Member Info for bandit1

Well, hands up all those who sold earlier on an unconfirmed and anonymous BBC report about the future prospects of the company and did not wait for the company to inform us of the actual state of affairs? I suspect that no-one will admit to that schoolboy error but hopefully those who did and there are many, will learn that you would be well advised to hold fire until you hear from the company. You can buy back in at +20% now though! I have stopped watching BBC news as the quality of reporting has deteriorated dramatically over the last few years and the reporting of Brexit to use one example has been a disgrace in my view. The nonsense spouted on these bulletin boards gets worse too with many with an agenda out to fleece the less than experienced at every opportunity. It was be amusing if it did not involve money which some cannot really afford to lose. I accept that the company have been pretty silent of late but they appear to be grafting and this should mean a decent trading performance as they alluded to. So, those who were responsible for this story have made a pile today at the expense those who are inexperienced - just another day in the markets!

So, I have been invested here for a couple of years now. I have traded this a little as it is clear that there would be wild swings but always held a core amount. I stopped posting a few months ago as I can invest long term and get a little bored with daily inane comments from inexperienced investors or those seeking to manipulate to aid their £25 spread bet. The latest is an article from the BBC from an unnamed ex-shareholder causes another huge tumble in the price. Seen it all before. The unnamed shareholder could be a hedge fund manager who speaks to a journalist mate to encourage the price and guess what - the hedge fund manager is short the stock! Comments on here suggesting that the BOD have acknowledged that they require funds to survive are wrong. Yet we see the weak and inexperienced sell in panic and lose money again. As some have acknowledged you should be investing in funds, premium bonds or post office savings account as equities are clearly not for you. Don’t worry - no more posts from me for a few months when this price has recovered and the nervous have lost more money by buying high and selling low.

There is no doubt in my mind that the vast majority of AIM stocks are punts and this one is in that category for me. Yes, many have great assets on paper and BCN is no exception which is why I invested over a year ago. Problem for most however is that monetising the asset requires proven, multi-skilled CEO’s and/or Chairman who are in short supply on AIM. I must confess that I did not fully research the CV’s of our top team relying more on the institutional support which was an error. I am locked in here with a £1 average on a sizeable chunk and must play a longer game based on the fundamentals which will surely dictate value or at least that is what I hope. My other AIM investments in the main have very able leaders ( Tom Cross at PMG and Mark Routh at IOG ) so going forward I will invest more carefully based on the top team who have proven success behind them. Secker needs to prove himself to shareholders here and has a of work lot to do. I hope he does.

One would expect that a hedge fund would look at the opportunity cost of another year with their investment in here before the FID payout and if they can’t be convinced that they will make a better return elsewhere they will simply stick with it. Seems that we are puppets on Newage/Lukoil’s string. Perhaps now that the drilling is over COC will go full steam ahead looking for an exit. I do agree that there appears to be no strategy or at least it is not being articulated clearly at all.

My short summary is that cash resources will be invested in US treasuries across 2019 waiting for FID at the end of the year when another US25m will be received. Target is to eliminate future operating losses. Bomono is toast. Whilst I accept that general admin costs have been well managed I expect that some will exit putting their capital to work elsewhere. Yes the share price is underpinned by cash which is being carefully managed but not a lot to look forward to here sadly. I will close the bottom drawer now and open it end of next year when the main partners decide what to do next.

A few more days like this and It may encourage me to pay a little more interest in this share which has been by far my worst performer in 2018. I wonder if those in the know have been buying over the last couple of days as they are aware of an imm8nent announcement about a strategic partner. Pure speculation on my part of course but our esteemed leader has hinted on a number of ocassions that this is possible and there will always be insiders who will trade ahead. Too big a jump to be PI’s taking a punt expecting a Santa rally buy it may just be wishful thinking!

Believe me Bluemoon I recognise and share your frustration as will most of here. I want Eli and team to create value for everyone at some stage but on a day with lots of blue across my portfolio (for a change) and hopefully a good run up to Xmas there are some good short term value opportunities for those like me who have a trading pot and a long term pot. Now, there may be some positives in the final accounts in a week or so but unlikely so unless there is a deal of sorts being brokered we may have another long spell when the price trades sideways. Whatever happens in the short term I will take on the chin. Best of luck.

Bluemoon - no idea how long you have been invested but some have been invested for a few years so I can fully understand why many have sold today after a dull investor call, including me, but I retain a fair chunk with a new 18-month target price! Sometimes hearing from senior management can crystallise one’ s short term investment decisions and looking at the PI sells today more than a few did not get a great feeling from the modest narrative from the call. Trouble with these calls is that only minimal information can be given out and no price sensitive information of course so the questions which shareholders really want answers to are not asked as they are pointless. What are the commercial options on the table now?, will cash be given back in the near term? etc etc. So, it was pretty clear to a few people that the price was going south and some wanted out early - nothing wrong with that is there particularly if they buy back at a lower level. Those who winge about the drop have chosen to stay fully invested which is fine and tha5 may work out. The idiots that you refer to probably made the right call in the short term but you won’t find them calling those that stayed invested as idiots as that would be churlish don’t you think? GLA.

