Member Info for Bridgedogg1

Not my best post,,, but probably not my worst

Probably worth a solid punt at these levels. The only thing than the share price being rock bootom due to lack of confidence is the share price being rock bottom due to lack of assets/cash flow. Great for those that can get in or average down at these levels IMO

Just need to push past 2.8p then its off to 3p

Unfortunately they where offered exactly what they where looking for and bit there hand off. I hope it was all very elaborate and convincing.

Holding steady, consolidation for next rise maybe?

This company avoids placing.cash flow positive. Will look at other funding options and then if nothing comes in will sell IMO. Only if they were desperate for cash would they place at these levels, they know the shareholders wouldn’t stand for it . Expecting an intraday update

Moving up fast now

My thoughts too. Wish I had industry drilling knowledge so I could have a fair guess at what is happening in the well. As no updates have been provided I have to assume all is going to plan and these are the planned interventions which means in theory we should get back to glowing oil fairly soon.

I think a few buys will be lined up this morning. £600k loss and loss of confidence in BOD shouldn’t equate to 70% MCAP drop. The assets are still good. Funding might come or it might not, so either very good news or Sell the asset and buy another one. We have other assets to work on. Bargain.

Think we are due one

no capital commitments have been made based on anticipated drawdowns, and that the Company will cover the cost of the site survey (estimated at c. US$4 million) on OPL 310 as announced on 10 January 2020 from a mixture of existing cash resources and income from operations at Otakikpo.

If LEK can’t get funding they will sell. I don’t see a placing.

And how often do they bounce back 50% the next day?

... could literally be a 10 pence share very soon.

Even discounting 310 the current assets are worth more than the current mcap. 310 can be sold.

Hehe I only got into Val a few days ago, shame the rise this morning didnt stick. I've been in and out of UKOG for a few years, havent made much but average now is around 0.85p. Got in SXX in the very earlier days and made much less than I should have, if id been braver...

RNS clearly states cash in bank plus revenue will meet payment requirement. Funding for appraisal drilling with not be through a placement because they wont be able to raise enough. Resumption of talks with other potential partners. i wonder if the time frame gets pushed back a bit as a result.

Feels like LEK has cast a shadow over the AIM O&G sector today. All my holdings are down slightly except my non-O&G holding VAL.

Its just a way of funding 401 and focusing on 201 IMO. It would not be possible for the company to raise £5m on a share issue but clearly the future value of the underlying assets are way over the mcap of the company. Seems like a clever solution.

An operations update would be good around now. Any issues seem to be priced in.

Let go and move on / buy in