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Ah, phase two is prior to full development

Just reading it now. Well I'm glad they note funding for full development via equity is not practical. It would be a disaster... What confuses me is that he has commenced steps to secure debt funding for phase 2 (good news so long as the broker doesn't rip us off) but earlier mentions it could be financed at asset level (I read the jv itself will obtain the finance, that would surely be desirable)

I'm sure stefan was hinting at bank funding many rnss ago. I'm not inclined to read them all again this morning. This has always been on the horizon for us, I wonder if we simply ran out of working capital since June interims. But we were due a lift / payment since June which could have boosted our cash balance enough not to need thi ridiculous raise. Perhaps that is why the market is punishing us... Given oml 113 is a proven resource with low cost of pulling the black stuff out of the ground I would have thought full development of the field to be a big plus, even if we do have to raise a few quid to get it out.

Morning all. Words can't describe the current shit show going on in mxo. I have had to keep away from here for the sake of my sanity... To make things worse I'm in the process of buying a house with my girlfriend and she isn't happy we can't access cash from my shares. In my mind it might be a blessing. Also I'm in psl. Double whammy.... I don't think much has changed in the last few months except that ridiculous fund raise at 10 percent of my average share price. Looks like we are still waiting on the development plan and how we will fund it.... Does mxo really deserve such a battering? We have a decent asset that we're on the verge of transforming. In my mind this is the most exciting time further company.

Words escape me.. 1p.

That's sad news photo. I hope you have lots of great memories to treasure.

I would have thought we had a cash injection from the jv since June. This is a bit concerning. What is he spending it on?.. Anyone have any idea how many unallotted shares we have?. The other thong is the level of cash rumoured to be raised. 1 Mil. We only have a crappy office. Surely it's to develop the jv further. But then the diving share price says something else.

Feels like a horror show

Comforting? well you're a ray of sunshine. I'll wait for the rns before I draw a conclusion. As you're so in the know perhaps you can share your thoughts on why we need a million when the chance are we have had a recent payment from the jv for oil. I hope it's to fund further work on aje 6 or perhaps the development report on turonian rim.

That doesn't make sense but you get the jist... This isn't necessarily bad

It. Use be for something decent. We would have had a lift and payment since the interims of june 18. He can't have blown that.

We've been pretty good at raising at a premium to share price. It can't be to fund day to day operations. Not this amount.

Hate to say it but he was correct last time. If this is to fund capex and comes hand in hand with the development plan then fine by me.

Agree with dave. The next placing needs to follow good news or it will be a horror show here. The thing is our cash balance and contract news are independent of each other.

Ledzep. No idea bit I'd like to know. Hopefully we have received a bit of a revenue boost. The next few months will be telling. I'm 50% down!

Ledzep. On the bank funding. My thoughts are that it is very unlikely the bank has given this facility without restrictions. I suspect it can only be used to further r&d and plant and machinery upgrades for large orders. They won't be giving this to a loss making aim company to sped on salaries and rent. Just no. That's when they come back to the market for funds.

Pennies on that amount of oil. I would hope for extra pennies

Are you around still? How are the panoro investors feeling about oml113 these days?

Simulation study is due any day now toold. I'm hopeful for more news this month.

Week for us mxo holders. Give us that Turonian rim development plan. Please!