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https://www.elephant-oil.com/location.html
Allada has circa 117mil barrels of oil in it.
https://www.investegate.co.uk/elephant-oil-limited/rns/benin-farm-in/201903111143354801S/
DYOR
https://twitter.com/Share_Talk/status/1135146572310753280
Brian Larkin of UOG says that he wants another partner to come to the table before executing on the option for Benin. Ie., he wants to proceed if the right partner comes in and there are several parties looking at it. So the seismic has firmed up on Allada and it is a goer.
DYOR
I have not suggested that anyone buy JMS shares or that anyone should buy RRR shares because of its JMS holding. I am merely following through the logic of the situation. It seems to me that you agree with me the JMS holding has a substantial value and is likely to be greater in the near future.
What RRR does with the holding or the proceeds from any sale is a separate matter.
Anyone who has bought RRR shares because they expected to receive a stream of dividends has got it mixed up with Glencore: an understandable mistake but nonetheless still a mistake.
DYOR
Yes he said it doesn't matter and fully justified why. There is no-one who has been here for any length of time who believes that the dividends will provide value to RRR shareholders. They say that past performance is not a guide to future success, but in this case it surely is.
Anyone who believes in JMS should buy there - simples. Buying here is a fools game, although of course those who are already heavily invested (via whatever means, and with whomever's capital) would not like this to be known.
We should all buy JMS shares.
Do they "mislay" money?
Amulet anyone?
*he doesn't have ASD6.8mil to waste.
So the CEO of JMS buys ASD6.8mil of JMS shares and you say what does it matter?
Scenario
1 Priyanka is not a complete idiot.
2 He doesn't have ASD6.8mil and is buying the JMS because he thinks they will go up in value
3 Currently the RRR JMS holding is worth slightly less than RRR's market capitalisation
4 Priyanka is right and the JMS share price goes up. We will have a situation where the JMS holding is worth significantly more than the current market capitalisation of RRR.
Why is he buying now? Locked in sellers can now sell and the Mt Ida/Mt Mason gig is looking good.
Once the sellers are out and news comes on the Yilgarn, the JMS sp will motor.
DYOR
What does it matter what JMS shares are worth? We never see any benefit from the divis, nor will...just wasted on more pie in the sky projects and admin “expenses”.
Still waiting for any value in RRR shares which doesn’t look likely.
So an ASD6.8mil purchase.
Tragic, you were explaining to everyone how the JMS shares were worthless. Perhaps everyone should benefit from your wisdom once more?
DYOR
Whoah whoah, hang on, someone sold 21 pence of shares today, wait for the haters who will tell everyone about the ‘sells’ today - so many bitter and misinformed people on here. Forwards looking, you’ll be happier with life
Obviously deluded. Tragic you should ring him up and make clear that he should have checked with you before wasting his money.
https://twitter.com/RRR_RedRock/status/1134415660388442112
23,497,667 shares at about 35c per share: serious buying there.
DYOR
Peel have jumped on to the bid for no apparent reason: could it be they are short and news is incoming or it could be they have an order and can't fill it.
Interesting either way. 9.09% spread on LSE. On IG 0.5925p to buy and 0.5510p to sell. Looks the seller is not active at the moment. Last few days you could quoted up to £20,000 at the offer price no problem. This price is for £1,000.
DYOR
Let's ignore the real Elephant in the room.
Looks like the Benin farm-in is still a goer; from the UOG AR.
the company acquired an option to make a new strategic low cost entry into Benin with transformative upside
RRR has around 5% of Elephant Oil.
DYOR
"There should be a TR1 for the other side soon."
Have you submitted it yet?
He is obviously unaware of all the exciting news here.
Ssshhh don't tell him Pike..............
Let's just get the fundraising done.
There should be a TR1 for the other side soon.
Tw ramps, Pg sells, buys arrive to fill pgs sell orders, interesting stuff.
Looks like he has sold another 7.5 mil shares. He will soon be out at this rate.
BTW absolutely no need to take my word for any of this. Take instead the words of a former large investor Daniel Sklan who held over 13% of the shares here AND who also had a personal royalty deal established with RRR for its Ivory Coast project. These were his parting words last August here on LSE:
http://www.lse.co.uk/member-info.asp?nick=d_s_
"After holding RRR shares for a considerable number of years and seeing my holding drop from over 13% to under 2% and value drop by over 90% due to the constant “fund raising” and issuing of new shares; I have finally had enough and sold all my shares.
Let’s be honest - doesn’t matter how much money RRR receives it will always disappear paying "misc. expenses", directors salaries and investing in white elephants; sorry I meant Elephant Oil and various other ridiculous investments. I simply can’t understand how a business manages to plough through so much money with so little to show for it."
Nuff said imo. DYOR.
Stretchum: "Whatever you think of bell , he has a point."
Actually, no, he doesn't have a point at all. The problem here IS Mr Bell and the rest of the BOD who, imo, operate this and RGM as pure lifestyle outfits for personal enrichment. It doesn't matter what cash comes into the company, this BOD will whittle through it with lucrative salaries and ridiculous expenses in no time at all, and THAT my friends is why the SP here NEVER equates to the fancy "sum of the parts" assets that the charltans try to present on these boards.
The current pump efforts are 100% consistent with an imminent fundraise imo. Been here far too long to be fooled by this recurring nonsense from feckless rampers.
Something to understand. The company recently did a placing of 63m shares at the bargain price of just 0.51p.
So why weren't these so called enthusiastic buyers not flocking to the company to participate in that placing for shares at 0.51p ???? Yet the chumps here want us to believe that these buyers want to pay much higher prices for their shares. Doesn't add up. At the end of the day these P&D merchants have nothing to offer us but the same old "jam tomorrow" drivel.
The facts are that as at 31st Dec the company only had a mere £27k in the bank (see Half Year Report)
At the same time they had a significant £2.7m of current liabilities.
Plus they expend approx £850,000 a year just on Admin Exepnses
Then there are project costs to bear, and doubtless ongoing legal costs for Kenya.
And the last Annual Report also stated they spent $306,666 on "Other Project Costs"
Where is all the cash going to come from to foot all these requirements?????
Answer . . . . confetti placings imo.
The BOD raised £323k from the recent placing at 0.51p and the Jupiter dividend gave them another £250k
Those 2 sums alone don't even cover the Admin Expenses here let alone the £2.7m liabilities, project costs, legal costs and "other project costs". Even if Jupiter give out a further £300k bonus divi, all that cash is pretty much equivalent to the Admin Expenses here. That's not shareholder value, that is a pure lifestyle AIM business. Diluting exisiting holders to pay for salaries and expenses. A total nonsense.
Small wonder the P&D merchants are working this hard. There aren't many mugpunters left imo who fall for the "jam tomorrow" rhetoric.
More dilution is imo nailed on. Where there is dilution, there are always unscrupulous ramp teams trying to lure unsuspecting mugs to flip their shares onto. Buy, hold or sell but make sure you DYOR here.
Maybe, maybe not. He is not my cup of tea, nonetheless he has stuck his neck on RRR.