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WEN mc around £40m and I believe that their BOD think their MC should be double that, based on revenue. So what value do you put on 25% of Ruvuma? I think 4:1 share ratio would be reasonable. 1 WEN share for 4 SCIR shares.
Any other options?

Plan B for me would be to forget any green energy acquisitions. Farmout 15% for zero cash but with a free carry on 10% until production. The Bod can take a salary from the HE1 shares.
I can’t be bothered to work out if the percentages are viable but you get the gist. The big problem with this plan is that we’re taking away the golden goose acquisitions away from Gneiss.

I have 1.79m shares. I’ll probably vote no through HL but I’ll wait until after tomorrow’s meeting before I decide. I suspect a few others will do the same.

Can someone please confirm that we do have to pay back the $6.25m loan (which is to be used for Ruvuma incurred costs) if everything goes to plan?
Also once the deal is approved & signed with get $3m in cash to do with as we please and then another $3m when the PSA is approved?

CPerkin ….. what news?

CPerkin … How is Mrc miles out. They haven’t drilled yet!! How many RNS have communicated delays. I’ll believe it when it happens.

AA .. are you having a laugh?

Sounds great! All we need now is some customers for the gas.

Thanks. They really need to focus on some good PR to get the SP above 2p, which is where it should be with 25% of Ruvuma. If they don’t get some perceived positive energy into this company, the run up to CH1 will be extremely lacklustre IMO.

Did Tom state that we would have one of these meetings every quarter? If so the next one should be in early March. We really need answers on how we are planning to meet our financial commitments this year (current cash flow and expenses). If we’re not selling before CH1, take gneiss off the books now!

I thought Ruvuma first commercial gas was tied into the completion of the oil pipeline? (Sometime in 2024) There was speculation around Ruvuma gas being used to heat the oil pipeline (via electricity generation).
So what is the revised timeline for completion of the Oil pipeline? 2025 or 2026?

Have they actually started building the Oil pipeline yet? I know there has been a number of false starts.

CPerkin … same here. Only here due to FOMO on a sale.

They need to demonstrate finance to cover CH-1 which would push the SP above 1p and then have a placing during the run up to CH-1 when the SP is 2p+. At the moment, anyone that wants Ruvuma action is investing in AEX.

CPerkin - all they need to state is that they have AGREEMENTS in place to cover the finance when required. At the moment there is too much uncertainty. Investors are steering clear due to a fear of a large placing rather than some type of loan facility.

The BOD need a rocket up their ars@s. Even if Ruvuma has not sold by now, they need to demonstrate that we can meet all Ruvuma financial commitments for 2022.

RNS to feed the resident doomsayer. Gneiss reputation must be taking a hit as they have done absolutely nothing of value here for the PI shareholders. False promises with millions of pounds of consultancy fees lining their pockets. Daylight robbery.

AA how did I contradict myself with HE1?

Sell it.
The days of a SP of 6-7p in the run up to the drill is over. Most savvy investors will be expecting a placing on the run up to the drill. Probably anytime over 2p. Also a lot of the Oily investors (thrill of the drill) have gone over to Crypto to get their fix (or HE1)

Jon Fitzpatrick the puppet master. I remember seeing him a few years ago at a Solo AGM in his tartan jacket. He never said a word but he was probably thinking about how he’s going to screw these bunch of sassenachs.