Member Info for BigBear2

Of Big Oil in Nigeria.... No doubt a bigger fish is miffed Lek got Afrens share of this beast and want in.... Hence refuse to ratify and let them in (of course with a huge wad of cash)... Seriously dodgy to see this at ministerial level...

Interesting.. Anyone checked out LEK RNS today They shared in a beast of a discovery - OPL 310 in deepwater Nigeria and when AFREN wents t*ts bought out there share for a song - great - right- er wrong. The Nigerian govt is seemingly now refusing to ratify the transaction - 'In March 2016, LEKOIL was notified by the Ministry of Petroleum Resources that the necessary due diligence exercise would be conducted that month. The due diligence exercise did not take place and has not been rescheduled by the Department of Petroleum Resources since then.' Despite progressing exploration and appraisal activities on OPL 310 as previously announced, LEKOIL has, to date, not received Ministerial Consent for its acquisition of the additional 22.86 per cent interest in OPL 310 or a satisfactory explanation of why such consent has not been forthcoming. So even for indigenous companies getting deals done in Nigeria is not easy...

Gaza the 3 grand is from currently producing wells sgc has several of these... The big question is really if they had gone straight in and tested the best zone how much income would we have generated and what would the sp be now. It is what it is let’s hope for good news on current flow testing

Who says they have cocked this up? Operationally things seem to be going well... But there are death spiral CLNs to convert plus a news vaccum.... This is AIM, no news plus drip feed dilution = kick in the nuts. Its very much a case of check the sp in 6 months time I am afraid

There is one man to blame for the farcical program going on at Dempsey � GJ. What kind of plumb insists on poking around a zone farting out a few chuffs of gas, when there are multiple zones with better porosity to test�? Oh yeah � we have to test that first because it�s not possible to move on to the other zones and come back�. Wait a minute (3 months later)���..er we can do that no problem. Let�s just prey this new zone is commercial��

Re Mozambique it would be madness to go full steam ahead now and waste valuable cash. By stating any time in 2018 art is letting u know it will happen but you will need to wait. This will weed out traders and those with a long term view(9 months) will stay.

Nothing unexpected , awaiting signoff, finance to follow...timeline is adjusted to any time this year for a well. I note Art did not clarify the companies current cash position....which he could have done...

Aim trading ceases in April ?

So we have the usual fantasists on here saying placing DEFO will not be till after approval and that those who suggest it is LIKELY due to cash burn and delays are the devil incarnate! It's actually just being realistic if you are down on this and thinking a top up might make sense it's worth considering as every day that passes a placing is more likely....not because us plebs on here say so...but because Arthur has massive overheads and he needs to ensure there is always enough cash to last for several months...

As per earlier post I believe those 2 large trades were rollovers due to the lack of sp movement.

IMHO the fat man will deliver...just at the cost of dilution.. Last fund raise to keep the lights on was for �2.5 mill, with a cash burn of around 400k a month, so enough for about 7 months� So assuming a placing of say 0.4p, that would be another 625 million shares. One would hope he would not be committing to anything near term on Mozambique at this time�.

At no premium to ask...

Yup BAU, mates exit, buy back in placing.....

It sucks being down 50% I am also on another stock, but at least here you can understand why. Missed deadlines and (very) high cash burn make the placing almost nailed on unless by some miracle the approval comes through in the next couple of weeks. I am also somewhat concerned about where the funds for Mozambique are going to come from...I am sure Arts plan was to get funds coming in from Nigeria then apply to Mozambique. Nonetheless when the financial position is clear it is a decent risk/reward play. If you are thinking of averaging down it may be sensible IMHO to wait for the potential placing...

Disagree COPL is dead, just that a placing is looking more and more likely. This needs to get done soon as the sp is slipping...

No news till q3 so long time to wAit till any uptick

One would assume that would involve some kind of cash raise....disaster at whatever level this settles as (I am assuming MMs will price this at cash in bank)

Total disaster. 500k in the bank , project mothballed and they are seeking new opportunities....which would inevitably mean a cash raise. Staggering that considering they have been bullish about working with the Tanzanian authorities throughout the project they know come up with this.

GJ can be very vocal when he is ready Least he can do is to release an ANN when testing has actually started

Art certainly burnt a few bridges with his shameless ramping to get a 1p placing away...in the process locking many in. We, however, are mere pond life as this charade plays out.