Member Info for Bubblepoint

I wonder what happens if PF simply decides to keep say 20-25% of SLBY, he already took the original 600 + million shares for about half of the 49%, and the rest was to be paid in cash instalments or conversion to shares, but he may simply just not convert or take payment and that means he maintains a revenue generating 20-25%, which would be netting him a healthy monthly chunk !!!! probably far, far more in the long run than simply taking the instalments on the outstanding.

""Not the case of the £12m facility which is the principal one they are seeking to renegotiate.""

If I were the potential GF lenders, I would be looking at that original hugely expensive funding deal and asking how they managed to screw Angus to the wall so easily, along with that extremely tasty 8% on gross revenue after repayment !!, that in its self is worth a significant fortune.

It is also likely a big stumbling block on how Angus want to get rid of this facility using the GF loan, they got them by the baws, and this & the payday loan sharks are likely not going to walk away quietly, they will likely only do that if they can get a serious pound of flesh thrown in.

I really think the GF £20m loan is not going to come so easily.

That said, SV will prop the price up for now, averaging down, and adding to the 10m shares supposedly already accumulated lololol.

Well they seemed to manage to get "payday" loans pretty quickly in the past.

The days of "cheap" and "easy" borrowing are simply not there, or are riddled with small print clauses.

There feels like an update wafting in the air !!!!!!!!!!!

Hopefully next week, and things start to change gear !!!

Shares in issue 21,096,376,104 = confetti and real poor quality stuff at that.

The ONLY good thing about lowering your average, is that you might be able to dump it sooner than later at breakeven or a reduced loss. The frustrating thing is that there has only been short uplifts before being dragged lower since this whole SLBY story began, and until Forrest-gate shows his hand it is not something I would be doing right now.

Good luck with it though.

It looks quiet depressing to think that 22,500,000 shares are only now worth just over £10k, SS has destroyed the company and any notable value. Likely someone sold who knows something more on the stupid Turkey well, which has about the same chance of producing any oil of note as I have of winning the lottery.

The problem with global wholesale prices is that under the "new" normal conditions, it can cope with demand and modest storage, but there is clearly a "butterfly" effect within the global market place, meaning it doesn't take much, be it a strike or a shutdown of a major plant or pipeline somewhere, to make the market lift its eyebrow.

Add to that the weakened global security with Russian games etc, then volatility is likely to continue for a long time in to the future, both up & down.

I think it is a fairly safe assumption that gas should at least average 100p or a little higher over the seasons though, which is a reasonable average level for Angus.

HenrySinclair,

I totally agree on the offshore pendings etc, though I would rather we had some activity while they finalize other aspects for offshore to keep the kettle boiling.

I am actually a big fan of them doing this onshore drilling, alongside the offshore workings, it has real potential to merge on a number of fronts with any reasonable discovery.

If the onshore stuff kicks in and builds on the current price then it only benefits the grander offshore price build too.

Wait for SS's chum to roll up at HH, Lenigas will save the day, well for a "short" period anyway, Once he starts his Stetson wearing yeeehaaaa stuff lolol

CHAR have stated what the forward plan is, and it is going to generate a whole new and frequent RNS run once they get the onshore licence and plan signed off, which is a fantastic add on to the awaited offshore workings.

Soon there will be plenty to process on here, along with some much improved stock movement.

Just gotta be a little more patient and wait for them to start delivering the goods.

ZYX,

I am also not convinced that any service provider will be willing to perform this service relative to the volume and shallowness.

ZYX.

It is part of my "technical issues" point, that it requires a fairly decent hydrostatic pressure to concentrate/focus the jet from HSD guns, and then they also have an issue relative to the pressure wave dissipation with such a small volume hole.

I agree, you can excentralize to get some shots close enough to the casing wall to have reasonable chance of "some" perforations succeeding, but at best it would likely only be around 10% that would achieve a reasonable level of penetration. The other issue is that at the upper depth they will be also needing to penetrate 2 casings and cement.

Penguins,

I posted on their twitter feed that they were running the wrong guns when they put up the image, and low and behold some time later they RNS'd exactly that.

There is no way the guns used could perforate that size of casing and reach the formation, add to that, there are other significant technical challenges when using HSD perforating guns at such extreme shallow depths, and this also likely contributed to the failings, I know because I have run 1000's of perforating systems in my time and understand them very well.

They would likely be better off using a thermite type perforator for this type of super shallow objective, which is easy to get access too, as they are deemed non explosive, and can even be carried on normal passenger planes.

The likes of MCR manufacture such products and they are cheaper than all the costs associated with HSD guns.

Anyway, I still deem this whole Pinarova story a total waste of time and money, Bob has more hope of getting oil of any worth out of this.

I think in fairness though HITS, this did have the potential to make its way towards 5-6p + if Angus had reasonably managed it well and kept within the reals of Plan A.

Plan A was ripe to deliver, that is until the company simply undermined it with 4 X dilution and heavily loaded payday debt, and seriously bad over runs, all costing millions extra each time. It is the main reason for reacting realtime, and not just hoping it will ermmm sort its self out and get back on the same tracks.

whereas in this industry the risk for reward/success is usually in finding the stuff, that was not the risk here, it was as nailed on as it could be to succeed, it was simply the company that watered down any success with bad management, excessive dilution & debt.

Sagemanm WG, since I have just seen your pointless posts while not logged in.

I was simply referring to Loan to asset, and yes I know well that it is a lease Duhhhhh, That will NOT stop default of any sort opening the door to creditors taking what they need to recoup the debt and some....

As for finance Sageman, I will stick to mine, it has served me well enough to actually make on this outfit thanks.

Anyway back to log in, and banish the kerlowns back to the green bin.....

Why no update on Turkey? its been 2/3 months since last update?

Because it has more chance of producing worthwhile oil as Russia has on landing on the moon !!

Not just that but perforating with 7" guns at the shallow depth they are planning is fraught with technical issues.

No doubt SS is hoping the longer he can leave it, the more chance folk will forget it exists............

I only asked why your stance had gone a full 180 from when you was PUSH2 to this new Bubblepoint as you gave me loads of great information when you were PUSH2 and desperate to ramp the price up pre your sell out at 1.80p

Robday, I sold at 1.8p simply because the morning trading prior to the RNS later in the day rang serious alarm bells for me, and the price action since then has proven that decision correct.

I 100% totally support the SLBY angus project for what it is, there still is nothing wrong with the reborn asset and what they have achieved there, but they undermined ANY success with poor management of the finances, the timelines, some of the dvmb drilling decisions, delays, and as a result they drowned it in heavy dilution, which is bad enough, but then also loaded it with payday debt.

I am totally for the asset, I am totally against the dire handling of this from the get go, which has ruined what should already be showing as a company maker for Angus.

Robday,

No they haven't missed, BUT for the skin of their teeth, and a wagon load of emergency placing to cover it.

Hey Robday,,, if you think that lenders will not take such assets for default, go look at GKP and a few others over the years that have fallen on their own debt swords. Anyway the price says a lot, new lows 6.5-7.0p not really demonstrating a show of strength is it !!!