Member Info for Bubblepoint

ocelot,

those "significant" shareholders are "significant primarily because they have entered into numerous stock placings, but much they are nothing without retail, more than often these ****sters will sell down old stock in the knowledge of imminent placing, so their % balances out, they don't want to own the company, they do it to both make money from the discounting, arrangement fees and all the other carp they fudge into it, but without retail to take from them, they are dead in the water.

we are indirectly critical to have onboard, not necessarily angus, but to the significant holdings ****sters themselves.

Ohhhhhhhh and don't forget to add in the fat placings/conversions over the same period too, some of that also to cover debt/interest, meaning they wouldn't even pay those from the cash pot, they simply diluted everyone else to cover it. embarrassingly shocking, all of it.

Ocelot,

I couldn't give a fluk if the points on financials convince you less or more, THE FACTS are clear to see, in that 10's of millions in production revenue PLUS the excess left over from the consolidation of debt with Trafigura AND the year long grace period HAS resulted in a current bank balance of NOT A LOT, and clearly insufficient to make the first nor 2nd instalments back to Trafigura., which IS in the eyes of the financial rules a DEFAULT on payment.

I see NO ONE could put all the numbers up from the last 2 + years of production & any additional wonga (excess to debt etc) this lot has had through their hands, it is a shocking number, and all but a dribble has washed right through their hands.

EVEN with the new production revenue increase (hedge) what could it equate too ?? well looking at the past cash burn, then at absolute best, they "might" break even against debt payments, regardless of how it is reconfigured, it still needs to be paid and it isn't going to get cheaper relative to the now EXPOSED revenue risk.

Anyway, like I said, THEIR numbers tell the story, do whatever you want to polish the tvrd but it is STILL just that !!

Awww Mullins, your too hard on your self, your not brainless, clueless, etc,,, but then it isn't me sitting an a heftly paper loss is it ?? the tiny punt I am still holding is just that, tiny beer money, thankfully took the main off at 1.6 - 1.7p you could have listened to me THEN too and followed suit, I DID give my reasons and sure enough !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I bet you were NOT in the investment side of Natwest & Barclays lol.... or maybe you were and NOW your not for obvious reasons lol....

Anyway, like I said, try not paying your mortgage and see what they call it lol....

"" there have been breaches of conditions, yes.""

Ermmm of course, breaches of conditions along with failure to pay on specified dates is a default, it does not matter how you dress it....

Tell you what, try doing the same with your mortgage and provider lol.... see how THEY dress it !!

""Nobody is in a position to speak for Trafigura except Trafigura (and they are saying nothing).""

SOOOOOOOO the elephant in the slby room being the defaulted debt burden to Trafigura is not something to talk about lol.... really !!! The reality that Trafigura are saying nothing is worse than saying something , why ? because all the murkiness going on and the longer it drags on, only heightens concern as to the actual "going concern" of the company.... so of course it is a notable topic of discussion because THEY and this outfit are keeping everyone in the dark

Sugar coat it all you want Ocelot, they are in financial trouble, and it isn't being cleared up because it is very much on a knife edge,

I fully believe Angus were putting their last dime on this booster compressor elevating production significantly higher than the marginal difference it has made in the true cold light of day. thus it failed to deliver and I am sure Trafigura were taking notes during this whole process, which translates to incompetence, so how do you deal with this as the primary lender ? well almost certainly you are not going to give them even more to squander on incompetent industry ways. They WILL want their money back with all the bells and whistles, that will be Trafigura's main & likely ONLY focus here.

Yes, 3 months in,,, and 3 months left to sort this debacle, along with how they will pay Trafigura not just going forward but for the defaulted amounts too.

As for an International bank story, well I know what I would do if Lucan came begging, I am sure anyone worth their salt would pick big holes out during any due diligence process. Then its off to knock on Wongadotcom's door, and we know how that all ended.

Add to that, the reality of this bullshine RTO whilst in default really says it all, because that due diligence process will destroy the credit score rating before it has even started !! lol...

Ocelot, you can call the industry taxation an issue if & when you hit having to pay it in the first place, in Angus world it is not an excuse as the debt burden massively overwhelms anything being produced at this time..

