Member Info for bobby6

Dilution does not affect preference shares as they are ring fenced. Retail holds only A1 Preference Shares, of which there are 271,313,612 A1 preference shares, and they are entitled to 49% of the net proceeds from any award.

Dont order your lambo just yet. Best case scenario, if they win in June and there's no settlement, i'd expect 3 years to get paid: 4 months to file annulment + 24 months of annulment process + 4 months while Slovenia processes the payment through its Ministry of Finance = total of 32 months typically.

Problem for share price is they committed to raise 7 million in next 6 months to close last acquisition... date or price of this 7m raise is not yet determined, but the market knows this raise is coming as it was announced in the acquisition NR.

The lower the share price goes, worse is going to be the dilution as more shares will need to be printed to raise 7m ... seems share price is going to be in a death spiral until the 7m raise is done, or at least until road reparations and drill pad site are ready in a couple of months

Ok im back in this trade under 5 this time

hope they get permits and constant drill booking news etc this time

good luck all

I read those rns, they say sunk costs will be recovered (only if drill is successful i assume) and that offtakers will participate on future raises. nothing else. it clearly states more funding and dilution is needed.

they raised 1 million to start doing road works and i bet the rest of the needed raise will come just after permits

For the posters assuring that the money they need for roads, pad, rig, crew, fluids, drill etc (at least 5 million if memory serves) is 'ringfenced" or "offtakers will pay for it".... im genuinely interested in any proof whatsoever of these claims, any news release anyone can point to? cos all i can find is last fins where they clearly state they ran out of money

assuming all your numbers counting warrants, options, convertible etc are okay (sounds about right from memory but im not bothered to check fins now) you are missing 25% taxes and at least 35% lawyers cut, so end result would be around half what you calculated

the thing is nobody can get exposure to the award anymore. i have a **** ton of prefs and cannot trade them so who cares, is literally just a lottery ticket. sold my commons as soon as i could, i think even before the prefs ex date as it was +2 day settlement because without award exposure who cares about this lifestyle sh*tco? seriously, why would anyone investing here today care about a potential award if it won't affect anyone but pref holders?

pros: history is sellable: huge helium potential, billions in ground tales yadayada

cons: everything else:

this is a lifestyle ****co, management is far from ok, they have 0 relevant experience in o&g /helium, have a bad shaddy past with previous companies . they gave themselves way too many free founder shares. they did nothing for 1 year but try to pump the stock with useless and bordering fraudulent videos claiming gas is there and can be recovered, when in reality nobody knows as that deep under the salt has never been drilled yet... shaddy nrs like "imminent" permits before eoy 2024, and more recently the 2 "fake" offtake agreements (the offer ends before drilling, is only tentative, and from no reputable nor funded party)

even if they get permits, the worst problem for share price is they ran out of cash doing nothing for a year, and a big very dilutive raise is needed

dont expect drill results here until maybe late 2026, 2027?

they need to build roads for trucks to access the site (will take month & is very expensive)

buy casing, mud etc months before drilling

book a drill

actually drill

all will take a veeeeery long time so not ideal for a quick trade yet. maybe after funding, which i suspect will come just after permits

this might be tradable again after the raise and i would try trade this again but never intend to stay after drill results because chances of success here are ridiculously low.

and even if they succeed drilling, because is in the middle of f*ing nowhere, project won't be economical unless they drill dozens of very successful wells and after all that hundreds of millions in drilling, someone invests yet again hundreds of millions in infrastructure, gas processing plant etc.

theres loads of dilution in the way before they can sell the project to a more competent company.

Original well didnt go deep enough, they are targeting much deeper, new geo zone, so we still know nothing until drill enters that new zone

this is not appraisal, is a new drill, just starting from the end of historical well but targeting new unexplored zones below

Btw speaking of taxes, forgot in my calculations the taxman takes their cut too and it goes first before lawyers...

Yeah, if you hold enough preference shares, maybe moving to a territorial taxation country if they distribute it before the first 183 days of the year is a good idea.

My point was that only preference shares are worth either 0 or 30-60p. Common shares are unaffected by any win here. The 50% raise today makes no sense and it comes from people that didn't read 2024 news releases and know nothing about preference shares and prearranged awarded claim distribution if they win.

Can someone please confirm the details, from what I remember I think it was more or less this:

If they win:

First, lawyers take their cut, typically around 35% of total or more. (exact % is typically under confidentiality agreements)

Then, from what is left after lawyers cut, management gets paid their millionaire performance bonus.

Maybe company pays debt and retains a small percentage for general purposes? (dont remember, not sure about this one)

After that, from what is left

41% of claim after lawyers cut (probably around 28% of total?) goes to preference shares issued in December 2024.

49% of claim after lawyers cut (probably around 34% of total?) goes to preference shares issued in February 2024.

Buyers here beware DYOR. Common shares do not get anything, only preference shares get capital distribution/dividend. Read NRs of Feb & Dec 2024

Any possible award will be distributed to the owners of preference shares. Company retains like 5-10% of it if memory serves

How is acquisition of Columbus Energy Trinidad going to be paid (is a raise needed or are they funded for this?) and how much is it?

how much would be the MOU sidetracks?

they have how much, 3 million cash now?

in news release they use strange language like "Medium-term discretionary commitments financed by existing cash reserves" and "financed for near-term firm commitments" instead of for example "fully funded for 2025" full stop, which leads me to believe they may need a raise soon, specially if they do sidetracks or new wells because of formation damage, if so, how much can we expect the minimum raise to be?

See New Releases from today and 12 Nov 2024: 1.8 million new shares come free trading the 16th January & another 1.8 million shares the 31st January. They were priced at 5.5 pence...

3rd of January is just literally 2 weeks away...

usual suspects have 2 weeks to FUD this one to try to get a better entry

btw the amount of fud-clown(s) trying hard nonstop in this name is telling of the potential here (themagnafarta is galacticos now? or just one of his multiaccounts? this forum needs moderators badly, spam-fud's not even funny...

I understand the 41% distribution of the claim is coming from the 51% the company kept in last distribution? (as the 49% that was issued to shareholders on last distribution cannot be diluted?). Therefore the company will keep a 10% after this new distribution? Is that correct?

I mean that article is lacking a lot of info, but talks about a $10 price increase, which would make sense seeing DNO.OL GKP.L & SNM.V are all raising (last 2 are on 52 week highs). GENL is very similar to them but has the imminent 2B arbitration on top, which in worse case scenario would become a 2 billion tax shield...

Article says those are "production and transport costs" and that those are currently $6.9 and want to increase them ~$10 to $16. We know currently GENEL is selling at around $34, not $6.9, so it must be other components in the price apart from "production and transport". If so, final selling price would be $44 once raise of $10 is approved

1) they have tax shields, so no corp tax at all, 0.

2) is a cash distribution not a dividend. I live in a country were tax is 0% and so does many investors that should take share price up to fair value, and that's the play here, not waiting for actual cash distribution