Member Info for Blubay

Yes, that's the unknown. Remaining trading positions should close today anyway and we might get a better picture. We're at 20% premium on placing price now, although personally I haven't received placing shares in my account yet, so I'm not sure how many others have.

Let's see how many 10% profit slicers show up above 7.2p

Good to see signs of life anyway

Is that your target price?

I’m very positive about the company’s prospects and the board’s forward strategy for new prospects. I’m eternally skeptical about the shark pool that is AIM

£4.3m at 0.15p = 16% discount for 21% dilution, hard to think that could have been just three months cash revenue from the new well without the delays

Or to put it another way, AIM shareholders shafted again by the usual “high quality institutional investors”

As expected, £4.3m cash raised, new institutional investors, total 13.3bn shares by 20 September

Or Peter Pan riding in on a herd of flying pigs?

The business prospect is still a good one but banks have them over a barrel as usual

I think the situation here is a bit different to most AIM placements. Around half drift under offer price and others don’t. Impossible to say but there’s a much higher confidence level for a cash flow business here, so nothing like a speculative raise for prospecting. The oil is in the pipe, there’s a clear runway to cash positive production in short timescale. If you compare the cashbox raise over at HE1 there was an expectation there of price drift that hasn’t happened yet. Clearly there’s residual risk but not straightforward. The placing shares won’t land until 20 September but may be forward sold.

There isn’t an issue with contractors, the rig has been handed back. The rest is pretty straightforward hopefully

Not always, around half of placing a dip below, half don’t.

Closed now

It’s still showing on PB

Honestly, take responsibility for your investment decisions. Drilling shares on AIM are as high risk as it gets, no-one should hold money in them they’re not prepared to lose. The board were completely clear about the planned timescale for drilling, based on the previous raise, and they went way over that time. Time is money, clearly they would start to run into cash burn. The RNS was very clear that the company faced a ‘challenging’ situation, which is as much code as you’re going to get. Unfortunately, small companies like this get taken to the cleaners when they want to raise because the banks have them over a barrel.

"So what are the predictions of how much of a drop will this dilution bring ?"

Open tomorrow at 0.15p and see what happens. RNS after 7am to report whether the fund raise was oversubscribed or not.

BCE has been an information leaky company, but not unusually so on AIM. The only reason companies list on AIM is to raise capital in circumstances where they might not be able to do it on the main exchange. A lot of that capital is raised by rinsing retail investors. Hopefully, it was clear to everyone here when the organised short selling herd returned on the discussion boards and social media. It happens every time, like a big red flag, you can either take note of it or ignore it.

That’s normal in this situation

Shares to be admitted for trading 20 September