Member Info for ART123

Or from saying in the placing RNS of 16th April 2021:

"Whilst we are fully funded for our three well exploration programme, this fundraise will enable us to aggressively carry out our appraisal drilling and 3D seismic programme immediately following any discovery.

"We look forward to welcoming our new shareholders on board at this exciting time for the Company as we prepare to commence our maiden drilling."

Check out the admission RNS dated 4th December 2020:

" Fully funded for exploration programme commencing in Q1/Q2 2021 consisting of infill seismic acquisition and three well drilling programme targeting high priority Prospects over the Rukwa Project"

That didn't stop them from raising an extra £10M at 10p on 16th April 2021..

And while we are at it, I don't think that HE1 management have been very honest. It would appear that they planned all along to buy this rig rather than hire it. Why else would they have carried out a full rig audit using a reliable third party? That is not something they would do if they were planning to hire it as it is not even their business to do so. That is, though, what they would go through before they purchased it. Why didn't they come clean a long time ago? And what took them so long?

HE1 management have not declared exactly how much they have spent on buying this rig. They might have blown the whole £9.9M they raised last December.

If hiring the same rig was going to cost millions of $'s then it is illogical to expect them to have acquired it for next to nothing. Cluff are not stupid. Maybe HE1 have not given a figure as it would have exposed a big hole in the funding and that way they have kept the share price at a reasonable level so they can now do another placing to basically pay for the rig.

It is childish to even dream that they might have bought a usable rig for a silly sum. Get real please.

Yeah, and some goon on here kept posting that same argument last December, convincing everyone that there wasn't going to be a placing on the way. I've just checked through 79 pages of posts (on 100 posts per page) and the person's name was 'skittish'.

This was my post on the day the placing was announced: (13 Dec 2022 17:21 to be exact)

"It looks to me that 'skittish' was posting absolute nonsense when he was saying that HE1 could not do a placing as they did not have any allocation to issue new shares. I have not perused the placing RNS in too much detail but I have read the following:

"The Fundraise is being completed within the Company's existing share issuance authorities."

It just shows what utter tosh posters can come up with if they try hard enough!!!!!!!!!!!"

A roadshow is only ever for one thing - funding. I expect that HE1 have blown a considerable amount of their available cash on purchasing the rig and now they need to top up their funds.

After all, they did this (a placing) last time in the run-up to drilling so what is there not to expect. Then it was 10p but it doesn't look like that high this time - maybe 8p or 7.5p.

I just wish they would get it done and out of the way and then the share price can continue upwards towards spud.

Going, going, gone....................

3p about to go................

I would suggest that his/your Linked In info is out of date................

Under the APPIX - Schedule 2(g) disclosures at the bottom.............

From today's RNS:

David Craven

Previous Positions

Allwyn entertainment ltd

No, I won't because I am glued to the chart - rather than believe any aery-faery, dreamy, delusional post on here.

I know where I think this share price is going to end up at the end of the day - and it certainly isn't going to be 10p or even 5p!!!!!!

No, David Craven would have obviously got a listing sorted out while he was in charge. He is no longer in charge of Allwyn and it is now not his job to get them listed. Be sensible.

You cannot run a listed company on the breadline. I'm surprised there isn't an AIM rule for minimum cash at hand. They have to run an office, pay staff, cover expenses and fund a host of other costs and expenses. I would say that additional funding is a must here.

That, coupled with Allwyn appearing to be out of the running for the RTO, appears to cancel out any super-high share prices for now at least. 5p was a 25/30 bagger from recent lows anyway. What more do people want/expect?

So that counts out an RTO with Allwyn as David CraVen is no longer the CEO. Allwyn would have been on the large size for AIM anyway (assuming ITS is on AIM).

They have even mentioned the dreaded funding word already:

"The Proposal has resulted in a significant reduction of the Company's liabilities, contingent liabilities and ongoing costs resulting in the Company becoming solvent and being able to continue as a going concern. As previously announced, as at 20 July 2023, the Company had cash of approximately £223,000. The Proposal reduces the Company's liabilities and contingent liabilities to c. £140,000, all of which will be settled as soon as reasonably practicable. The new directors believe the remaining cash coupled with potential access to other funding, if required, is sufficient to explore and undertake any potential AIM Rule 14 transaction, as described further in the paragraph below."

Maybe a few words from the incoming directors might have been seen as positive in the earlier RNS.

Also £80K cash isn't going to last long. They might be working for nothing but I doubt they will spend their own cash sorting out an RTO. This means a placing will be required and this is probably how the new directors and their Institutional buddies, of which they probably have many, will acquire their holdings prior to the RTO rather than by direct directors buys.

The problem here is that the directors will want to keep the listing value as low as possible so the placing could be quite low, especially considering that the original agreement was ironed out when the share price was 0.02p or less. Say a £500K placing at 1p would mean 100% dilution with another 50 million shares issued.

All to be taken into account.

Apps

Having posted all morning that this could easily go to 5p/6p I bottled my 2.85% and sold quite early. However, I am pretty good with charts and quite like the look of this one and I am confident that I will be able to at least get back in at my sell price or less at some stage.

Apps

I thought that might have been your sell at 4.40p - 1,477,504 shares - 2.8% as near as damn it??