Member Info for Charlie1984

Well thats another HUC up I have seen from start to end. Managed to move 45,000 tons from Korea to the North-Sea in 7 modules, a long with the topside we also installed the jacket. 2 years on we have achieved the unachievable and are now producing Oil from a heavy reservoir.
I have said all along GR and his team have no millstones, no targets and no plans, they are making it up as they go along, this is my 4th possibly 5th HUC successful project in the North-Sea & 6 month stint in Dubai.
These jokers are still producing absolutely nothing in that time frame.
So Mr Roach I am away to Iraq for a 9 month contract I wonder if you can turn a profit before a complete yet another successful project.
If anything it will take my mind off looking at this absolute disaster which is your cash cow, thats easy to say as you are the only one profiting from it!
Been here since 0.8p to the 3.5p all the way down to 0.025 over 1400% dilution and down 99% make sure you know what your getting into before you buy in here £75k down and counting currently well and truly locked in!

Still time lol

Normally seen on the backend of a positive RNS, why would this time be any different ?

Doesnt really matter as long as it gets us done.

To be fair we are in a hole and we need to get out of it, regardless if is 3 month or 12 months wages we have no choice as we are all locked in so either suck it up or sell at a loss.

As always GLA and hopefully something dramatic happens here and raises up from the ashes

Buy not bit

Would make more sense to do a bit back of £2-4m at these levels which would see close a + 50% reduction or put more in and reduce further. Cash could be kept for working capital and also reduce the money given to shareholders with out reducing the amount.
The reduction of shares will increases the SP so add value and less shares to issue a div too so there is a balance imo and could be a win win all around

Difficult one I could probably treble my holding but for what at the minute. I could throw £10k on Red or Black and would be given a 50% chance problem is why the assets are still very attractive how we can develop them with no cash isn’t.
After all like most we have all averaged down saying this is the bottom only to get burnt.
GR cannt share any millstones plans or guidance on his next moves.
Does someone trying to raise sentiment he for me needs to start informing shareholders more.
I have been in numerous shares that have went bust or private. The gamble here at this time isn’t in the odds of the average PI but those PIs new to prem or returning if they sold out with a small loss or profit.

TO bid needs to be announced and will increase the SP accordingly, as such taking a position with $350k will require a TR-1 and every time he adds will require more TR-1s.
To buy such a sum to secure enough to TO will produce a huge increase in SP as I cannt imagine one would be buying in millions rather 100 of millions
What is $350k in in shares or percentage 6-8% following the dilution to issue them?

Really
The guys name is in the RNS
PIs deserve the right to know who the guy is if he is holding in excess of 3%
Not exactly rocket science google his name he comes up in LinkedIn as a trader of volatile companies. May not be him but fits the bill

Is it worth while putting a list together of every decision GR has made, backed up with RNS dates to show dilution and capital raised for assets which has in turn never been used on those assets i.e (Zulu drilling £1.1m)
Purchasing assets such as TCT selling them off at a loss, the CEO taking the only thing valuable (Game Lodge/hotel and land)
CASA - purchased and sold at a loss of approx 50%
Entering poor financial deals with death spiral consequences
Now the loan which will possibly destroy this share , money that should have been used on Zulu drilling or RHA getting back into production

After all GR is paid to act in the best interest of PREM and its share holders, this means that any bright ideas should be risked assessed and then on the outcome of that a decision make sure if its viable and in the interest of all PIs not just think its a good idea because it benefits him.
This list could also be used in a time of need and sent to the FSA should GR wish to take the company private.
Maybe all the lies and deceit and miss management could also be used in a court of law in the event that shareholders wished to follow up with legal action against GR .

See some action, they have invested $450k so far as part payment of $6m USD so 1/12. GR has diluted us to raise $1.1m to loan to some other two bob bit company so we wont see any news on RHA or Zulu as we have no funds to do anything, what funds we do have will pay wages up until the next dilution which will be close to 0.015-0.02 (if we are lucky) this share will tank tomorrow as PIs sense further dilution at a discount price, shares in issue too quadruple if he raises funds at this levels Fat Fuuuuuuuuuuk needs to go he is killing this share!

We are raising capital to loan out when we need funds for operational costs and to get back into production, any cash we have should be utilized on obtaining and getting into profit not chasing more rainbows or gambling on others assets when we havent got our own in order, IMO it is completely and utterly irresponsible of the BOD to even act in such a way.
If we dont have cash for working capital how can we raise funds to then fund others, completely and utterly bonkers and not in the best interest of PREMS shareholders.
Are we going to survive, if the GR was doing and delivering what he is paid hansomly to do there wouldnt be any question of this, the fact that in 8 years he has failed to add any shareholder value and has diluted over 1300% speaks volumes for the mans ability to deliver. In order to deliver we need to be turning a profit, for this to happen we need to be operational and operational is going to cost £2.1-2.2m if I remember correctly.
Do the maths 6m Zim or £1.1m coming from the government so why are we loaning over a million out via dilution surely that would be better spent on getting RHA fast tracked into production.
Seems GR doesnt want to fund RHA any more and wants Zim gov to do this, problem is why we await further funds to do this GR and his team are burning cash on operational costs and not progressing anything and will more than likely spunk that cash why waiting for the remaining balance.
On paper you can have the best assets in the world if the books dont balance and you cannt develop them they aint worth a penny!
So to answer your question, if GR continues to is manage this company and its finances it wont be long before there is nothing left!

if we go bust and the assets loaned against, who do you think the loan will be repaid too ?

lets line the dots here guys, we arent in a position to loan money as we need to raise our own working capital but GR has loaned it any way, there is now a loan taken out against the Circum shares at a 33% loss, this guy needs to go, how can he take a loan to pay accounting fees at a 33% loss is not repaid, then loan cash we dont have to a mates company. This isnt acting in the best interest of PREMs shareholders looks like its a pocket lining exercise and until GR adds value here I really cannot draw any other conclusion as this company is nothing more than a scam to rip off PIs.
The man needs investigating and the accounts need to be reviewed by a 3rd party as there is a lot that doesn't add up, when it does its for working capital.
Strange how GR hasn't offered to loan the company any money and now offers loans up to his mate at a massive dent to asset value if not repaid.

