I think that plenty of honest posters here were expecting Mou-1 to possibly fail to flow but not Mou-3 as well.
Nevermind, undoubtedly a good top-up opportunity for the LTH'S/EXPERTS/RAMPERS that dominate this board.
They seem to be covering themselves in the event that the Sudan deal fails to materialise. From the 5th January newsletter:
"Although the Company is fully committed to establishing profitable Sudanese oil production in 2024, it will however pursue any attractive opportunities that present themselves in neighbouring countries such as Chad, South Sudan, Niger, Ethiopia, Eritrea and Libya."
The problem is that alternative deals in other jurisdictions might not necessarily be as attractive.
Lots of moaning minnies on here today. Blimey the share price was 0.15p less than a month ago so to get a placing off at 0.275p seems to be pretty good going as that is almost 100% above the recent lows. Also, I note that the m/cap post placing is a healthy £76.5M which makes the placing dilution about 3.5% which is not a huge worry or cause for too much bellyaching.
Sweatysock
I think you'll find that MSMN has a working interest in Stanley of between 34.85% to 38.5% - their figures - (and from the last set of results seems to work out at about 37%) so those figures need to be reduced.
Not much free float because Tekcapital (TEK) holds a 77.24% interest in MicroSalt.
Alongfortheride
That was the problem. Mr Millholland was just too full of himself and his ability - even though his previous efforts had been equally disastrous (North Sea and Liberia). If COPL had accepted that they would have to give away 50%, or even more, then they would have got a deal done I'm sure. Too late now though as there's no-one left to care or bother.
Besides which, despite this looking a cracking deal, the partners now need to get the gas to flow in commercial quantities - which is something that SYN have not managed to do so far. But the fact that the flow rates have so far been pretty dire does make this deal look even better, again provided they can get the gas to flow in commercial quantities.
AJMHO
Sorry but the black trades are all punters (like myself) who sold out an hour or so ago after the RNS popped out - punters who had bought in several weeks ago and were getting a bit tired of waiting around for the finalisation that was always going to be 'by the end of January' or 'by the end of the week' or 'in the next following week', etc, etc.
Watching SYN get their farm out signed off on their Indian gas asset (that never flowed more than a trickle) and how they have managed to secure a $20M work programme comprising 3 new wells and 3 well work-overs plus $2.5M cash for a 50% interest makes Millholland and COPL look very stupid. Surely they could have got a farm out/JV secured for the billion barrel deep discovery (that also didn't flow very well but who cares).
It is just very disappointing - oh, and too late now as all the old management have quit and left.
Okay, fair enough.
I thought they had just done a fundraise on 24th January at 1.1p. Have they said that they need to do another?
Today's RNS is not showing here so I will post a link to this:
https://www.investegate.co.uk/announcement/rns/east-imperial--eisb/continued-global-account-wins-in-2024/8034346
This was trading at 3p - 5 times higher than today - just a few months ago and business has continued to improve, including in the target USA market. M/cap is currently just over £2M.
Possibly - even probably.................
Yes, I believe that the GKP shareholders were diluted down to a few percentage by the bondholders which was a shame as production picked up some time later and the share price recovered. The same thing almost happened at Hurricane, where the management were planning to let virtually the whole asset go to the bondholders. Then the price of oil recovered and the shareholders voted against it which was supported by a judge in the High Court and a year or 2 later the bondholders were paid off in full by the increase in revenue from the higher price of the oil.
It looks like the UK market is lucky it has not been suspended too as that is usually the end of the story. Not sure how this is going to pan put though. There just isn't much hope of getting the share price to rise.