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I'm wondering whether the latest profit taking slice from HE1 is to fund another purchase or for capex to deploy on the previous deal.
It could also be to pay for legal costs of an newly aborted deal lol who knows :S
SHS - it would not even cover running costs and Ruvuma work plan commitments for 2021 /22 (if they sell the last tranche then that will get them close to fully funded for the drill IMHO)
Any acquisition will need debt or equity raise IMHO.
My thoughts were of capital to deploy on the Greenan acquisition; maybe for upgrades/increased scalability/or add ons.
Or for compensation fees for another aborted deal.
They do apparently think they can optimise greenan. Maybe there will be enough in the pot if they sell the last tranche high.
Risky gamble though!
There is nothing to optimise till they close the deal, where is it?
Should be a very easy deal to close. As usual timelines indicated are not being achieved.
BODs snoozing again?
Do this Bod have any timeframes ?
Are they even breathing.
I emailed them a couple of days ago....no reply.
Morning Chris.
Can’t believe we are still waiting on the deal on Ruvuma etc.
Hope it comes good for anyone still holding.
I lost maybe at least £50k or more here so glad to be out of it.
Average about 10p so not prepared to wait 20 years or more for a profit.
Helium looking much better.
Must be getting quite embarrassing for them now.
"Strong board with a diverse skillset of technical, corporate and financial experience, and an exceptional track record for deal origination and execution".
HI Steve, I hardly bother posting here now as nothing seems to be happening. HE1 is going very well at least and the remaining 5.5 million shares SCIR hold are today worth £1.4 million. Must be due the first well result any day now, the 30 days to drill is long gone.
Best of luck!
Evening Chris.
To be honest I don’t blame you.
I think a lot of the past holders have long gone here.
Just what are the board up to.
We moan about nr but without his past investments they would have had no money.
Ruvuma is still there but I can see nothing happening for years.
The licence expired at the end of April and nothing further has been heard.
At least I am clawing back some of my past losses here.
Good luck here anyway.
To think five years ago 6p was being talked about.
That was pre consolidation.
Speak again soon.
Steve
The Bod make it incredibly easy for derampers to put the company down, almost encourage it, but this will turn and when it does many will be caught unready and off guard, every dog has its day and this dog is no exception.
Are they having second thoughts on their new strategy? The market wasn’t excited about their new direction. EQTs SP isn’t doing very well these days and also haven’t heard from big double recently. At least Gneiss will not be out of pocket. The only reason I’m still holding is FOMO of on a surprise Ruvuma sale. I would also be surprised if the SP goes above 3p with the CH-1 drill due to sentiment here and also a strong possibility of a placing on the run up to the drill. I’m hanging on by a thread here now.
I have emailed them several times just around communication, it's not enough just to push an RNS every few months based on activity, that's fine for a FTSE 250 company but is absolutely not how you communicate to retail for an AIM company. I have used HE1 as an example of shareholder engagement through twitter and news letters outside of the RNS or RNS reach system but it just seems to fall on death ears.
Agreed Aimster, Ruvuma is the big prize and asset that remains here but it's dependent on the Tanz Government approvals which as per usual we have been waiting an age for. I do believe that they are likely to come by the end of September so we should start 3D and drill prep soon after. We have had no meaningful update on where they are with progressing a sale other than the repeated "Several interested parties" line.
Aimster BD having a great time in Sunny Spain i believe and you are totally correct on EQT, regarding this I was caught with my pants down on this one but if you DYOR on this regarding the effect of the placing last time there is a mirror image this time but will be ok soon as x2.5 on the placing so will start to move up subject to other markets in the next 4-6 weeks , regarding here tho Chris comment today is nailed on regarding my thoughts really, I think positive HE1 news will get this moving followed closely on 3D work over there, I bought some last week and May take some more in the next 2-3 weeks, one school of thought is the reason why the board is so quite maybe is because they are close to Farming out or selling the Tans asset in the coming weeks/months to Wentworth but I been saying this for a while and would be a good fit in my eyes !!!
I don’t think a sale to Wentworth is on the cards. AEX stated at the AGM that they are in discussions with an operator in Tanzania with regards to a JV exploration on Nyami.
I had a response from the company ref the Biogas deal and all still on track to complete. No other details provided folks.
GL
Thanks Chris
Thanks Chris.
Is it 3 years they are saying to have an EV of £150 million?
They better get going!!
Oh well at least it something I suppose
Well SCIR has £10's of millions of tax loses to write off against any profits from their new deal +deals to come so even if the first is small it's going to make money.
Hi Chris - do you have details of these tax losses and where they can be used?
Just read the annual report summaries
Yep as I thought nothing in the AR
More rampy bollcks from you?