Member Info for deltavegatheta

I actually think PPP was insolvent a few months before it signed to deal with GV.

These might at least partially explain why Crowe is taking it’s time to make sure the accounts are accurate:

Sanctions against Crowe U.K. LLP

Penalty to be £180,000, adjusted by a discount of 20% to £144,000, for co-operation and steps taken to ensure non-repetition.

https://www.frc.org.uk/news-and-events/news/2024/05/sanctions-against-crowe-uk-llp/

SEC Charges UK Audit Firm, CEO, and Senior Auditor for Failures in Connection with De-SPAC Transaction

Without admitting or denying the SEC’s findings, Crowe U.K., Bostock, and Stallabrass agreed to settle the charges and pay penalties of $750,000, $25,000, and $10,000,

https://www.sec.gov/newsroom/press-releases/2023-152

Mr Stallabrass was the auditor that signed off the last set of PPP accounts

Once again, here are the full set of actual oil production figures from the Texas RRC:

Nov-23 4,827

Dec-23 2,919

Jan-24 -

Feb-24 891

Mar-24 510

Apr-24 537

Then zero ever since

Affrm: Please stop the outright lies.

As "Inability to comprehend" I was the only one to point out the significant risk of PPP being suspended and the only one to notice the 48 million shares that PPP has borrowed.

MyIPA, you might be correct but I think it's naive to simply ignore the issue. Where do Menzel's allegiances really lie, with PPP shareholders (which he isn't one of) or with GlobalVision which he owns?

Everybody seems to recognise the conflict of interest that Lunn has regards the Petroquest loan, but nobody seems worried about the huge conflict of interest that Menzel has.

What’s stopping Menzel from trying to reduce the price of the PPP’s Texas leases?

How can Menzel decide who pays to clears up the Texas obligations and lease issues? Surely, he will decide PPP must pay, saving GV money.

Is Menzel going to exclude himself from any PPP board discussions regarding the GlobalVision JV?

Here are the full set of oil production figures from the Texas RRC:

Nov-23 4,827

Dec-23 2,919

Jan-24 -

Feb-24 891

Mar-24 510

Apr-24 537

Nothing after 2024

An initial gust, which is common, then not a lot.

"But there is the option to extend the loan delta?"

Yes, it's been extended about 7 times.

The point is that to expect to suddenly have oil gushing out of the ground from these assets when PPP (under Tom Evans) didn't manage to get sustained flows from any well in seven years, is fantasy.

Also the projected output from these wells isn't that high, from PPP's 2023 Annual Report:

"Both wells were producing at rates of approximately 15-20 bopd prior to being shut-in and Nobel hopes to restore production to similar levels or better after a thorough evaluation and contingent upon a well workover."

"the wells should cover that in a matter of months (which I suspect is the plan)."

That was the plan back in 2016 when the loan was due to be paid back within two years.

Over seven years later and zero has been paid off.

These are the same fools that got my posts on here deleted warning people that PPP was highly likely to be suspended.

So all the comments about GV not wanting to work with Lunn aged well

“I assume the board will try and raise non dilutive funding where possible to help pay off Petroquest (not due until December 25) via new investors or GV.”

No-one is going to lend PPP $4.5m on a non-secured basis.

PPP can’t even issue equity at the moment.

Last year Tom asked for the authority to issue £1m nominal = 100m shares (nominal per share is 1p) on a pre=emptive basis.

Here are the resolutions:

Special business at the AGM

Resolution 5 — Section 551 authority

This is an Ordinary Resolution authorising the directors to allot and issue ordinary shares and grant rights to subscribe for shares up an aggregate nominal value of £1,002,991. The authority will expire at the commencement of the next Annual General Meeting following this meeting or 30 September 2024, whichever is the earlier to occur.

Resolution 6— Section 570 authority and dis-application of Section 561(1)

This is a Special Resolution authorising the directors to issue equity securities wholly for cash on a non-pre-emptive basis pursuant to the authority conferred by resolution number 5 above. This will allow the Board to allot shares without recourse to the Shareholders so that it can move quickly from time to time as it deems appropriate.

This authority will expire at the commencement of the next Annual General Meeting following this meeting or 30 September 2024, whichever is the earlier to occur.

Affrm, avoided answering the question yet again I see.

Affrm, show me the RNS! It is you who is continuously posting false information.

"· Formal Agreements signed with Millennium PetroCapital, to selectively participate in Austin Chalk production wells, across 250,000 acres in Gonzales County, Texas"

https://www.lse.co.uk/rns/PPP/texas-oil-gas-joint-venture-commences-ikihvr0qcwcqbg8.html

No you didn't! If you are going to keep on posting the figure you should be able to justify it.

The conclusion of the previous exchange was that it was the area of a JV with Millenium which does not seem to be part of the GV JV, the RNS would of mentioned it if it was.

You started quoting the figure as you mistakenly thought it was the area of the ESGY JV, but it isn't. Yet you carry on posting it.

"250,000 acres is a 50/50 joint venture agreement with PPP/Globalvision"

Where are 250,000 acres mentioned in any RNS post signing the GV SPA?

Do you actually research the stuff you post?

Affrm, 250,000 acres of exactly what? You still haven't answered that question.

"Whilst the Board is obviously unable to make any comment on the accuracy or background to these statements, the directors referred herein are both past and present Directors of the Company."

Tom = past director

Olof = present director

There are no other common directors of PPP and RB11.

FHF was Company Secretary not a Director, check Companies House

How many of those were closed down to screw the shareholders as per the accusation?