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The board shouldn't release a bad RNS with no funding plans.
It has been over 15 months since the release of the Pensacola discovery. They have 3 weeks left and still funding news.
I have been mega impressed the way business has been conducted, up until now. If they balls up with this then why believe in the other licences?
There are only 93 million shares in issue. At 38p I am sure they could have issued 45million shares and raised £17million to stay in bed with Shell. I am certain this would have been raised easily.
This would only have a total of 138 million shares.
It's not billions of shares, like some others. I don't get it.
Why wouldn't management do it?
This wasn't from the last RNS. Swindells said they couldn't fund it. So witch is correct?
David - """Cash position of £9.1 million at 30 June 2023 (31 December 2022: £20.4 million), with a net cash outflow for the period of £11.3 million (H1 2022: £2.5 million). The first half of 2023 saw significant planned investment and use of capital to complete the drilling of the Pensacola discovery."""
Since buying UK-based WAT-ER-SAVE SERVICES LIMITED Turnover in December 2022 has increased from £406,591 to £1,487,885 and profit has increased from £116,550 to £462,362. That's up 296%. Companies House https://find-and-update.company-information.service.gov.uk/company/02498598/filing-history
Most growing companies issue shares like they are going out of fashion.
This is growing organically double digit and the banks are willing to give them the odd small loan which is good on our part. Only 17 million shares in issue. This share will hit the £16+ at some point. I've no doubt about that.
Dividends will start to rise. We have billions in cash. This has come about since the banking crisis and Governments instatance on banks having a cash mountain backup.
This cash is earning in the region of 5%.
Get in at this 43p price it's a bargain.
DYOR.
CEO Graham Swindells says analysts say £2.40 a share. Https://youtu.be/IHvptFI9S7U