Had they done SLBY the right way from the start, including early financing and actually following industry methods rather than short cutting while drilling, then it could have been VERY different today.

It isn't and they are trying to sweep this under the carpet with some RTO bullshine story, a distraction attempt and a very lame one at that.

The ONLY good decision this shower has made to date was to initially take on SLBY as the stranded gas field that it was.

It "could" have been hugely lucrative for them & retail, BUT pretty much EVERY decision made since the birth of Angus & SLBY story has in reality been disastrous, both through incompetence operationally, drilling what should have been a cheap side track, into the most expensive and lengthy drill the UK land sector has ever witnessed, add to that they also only drilled 1.3rd of the sidetrack planned just to further deliver on their incompetence in both understanding geology and drilling techniques to achieve the goal.

Add to that the lack of understanding regards "booster compressor", being that they have installed something that equates to trying to high jump before you can even crawl...

Then and worst of all, the financing of all these badly executed plans, demonstrating some of the worlds worst financing deals and timings on the planet.

Yes, I can see WHY they want to run away from this UK story, as it is them themselves that are beyond challenging, not the industry as a whole.

It is simple hydrocarbons laws of physics, and it isn't like they are on the edge of production at "dew point" they have well and truly steamrolled well below it, thus why the booster is pointless without additional liquids lifting methods, dropping the flowing pressure in the well/s simply throws the well/s beyond critical for liquids inducing and stalling out of free gas production.

Hits, I doubt it will "optimise" any better than what we are seeing right now, and that may well be the "honeymoon" levels. it will take far more radical efforts/workover/s to see any notable differences, and as WG notes, as to whether that is even economically viable, meaning cost Vs return.

Personally, I would say they "should" run at least one velocity string in one of the wells as a testing ground to see how much effect it has on liquids lifting or not, especially since they have already spunked a small fortune on an almost pointless booster compressor, that would likely benefit IF they were to enhance with velocity string/s.

The ONLY game changer for SLBY field production would be the day they actually DO SOMETHING about the increasing banked liquids in the wellbores and near wellbore/s reservoir.

I will be one of the first to shout their praises if they implement any tech to start removing the build up of downhole liquids, as this is the ONLY way they can unlock the shackled gas trying to flow to surface, there is still plenty of recoverable gas for them to play with, but the longer they do nothing viable to remove the liquids, then the liquids simply compound the problem by the day, and the harder it will become to apply the tech to lift it from those wells.

Until that time, if ever, the field will simply keep in the production death spiral it is already in, any small variation seen today will without question be short lived.

Shhhhhh don't tell Skelly or he/she will start cribbin again !!!!

If you make it for the 1st of August it would be 1.373.

Being selective does not paint the truer picture of the general average, which is why it is sensible to do it over a minimum 30 days.

Thw waters Angus are in are the SAME murky waters that UKOG, PPP and a couple others have positioned "themselves" in. and all are running for the 6 month line at a fair pace................ The ugly reality tool of some murky water Aim outfits.............

Ermm yes, because defaulting on the debt was not justification enough for suspension, so they lumped in the RTO tosh to quickly justify the current situation.

That ONLY works IF you are suckered in on every bullshine word this shower spouts, unfortunately the reality is THEY knew they were in sheite up to their necks, and suspension was their last form of defence against a mass exodus and further SP collapse.. but heyyyy if you want to sugar coat the reality then carry on lol..... If & it is a BIG if, this shower of shiete ever comes out of suspension then it is almost certainly going to be hitting out with a humungous placing and additional drowning in debt, a debt they were already swamped under with and unable to pay.

The smoke screen RTO bullshine is almost certainly just that !!

Skelly, GROW UP will ya !!! you sold out, you clearly don't want it to move upwards too much pre DFS so you hope to jump back in at the last minute, thus sooo much neg waffle from you...

Anyway, hopefully a slow and steady upward trend, which would be perfect as it removes much of the fast buck trade element from the scene.

What like ?? SDX lol !!

It will "definitely" BE different !!

Yes, as said Mullins, clearly demanded a seat at the table to protect "their own" as a going concern !! desperate measures in my book.