Member Info for Castaway

Maybe your right - I know they are not supposed to provide info but if they still want SLME "in" then unofficially they may be giving info to the board. If the board doesn't know when production will start we are all sunk! - Happy days! I can't think of any other reason to delay a deal if its possible - have you got any ideas? Cheers Cast

I would imagine that news of the resolution of the finances (if it is to happen) will be released when SLME can confirm that there is full production from I1 well. If they come out of suspension before then with finances sorted and no oil being produced we are back to square one and the s/p will stagnate. I still hope for a positive outcome but in my mind I have written this off - then anything we get going forward is a bonus. We should know either way in the next couple of weeks. Cheers Cast

There was a placing in January that was supported by the major s/holders - one of who didn't cough up! So if there has been problems it must have been after that - its all down to no production once that is sorted everyone will be happy - if it ever is!

Yes the co. has no value without it

You said MAFL director said SLME s/holders caused the problems - that is not good a placing may not be possible if the big s/holders have lost confidence in the management

Thanks - we shall wait and see GLA

Thanks for the info - did your source give a reason for the timescale of the news? Cheers Cast

Started on 1-4-13 thats 7 weeks on Monday - anybody got an idea how long a "simple workover" will take? - if a solution has been found to the finances It would be logical announce it all together - i.e. production underway Dominion paid & loan refinanced. - Well I can live in hope!

and there have been lots of odd share trades the mill trades with no change in s/p are they between II's?

Athol (now MAFL) shouldn't have to lend us anymore just defer the loan til we get revenue - then AM & others can cough up the 80k (maybe more?) and we can get the workover done and production underway. They are obviously tough negotiations as both sides have plenty to lose. I think we will here one way or the other in the next week.

The way I read it is 750k due if B loan notes not converted - also in RNS re funding "The Company also has an unsecured convertible loan (the "Loan") of £750,000, repayment of which is due by the Company on 1 July 2013."

I feel the same way but I am still positive AM will resolve the deal re the 750k loan. As has been mentioned previously all the parties have too much to lose for this not to be resolved.

D the market cap was only 1.7 mil a few months ago and they needed 750k i don't think they could have raised that with a rights issue. Also I think they were expecting production at full flow rates at anytime which would have meant raising capital would have been easier with a placing at a much higher s/p. Cast

But apart from suspension nothing has changed still negotiating with Athol (now MINERAL & FINANCIAL INVESTMENTS LIMITED) over the loan, so there is still hope. Anway it's not like we can get out now GLA (but devine intervention may be needed)

Still not over til the fat lady sings - or they call in the liquidators. Been here before you win some and you lose some we will wait and see...

Yes I agree we don't know the full picture and we probably will owe Dominion plenty more by now, I was looking at it with the facts made available. As I said earlier if production is delayed again (workover is unsuccessful) even if the short term finances are sorted I think the co. is stuffed. I am still slightly optimistic however GLA

That sounds reasonable to me - thanks for your view

Sorry crossed posts - I felt the same as you - how could all this be held up due to £80k but the post from pablo after his talk to AM clarified it in my mind that the issue has always been the athol loan and the 80k was an "excuse" as to why we are in this position which would have occurred anyway as there has been no revenue stream

The 80k is a side show as I see it AM is trying to sort out and delay payment of the £750k loan to Athol - He wants to resolve this problem before he puts up the 80k - if the big loan is not deffered Athol can get SLME suspended from AIM for non-payment of the loan - this could lead to liquidation of the co. AM does not want to put anymore money in until the 750k loan is deffered - if he put up the 80k for Dominion he may lose it and everything else if Athol call in the loan in July. This loan must be deffered to move forward - I agree losing the share of the wells would be the end but I don't think that is the main issue at the moment.

Will it break 400p and if so where will it go? Anyone got ideas?