for timing. Divestment will take time, not just making any deal but actually getting cash from that to use for anything else all takes time. Meanwhile they probably something else they wanted to negotiate a bid on and as they've told me in person before, they like to have cleared cash-on-account before negotiating, for obvious reasons.
JackDiamonds - V true. I'm not reading anything into the Capital Reduction move and its timing. As the AGM was upcoming it makes sense to add it to the agenda and solves the historic losses problem blocking divs, share buybacks etc for when they decide they've too much cash vs the ongoing drill / work programme.
Was pondering more about why they'd do a placing if there was a divestment 'imminent'. It could be a question of timing - deals take time to get over the line, which might be why they did it.. who knows, I could be miles off the reality?!
We'll find out soon enough!
Badger99
Yes I was thinking the same and that’s probably valid for a traditional oiler with one Asset.
However, the cash raise might have been done to buy into a completely new Asset or increase our interest with Rathlin.
I think we bought Cali for £3M, and you would have to have a profit on disposal of at least £12M to rebase the distributable Reserves to Zero before any distributions to Shareholders could start.
I think the Capital Reduction is a good move anyway and positive for existing Shareholders.
Time will tell and AGM next Tuesday might start to give us some further info.
I see the Storage tanks application is now in for WN at 199 tonnes, with 4 tankers per day offloading.
Where are the core samples !!
Jack
A reversal and a reprint, looks like a buy to me the bid didnt get to 1.10p yesterday.
The reversal has just come through too. More games being played. All good. Someone working hard to suppress this.
Are you sure it’s a buy? Would have thought this one @ the 5 million buy would have had a greater impact on today’s price. Plenty of 10k buys gone through also.
Brilliant - 10,000,000 delayed buy from 22nd just popped up!!!!!
It's Probably coincidence. If they knew it was on the horizon, why do the placing a few wks back?
Badger99,
While I posted yesterday that the “Capital Reduction” should not be assumed as RBD giving us cash back, one of my friends was advocating the timing of this with the lack of Cali news was connected.
Pure coincidence I said!
Jack
JackDiamonds - I've been pondering the same as your friends
The Market is mad sometimes....but that's what creates the investment opportunities !!!
I am also expecting a good Cali update on progress made. Some of my friends have said we are not getting Cali updates because they are in the process of selling the Asset........but I don't imagine that for one minute but it would catch the Market off guard !!
"Discovery - Potentially Largest UK Onshore Gas Field" with oil shows thrown in. What at this price !
mad as a box of frogs
Jack
Anything untoward on Cali would have been reported weeks ago on the NOMAD's insistence + the II placing funders would have told S&S to go and foxtrot when doing their due diligence, so i'm not expecting anything untoward. AGM's next week and they'd get rocks thrown at them for holding back anything bad. We'll get an ops update pre the AGM.
Rumours of a nice Cali announcement about to land. Hence the buying.
The SP making a recovery , could well be some news on the way ... ;-)
Finished my top ups here, hope it goes well :D.
OK, OK, I just looked at the time, besides I'll be very happy for an RNS today thanks :-)
they wont be getting a single one of my shares, holding on tight.
800k sell from Frday close reversed also. Lots of little games being played to scare holders out of their holdings.
It’s flagged as delayed in the trade description also.