Member Info for Crash2016

That's not what you were asked though? I asked you how revenues can reduce the debt? They can't so why did you state that? They need to make pure profit to reduce the debt but they made a $4 mill loss for the first half of 2015 so are you now telling me they will recover that loss in the second half and make a profit and pay off the debt? I'm sorry but that's impossible. I think further losses in for the 2nd half of 2015 will be the case. The assets are inflated, not worthless as the truck mounted rigs would no doubt fetch a small amount but what other company would want to get there hands on the lifabric rigs? There is no such thing as a lifabric rig. Lifabric is a methodology ie, it's a system of doing things and not a physical asset, it's IP. It's not worth a sook though in any case. The 25 truck mounted rigs cost $40 mill in 2011. Show me evidence of them being worth a single penny more.

Please explain why revenues will mean less debt? Revenues are not profit. What's the profits going to be? Only pure profits can pay down debt and GDL are not making any profits.

Ranting? what ranting? trying to discredit what I have said is not going to make anything any better and it also shows how biased and blinkered this board continues to be. A couple of guys put forward their thoughts in a reasonable manner where you just want to blank out anything that does not suit your agenda. Closing your eyes and hoping it's not true doesn't make it so. You'll be the one left holding the baby and it will be your own fault. To understand what Randys doing use your loaf. Put yourself in his shoes and start walking. Make sure they shoes are based in China and your doing what right for you and not shareholders. Then you will start to understand. Tell me why you think the true value should be any higher? Give a detailed reason why it should be and if you can't then you need to be honest with yourself and say I don't think I can justify the higher share price and then you will see why it's priced the way it is. Please explain why you keep insisting that between June and December GDL generated $34 mill in revenues? Give us a detailed explanation instead of just pulling a figure out the air. 17 Lifa in 2016 and a $8 mill contract with Essar? is that it? it's not anywhere enough to keep the lights on. Instead of creating a us v them thread here, try and discuss in a rationale manner what you are saying rather then just going on the defensive. You're coming across like the bigger boy is trying to steal your toffee and you're standing there with your bottom lip curled up and tears in your eyes. Just explain where you are coming from and give us some detailed info without the insults and attempt to discredit posters.

It was only a few hours ago trion was telling me how wrong I was. Sorry but almost a quarter of the companies value was wiped off today. Got to be a reason for that. I suspect another 2p will be wiped off soon enough.

Did you sell 1.2 mill? Nice try but that was the herd running for the door. It's going to 1p like I said.

That's the word. Insolvency is very close and if not insolvency it must do a placing to stave it off. The OPs Update on the 5th of Feb more or less spells out placing imo This is what Randy states: "Monitor the assessed opportunities to expand into new geographies and ensure stability and investment certainty prior to any expansion execution." Now, what investment? GDL have nothing to invest, they are practically insolvent. Is he talking about additional debt? A placing? YOU CANNOT EXPAND OR INVEST IN OTHER GEOGRAPHIES WITHOUT CASH. GDL HAVE NONE.

it's not about excitement, it's about making money.

I suspect there is still time to get out. It's strong sell imo.

Thanks for the response mate: Sorry if my tone offended, I may have been a bit frustrated with the blinkered views of some but lets see if I can atone for that. What good is that plant to anyone when the methodology is alleged to be a secret? what good are these things to anyone other than the people who use it. A standard piece of kit used industry wide would have more value would you not agree? For instance, every one in the industry uses round pegs and only one company uses square pegs. How many buyers will there be for those square pegs when they go up for sale? exactly, they need to be offloaded at what someone would be willing to pay and for truck mounted rigs with alleged special ancillary equipment it's not happening. My point is the assets have depreciated far more than has been quoted and worthless imo. If you look at the admission doc you will see he claims the rigs depreciate over a ten year period. Here is the paragraph (Of these rigs, five drilling rigs and the one workover rig were purchased in November 2007 by GTS Zhengzhou from Schramm and two drilling rigs (manufactured in Australia by Air-Drill Pty Ltd to a Schramm design) were acquired by GMD which became part of the Greka Drilling Group through the Pace Drilling Acquisition. Two different drilling rig specifications have been acquired, being the T130 model (3 rigs) and the T685 model (4 rigs). All seven drilling rigs are capable of drilling horizontal and vertical wells. The average age of the drilling rigs is currently three years and the drilling rigs are depreciated over ten years.) So 25 truck mounted rigs cost $40 mill 5 years ago. What are they worth now? That's the point I was making. Where is there any confirmation of any other significant purchase of assets to justify another $55 mill of assets? it's ridiculous. If they have a 10 year depreciation period and are almost halfway through that period what are the rigs worth now? they cost $40 mill so what can we attribute as fair value now?

