Member Info for bluerill

'.....You utter amadain. You have been saying the same rubbish for years but the price only falls further.
BTW - the stock market is forward-looking.......'

Ok, so this is starting to approach ritual abuse, but if I can continue to turn his backwash into teaching moments, then I'll continue to punch down (besides, it never stops be amusing). Let's pick this particular gem apart, wishbone-style: first off, how's that 'no name calling, I'm above all that' baloney going for you, Martay? (Not that I give a hoot myself; actually had to look that particular insult up. My first thought? wow, classic projection). Next, and for the 10th time (that's all your fingers and toes plus the number of times you've made a relevant point), anyone advocating for this name for say, 'years', as you seem to be suggesting Alaric has done, I say, 'Where is he? I want to thank him for putting me into one of the best small cap O&G names in the UK market, if not the very best over that period. Hey, its not Amazon, but if I had chosen virtually ANY other small cap name in the space over those x years I'd be looking at using my shares for wallpaper. Instead, I have a very decent balance remaining in a company that is all cashed up when producing assets are for sale on the cheap, so at least I have a genuine chance of recouping my small losses and then actually turn a significant profit. I could so easily have listened to the siren call of names not run by that evil Oisin Fanning like Chariot or Rockhopper or Savannah or LEK or Circle or Jersey or Max Petroleum or Regal or Jersey Oil & Gas or...Wait a second.... almost forgot about that darn tender at 46p last year! I was able to cash out of over 1/2 my holding at almost double where it was in 2018. That Alaric is one clever fella. Put me into the one name that actually made me money since it came back from suspension in 2016 - which is when he started posting - at 26p and it looks like it has a mighty bright immediate future and I'm still alive enough to enjoy it.....'

As for your notion that 'the stock market is forward-looking' which I assume is a kind of 6th form effort at finance theory, a means of implying that if any of the positive developments your betters have been banging on about (you know, like cash in the bank that exceeds the market cap) were genuine, then of course the share price would be waaaay higher already, but because it isn't that means that the market seems some dark clouds that we don't, i say, 'yeah, nah'. If you think the stock market, particularly that which is responsible for clearing prices on small cap resource shares, has been anything even approaching a forward-looking discounting mechanism, then there are a couple thousand Apple shares I'd like to buy from you 3 years ago. These markets have been a 'what have you done for me yesterday' environment for the past forever years, especially in small cap resource/oil and gas shares. Any idiot knows that, you, you.....amadain

Reversing yesterday's big move up on no volume, to be fair. Look, it probably gets back to the block that was dumped on Peel Hunt last week . Until they shift if completely, Peel Hunt will likely fool around with the price, trying to generate interest, and because this is still traded on the old-fashioned market maker system, Peel's nonsense has a much bigger impact on the day-to-day change in the share price than it should. However, that block will clear soon I'm sure (hopefully today's presentation will help) , and when it does I reckon we'll start to see a genuine, lower volatility recovery.

Ok, quiet down everyone....who had 'keyboard warriors - your country needs you'? Alaric, I think you may be closest with 'Stop being mean to me while countering my spleen venting with facts about the company - mumbles incoherently into his chest' ... congratulations!

And so we're clear, idiot is technically not name-calling since it's clear that you literally can't read. Maybe illiterate would have been more accurate. Moron? Classic , but kinda vague. Your combination of overdeveloped confidence and ignorance of even basic financial accounting distinguishes you as a bit of a buffoon. Nah, too old-fashioned. Cretin? Knob? Simpleton? Craven? Limited? Hopeless? Shameless? Spineless? Well, certainly less.....No, nothing else quite captures the moment. Idiot it is. I'll let OF know.

I really tried to treat you with a modicum of respect, if not for you personally because you don't deserve it, but at least for the point you were so desperately trying to make, but it's clearly fruitless on account of the fact you're an idiot. truly. what a massive waste of space

For anyone who may be interested, my previous post was addressed solely to Martay and his latest misdirection. I never address any poster I believe to be phoney. Or worse. Angry birds I can handle. Ignorant trolls disguised as angry birds wrapped in racial stereotypes, not so much

