Member Info for BarkingCrazy

Something bothering me about this statement in the RNS

Sandabel has undertaken that it will not adopt any net short position in the Ordinary Shares in the future.

Firstly what is meant by NET, does this mean they can short as long as they have a balancing long position (which they already hold)
Second does this agreement only apply to the £250,000 conversion as it will be in the future but not the £750,000 conversion.
Sandabell have obviously been able to keep a very tight hold on the price today so I'm afraid I'm still rather suspicious.
Comments welcome as I may be talking total Cack.

So just a theory, could they be forward selling the £250,000 worth of shares remaining to convert (so not shorting exactly) in order to lower price back down near 6.30 conversion price so as to close short without making loss.

So what are Sandabel up to this morning as someone is offloading.

So the question is where do we go from here. We clearly needed the money to provide funds plus a bit of reserve to continue this drill. I cannot see that this first draw down can now be reversed, however I sincerely hope that the action taken by Sandabel will prompt David to rethink any method of further fund raising.
The problem is that placings take time and not that flexible, you need to go for your best estimate of funds required and then take the hit of diluting the gross share count.
As luckykids has already pointed out Sandebel cannot lose on this deal and it does concern me that they will have a net 10mill shares to dump even after buying back there short. One would hope that they are more committed to the drill being a stunning success and hold for maximum profit. David needs to get full clarification of their intentions and make the decision on the best course of action now. I just hope he has learnt from this.
Good Luck all LTH

Washers wind your neck in we are supposed to be on the same side as share holders. I am merely asking the question that should not a legally trained board member have made provision to prevent this happening. If he did then clearly there has been a breach of an agreement and an appropriate redress should be taken.

Isn't Sefton supposed to be from the legal profession, if so it's an absolute disgrace that he didn't get some form of agreement beforehand to prevent this mess. On the other hand it may well have been decided that this was the plan so that Sandebel could make a killing.

Deep Joy - Not !!!

I think we may now have to wait till maybe Tuesday / Wednesday for the drilling to start. The other thing I find slightly puzzling is that James put in a reply to someone either yesterday or day before R1,R2,R3 expected to be reached December 5th. Seems a bit of a long time considering they are already at 660Metres.
With over 500,000 of these shares I just can't bring myself to average down anymore but each 1p it goes down adds another £5000 paper loss so feeling a bit uncomfortable in the Betty Swollocks department.

This is why I hate this type of loan as it always causes so much price manipulation. I understand it allows the company to drawn down in stages but I would have much preferred a placing which once done it's done. I really hope they don't need to draw down any more.

And that is what keeps the price down. The only positive is that it allows you to buy at an artificially low price as it will move up rapidly once the conversion is done.

Where does it say 2 more weeks to hit R1/ R2 as they are already at 660m

We do know exactly what was wrong with the rig. Two magnetos in the rig brake needed changing as the onsite engineers felt they could be unsafe with high loads in the deeper sections of the well.
What is frustrating is the lack of information regarding meeting with rig owners (SMP) last Monday and an update on expected commencement of drilling. Personally I think it will be end of this week.

The timing of this draw down is all too convenient to me . I would say it has been prearranged with the lender to give them maximum opportunity for profit. Trading on last few days of last week was strange as buys were outstripping sells but the SP remained pretty static. The lender was almost certainly forward selling supplying market with shares and suppressing SP to obtain best 3 day average. With drilling due to commence again shortly then one would hope price will lift and lender can convert at a decent profit.
So expecting things to pick up in a few days so good opportunity to top up at a discount.

End of next week.

We will not be drilling before end of next week. Not deramping just a realist who conducts his own research.

I'd rather be holding shares at £2.60 rather than 2.6p so surely thats the point, keep the number of shares in issue as low as possible.

Now thats annoying the spread has opened right up same as yesterday. Need some descent buying now to clear a likely sell on the book, then we can move on.

Red Sky in the Morning Share holders warning!!

Oil stocks under pressure at the moment with Crude dropping from $85 to $65 barrel over past few weeks. Also would have hoped for some positive news from meeting in Paris on Monday.

Judging by the SP action during the day yes I'm pretty sure they were sells. We wouldn't be sitting just 0.62% up on the day if you transferred those sell figures across to the buy side.

Those 2 largish sells just reported have been holding the bid back all day, now they are out the way maybe we can move forward tomorrow.