Thanks for the reply mate: In response: What other source of income do they have other than drilling? None? that's correct. So if 2015 consisted of failure after failure do you think the revenues went up? or do you think borrowing went up? because paying over 700 staff for playing snap in the canteen does not bring any revenues in. Training for over 20 thousand hours does not bring revenue in. So you can call it an assumption that debt rose in the last 6 months but I would call it to be as plain as the nose on the end of your face. Be honest? Things are not going to be any better for the first half of this year either so you have the second half of 2015 still to come out which won't look good and then in September this year the first half results for 2016 which again won't look good. Hows the share price going to look on this declining data? You stated this: (In terms of the value of the NBV, I don't really understand your concern about there valuation as the auditors would have carried out a review including the depreciation methodolgy in order to give their unqualified opinion of the accounts e.g. They are true and fair.) My response is simple. None of what you claim in the above quote is audited. Every single figure and fact you quoted is wrong..not your fault and don't take that personally but what I am saying is randy stopped getting the auditors in to sign it all off. Go and look at the last 6 months report and you will see that Randy opted not to have the audited and stopped this back in 2014 when things were getting sticky. Now if that's not a sign to be concerned then what is? he can put what he wants in there basically. I can't fault your oppinon as we all have one but the 1500 wells providing a bright future for GDG and thus GDL just does not add up. It's never done so in 5 years, in fact, it's never done so at any point in time over the lat 10 hence the spin off. GDL was the costly part of the whole operation and when on the books of GDG it could not be missed and it weighed heavy on the accounts of GDG. Now GDG are free of that weight and have had 1500 wells drilled and to put that in to context we are talking in the region of $500 million to $750 million for that amount of wells to get drilled. GDG never need to worry about drilling at speed at any time in the future or the next 10 years at the very least. Honestly, just think about that. They had a grand plan to drill 150 wells with X amount of expenditure of a certain time frame back in 2013 then all of a sudden they just happen to have 10 times the stated amount of well drilled free of charge. Everyone here still claims that's good for GDL though? stand back and look at that objectively ? it crazy right? it just simply does not compute for GDL holders and imo it's the biggest shafting ever.

Don't be so silly. Missing the point? what point? you've not made one single point since I decided to enlighten this board. I'm wrong with the amount of drilling rigs? No I have clearly stated that you have 8 old rigs which are now fully depreciated bar 1 and 25 newer rigs that were purchased in 2011. 33 rigs in total. Have GDL bought more? have they sold some? Didn't think so. I'm a bad loser? no, I'm a winner. I don't hold this companies stock and that makes me a winner. You the one that's losing and have been for years. You've chased this all the way down and it keeps falling lower lol. The future eh? If the past 5 years is anything to go by then it's looking bleak. If the debt is anything to go by, then it's even bleaker, if the amateur RNS's are anything to go by then this company should not really be listed on AIM imo. I suspect this will be below 1p very soon imo.

