Member Info for dan222

If that payment had been missed they would have to report that.

--------------------------------------------------------------------------------------

They already have reported it, they told us in the last update that they weren't going to make the payment. The current position is that they haven't paid and that no action is being taken by the creditor until at least 30 June. That was the situation as last reported.

Dan22 which project are you referring to for the PG?

---------------------------------------------------------------------

I don't know, I thought I'd read that a guarantee was due by the middle of this month, but I can't find that anymore so I probably got the wrong end of the stick. It looks like the next update may be after the end of the month, as the suspension update said no action would be taken relating to missed debt payments until at least 30 June. Given we haven't heard anything, I'd assume based on the previous update that the payments haven't been made.

I thought they had to provide a performance guarantee by last Friday

It's amazing how bad the board are at keeping investors updated, but really interesting that they seem to be continuing to trade and presumably haven't yet lost the big contract due to not making the performance guarantee - it would be nice to know whether they've managed to cover the guarantee or not. I don't think the situation is quite as hopeless as some make it out to be, with the amounts owed approximately matched by receivables (though presumably a lot of the receivables go out as they're received to cover ongoing costs). It will be interesting to see what happens, presumably we'll get an update some time soon.

@shahz, how would you suggest that he sells his 16%? He can't just stick a sell order in, the price would completely collapse. I'm sure he has a lot more info than we do in any case, but if it's bad news, he wouldn't be able to get out.

Yup, you win some you lose some. I'm currently well down on this share, up overall over my investing life. I'm probably down a lot from where I would be financially if I'd made better life decisions, but in reasonable health at nearly 50.

Wishing you'd done this or that is the same as wishing you'd picked the right lottery numbers the previous Saturday.

At least they now have a proper deadline forced on them of mid-June, at which point there's either progress or they're bust. I didn't even think they were going to release accounts (they kind of haven't as the auditor didn't sign them off), so I suppose we're slowly getting somewhere (that somewhere is probably zero).

Seems like they haven't made progress on anything over the last month, I prefer it when the shares are suspended, at least they don't go down every day.

Shell and Exxon Mobil joining Chevron in getting out of dodge:

Shell and ExxonMobil are nearing a $500m (£390m) deal to offload two gas sites in the North Sea amid the companies’ ongoing retreat from the UK’s oil basin.

https://www.telegraph.co.uk/business/2024/05/29/shell-exxon-sell-390m-gas-fields-north-sea-exit/

No rns, no news, at the moment this company is bust. The reason they can't get their accounts out will be because the auditors won't agree that they're a going concern until and unless their cashflow position is sorted out, which might well involve a big loss for shareholders. I'm still in but have mentally written down my investment to zero, and to be honest I think that's a reasonable likelihood.

Dan222, the Tories haven't completely destroyed the NS Oil area, but Labour's plans will fire the final bullet. I wonder also if the average Labour voter, those with GCSE's at least, would really want the oil and gas firms operating in the NS to be destroyed with thousands of workers laid off and supply chain suppliers bankrupted also, not even mentioning shareholders and lenders losing large amounts.

------------------------------------------------------------------

They have though, what difference can it make if Labour raise the 'windfall' tax by 3%? Look at Harbour's share price compared to pre-covid and pre-windfall tax, the damage has already been done, there's not really anything left for Labour to steal.

POFCY doesn't seem to be trading anymore?

Come on, neither party's sums add up, we know it and they know it, to say they add up is just a game of pretend that the politicians and media play together. And Labour can't destroy the north sea industry, because the Conservatives have already done it.

Maybe not just the UK but that doesn't make producing in the UK any more worthwhile while the tax take can be over 100%, particularly as there's an end date when tax will go back down so it would be silly not to cut UK production for a few years and see what happens. I'm sure other countries which steal profits in the same way as the UK get the same treatment, it's nothing personal just common sense.

Whys production down on what theyve got could have trillions of barrels but if your not going to produce it what difference does it make 👀

----------------------------------------------

What's the point of producing in the UK when the govt take any profit?

Glad they've finally been forced to confront the issue properly, presumably the auditors won't sign it off as a going concern until the liquidity is sorted out. Hopefully for those of us still holding there will be a quick resolution that allows the company to move forward on a sound footing.

Obviously the weight is on the sell side, hence the plunging price, but someone must be buying the sells.

I'm still in, unfortunately. Going to stick with it now and see what happens.

They are simply following the listing rules, that the shares are suspended if results are not published in time. The delay is due to the audit not yet being complete, as per RNS.

I'd be interested to hear of positive outcomes in similar situations with other shares. Someone mentioned Tullow having been in a similar situation? I'm still holding, for what it's worth.

Exactly, the lenders won't want equity, their business is lending money and charging interest. The likelihood is that the debt will be rolled over at fairly high interest rates, possibly with some further equity being issued to select large shareholders at a bargain price, and hopefully good progress will also be made raising funds through asset sales.