Organise a conference call reluctantly, accept that the last RNS was downbeat but use quoted status as the excuse for overly technical and less than enthusistic wording. Push out FID to end of 2019 and act surprised that shareholders are not impressed as if we should have known that would happen. I agree that share price will only go one way in the short term so just sold a portion after the call but will hold the rest just in case something more positive happens here! In the meantime they will sit on the cash, dabbling with shareholder funds in low risk investments. Dull is the best word I can think of to describe developments here after such a long wait. Eli prefers to use the word “interesting’ to describe the last drill results which is a bit too John Major for my liking!

There is no doubt that fear is forcing some to sell across the market but history tells us that selling after such a precipitous drop when economic and corporate fundamentals are still pretty sound, is unwise. I don’t buy the confirmation bias\justification that some have citing that general market weakness is the reason for the drop. In 10 weeks the price has fallen 45% by my calculation. Over the same period the FTSE has fallen circa 12%. So, there is more to it but I won’t feed the trolls by speculating. I am relaxed as I invested for a return in 3-5 years not 3-5 weeks.

Skiwizz - what makes you think that COC would be content with 35p? Obviously they are an investment company not a business operator so will want to exit at a decent price and won’t be the bidder. Also, for some reason, management chose to downplay the results from the second drilling. We don’t know the reason for that as yet and indeed I remain suspicious as to why but will continue to sit on my hands pro tem and hope that I may be able to exit within the next year at my 50p target.

When I read the RNS it almost appeared that it was a technical report designed for technicians rather than a shareholder summary of the drill results, with helpful management interpretation as to the potential commercial implications and important next steps. A cynic would say, given the more upbeat announcement from New Age that it suits some that the the share price stays low in order that shares can be acquired at a low level! I have been here for some time and will stick around until the cash is finally distributed but this is like wading through treacle. Get on with it and distribute company assets to shareholders if you are unable to create any incremental value as keeping the company going will simply erode value!

So, one must assume that advanced discussions are even more advanced than previously and Secker is content to say that he is confident that the funding gap will be closed - hopefully we shall learn soon. If a positive announcement is made without huge dilution ie. other forms of funding have been secured the share price will rocket in my view. Other price movements will be dependant on any equity element but I believe that the price will actually rise from these lowly levels even with a significant equity raise as uncertainty will have been removed and the project will be back on track.

Many thanks I missed that article. In the interim update at the end of March they were still taking about the study in the future tense and I was unsure about the start date and timings as it was unspecified. This has clarified thanks just hope that Tom gets around to telling us at some point what the study concluded and the way forward as these projects are very expensive and we would need some help from the Chinese.

MaryM - was it announced that the Nexen study started on a specific date? If it did I missed that specified start date and thanks for clarifying. So, 6 months on from the findings of that study if indeed it did conclude mid-April I would expect they will wait until the finals now as you say to formally update shareholders. Back to sleep for me!

Given that no timescales were issued as to the start of the study by Nexen or indeed how long it may take leaves investors in the dark but that is the norm here. Must assume that the work is either, still underway or has been completed and options re structure, funding etc are being considered, if viable. I will switch off again until RNS.

SOTB - you need to chill out my friend. Tom is not a communicator. He will be working a deal behind the scenes and the first we will know about it is the day it is announced. This approach to running a quoted company has its faults but it can be argued that it is better than the leaky companies which are the norm. You have to put a lot of faith in Tom though - do you?

That is exactly what has happened today Christoski and indeed what happens most days particularly on AIM stocks with virtually no regulation and low volume allows market makers to assist their high net worth clients to acquire shares at their buy-in price. MM's will work together to drop the bid to allow the order to be filled so that they can receive their fee. Of course this will be denied. The inexperienced/weak/uninformed will have provided the shares to them thanks very much. A coaching manual to be used for those who are new to AIM would help some lose money but you can be sure that the market makers will not be sponsoring the authoring of such a tome any time soon. Stick to the fundamentals, ensure you have the time and resolve the deal with the brickbats on AIM and you can make money. I believe that the patient will make money here eventually. A good question to ask would be that why would investors with a few quid and a friendly MM willing to fill their order 7% below the opening bid, buy now?

.......on attractive terms whatever that means. Has this been shorted/manipulated heavily? Unquestionably. Has this been justified? Up to a point, yes due to a shambles of a placing however painful that has been for long term holders. Is the news on Zinnwald positive? Yes indeed and when this is JORC'd will be a valuable company asset. Like others I expect a steady rise due to short covering and those who bailed on the way down coming back in. Secker will know that he does not have much wriggle room in terms of investor goodwill so one has to assume that to reference that you are in advanced discussions on attractive terms that hints that we will secure the outstanding funding we require without getting slaughtered by dilution. Anything other than that and I will not be impressed. Fingers crossed that he pulls a rabbit out of his hat!!

Just to be clear Gotrader that transaction was the uncrossing trade not a sell as you suggest. I expect the breakout to be above 85p if it can hold this level.