Adding the two new guys, will have a negative effect on the Sp as it will cause dilution to cover cost of wages, any dilution at these levels will be catastrophic to the holding of LTH. (IMO) Hyho though two more in the management team to share the failings among.
As stated in previous posts what can the two new boys add that GR has failed to deliver. if they can deliver what are we paying GR for? Talks with the Zim Government? as the last ones seen us only receive 20% of the £6m we where expecting and clearly not enough to get us back in to production, so if nothing is happening as we have no cash why pay more people to do sweat FA as we A) Dont have funds to get RHA operational and B) Even an extension on Zulu we have no cash to drill it (last dilution£1.1m raised as per RNS was spunked on operational costs not drilling) C) Again GR chasing rainbows and loaning money we dont have (every deal so far has cost us money - latest CASA 50%)

If you could make a claim against a company CEO GR wouldn't have a leg to stand on as his running of this hole operation has been shambolic and how he continues to get away with it if beyond me, not one decision has been in the interest of shareholders, not one decisions has added value, further more there has only been one winner from those decisions and thats been GR.
Or can you blame LSE as they continue to delete posts seen as a negative towards the company when in fact they are informing PIs of the p!55 poor management that has facilitated over 1300% dilution under GR reign . Unfortunately it looks like the cash cow has no milk left, any value will slowly be bleed from the company assets until nothing is left.
My latest ban was for quoting GRs words from a podcast interview. Absolutely discussing LSE

If your looking to invest here be very careful, most still here are heavily under water and locked in, only throw away what you can afford to lose as this is a gamble now rather than investment IMO

So we lost approx 50% on the ACRM shares god help us, every deal, purchase, funding or investment orchestrated by GR has cost us the share holders money the man is just making it up as he goes along. Would he make the same stupid mistakes if it was his own money ?

I did say this was my view a few days ago, run the company SP in to the ground low ball offer to take it private.
Would like to see Circum Shares ring fenced as insurance for PIs no selling or borrowing against. These shares should be worth a minimum of $1.5 each latest loan against the if at $1 if we cannt repay. That’s 33% lower than we paid and apparently we got them cheap. Will be paying them selves in Circum shares next you watch.

Anyone thought of the reaction of the Zim Government.
GR has issued a RNS saying Zim Government are stumping up $6m (Zim), he hasn’t stated any time lines to get RHA operational. However he is loaning another operator 20-25% of our MC.
How does he expect the Zimbabwe Government to handover the full $6m USD (previously RNSed) if he cannt even outline how and when RHA will be in production.
Why it maybe seemed as a positive getting two guys onboard the negative is how do we pay two more highly skilled staff. After all GR has just loaned our only cash reserves out.
So no RHA income, spare cash spunked on someone else’s assets, no cash for drilling of Zulu. More mouths to feed and no more info on when the Zim Government will handover the remaining balance.
TCT, CASA now this
RHA £20m + no return
Circum £5m dilution no return (£350k loan secured at a 33% loss)
Zulu - no drilling ongoing but looking for a extension on land (why we ain’t got cash to drill anyway)
How many more mistakes and fuuuuuk ups is GR going to make (at our expense) GR hasn’t shared or outlined and plans as he is just making it up as he goes along, for me GR is a liability and needs to go.
Zulu could have been drilled and at DFS stage if he hadn’t have waisted cash on falling assets or poor finance arrangements that screwed this SP close to 1250% dilution
The BOD and CEO certainly not giving much hope here now assets are being loaned against this is a very slippery slope.

I’m the new troll, over £75k down having an opinion on a ball bag of a CEO that has offered no shareholder value is stating facts.
Maybe you can point out what part of my post you class as trolling.
Then maybe you can point out the positives that GR has delivered in the last year. May I point out that he is yet to turn a profit and has diluted to buy assets everyone of which we have lost on or down on.
TCT who now owns the lodge?
Who is still in the driving seat after saying he would step aside?
Who increased his wages 100% from $150k to $300k to then say he was working part time and bringing Michael Forester in and would take a reduced wage, hmmm $150k .......... lined that up well to get paid the same wage for doing FA to get paid to work part time.
Is saying he spunked the cash raised $1.1m via dilution to fund Zulu drilling leading every PI to believe results where “imminent” only then to let it slip in a podcast interviews to which he then needed to RNS the BS he was trying to keep quiet, that he had spunked all the cash on working capital and that there are actually no drilling results. Don’t wordy though he is working round the clock to get an extension on Zulu (but we still have no income to fund drilling) - this is a CEO lifestyle keeping exercise.
Keep your rose tinted glasses on, at least it’s sunny outside

Because it’s in the company’s interest and it’s staff and employees CEO have pensions etc - I will draw your attention to David Ross and Cosalt he was majority shareholder (UK company) didn’t submit books for 2 years got suspended then made the company private as he had loaned the company money. Within 12 months the company rocketed but that’s a different AIM story but shows it can be done.

Who do you think will take it private ? Yes GR