RE: DEAL MAKER7 Feb 2025 13:40
Hi Thebold,
The usual suspects are making crazy claims to justify one blunder after another imo.
MOU4 should have been tested to derisk 5. It is literary crackers not to have done so.
Instead, another massive discount placing, at four pence.
People dont seem to get it. Thats 50 million additional shares!
The forward cost of those shares could be absolutely colossal. Yet its deemed a "waste of money" to test MOU4.
The well needs testing irrespective. It's just a question of order.
The argument that 4 shouldn't be tested in case the data isn't as hoped is patently ridiculous imo. I mean what is being advocated for here, blindfold drilling.
Any menas of lifting the SP ahead of another raise should have been grasped. Even a modest rise halves the dilution.
Bulls that tout a SP measured in pounds rather than pence, stand about clapping as the CEO sells £50 million quids worth of share capital for a measly £2 million.
But a high pressure packing system or bridge plugs are deemed too costly to evaluate the shallow sands, and just ignore the other wells entirely, like seriously.
There is a very good reason Paul raised £10 million in June 23 , or whenever it was. To conduct an extensive testing programme - CNG - no more dilution.
Drilling then become upside, rather than potentially destructive.
Goodness knows whats going to happen if the drill is a miss. More cash required, and a doubling of the share count.
But dont criticise the management eh.