Member Info for Banburyboy

Helpful had messages about interesting stuff that he can't tell us ? Guesses welcome !!

I think a little bird gave him the heads up that FASO is nearing production. Target

- 5,000 ounces net to RRR soon.

-$450 all in costs

- 1,200 tonnes per hour throughput with all those shovels.

Helpful you and Bell have cried wolf so many times the market doesn't beleive a word.

An annoucement won't work. DRC cash received ? You will have to work super hard to verify / evidence.

helpful - very seldom a share losses more than rrr adjusting for the consolidation it a 99.98% loss.

an old saying people in glass houses.

your ramping rrr is truly pitiful.

your about to ******* me for mentioning cote gold production because you who are heavily involved and know full well its not possible.

i pulled out those two rns bell said production cote 2024 twice. even you were shocked.

so many lies it's uninvestable but you know that.

the big g next !

how we laughed.

Not disagreeing JO.

I think a couple of posters were rather harsh based on compelling evidence that had the fund raise retrospective transaction not taken place we would have breahed the RBL on the PV10 criteria.

I was pretty p*ssed off yesterday as I didn't see this coming but was really reassured by today's interview.

Far more interesting on here that WG. ICE is driving me nuts !!

Honestly don't know Gurkha.

I'm pretty old school. When I qualified as an ACA they barely had computers.

I'm assuming he would covert to normal cash each payment so risk exposure is minimal..

Think my post being read was a once in a lifetime event. CH wanted to demonstrate the move was planned. I agree the move may have been planned but the timing IMO was determined by RBL and POO. No matter a small point in the bigger picture.

Third time lucky.

Quite flattering CH read my posts.

Yes the $16m writedown is non cash but the write down is triggered by oil price falls.

PV10 as Colin says is what Dakota Bank use for RBL and guess what ? Its influenced mainly by oil prices !!

Consider

- The RBL was due Q2 but has been pushed to July Q3

- The sudden rush to raise and complete in advance of the accounts.

- The retrospection of the new transaction.

- the sequencing of a these moving parts.

- the limited headroom from the last PV10 valuation ( on higher POO ) of just a couple of hundred k. OCT 24 RNS.

The activity now taking place has definitely been taken with an eye on the RBL position. [ They call it strengthending the balance sheet:)]

That's not to say ZPHR won't do well and a great presentation and pitch by CH.

Posters here need to stick together to question and probe and not throw cheap shots.

David

The interesting thing about EO is Stephen Paul Lundy [ Helpful ] is I think a 6 or 7% shareholder in his own right.

I think he was front and centre of getting the fabled IPO off the ground.

It was the next big thing 3 and 4 years ago in Bells Chairmans statement in the Annual Report.

Lundy really does pick some dogs !!

I have to say as salesman go CH is the best.

The raise dissapointed me but he certainly is selling the story well moving foward.

I shall be holding

"We should hear shortly" !!

There's nothing there and the environment is so toxic no will want it.

In next door Mali where there is an jihadist insurgency the military junta is seizing control of gold mines.

Faso is un sellable and yet we tease transactions or even transactions and multiple interests and other sale interest.

Just RRR nonsense abbetted by its top salesman SPL. [ Helpful]

A bit of a recovery.

Prices from H/L on dummy buys / sells

Papa- yesterday's RNS highlights a $16m impairment to Willaston non ops in the soon to be published accounts. This knocks on to RBL facility and puts them in breach.

The raise and transaction is to add reserves to compensate for the $16m depletion and has been

backdated to achieve that. Means no breach in the debt agreement due July.

Let's just hope the companies sequencing is better moving forward.

This is less about non opps paying for Paradox more about non ops with falling POO not sufficient for asset backed RBL.

Helpful

You've tried that yarn for years.

The problem is believability with RRR

Funnest of all was you completely missing the made up Cote Production statement in not one but two precise [ love Bells discription ] RNS,s

You were all set to call me out for lying and then presented with the evidence you thought "holy cow" is there no limit to what RRR makes up.

Bell could produce a wonder RNS and everyone will be debating what's the catch ? What are they hiding ? Is it true.

Part of the RRR DNA I'm afraid.

Helpful indeed - your advice and caution on ZPHR proved well founded. Well done.

