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Erm, none of those! Think in terms of 2, 3 or at a stretch 5p. The fully diluted share capital is, from memory, about 2.4bn shares so 3p would value it at around £70m. One needs to revisit the work done by OIL Int’l last year and substitute the current price of oil for the figure they used then, which I think was about $40 a barrel. Maybe whatever JA says this evening will prompt me to do that! You should of course do your own research and not rely on mine ??
It was $10k at the year end (Dec) and they raised £1.25m in January. Admin exp FY 2020 was roughly $240k but I guess there are other costs to cover as well. ($ numbers from the accounts, £ from the placing doc). May be worth reading the placing doc to see if it says what the cash was for.
In short no but it is explained here.
https://www.google.com/amp/s/amp.cnn.com/cnn/2021/01/27/business/fracking-ban-biden-federal-leasing/index.html
The West is going to go on squeezing hydrocarbons for some time as they are consumed by the need to virtue sugnal. Africa however needs energy to develop and bring wealth to the people.
Hi, IOG, the RNS states
“ The Company has completed its work commitments under the current licence sub-period, which expires in September 2021. The commitment for the next sub-period is to shoot a 2,000 square km 3D seismic survey”
That is I agree explicit, but GBP does not have the funds itself to do that 3D. I would like to think that it could achieve a farm in or sale but time is short and i feel that a prospective investor would wait until they can acquire a 100% interest in September. The only advantage which I can see for a farminee is the avoidance of an auction for the licence.
Yes that’s right, they don’t have to have acquired the 3D by September but they do have to commit if they want to extend after that. I am making the assumption that in order to commit they have show that they have the funding to do that work.
But tell me this then, who is going to pay for a farm in when they can get the licence for nothing after September? The company cannot extend the licence because it has no funds to do the 3D seismic which is a condition of extension. Sorry but I just don’t see it. For that reason I am minded to take the loss if I can sell the shares, maybe I can get the money back in something else, though I missed the boat on ZPHR by the look of it!
Is it this you are looking for?
https://pbs.twimg.com/media/E0pELLxXMAMk9H-?format=jpg&name=medium
I think to be fair it should be pointed out that none of the directors take money from the company. They are “paid” in warrants so will collect only if the company is successful. If they collect then we will all collect!
It looks that way, Hill and his mates have a track record of failing to make progress but being paid hard cash for so doing. It amazes me that anyone subscribed to the placing. It wants liquidating and whatever is left distributed to shareholders.
The fields already discovered by Total have the possibility of making a serious dent in SA demand for imported oil as they can feed an already existing Gas to Liquid plant so I think environmental issues would take a lower precedence.
Seems to that probably the second of those two possibilities is the reason @lsetown. Just a matter of conserving cash flow by Total.
What we need here to spark an upward move I think is news on Cameroon. JA has plenty of his own money and warrants etc at stake so he must be keen to get it moving too. Although small, at a reported P90 it must be a decent risk for a partner so it is hard to see what might be holding it up. Maybe Cameroon has very strict Covid rules on who may enter the country.