Member Info for CrustyPete

As t happens it is NOT the way I am reading it - the RNS is factually incorrect and, hence, so I am at fault for relying on it. Though, Prospero the reality remains that your calculations are also wrong and Eclipse could have taken all of the new issue and still remained under the 30% cut-off.

If Eclipse had taken ALL of the new issue of 177,272,727 (not 72m + 177m!) shares their post purchase holding would have been 1,153,536,807 + 177,272,727 = 1,330,809,534 (not 1.402bn as you claim it to be) . Which as a %age of the new enlarged share capital = 29.782%....

Bye bye for now.

Very simple Rojo that is the number of shares they acquired in the conversion of the debt $1.5m + interest.

Bye Bye for now one and all.

I refer you to the RNS Prospero - "Eclipse's total shareholding in the Company will increase from 1,153,536,807 shares (27.34%) to 1,225,598,100 shares (27.43%)."

Nonsense BG it wouldn't - the additional 72M increased their holding from 27.34% to 27.43% (take a look at the RNS BG) another 105m would have increased it by approximately 0.135% or thereabouts to circa 27.65%.

But as for timing yes I fully agree with you - and have said so - so at the risk of repeating myself yet again - YES. Why now? It is easier to raise in a strong market and minimizes dilution..... exactly the point I was making at the start of the "conversation" .

Propsero - to be brief (I have to run). It would not have made a blind bit oif difference to Eclipse if the sp was 1.65 or 0.85p They added 0.09% to their shareholdeing today if they waited until it went down to 0.80p iot would have added 0.18%. This is NOT strategic, it is purely tactical and is of minimal cosnsequence to anyone.

If Eclipse were taking a strategic interest why did they not choose to buy all 170+ million shares and add 0.25% to their holding? And even that would have been a mere trifle for them. Sorry Prospero but no, to suggest that tis is a strategic move for ARA/Eclipse is just fanciful - it is an afterthought!

Bye bye for now.

Sorry BG, to be clear, it could have made exactly the same decision last Quarter or next but not, it did so now. They explain what is was done to achieve but that does not explain "why now/".

Anyway apologies but I have to run to catch a train shortly so, tbc another time.

I totally agree with you BG and said so; it makes sense, is positive and also allows for extra wiggle room if needed - but that still does not fully explain "why now"? That was what the discussion was about, if you follow the trail back far enough BG.

And Pospero overlook the fact that it is not only Eclipse involved here - they are responsible for circa 40% of the shares and have been a long term investor here for 10 years. they increased their exposure by 0.10% the price is an irrelevance to them.... and indeed will be an irrelevance to all of us in the longer term.

The principle factors in the timing of this raise are the ease of the raise and the minimization of the dilution (in my view) - both assisted by the recent strength in the sp. ARA don't give two hoots about the current sp - it is a "rounding error" for them.

Anyway that is only my opinion and time will tell Prospero. Lets see what happens. Whatever it is it would be good to see that Rig contract news asap - the pipeline is now "water under the bridge", I don't think anyone has serious doubts that it will happen , or indeed is already in train, so in my view any pipeline news is already in the price and only a serious delay will affect it significantly one way or another.

So Prospero you say "And I disagree with your take on timing of CH1. No placee would commit at 1.65p if they thought months of drift lay ahead. They’d simply wait and execute cheaper on market weakness. The fact it was done now tells you confidence is high that the rig award and drill programme are imminent."

So of the 170m raised only 70+m are held by Eclipse the remaining 100+m have been raised on the market and there is no guarantee that these will be held long term at all - hence the necessity for a discount; allowing the "buyers" freedom to forward sell and make profit; they wont be worrying about any future drift...... indeed that the BoD choose to raise now may well indicate that they do anticipate future "drift" so better to raise now (and minimise the dilution) before Rig contract and CH1 drill date are announced.

I am not saying that is/was at the bottom of the BoD's logic but as you well know, it has long been my contention that CH1 drill won't be until the summer in any event and NT2 Q2 fwiw.

That said I do believe that this is a sensible and positive move from the BoD (whatever the timing) and is of no serious significance in the scheme of things - and as I suggested a few moments ago could cause a similar response to the recent PLSR raise which, together with further positive news, triggered a 60% rise in sp post that raise.

AA I notice that you joined the party at PLSR recently; as it happens, one of my recent acquisitions with some of my AEX proceeds was 100,000 PLSR at 23p immediately after their recent raise - so a 60+% rise since and like you I will continue to add on the dips. Hopefully AEX will do something similar.

Yes Kirsin, I sold half my holding in the 1.90's and more since at 2.10-20p. But as I explained at the time the prime reason for doing so was to put the cash into other options that I thought had greater upside over the next 6 months or so and that I fully expected to be able to buy them back at or below the same price..... purely semantically that would already have been proven true. Oh and for what its worth not all, but most, of the other options have done considerably better than AEX already.

Did anyone say that? Maybe joyo91 perhaps but I cannot believe that anyone gives him/her any credibility whatsoever....

"The 'sellers' anticipated post AGM pattern did not happen"

Maybe the "sellers" "pattern" as you call it has not yet run its race KirSin.....?

Moreover the sp slide that has occured recently started long before today's raise; it started two weeks ago and had already fallen 15 -20% .

So Wryape are you still "feeling bad" for those that sold out at 2.0p and above with a view to buying back in at a lower price?!🙄

I don't think they will be needing your sympathy....

A good idea to take advantage of a strong (ish) market and relatively high sp to grasp the opportunity to repay outstanding loan and become debt free. Not a forced "raise" (as I am sure prosiciunto would have us all believe) at all but a purely pragmagtic and sensible choice / decision.

Of minimal if not zero consequence.

BOD being opportunistic methinks. It's easy to raise money in a strong, or rising, market. And, moreover, less than a 5% raise with a relatively small discount.

Well joyo, you should know - porkies are your bread and butter! Still yet to see your promised 0.90p....

Any decisions or planning on or around CH1 will be entirely contingent upon the availability of a suitable rig and that will not be known until analysis, discussion and negotiation of the received expressions of interest have been concluded. That is, likely as not, to be in progress now, with conclusions reached in the coming days and weeks.

One thing is now, surely, clear; there will be no CH1 spud in December or January - not unless ARA can persuade M&P to lend them their rig....

I doubt this is going to recover 15% in a day but, conversely, what is a 3 month delay in the history of TRP? And with the possibility of "sign-off" in the interim. So yes, in my view it will recover fully; only over a week or two, not days....

Ignoring the penny traders and algo's any meaningfully sized trdaes still going through well inside the offer prioce (most at 0,.293 / 0.294) so no pressure on the spread currently - suggests to me that MREX are warerhousing a large SELL order.