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GDR announced funding at 1.5p (57% discount after stock already been very weak), Angle should sort out funding before they end up in similar situation where the fund providers is setting all the terms.
It trades like they want to raise cash, terrible price action.
Confluence, the suspension is only related to listing rules when it comes to reporting, PFC is obliged to report FY 4 months after period end.
Suspension start 1 May
PFC wont pay bond coupon, equity holders are obviously toast then.
Thanks Gary1960, you are a real star!
Why did the company stop giving quarterly production updates?
There are 22.3m of warrants with 1.7p strike and 22.3m of warrants with 1.92p strike, all from the 2023 lending agreement. With this wall of warrants the stock will struggle to move higher now when the 1.7p warrants are in the money.
The Erdogan visit to Eribl, which was the catalyst many had waited for as milestone for when export could move again, failed completely. Back to square one again.
Placing out
I can only say that those 1.5 + 4 barrels from the two test must be some of the world most expensive barrels to flow.
What is the point of a 30 min flow test, this is total joke. Oil wells are supposed to produce for years, testing them over 30 min period is just pointless information.
"The USFS test produced at a peak flow rate of over ~70 bopd, which was an instantaneous rate calculated during flow back period via an oil tank volume measurement of 1.55 bbls over a 30 minute period."
What sort of flow rate are we expecting from the Andrews 1-17 well?
The make the point of including this "For the latest update on Petrofac’s review of strategic and financial options, please refer to the Group’s announcement dated 12 April 2024."
They could just as well have written, this contract changes nothing Debt 4 Equity swap will be announced soon.
Big risk for breach of covenants at this pace.
Olderwiser, where do you see the measured oil in the tank numbers?
88E took a beating on ASX over the night down to $0.05-0.055 equivalent of 0.26-0.286p
Thanks BillyRayVal
Part of the trade payable in the report today is related to overdue on the Cory licence, £2.58m, a fairly significant amount. Does anyone have clue when they need to pay this?
"(ii) The amount of GBP2,586,288 recognised in accruals relates to an amount of USD3.2 million payable to the Trinidadian Ministry of Energy and Energy Industries in respect of past dues on the Cory Moruga licence."