Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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"The road to potential first oil is still pretty long" and "There still remain so many hurdles and risks on route to eventual first oil" and "This share has been a bit of a nightmare", etc., etc.
I think we know all that and I can't imagine anyone's overjoyed after all this time, but what happens from now on depends on whether ALL those involved want it to happen. Of course PoO and funding are absolutely fundamental, but before those, EVERYONE must be motivated to get this over the line.
Navitas and Gideon Tadmor in particular, seem in a different league to PMO, but I reckon GT expects everyone around him to perform/deliver, so Sam and FIG had better keep up with Gideon's pace and expectations, or else Gideon might well pull out.
A good start was Navitas' CPR. That was like being told by the surveyor that the 4 bedroom house with a car port that you're buying has got 5 bedrooms all en suite and a double garage, plus an extra half acre of garden and still costing the same. Don't forget, that's also good news for RKH too.
The RKH placing and OO are evidence that GT isn't prepared to wait for the OM award, or for Sam to find some coins behind the settee.
As for FIG, they'd better sort out their commitments, with no more stuff like Keith Padgett's words about oil company representatives: ".......some of them initially thought (and perhaps still think) that we are simple yokels that can be quickly dealt with and quietly ignored. I can assure you that the next time those individuals were in my office those views were quickly dispelled!".
If you were an 'oil company representative', would you have found that motivating?
Yes, this whole thing has been dogged by bad luck, bad decisions and plain stupidity, but this time they can make it happen if they try and Putin has been an unlikely source of help.
Good afternoon fecm.
You wrote "I'm expecting a lot of positive spin - but we've all been there before!"
The road to potential first oil is still pretty long. After reviewing the numbers which include the $14.2 million decom. liabilities on the toxic Italian junk assets ; its clear that RKH will need a substantial further injection of capital to stand any chance of still being in the game for first oil a few years from now; likely 4 or 5 years imo, if we are lucky. The Italian junk decom will require expenditure after 2024.
The HOPE is that we will actually RECEIVE a LARGE OM award in time to avoid another raise. Will we win BIG and will we get paid promptly; NOT having to spend years chasing payment? There still remain so many hurdles and risks on route to eventual first oil.
This share has been a bit of a nightmare. How many times did we think we were on the verge of sanction when partnered with PMO?. Look back at 2018; everything was falling into place. PMO'S Robin Rose suggesting sanction at year end and oil hitting $80. Our share hit 40p plus. BUT, what happened? NOTHING. Thereafter there has been wild swings in POO and the jokers at PMO let us down.
PMO bled our coffers dry. I was aghast when SL pre-sanction costs for our 40% share ballooned to $19.3m in ONE year with more bills expected. We had to sell the Egyptian assets to feed useless PMO, who were going nowhere. If SL was near ready for sanction in 2018 ; why was such HUGE ( $19.3m PLUS) further expenditure required after that.? There appears to me to have been awful control of the finances, much blame resides with PMO BUT our team should not have let such lunatic expenditure get so out of control with NOTHING to show for it.
We are relying on Navitas sticking with us and that finance can be sorted. We are a long way from an agreed development plan and can not be sure that it could be decided that a third party will be required. How long would that take? Is there anyone likely to partner us?
Even MacDonald jumped ship leaving 6p options behind. However; there was a 'fortunate ' change in the rules to allow him as a former director; to take with him and later avail himself of 1p (ONE PENCE options) at a later date. How confidence inspiring is all that?
I have long decided NOT to invest any further cash in this company and will not be taking up the entitlements.
I hope that I will come to regret my decision to sit out the further dilution ; dilution which I don't like.
Hoping for a modest multibag...one day...one can but dream; trouble is there remains scenarios where we could still lose everything .
Corporate action notification from IWeb explains the Open Offer well. I need to input a few thousand pounds to take up my holding which is spread accross an ISA and normal trading account. It grates a bit having to do this to avoid dilution but would be worth it if OM comes in and/or Navitas start releasing positive news.
A few things bother me, in particular the shaky ground that the stock market seems to be on at the moment, down big time on some of my long term investments.
The other thing is RKHs track record / luck which just does not go in PIs favour. Could it really be different this time. I note that we hav until midnight on Tuesday to take up the offer so I might just wait to see what comes out of the AGM. I'm expecting a lot of positive spin - but we've all been there before! Afraid I can't attend the AGM but good luck to those who can, hope it's worth the journey.