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Who knows, I am in for the next drill. Need 3p then I am gone. Each drill it goes well beyond that but I will not risk it for full results this time. Knowing my luck they strike oil this time.
well, it was to be expected as in my previous post. It's at least a year if not more before anything happens. The profile is the same 1 1/2 years of nothing, then a project to raise capital, then a dilution, and on and on. I am in for quite a bit. its all in a SIPP, so it can sit there until 3p and im a gonner ! If I'd put it in my tech funds 1'd 40% up noe after 8 years C U all Later SWIFY
This time was even worse Swify. He announced a ' glorious project' (Perth Basin) to pump up the SP, suck in more PI 's and went on a hyping roadshow (including London) giving a presentation selling how great an opportunity investing in the Perth Basin JV was. The SP reached 0.75 p then mysterious large sell off and then released an RNS saying he wasn't going to participate in the Perth Basin Project anymore. You couldn't make up a better plot for a movie about a con imo.
Or he had a good reason to pull out of Perth. He is the CEO it is his judgement, he knows the facts we don’ t. As long as he brings a good prospect forward I am fine with it.
HI Suthy Hi Time to act....I am on the fence as to why he pulled out. However, I would have more confidence had we had a detailed explanation, which was very thin to say the least. I think 2.5 million will erode to about 2/2.1 before the next announcement (circe 1 year). I will keep adding a 20 quid 50 quid here and there, so as to average down and facilitate as earliest an exit as possible once a rise comes- all based of course on getting out with my initial (which was in the Puntland days). Anything above the initial would be a bonus. Like I said before, something will happen when the BD see an opportunity to push price up (ethical or not), and that's all I'm keeping an eye on. Luckily my eggs are not all in tis 1 Basket. I just don't think GB cuts it in the exploration industry and is little more than a "chancer". That said, I put my money in with a gambler's logic- so I just gotta wait it out whilst still averaging down. I agree with Time to act though, GB's cycle for raising funds does seem repetitive and rehearsed after so many similar occurrences and all within worryingly similar time frames. Am I bitter....too f right !! ;-/
Hi Swify, I agree his reasoning for pulling out was almost non existent. However, in terms of raising funds he has never raised funds at this level and it’s always been at the 2p + level and hence why the number of shares in circulation is so low which makes this stock quite interesting. He was once asked if he was planning raise funds and his reply was” yes but not at this level. “. He also used the phrase “ extremely confident” in this RNS of getting another prospect” which l think means he has got his eye on something. I can’t see the funds going to £2.1m as the main overheads is just him on $80k and another part time consultant. The rest is quite minimal. If you look at the burn rate from the last update it is very low. I am not a fan of his but I appreciate his eye on the finances. He is very likely to drill again and I want to be in rather than out when he does.
No all is good. Read the last RNS ...good balance sheet. Top twenty shareholders hold most of the shares. Only 175m in circulation.
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A$4.6M in the bank but no project to invest in other than Bandy's wages. Let's hope he starts earning it and gets this share moving upward
Agreed. Let’s hope after all this time he picks an exciting project
Let's hope so, the golden 3.5 p and I'm outta here :- D