Member Info for Beetroot

But why transfer via the open market ?

Arguably easier, likely cheaper, and definitely quicker to conduct the transfer directly.

Yep, unfortunately CLON has a long track record of exceptionally poor shareholder communication.

That's right. He said they choose to not proceed with ratification. Until now that is, because of, as you say, recent improvements to the funding landscape.

How much spin is on that, who knows, but at face value and with Ghana expressing urgency, the delays are difficult to fathom.

Why do you link them Chitta - those areas aren't contiguous so do you mean the different prospects being worked into a single farm-in deal, albeit necessarily via separate in-country entities to facilitate inclusion of the state oil companies ?

If so IMO it seems unnecessarily complicated to link them so dependently - far easier to have a heads of agreement between the parties covering all prospects, and then iterate through the individual deals, landing each on it's own merits as and when acquired.

But I might be missing your point.

Having said that, I can't make any other suggestions for the cause of the delay, apart from the usual officialdom and convoluted bureaucracy (and maybe a little self-interest getting in the way !).

We'll yes, they've had plenty of time, I don't disagree with that. But I wouldn't characterise them as leeching. They purchased shares with cash less than a year ago - spending far more than they could have withdrawn in benefits. I reckon they are as eager as anyone to get things moving and certainly seem to have more to lose than any PI, in absolute cash terms at least.

I'm just calling it as I see it - I hold at higher prices so am also disappointed, but I don't buy into the story that the BoD are not working to push PET forward. Although, they are probably stretched at times, what with the number of group companies and limited resources.

Keep in mind their pay is on paper only... their payout only comes when the company makes money.

I'm holding some but CLON at the moment is a snake that's eating it's own tail.... same situation as last time, any rise on news will be killed off by the Aussies dropping their mother load.

We need news of gargantuan proportions to get past it.

... and then someone dumps a chunk !

... posted on ADVFN that is.

So this on Twitter hinted at by REDHOTstocks... And link posted by HoldingTight....

https://twitter.com/ColdHotand/status/1616406313377857537?t=bjKiHDZ74QEAcryTjTjBVA&s=19

HT points out possible date typo, June is perhaps January - Monday 23rd (23rd June, 2023 doesn't exist anyway).

So perhaps we'll hear Monday morning in an RNS. Or is it nonsense.

If something is about to be announced, then perhaps having a decent about of cash was a final requirement for participation.

PET not moving though.

Yep, getting Ghana off the blocks first would be best. PET haven't raised so I don't think CLON raised for Ghana. I also don't think JT wants to dilute PET any further - although perhaps he'll have no choice soon. Best scenario for Ghana is a partner taking equity for a free carry.

Could be one ramp of many to come, so the Aussie funders can cash out. Or are we just seeing relieved PIs take their chance to get out with their pants at least half up. Who knows. But without news it's hard to see this as anything other than orchestrated.

Keep your feet on the ground... that's one trade, and at £7,300 it's well inside 'punt' territory.

From memory, haven't checked lately, but I don't believe they've drawn wages from CLON or PET - yes on the books they've earnt wedges. The only way they may have drawn down is from fund raising but that doesn't go down well with funders and I don't believe they have. And in the case of PET they've actually partaken in the fund raise, in a round about way at least.

Not justifying their performance to date; just clarifying the facts as I understand them.

Happy to be corrected if anyone knows different.

In the meant time, Merry Christmas.

Last TR1 must be due this week, <3% by now surely.

Possibly another 1 or 2 mil gone - could be clear of Monecor by next week and then we should see a steady rise.

Well that depends on the news. If Merjan for example, you can put a zero on that at least.

I agree, should have seen my own post, 7m on Wed !