Member Info for Alansugareatyour

Sorry, some sort of server 500 issue when I posted, so it appeared multiple times.

AGM 30 November

AGM 30 Nov

AGM 30 Nov

Well glad we cleared up the celtic, Howard and dolly are not connected and just all stopped posting on rrl at approximately the same time.

That answers the question for the person that asked below. Good to get clarity.

"Your essay didn’t cause me struggles because it was long! I struggled because it was boring AF!
"

Ah you like fiction, that'll be why you follow range, for their projections.

Will do, thank you.

"Thanks for war & piece and the extremely long essay but I still don’t get the original point of the post ! One poster stopped posting when another was banned ..,, so what ?"

War and peace? It was a couple of hundred words, apologies if you struggled.

My point, someone asked the question if Howard was still around, I forgot who. I said he has not been around since Ceri got banned.

So to summarise this, as it seems to be causing you confusion, the board was asked a question and I answered. If Howard has frequented this board alot since Celtic was banned or otherwise, you might want to reply to the original post, or not.

I'm unsure why this very simple question and subsequent answer is causing an issue.

I hope this reply is of a sufficient length that you are not caused additional stress.

Oh, and I was 'stalking' the iii board a long time before 2014, maybe your just new here, I've been posting and holding in reliance for a long time. In fact I remember getting excited about their first share issue at 2.1/2.3p can't quite remember, way before the 24p days.

"Anyone not pedantic would have know that! But there’s ASEYHO for you lol ! He’s been the same since he was stalking the iii BB after selling in 2014!"

I am a pendant, it's true, the 'do what' also confused me, it's now clear. I did sell my holding here a while back, and moves more into a small trading pattern where I can. I'm glad, with hindsight, that I did sell my main investment holding a few years back, I didn't think it looked that great back them although I never would have predicted that company and share price would have been such a disaster as it has been.

As always I look for a good entry point, although with the lack of cash, the continued loss position, the poor bopd average, the impending dept repayments and maturity, 1.6m shortly, 8m sundry payables before June 2019, 20m by 2020, I can't see this going well in the short term.

So no investment entry, just possible short term trades that I can see.

I suspect some sort of EGM/AGM share issue announcement, then consolidation both of which would be a disaster for anyone holding at the time.

So yes, to answer your points, I am somewhat of a pendant, and I sold my main investment holding. I have been involved with range for many many a year and my posting history is all on iii under the same name.

Iii is a shambles nowadays, used to like that board, far to hard to use now.

"Your post is also quite pointless ! One stopped posting when the other did ... do what ?"

Yes I agree, one stopped posting when the other did. I believe that's what my original post said.

I don't understand what the "do what?" means at the end of your post, is it a question? If it is I do not follow. Also my post was short and to the point so I do not believe it requires expansion.

"Allan Sugar

What are you suggesting? They are definitely NOT the same person... people have met each of them!"

My post is clear.

"Anyone know if Dolly and Howard are still about ? I used to enjoy reading their comments on Ii but sadly it seems to have died a death over there."

Strangely Howard disappeared around the same time Celtic got banned from this site.

Top of the page looks flat to me, but I don't have level 2

"he placing was at 11p"

11p? you are missing a few zero's!

"53% increased revenue in last result, why did it even drop to this level? Nt to buy more then £2k"

a 53% increase in revenue but a 17.5m loss reported, a 15m+ cash balance reduction in the year also.

The company has a $1.6m interest repayment due in months, the company has 8.5m sundry short term payables due within 12 months, the company has a 20m loan payable in 2019. The quarterlies have started labour costs c.1.5m a quarter and not being reduced, RNA has stated that no material increase in production until Q2.

39m due lon term over and above the above.

The June cash & equivelant balance was c4m, they are running at a loss and this will be depleted, even before the 1.6m above has been met.

they state they will not achieve the 1000 bopm for a while, costs were c35m in teh 2018 accounts so they are running at a monthly net loss.

Some reasons as to why this company is currently in the state it is. I expect, if possible, a substantial share issue.

I assume this will just tick along for a little while while the company try to organise finance, then a RNA, then a downward share movement.

I did think there would be a bit of a bounce.

If only we could get back to those heady suspension days of 0.36 or similar!

What is scary would be a share issue to raise funds, at these prices it will take Billions of shares to raise anything material. As said on wordstocks, a substantial share issue and a 1000/1 consolidation would be pretty devastating but potentially unavoidable.

If we were running at a 1.5m net loss per month in 2018 (based on 17m loss), we will have improved on that for sure, just based on oil price alone, but this still equates to a net loss per month. Even Lewis is predicting a substantial net loss with his 2019 year end turnover estimates, so at what point is this monthly loss going to erode the cash balance.

Taking into account the 1.6m loan payment due (could they just default on this and add it to the 20m loan balance?) which is due in a month or two and also taking into account the sundry payables of 8.5m due within 12m, can these be defaulted on. The auditors brought them into short term liabilities for a reason, they will be due. I was hopeful these might, for the most part, be accounting adjustments or similar, but from Eva's email the other day, it is royalties, local taxes and payments which must be made. I am not sure they would want to go down the road of defaulting on royalties and taxes.

Labour costs were predicted at 1.5m a quarter in the last quarterlies and there seems to be no move to reduce this, again no default can be made here.

With the petrofin issues and the rainy season and the lack if production increase as detailed by RRL itself, this points towards a monthly cash depletion that will need to be addressed.

Even a 'small' $3m share issue would equate to c60% of this company. If this company moves forward, which is becoming less likely, then the people to suffer will be the shareholders.

Lewis has pointed out that the debts are not secured. I will take this as fact, but this would not stop creditors forcing either legal action or bankrupcy etc etc.

Holding pattern for a few month, but if there is an RNA pre Xmas you can bet it will be bad news for the shareholder.

How much did it go up?

"read it clearly....is says $8.3mil in cash AND LIQUID ASSETS (ie OIL)" That's not what liquid assets mean, (I'm not sure if that was a joke or not), for anyone wondering it means assets that are easily converted to cash, such as some bonds etc, not stock. In this case I believe it related to the 2.8m early repayment of a loan which they can utalise potential. Although there is doubt over on another BB if the company that was repaid early would be in a position to reissue the loan.

Ok, I take your point, three similar quarters before the 8.2 would disappear, but hopefully they can maintain somesort of workable turnover going fwd. The 600s won't cut it in the slightest.

Cash in bank at 30 June is 4.036m per the report, Cash, liquid assed and placing are 8.2m