Member Info for Blubay

Hopefully work commencing, I doubt we'll hear market news until after the clean up when they have revised flow results

I'll take 10% commission

https://www.youtube.com/watch?v=iBq5POzMVbE

That's how AIM works, time and again. No company lists on AIM unless they cannot raise capital any other way, usually because they're too risky and don't have personal resources. The money that is made on AIM is not made from the profitability of the companies that list (they all pretty much make a loss), it's made by the banks and brokers that facilitate their public offerings (and shaft them in the process). Also by short interests and spread betters, but that's another story (often the same story). If you have no recourse to funds you have to beg and he who pays the piper calls the tune. Just the way it is unfortunately, massively risk averse.

Why is a 43% net rise not good? And why would you calibrate any London share against OTC price movements?

I was wrong, just a glitch, back again 😊

Several other regular customers disappeared also. They’ll back with different names on other shares

Looks like account and posts just deleted, short closed?

Good spot 👍

Maybe she did a Minchin and mentioned the D word by mistake

The rest of the interview is more than encouraging of course

Has anyone noticed that today's video was edited to remove a comment on early indications?

"...the early indications are very very [edited out]... " (has the word encouraging been removed?). Call me paranoid... probably nothing...

https://youtu.be/iBq5POzMVbE?feature=shared&t=49

Gogs - the roughneck on the predator is on a trolly rail system that slides out to centre hole and then retracts into the mast base when not in use, it's not visible in that photo. You can see better how it works on these rig shots

https://hendersonrigs.com/product/2014-atlas-copco-predator/

Joe - "As people at the coal face, who know what's what, will be informing their pals of what is what"

Those people don't have deep enough pockets to move the share volume/price significantly. The price gets moved before RNS by leaks from the brokers not the riggers. AIM companies can't RNS without prior approval of their NOMAD (which just happens to be the same institution as the broker in this case). If there's a leak to market it's more likely to be when an RNS is being prepared.

What is your rationale for those numbers? The only number that matters for the share price is whether the company can pump enough oil to become a profit making concern rather than a loss making concern. Unfortunately, we don't know what that number is yet.

There are always long and short positions on AIM and BCE has been an obvious target for short sellers and spread betters. It’s pretty common when there is financial doubt surrounding an AIM company and an extended period of no news.

I see the ling term short squad have swapped ID logins, different authors posting under same names.

Yes, they have enough cash to fund the cleanup. Yes, the well is already covering its own operating costs, as it says in the RNS. They also pump another 30bpod from elsewhere. They don’t yet pump enough at 70bopd to cover all of their operating costs so they are still on a limited cash runway until they do. That’s all fine if they can clean up the well in the planned timeframe (and it might have improved already). Until then they are still running out of cash, either slowly or rapidly (we don’t know the current state of play). That’s why the market is nervous. If they can announce commercial profitability it will quickly change.

The terms of the raise and the comms around that were forced on the company by the NOMAD/broker, (they said as much in the AGM), although probably in collusion with Sarah Cope. The board was put over a barrel, they needed cash to continue and the terms attached to that raise were that they allowed themselves and their shareholders to be publicly shafted by the financiers. It’s embarrassing but not uncommon, that’s just how AIM works, companies don’t list on AIM if they have any chance of raising capital from anywhere else.

Overall (as a company in total) ...

"Company production, including the contribution from the Company's interest in the Lauben field, is approximately 70 bopd which makes a material contribution towards operating costs and G&A."

i.e. does not cover them... (or they would say so)

"Already exceeding operating costs, so money is being saved + fully funded 500k operation."

No, it's important to read the text carefully. The SCHB 2 well does cover its own operating costs at 40bopd but it only makes a 'significant contribution' towards the company's overall operating costs. This is a precise choice of words that means the company overall is not yet covering all of it's Opex. It has the cash reserves to cover the Capex needed to rectify the cash burn if the production can be increased but we are not yet clear what flow level would be needed, at what Opex, to turn a corporate profit.