GDL have been ready to rock n roll for 5 years. They have never rocked or rolled once. £15 mill is very expensive for a company with over $40 mill in debt and not generating any profits to repay it. What do they have in terms of assets? $40 mill for 25 rigs? they claim to have spent more on ancillary equipment for the rigs but what good is that to anyone outside of Greka? their assets are worth less than current debt in the open market. The rigs are worth $40 mill when new but what now? the rest of the stuff is no good to anyone as it's alleged to be proprietary and nobody outside of greka would have any use for it. That devalues it's open market value.

Just seen you post to me. In response: The Debt is $41 mill and rising because the have drilled next to nothing. Read the last RNS to see how they got on with the 30 wells for GDG. Debt will have been increasing unless the cash fairy has been round to Randys with a sack of green? Please don't try and dispute the level of debt. It's $41 million and rising as of 6 months ago and things have got worse. You said I think randy makes up the depreciation calculation. I said he makes it up to suit himself and cover himself to the hilt. Lets take a look at Randy's own words 5 years ago when GDL listed: "All seven drilling rigs are capable of drilling horizontal and vertical wells. The average age of the drilling rigs is currently three years and the drilling rigs are depreciated over ten years." So If randy states when listing that rigs will depreciate over 10 years why change it? I'll tell you ok. The reason he changed it is because with so much debt and the assets depreciating year on year things would not look as bloated as the do now and the share price be be under 1p right now. The 1500 wells, will benefit GDG and only GDG. your confusing things with the thought that if GDG do well GDL does well. 5 years and you have learned nothing. At which juncture has GDL done well due to GDG?

It's not invest able at these prices, you are being mugged. When it was in the teens it was blatant was was happening and there was a hardcore of posters who admitted to changing names responsible for what went on. You've not been diluted because who would put money into this? it's riddled with debt, the so called assets are worthless except on paper. If RG took the begging bowl round London he's come out with it empty. The rigs in total cost $40 mill oh but there was another $50 mill spent which we don't know about? the initial rigs the company listed with are not worth anything now as the 10 level has passed. Finally, there is nothing wrong with dilution when done for the good of the company. There are many companies raised funds and recorded 200/300/400% in growth afterwards. it's called scale and growth and ambition. This company has none of it. The pursue nothing they achieve nothing and they release punitive news flow flow with conflicting information and you all lap it up and say it's still good? There's people here who just don't follow the proper criteria for investing and if I was looking to invest here that would worry me as to why they seem so blinkered and avoid the obvious problems here.

7p will be the bottom.

I'm surprised your surprised. They really do have no regard for share holders imo. Eassar contract worth $ 8 mill? pfft won't be starting any time soon? More jam tomorrow? Then an informal update wrapped up in a new contract news release but the real bad news was tucked up inside. Disgusting and anyone buying these needs to have a think about what I've said. Read over the RNS's the last one is a perfect example of how they feel about holders. Over a year ago the issues an rns stating a 30 well contract was singed with GDG and over 13 months since that contract was announced they decided to update the market on it's progress via a separate contract with a different company so they could hide it all away. They have basically drilled 13 wells in 13 months. WOW!! a 30 well contract could have been done and dusted in 3 months, 6 months, 9 months even but no. 13 months later they are not even half way through. I said it before and I will say it again. This company is un-investable.

That's the share price. It changed from blue to red. Blue means it was up then GDL done what they done best and it wen't red, which means it's down again.

I did say what would happen here. Duckworth's punitive buys trying to install confidence after decimating the share holders is disgusting. He's saying yes, we completely shafted you but now that all the boys have the cheap stock lets get behind them. I'm quite sure we will see 4 to 5p very soon.

Duckworth must have read my post yesterday and had a rethink. Sorry but a pathetic 150k from a multi millionaire is a insult to our intelligence. Those who got stock at 4.2p would be wise to get the profits out because this will be revisiting that price very soon.

I've done no research on GEL as it's of no interest being one of RG's companies. The MM are very skeptical of it as the spread has always been massive and that's because the do no trust the stock imo. By keeping a very wide spread they can deter any trading and if your a holder there you will notice there is never any volume unless it's selling. I wouldn't touch it.