RE: HM! Sudden Rebellion.7 Feb 2022 19:53
How much revenue do you think, once debt repayments are made each month, production cost removed and left over cash extracted and fed into Paradox will be? Supposedly State well 16 is a success, so I will presume its performing at 1000 barrels a day. This money could have been utilised along with monies from the paid for current producing none core wells. It would have been pretty simple, to re-direct these funds into a 2nd well. 2 producing repeat for 3 + 4 etc etc. I don't buy the new wells costing £36 million are neccessary. If they are so profitable only a fool would sell them. The walk down of the Sp was a disgrace. Harringtons words hollow and the radio silence on Paradox, till the placing and debt was secured manipulative.
In the best interests of my holding? No chance.
Others may think differently, it's their choice. BTW I have held these for years, since Rose days and added from 1p up to 6p. I gave Harrington the benefit of the doubt as the echo chamber of his accolytes, would hear nothing negative about him. Yet his fake grin, too positive message never sat well. And so I am correct. Shareholders shafted. Will these multi bag from here as many think? Maybe, I hope so, yet I am much more interested now in de-risking my holding. Ie selling some if we move near 7p again. Another Placing in 9 months will kill this for good. I hold just shy of 24,000,000 Average 4.3p. So not a minor position.