Member Info for Bubblepoint

As below from RNS Ocelot, the issue with his Q&A comment, is that plural also means that it is not going as easily as hoped with the initial outfit, if it was going smoothly then no need to introduce more into the fray.

I personally think the GF due diligence will raise all sorts of complications borne from the mess that GL and co created, royalties, IOU to Forrest-gate, payday debts with hefty early close outs or extension fees and interest.

Logically, I would think if they can get away with it on the original financing front, is to pay 99% of it off from any GF offered to save on the hopefully lower interest rate, and leave 1% outstanding for the total term agreed, meaning the royalties are only initiated on final payment.

definitive agreement needs to be reached with the ultimate provider(s) of the funding for the Global Refinance Facility, due diligence and discussions remain ongoing and there can be no guarantee that the proposed Global Refinance Facility will be made available to the Company. In parallel, the Company is also in discussions with another financial provider to provide pre-payments for the gas and restructuring of the hedges. These facilities could either be complementary or an alternative to the Global Refinancing Facility.

Well the good news is, if news does not land before the AGM then at least those whinging will sell out and life can go on !!

I really doubt they will get anything signed off/sanctioned until after the 5th Sept, that is just the way of the world over there.

Yes Ocelot, AS PER the RNS in July re financing, again nothing new, if you read the news releases properly.

Oakley, Why would it shut anyone up ??

We ALREADY know they are meeting the hedge requirements comfortably, with a decent chunk of change extra each month. It is not news, well not to most anyway lol

Hope,

I think you will find both HITS & WG have answered that question with reasonable parameters. if you don't agree with that, then that's simply your problem. GL though.

Hope,

I don't play blind, and correct, I do not hold any stock, and I will not unless I see justification, it is a perfect way to get trapped with such rises. so no thanks.

As for my views, well history tells the story for Angus, there is ALWAYS money to be made on any stock, but with the likes of this it needs a different tack to make a win.

You might be blinkered with the bullshhine but I am not, though I genuinely hope it does keep rising for the majority of Pi here to at least have options. You and others take it all personally, but it has nothing to do with that.

So your saying that "suddenly" today, the general market realised this was ermmm undervalued and bought in to generate that 20% rise ??

The retail market has no idea why that rise occurred today, otherwise it would be common knowledge to all, so there is another driver behind it, either some are in the "know" of something due to be released, be it GF or something else, or to facilitate Forrest-gate or other.

Just like it did on the day of the drill result, a good rise right through the morning, loads of trades flying through, lifted the price and then dumped into on news.

Right now, for the general retail punter it is baseless, if I had stock at or below 0.65p I would be dumping into such a rise, done it a good few times on Angus over the last 18 months and it has paid off most of the time. Angus turned it into a trading punt rather than an investment stock, through their pish poor management.

And there lies the problem with Angus Donek, they put wording out there that really doesn't answer much, it just kinda covers the cracks without real numbers and what they have done with £48m that they have had access too during that timeframe.

"sensitive to dilution" !!! they already diluted the living daylights out of it, which is bad enough, but then to also pile on all the debt too, has simply drowned the near term value of the asset and stunted shareholder value.

It is what they do, and will continue to do, because it is all they know.

BV has a free carry on here, because he moved money over from profits made elsewhere lol..

I won a grand on the lottery about 10 years ago, bought some stock with it, which are down, so I told the missus they didn't cost owt, because they are a free carry from that grand I won a decade ago lolol...

Clueless beyond belief !!!!

And for those without an exit plan, I suggest you spend some time reviewing the charts, because EVERY rise that has occurred with Angus over the last 18 months has resulted in being sold into, and ending up lower than where it lifted from, and that is fact.

BV and co can spout all the carp they want, but you cannot hide the history.

Well I hope for some of the long sufferers it does run up a bit, but you gotta have a plan, because for sure the likes of Forrest-gate do, and those trading it ;-))

BV & SV got plenty to offload too.

There will very likely be an ermmmmmm "entourage" also staying at the Mayfair, likely covering a few days, small additional ermmm meetings in the morning for about an hour, then out into the city for the rest of each day & night, logged as an ermmmm business trip, but it helps get things mooooovvvving

We used to do similar things via Dubai or Milan, great "business" meetings, all costs covered, everyone happy.

Roadhouse,

Removing the temporary welltest pipework and separator only takes a few hours.

Connecting the new pipework also only takes a few hours, providing all the pipe marries up properly. they then need to test that pipework in situ, which again is just a few hours.

If all went well, they could complete the pipework change out in max 1-2 days.

