Our live Investing Matters Podcast Special which took place at the Master Investor Show discussing 'How undervalued is the UK stock market?', has just been released. Listen here.
Sadly I missed the placing but I have bought a nice holding this morning. Its too compelling at this price with the potential upside. Good to be back in.
Good luck to all x
What a disgraceful way to treat shareholders.
Timelines have been missed as per the AGM shedule and we have has no communication from the CEO.
This company had so much going for it both in potential and interest.. that has all but dwindled away. Without a rig contract in June ALL credibility will be lost.
I know nothing at all, the same as everyone else. However you look at it communications are poor from this team. Polite trip to Tanzania, photos of community engagement. Nothing at all solid on the rig front after 3 months. I just think they are out of touch with their shareholders and really need to get back on side.
End of the first quarter, no rig secured, still talking about securing a rig and working on a contract. What happened to all the companies approaching them and the rig situation being "quickly resolved"
Approaching 2 years with no drilling activity. The actual rig we spent time and money on last year became available and not a peep mentioned about it.
Even 2023 feels like its slipping away. Bring back David Minchin. At least he spoke with optimism. Lorna doesnt speak at all and has seemingly achieved nothing but silence in her term as CEO.
Exactly guys, the same way I predict things by the way leaves settle in my tea cup.
It was an audio only interview
We need to contract a drill first
I'm still holding here, what is the delay its been 3 months now since the other rig was lost. Its starting to feel like a repeat of 2022.
All the talk about the predator rig, low and behold it becomes available plus we have £10 million and have been told it can be transported and can drill in the rainy season and they havn't moved themselves to get this hole drilled and are just sitting on the cash getting paid.
I for one am not happy with a Q3 drill, its 6-9 months of wages and expenses, as soon as that rig became available we should have signed and moved. We are talking about a single shallow drill here, what is it 1200m?
The whole company is a farce and there needs to be legal consequences for them raising money and not drilling.
I totally agree!
I can see all time highs here once the drill rig is on its way to RUKWA. Im buying another 100k tomorrow, I've been saving for a trip to the Maldives but can't resist!
This is the shakeup we needed and comes at a tactical time I think. Minchin is the fall guy and Lorna is now going to be the one to oversee this years drill.
Nice to see a strong female professional tackling new roles and im convinced she is going to be the one to carry us to discovery.
Have to say I agree with that sentiment. They might have attempted a wet season drill with the mobile predator rig but to bring the Exalo rig cross country was a stretch and was always risky. They had to raise so they got an MOU together which was good business accumen. If Exalo were keen and supportive they might have attempted it.
A dry season drill with no delays or hiccups HAS to be on the cards now. They have baker hughes who are hoping to jump from our project to others in the area and we now know the predator rig is potentially back in play.
I would expect news of contracts by april at the latest followed by the build up to drill by late June so come on David & the team lets smash it out of the park and put the last 18 months behind us. All will be forgiven ( if indeed there is anyhing to forgive) and forgotten.
And me :) this is a big step. We now know there is a previously contracted, fully audited rig available. One which is suitable for our drill program and we have done all due diligence on. We have $12 million dollars funds and still have baker hughes on board. News could be very soon.
Amazing find. So is this the court hearing or the verdict?
If the legal dispute gets lifted and they are advertising the rig for use early 2023 surely we will be the first customers as we put in so much due diligence on this rig already ( ADC audit) and baker hughes must have signed off on it too as they were involved in the audit (from memory). Very very exciting couple of weeks ahead.
The highest concentration gas shows were in the lakebed on the wrong side of the closure which seems a bit counterintuitive. Now that they have punctured the fault at 550m can we assume they plugged that to stop leakage?
I know im contradicting my sentinent as of tuesday but I fully agree
I think they needed funds and had to release whatever they had to get a raise. Thats actually credit to the board for leveraging their situation to ensure business continuity
Bought back half of my holding shares, might add on positive news. Tuesday was a massive confidence blow but after the interview I feel a bit better. They should have saw this coming. That said we dont know what due diligence has gone on with other rig leads in the background. Even the Atlas Copco rig from Kenya might be back in play.
Only a matter of time before we drill, strongly believe it will be 2023. News should come out in the next few weeks.
This stock has got under my skin like no other
There needs to be an investigation into the terms of the MOU and the Liberum fundraise.
I question the legitimacy of how this has all played out.
How much money was wasted on the predator rig and who was at fault for that oversight.
Shareholders and new investors seemingly shafted.
Board sitting on £millions to fund their jobs
No drill in sight for 2023
All credibility out the window IMO
Ive sold up guys, all of my shares. No forward plan.
Not even a rig identified just yet. We are months away from any news. We are seeing a buy in today supporting the price but as we have seen over time this will dwindle and the SP slide further.
This stock reminds me of my first marriage and I cut my losses on that one for the better. Good luck everyone. They will get it together at some point im sure but for me the journey and dissapointment is over.
Its not being used by us, its remaining in zimbabwe