Doh, my mistake, I put it round the wrong way, it’s the advancing years effect I expect :-) Of course I meant fusion, as fission is what we have now. I should know better living as I do half way between Harwell and Culham!
Hi Willowman, well I am only two chapters in so far but, if he is right, he busts some theories presently held by the “climate catastrophe” supporters. I get a lot of stick from my green mate about him because he promotes nuclear, however I too think nuclear plays a part in future energy. I hope that will in future be fission not fusion though. I think the book will be worth a read, if for nothing else, to get a view which is alternative to “we will all be gone in 50 years”. He is doubtless going to upset supporters of that extinction theory. Maybe I can add more when I have read all of it.
I agree, £30k is small beer, especially compared to what Asher has at stake in TRP. (Loan of $750k plus his shares). In the absence of other takers you may be right AO about better the devil you know. It will be interesting to hear Jim’s take on all this, I am a bit surprised that so far he has not commented.
I agree with you on all counts AO. It is also shocking I think that existing holders were not invited to subscribe at 0.75p. I read elsewhere some time ago that this company is a “lifestyle” for the directors. I was minded to regard that as sour grapes from an investor who lost money on it, however I now tend towards the same view. Luckily my loss as of today is small and only irritating rather than life changing and I will put the shares in the “bottom drawer”, others may not be so lucky and I feel for them.
Looney makes me ashamed to admit I worked in bp for nearly twenty years. He reminds me of Brian Smith (ex ICI) who came to Metal Box plc in the 80’s declaring that the age of the metal container was over and we were to become a plastics company. Within 3 or 4 years MB was dead. By the way the metal container is still going strong, as will oil for many years. Oh and Looney has presently lost me 12% on bp shares I bought after the oil price crash.
Currently I am reading Shellenberger’s book Apocalypse Not. I recommend it, interesting light is thrown in some “givens” such as paper bags over plastic, deforestation in the Amazon etc, etc.
@bythesea, that would depend I imagine on whether they are able to announce at the same time that they have raised a loan and if so, on what terms. Patience is the key here in my opinion but you have do your own research!
Looks like you were right IOG. It is not really surprising though is it? According to the figures in the PG report, the cash would seem to be running out, perhaps by December and no word from the BoD on how they will raise funds. Once that is addressed publicly there will be more confidence that there is a future for company. For my part I remain invested but everyone must do their own research.
I also noted the lack of reference to OilLR Brig. It would of course benefit shareholders immensely to keep 100% of the reserves but I struggle to see who would lend $15m on this kind of risk without a slice of the action, unless of course it is at a high rate of interest which reflects that risk. I am sure that JA would like to find a way of not diluting if he can.
It is to my mind a very interesting and encouraging read, however I cannot see any discussion of the cash requirement. On pages 8 & 9 the broker gives cash flow and balance sheet forecasts for 12 month periods ending in June. These show a cash outflow of US$1.9m per annum. Cash is stated as 0.9m at June 2020 and then the two succeeding years show net debt of $1.0m and $2.9m respectively. If these numbers are correct then that is the scale of financing the company requires. Also, if the run rate is even over months then they need to raise money before the end of this year. Obviously the board know all this so the question is how will the funds be raised. There are three options as I see it. A placing, farm in or sake of the business based on prospective resources. The figures I have used are all in the public domain, calculations and opinions thereon are my own and do not constitute advice, you should of course do your own research.
That is how I interpret the full paragraph that Aussie has quoted, yes. If you go back the 14/8 RNS you will see that it talks in terms of potentially reducing OilLR’s input to $5m, making that plus the loan the full $15m required for the drill.