Do not expect it to increase the flow rate though, it will make no difference to production at all, the flowing pressure dictates that, and they already have it at optimal against the dew point.

It will save them up to £100k per month though, not having to pay for daily rental of pipework, separator and personnel to man that equipment.

Nonsense TC ??? really.

Well there have been probably 2-300 questions asked over the last year or two, they ONLY answer what suits them, and regardless of answers, quarterlies etc etc it still sees an SP of 0.635p.

There are plenty of issues within the company that are a direct result of poor management and processes, leading to massive cost over runs and no mention of where all the generated excess revenue has been going, so far they have had around £48 million through their hands or access to that amount, through raises, financing, payday loans and generated excess revenues.

They haven't even had the decency to put some transparency on the Forrest -gate status, or the GF story.

It isn't pi's that put the stock at this level, the company is solely responsible for that, along with destroying market confidence etc etc.

It's a strange world over there sometimes Ianfer,

I have been in plenty of NOC meetings throughout North Africa, and none of them like to be told what you are going to do, you have to play a kinda game with them, plant seeds in meetings, and then wait for them to come back to you with some or all of what you planted, giving them the feeling they have made or added significantly to the plan from their side, giving them a warm fuzzy feeling of control, which results in a win/win and the needed green lights/sign off's.

Very few western outfits succeed unless they roll with them, and never pressure them.

I personally think the CHAR team have the right people within the OMHYM totally onside, which has resulted in this "new" onshore licence suddenly rising to the front as part of something much bigger. There is no way this would have happened unless they had played this just right with them.

HITS,

I cannot see how Angus will ever close off the 8% from gross revenue even if they do pay off the +- £7.5m from the hopeful GF funds, infact they may well endure a much earlier introduction of that 8% by paying it off early, as the deal is it kicks in once the loan is paid back.

8% on gross revenue is no lose change, and they have zero liability from that against any field & company Opex & Capex.

In reality PF still likely owns around 20-25% of SLBY until the remaining balance is paid, then add the 8% they will be paying out from Gross revenues, means potentially there is almost 1/3rd of SLBY that is still not owned by Angus.

I am surprised BV can tie his own shoelaces to be honest.

I am not sure what he means though, look at SV, posting that he/she had accumulated 10m shares not long ago, OK likely needs to add a few million more to average down since then, but hey,, that was positive in BV world...

In the real world, the reality is the debacle that has been left behind by GL and now the team needs to try and unwind all this payday & bridging debt, Forrest-gate, hedge unwinds, Mercuria, the 8% on gross revenues, etc etc etc, its a royal mess to clean up, and I fully expect that any party involved in the £20m Global financing will want to see some REAL proof that their funds can & will clean up most of that mess first.

Until then, the mess is still there, and a lack of confidence continues.

Ibug, it stinks to me, this whole Pinarova story is almost certainly just a big waste of time and money, the sniff of oil they have collected is nothing more than that, a seep from some fracturing or faulting that is also getting moved along by some small aquafer within the geology, which in turn could be washing it through for many miles.

There may be a viable accumulation somewhere in the much greater area, but I doubt UKOG has much of any idea where to find it, and it could be tiny with fracture or faulting even if they were to find it.

UKOG has already demonstrated their more than poor ability to get it right, and that includes HH which OK, has a small accumulation, but it isn't a company making accumulation, and has already pretty much been sold down the river to that Stetson wearing pump merchant, who will actually show his hand at some point and milk it for ALL its worth, with not much to show at the end of it.

Gonnerpete,

Personally I don't deem anything related to the "onshore" licence and plan showing any real sign of delays, simply still in process until all parties are agreed and sign off.

For "offshore" then yes it is taking longer than most expected, but then my personal take on this is that the "onshore" may well somehow become entwined with the "offshore".

I really don't think there will be long to wait, especially as many take time out of office while the national schools are on holiday until the 5th Sept, I have seen it where such offices are running at half staff during this period, and then they all come back and switch into full steam ahead mode very quickly.

Totally agree with Surity & ianfer in regards to Char likely being cautious on speaking too soon.

I have spent 2 decades in the industry all over North Africa and most National gov & hydrocarbon departments frown heavily on western outfits speaking too soon before ALL the boxes are ticked and the green light is given.

Upsetting any part of that process can result in significant delays as a form of underlying punishment, so in my book they are wise to let the process run its course and deliver when all sanctioned by the ONHYM.

The cost of upsetting the system, or any individual in these departments is NOT worth the pain, believe me !!!