Member Info for CrustyPete

Can currently Buy at 0.502p!!

At least the warrant issue means they cannot be sold straight back into the market as will happen with the new shares - the sp will come back to the placing price in my view 2bn new shares in circulation and many will get "forward" sold methinks... That or will keep the bid price at 0.5p in perpetuity as those shares get washed through the market...... I had been tempted to "average down" this morning but sat on my hands as I think we will see a lower entry point over coming weeks.

Well, in retrospect I guess we cannot be surrprised, despite the unequivocal assurance that we would not need a cap raise before the end of the year 🤬. I am not totally shocked, this means that he will; avoid a major grilling at the AGM - all the "finance" questions have now been answered:

"Net proceeds from the capital raise are intended to be applied to the CCS project, and the Company's working capital base."

Now it only remains to find out what the hell is happening on Cambay.

Seems I didn't "cut and run" soon enough! Kicking myself.

With that many and a headline cost of only $450k per drill you can afford to have a few dusters Zoffy.... it doesn't take much to recoup your outlay.

A number of people have opined on the questions of the why's and wherefores of Russel Swarts' departure.

My own view is that it is very likely to be to make way for a "replacement". If we are to JV with an new entity for production or off-take then that new partner may well want a position on the BoD. Albeit, I would admit that, somewhat premature to be doing so before news on such a development.

What 91joyo, you mean? Ha, well that'll move the markets then.

Sounds like he is still choking on his donkey.... it never did reach 0.90p and after how many months? Whereas it did go above 2.0p - albeit briefly.

Total clown.

We will no doubt soon see mctripe popping up to tell us all that today's 1 trade is a sign of things to come... imminently! 😋

Whether that opinion is correct or not it is of no significance whatsoever - the market is not going to second guess the outcome of the ML application until that official approval is received. So opine away....

If there is zero clarity forthcoming from the BoD at the AGM regarding the roadmap for the next 3 - 6 months and their proposals for developing the assets, including where they believe they are going to get the capital to fund those developments then I may just cut and run.

There are surely better options for the money in the short - medium term.

Oh and skippys - your thoughts on the below?

45 upticks?! Bloody hell, I didn't think this BB even had 45 readers any longer! 😉

And so Wimbledon, what would you expect those tri-party funding arrangements to actually contribute towards funding? Off-take and production facilities or exploration / appraisal wells? And would you expect any / all of these to use the collateral generated from the Galactica Farm-In or not?

My expectation is that the production facilities will be funded from Debt finance and that will need both the ability to pay interest and an asset to use as collateral - the only asset sufficiently advanced to be considered suitable for collateral is Galactic and only then once the dev wells have been proven up.

Furthermore in my view, off-take arrangements can only reasonably follow once having a production facility in place, or at least, the plans and commitment to put it in place; hence this will not be the first "arrangement".

I am anticipating any working capital required for further drilling to come from traditional Cap raise methods but how much that will be and when it will be necessary I am not sure, other than to say that I do not expect that to be before end Q1 or beginning Q2 2025.

So I am not expecting any finance arrangement being announced with the ML approval because, in my view, the BoD are not yet in the optimal position to conclude those arrangements. Though I am sure they will tell us that they are "pursuing" Debt Finance and JV conversations and what they are looking for with the ML.

I do think there is the chance that they will give us further details on the Feasibility Study but it can not be more than a theoretical proposal until and unless the commercial arrangements are in place, which I would not be expecting until some point in Q1. And I hope that we will not be waiting until Q1 for the ML approval.

All speculation of course and just my thoughts.

So Skippys what are the logical implications of your view? That there WILL be a fund raise announced with the ML approval? Because I cannot see them getting a JV or Debt funding in place for the ML approval - not first without having seen the results of the Galactica drills (at least some of them).

It is certainly NOT a foregone conclusion that dilution will be necessary Blubay, I would agree. But even if so, when? N o time soon is my view.

That is totally a moot point - moreover it also assumes that there will be any additional operational activity in Rukwa in the medium to short term which I, for one, seriously doubt. Q2 at the earliest is my view by which time the picture will have changed immeasurably and the sp will reflect that change.

I just read this on Linkedin in relation to recruitment of "older" people:

"KAMALA HARRIS IS 60 YEARS OLD.

DONALD TRUMP IS 78 YEARS OLD.

Both are running for President of the United States.

Arguably the biggest job on the planet."

I don't doubt that Selan will a good job in Cambay but the most critical thing right now is the timing of that "job".... when will they start work on the programme and what are the implications of that timing? Will it be soon enough that (dependent on results) it will forestall any need for a short / medium term raise? Are Selan interested in the Farm-in to Cambay CCS? If so when and what =might the implications be for SYN and working capital, if any?

Our short - medium term fortunes here are all linked to the possibility and , if so, timing of any dilution. The longer term may look rosy but the question is how far down do we go in the meantime?

Couldn;t agree more Sid. Plus once the assets at Galactica have been "proven up" (post development wells) will give the company an asset that they can collateralise and an income that can be used for repaying interest....

It is inevitable that the BoD will want to keep tight lipped about any forthcoming raise but I hope that anyone that attends will really grill the BoD about our cash position and the likely nature and timing of any short / medium term cash raise...

Cameron, I am not the least surprised that this RNS has done very little for the SP. Firstly no-one was anticipating any issues with it being completed, so why is the eventual completion anything more than a "rubber stamp"? It is not, in itself particularly price sensitive in my view; It was already in the price. However it is what this completion marks is the first step in the process of He1 becoming a "producer", everthing that now happens will take them (us) closer to that material milestone. Now we should very soon see a drill programme and each one will take us closer to that achievement.... and each will add to the process of incremental sp growth.

That plus the ML approval sometime in the next 6 - 8 weeks? And all that then triggers. All very positive in my view