think bigger

Let's see if I can be a bit more direct for you, you bitter phoney: Eroton just paid us another 40+10 million dollars, leaving sle with the better part of $85m in the bank, and bringing their total repaid to-date to $194m in principal and interest, which if you were paying attention, already EXCEEDS the original principal amount of the loan (roll that small, but perfectly formed thought around in your angry little mind for just a second, genius). This is NOT the performance of a distressed partner, but rather, precisely the opposite of course. So here's the thing: to essentially ignore, as you continue to do, the objective reality of both Eroton's loan compliance through an extraordinarily difficult period for the industry, and San Leon's resulting rude health, and instead try and focus solely on a one year extension on the principal balance of just $85m provided to that partner - without any other relief on interest or conditions - as evidence that somehow the sky is falling, is classic, Trumpian-level dissembling. But wait, there's more: Furthermore, if Eroton never pay us another farthing, sle shares are still worth a minimum of 30p, based just on that cash in the bank, its current 10% OML18 ownership, service revenues, etc, particularly in light of the coming new evacuation infrastructure which is on schedule and on budget. Of course that's never going to happen, but if it did, San Leon retains enviable default protections, enforceable in UK/Irish courts, which - particularly now that the amounts owed are far, far less - provide for significant over-collateralisation through primary claims on all Eroton's assets. Finally, circling back to a point made earlier: ignoring all this (and there's more of course, but I'm tired) in an attempt to try and gin up controversy around a minor point, and in the process to try and pound your chest and present yourself as some kind of noble truth-teller, in a way makes you even worse than the useful idiots who typically pop up here to do Jabba's bidding.

Yeah, nah. Firstly, the 2018 declaration you cite resulted in only a minor provision in the income statement and then the company actually had to reclaim a portion of that in the subsequent interims as the loan repayments remained (and remain) current. Since then our 'risky' counterpart has managed to slip us (you probably didn't notice. too busy reading the footnotes of the 2018 annual probably) around $70m (and despite your incredibly prescient warning!). While your eyes are wedged open then, maybe you could cast a glance at one of the 5 continents you're not humiliating yourself on and notice a health emergency shutting down economies and causing businesses large and small desperately running to their overwhelmed banks for help. That might just help explain everything from why a company with its market cap in cash already might just consider giving its in-compliant partner a bit of of extra time to repay its loan balance (and in the process, defer cash receipts of principal and interest that are not now needed to next year, when it might be more useful, say for a significant capital return) and why the 'value' of that cash seems to have suddenly increased dramatically as the quality of producing assets available for a song has exploded. Instead of your dopey rhetorical question about MLPL and whether it's 'interested' in increasing interest payments to SLE, consider this: What if, for 20m or so, sle manage to pick up 2/3/4k bbl/day of production in country, start netting divis on another 2/3/4k bbls/day in H2 2020 on the new pipeline evac system, use some of that cash flow + suddenly reappearing services revenues + more from their cash pile to announce a 2/3p share annual dividend, and then take that tailwind into the end of the year and where it will be facing a 2021 where another $100m+ is due in? Where does that stock price, on 430m shares in issue, trade, you reckon? Mock you? More like tolerate.

Careful with that enthusiasm, Mclean. According to the Martay worldview, any such sentiments expressed here from shareholders reassured to see one of their investments reporting positive developments, which AT THE VERY LEAST (capital letters provided for Poppins) put the company beyond the dire fate of so many others both within and outside its industry, doubtless constitutes 'ramping'. Instead of, you know, happiness. Watch that sh*t, mate.

http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200407:nRSG9846Ia
A year's extension in exchange for bringing the loan current, but (crucially) keeping all interest and terms unchanged, seems a pretty impressive development to me, especially considering the worldwide lockdown. It leaves the company with over 70% of market cap in cash, another 100+% due by end 2021, with the upgrade in production revenues from the new evac system in prospect in Q2, and it seems from the RNS, more services revenue as well. Now I'm looking forward to hearing from the company on the pipeline and other operational developments, and how some of that cash is going to be spent, in the near future....

yeah, maybe.

At the risk of a bit of overkill let me try and put this one to bed: as others are wont to point out, the Redt shares collapsed some time ago and this fund had indeed made their selling interest 'known' well before the suspension. The long suspension only enhanced that interest as the position was now not a lot bigger than a rounding error. As a result, they made no effort to understand the Invinity proposition and simply took the first opportunity to get a discount bid on their position after the re=quote. Because of the severe market conditions and probably as well because the market maker (Peel Hunt in this case) knew that the fund was pretty price insensitive (you see that a lot when institutions cut the balance of a losing position, even though it can seem counterintuitive), this fund accepted a very distressed price and Peel Hunt is now enjoying a pretty easy profit. Happens all the time - especially post-the Woodford debacle - albeit with falls more in the 10-15% range rather than the 30%+ we suffered (although some of that is rightly being regained today).