Just like my advice to anyone considering investing in RRR, has been spot on year after year.

Don't get too smug RRR down from 1 penny to 0.025p over your six years of ramping.

Interesting take on developments Molitov. I can see your logic.

The RNS says the investor will earn the majority of the income from their pro rata investment until a hurdle rate is met.

The devil is in the detail of "majority" and "hurdle rate".

I have calmed down a bit and maybe there is a well thought out plan. Cancelled by limit sell of 3.4p which I was unlikely to get anyway.

We know bad news in the accounts is $16M impairment and lower second half EBITDA. Let's hope net debt is lower.

Adon you miss the point. The impairment reduces the carrying value of the asset in the accounts. So O&G assets reduce by $16m.

It is this carrying value that determines RBL.

Based on the 16th October RNS they operate close to the wire RBL $15.15m. Based on 31st December asset carrying value. Outstanding borrowing $15m. So little or no headroom.

Unless they replace the impaired asset the leading threshold falls below $15.15 and they are in breach.

Funding this new aquisition through lending is self defeating hence they need an equity raise to add assets to replace those lost from the impairment to maintain lending at current rates.

The give away is the effective date of the transaction being retrospective and therefore likely included in the proforma 2024 accounts based on the letter of intent.

Unfortunately what might be an accounting loss to you is a gun to the head of a man maxed out on his over draft.

If we had a CPR on Paradox this could have been avoided.

The lending redetermination was due Q2 but they have pushed it back to July to complete this transaction.

Https://www.lse.co.uk/rns/ZPHR/semi-annual-redetermination-update-wbothw9iqtob3vw.html

This is why we have an aquisition. Willaston allowed $15.5m of borrowing, but the soon to be announced $16m write down, which is material, would have put the company in breach.

Not a case of CH wanted an aquisition he maxed out on the RBL. Let's hope it works and he's chosen a good one :)

JO.

The alternative view could be

$16m write down on asset value means RBL is under threat. It's renewed in July 25!

He has to raise and force this aquisition through in record quick time to replace the asset base lost at Williston to avoid a default.

He left the CPR too late on Paradox.

The speed and the retrospection on the aquisition it's happened was done for exactly this purpose [RBL].in my opinion.

The RNS also indicates EBITDA has got hammered from the first six months $7.1m to $3.8 in the second !

Your the corporate finance guru but even an ordinary accountant like me can tell he had a gun on his head on this aquisition. It was this or a default in July.

Yes it mitigates the situation but completely detracts from the Paradox.

Could it have been handled better ?

As well as a $16m write down of assets they also state EBITDA in 2024 is $10.9m.

Given the first half accounts was $7.1m that's only $3.8m in the second half despite revenue being flat.

All those expensive appointments begining to kick in ? Wages and salaries for finance people through the roof in second half.

A cynic would say they need the 400 barrels a day to pay for all the new Executives.

I really believed in this. Bet Malcy feels foolish.

Only saving grace is 3p is a floor for a while.

Sorry James Oxford and Papaduke unfortunately no sale for 20p nor JO sadly any production in 3 months.

I've calmed down a bit

Two observations.

1 - At the end it says the accounts will have a $16m write down on Willaston due to lower oil prices. This impacts reserve base lending so probably explains why they have to raise.

2 - The aquisition to me is a kick in the teeth all funded at 3p via 175m sharex . Old field. It shows a limited confidence in Paradox in my opinion . If the payback was that good they would surely through the kitchen sink at it.

A large reality check for all of and sadly doesn't feel or look like a multi bagger.

Northern you have completely missed something.

I've been telling the board until I'm blue in the face the $100m is a nothing burger. $100m of someone else's money invested for their benefit of them with not even a management fee for our trouble.

All my worst fears - as I said too many had rose tinted spectacles on here. I could just feel it.

This is horrible talk of 20p is fantasy.

I'm all in. It won't see 5p again IMO.

So dissapointed Paradox not as good as claimed struggling to fund partners. Can't get a free carry. Debt position not good enough to use as Cap ex.

Either that or giving away company on the cheap.

Accounts obviously poor

Thanks Colin.

Bet he doesn't show his face or teeth on this one :)

Correct 404. And that's without the Hoy brand.

For the other categories it looks like sales are back ended they do sound confident.

Think this might clear £2 today.