Member Info for deltavegatheta

I love the way that a figure of 17,000 barrels a day is stated and no one even questions it.

Get real, from the last Annual Report (which no one seems so of read):

“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.”

Yes CT1H had an initial gush that was greater than that but it didn’t last and the RNS updates dried up. Texas RRC site has all the figures, bopd quickly decreased to less that 20 then zero.

There has been no oil produced by any other well. CT5H was drilled but has never produced any oil.

ESGY only has some second hand 2D seismic data, it has zero acres of leases.

Another amazing thing from Tom’s post last night was that we didn’t seem to be exactly sure which leases the Petroquest loan is secured against. How on earth could he have negotiate the GV deal without knowing that? How could he have issued the Resources Bonds 11 bonds without knowing that?

No wonder this company is in such a mess and the audit is taking months.

@gwilliams, Lunn did not just appear from nowhere, in fact you could say he was the original employee.

PPP bought its original assets from Nobel Petroleum Ireland, the mechanism was transfer of Nobel Petroleum UK. See note 17 in the 2016 PPP annual report.

Companies House shows prior to the sale Lunn was the director of Nobel Petroleum UK with Tom taking over once the sale went through:

https://find-and-update.company-information.service.gov.uk/company/10268085/officers

What is readily verifiable via RNS was the claim that Zeus resigned as broker when Tom left.

Here's the placing RNS from Nov 27th that includes Zeus & Peterhouse

https://www.lse.co.uk/rns/PPP/placing-b6t3jo9iolfukxa.html

Here's the one from yesterday with just Peterhouse

https://www.lse.co.uk/rns/PPP/placing-of-up-to-8-million-shares-xu8mva1o78s6ueq.html

It was in the now deleted post

The fake Tom sure knows a lot

Lunn via Tom

So now we know that Lunn thinks the placing price should really be 2-3p, but I guess that wouldn't raise enough funds with the 8m remaining shares, hence this approach.

What a spectacularly stupid thing for Tom to do, an ex-CEO who wants to be reinstated openly undermining a placing that is in progress, how's that in SH's interests? I await Lunn's response with my popcorn.

(I am not endorsing Lunn here, he has a massive conflict of interest that yesterday's RNS didn't begin to address)

Here’s the only resolution that mentions DL:

“Resolution 4: To re-appoint David Anthony Lenigas as a director of the Company.”

No mention of share options

It is extremely strange that the RNS didn’t confirm that the Petroquest loan has been extended to Dec 2025, why leave some doubt on the issue? Especially with the conflict of interest claims.

PPP needs £720k to satisfy its short-term obligations.

The original investors have agreed to buy shares @ 9p to cover this because they don’t want to see PPP wound-up.

But they would really prefer to avoid putting more cash into PPP, so let’s attempt a placing process.

Seldom has part of a sentence begged so many questions…

Https://www.handbook.fca.org.uk/handbook/UKLR/21/?view=chapter

UKLR 21.1.5R 29/07/2024

Securities suspended for 6 months or more

Where the listing of an issuer’s securities has been suspended for 6 months, the issuer must contact the FCA as soon as possible after the end of that period to discuss whether a cancellation of listing is appropriate or whether the securities can remain suspended for a further period to be agreed with the FCA.

Er, then why did PPP do two placings at 6p?

As far as I can tell none of the money from within RB11 went to PPP except the original £2m which PPP paid back via the shares.

Note that we don’t know how much Newscape is pursuing RB11 for, maybe it’s £10m but it could be £100k.

Gord, if you need a star for the film, Google Lunn’s fellow directors of CFGH Management.

https://find-and-update.company-information.service.gov.uk/company/07619932/officers

Gwilliams, I’m not sure I understand your question, but if you look at RB11’s series of accounts initially RB11 lent £2m to PPP @ 8% and issued £2m worth of bonds @ 8%, so nicely balanced and it isn’t unusual for companies to use intermediate companies to issue bonds.

However RB11 ended up issuing £10m worth of bonds @ 8%, I do not know what Tom’s plan was to pay the £10m back plus interest when the bonds matured. Whatever his plan was it doesn’t seem to of worked hence the liquidation proceedings.

Affrm you are still living in a dream world! Buying penny shares in a company that has no website and failed to publish its accounts on time three years running isn’t covered by the Financial Services Compensation Scheme.

PPP having an agreement where it can inspect some second-hand 2D seismic surveys isn’t worth hundred of millions of dollars! Prior to having to sell all its assets, the ESGY agreement doesn’t seem to be very important to PPP as despite being signed during the reporting period it chose not to mention it once in its last published Annual Report.

Correct.

The area of repledging is a complicated one I don’t pretend to be an expert in, but RB11 paying PPP back didn’t free the assets as RB11 had repledged them to Newscape and it looks like RB11 failed to payback Newscape.

I found this series of articles which explain repledging in depth:

https://www.afslaw.com/perspectives/alerts/avoiding-collateral-damage-taking-the-repledge