Its the same sell trade double-counted. Simple as that

The seller was a long-term holder out of Asia that got its pocket picked by Peel Hunt, who are now going to dribble out the shares to the market until some bigger buyers can be assembled. Though they clearly dealt at a distressed price, the most important thing for holders to understand is that this was apparently the seller's entire holding and therefore, at least, one can buy around these levels and not have to worry about this particular moron hitting the market again.

you're a dingleberry..... Oh, and you have to have a thought before you have an idea before you have an opinion before you have a view. Posters like martay and Jabba get insulted (I prefer 'realigned'), by me anyway, not because they have views counter to my own, but because they don't make the effort to try and get to something as substantial as a 'view' in the first place. Rather, led by that hateful toe jam on the other board, they too often simply work backwards from a personal animus derived primarily from seeing the share price fall. This baying mob then projects its ignorance and anger onto this board. Too often they dissemble, focus on the trivial (e.g., management's historic compensation) at the expense of the critical (eg., net cash on hand as a proportion of the company's market cap), and yes, outright lie (where do I start?) primarily in the service of venting their spleens. Martay, for all of his hurt feelings and really, really angry CAPITAL LETTER emphasis, STARTED THIS ONE. I, for one, didn't post recently because, you know,, there was like a crash going on where EVERYTHING, particularly small cap oil and gas shares, WERE. GETTING. KILLED. Any idiot (sorry, indirect insult coming) could see the selling was margin call-led and ABSOLUTELY INDISCRIMINATE. It should have been equally obvious to anyone who doesn't breathe through his arse, that within this absolute carnage, sle was emerging as something of a (pyrrhic victory to be sure) of an outperformer as it has begun a fitful recovery from its lows while 90% of its peers remained (and remain) stuck at or near their severe lows. I've written several times (always in response to yet another empty-headed rant about the share price) late last year that, like it or not, that sle, particularly with the 60% effective tender at 46p, but even without it, was among the very best small cap oil shares on AIM last year. It was a disappointing absolute performance, but it was realised within a sector that was plainly crushed. Again, like it or not, the situation year-to-date has been objectively precisely the same. However, did I or anyone else for that matter, come on this board to point that out during a period where Martay apparently interpreted my silence as some kind of benign neglect as the share price fell? Um no, because THAT WOULD HAVE BEEN IDIOTIC AS THE MARKET AND ALL COMMODITY SHARES IN PARTICULAR WERE IN FREEFALL WITH ABSOLUTELY NO REGARD FOR FUNDAMENTALS. You might even have said any effort of the sort in those circumstances was the mark of someone attempting to (gulp) ramp the share price.

Is there a development league for financial message boards??

I'm not arrogant, I just don't fancy validating some angry bird's masticated mutterings through my silence, especially when much of the chum is directed at me.... Now then, back to the main topic: why you are such a clueless muppet. First, your response to my 'national emergency' reference was truly appalling, so congratulations(?), you have somehow managed to skip 3 Trumps on the sub-human scale and join whatever form of primordial ooze that posts on ADVFN under 'chartrader' and other nicknames. Way to go.....As for your latest rant about how my dismissing your 'idea' that putting out some poxy RNS blah-blah in the middle of a equity and oil market uber-meltdown (worked great for a slew of familiar small cap oilies that, as a result, managed to hold their falls to 70%+!), is in fact some kind of indication of 'how little I have invested in the company.....' , Well, that is so magnificently Trumpian in its logic, I have half a mind to declare you Top Trump. Jabba will be so jealous......Meanwhile, for those capable of reading a financial report and not screaming into the void while doing so: Not only do we have virtually the ONLY oil name in the entire market - not just among small caps - with the balance sheet strength and low operating costs to genuinely take advantage of this lower-prices-for-longer/cash-starved oil economy, but also has improved infrastructure that is about to come on-line, to significantly leverage those strengths. That is largely why our share price is snapping back quicker than most I believe When the time is right, the company will update on all of this and more, I'm sure. In the meantime, you can rest assured, that the company's CEO - for whom I have actually been quite miserly in my praise historically - with his AIM-high 9.5m shares - some 6m purchased with his own funds over time (surely among the top decile of AIM small-cap resource CEOs) is plenty motivated to pursue real actions to realise the massive value embedded in a share price which is still over 75% cash, both from within and without the company. And he will doubtless do so without resorting to putting out some facile RNS comprised of some version of 'Hey, don't worry everyone, we're still alive. See you in 6 months!' and instead containing consequential corporate actions and/or deals that create real value. At least that's the view from this continent, you empty barrel.

Sigh. You know a national emergency is never going to make the stupid clever, but is it too much to ask that it might make the clueless just a tiny bit less generous with their 'thoughts'?

http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200316:nRSP1854Ga

Getting this over the line in this environment , and at a premium, is pretty impressive