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Mr.T was from a similar mould as AM in that they both believed in the project.
Stas though showed earlier today, that AM had then again forwarded falsified notifications with respect to the first 4 months of promoting an RBL with respect to obtaining Cuda, to AM then later admitting that an RBL could Not be processed until after the Cuda acquisition was completed.
Sadly, Mr.T could not see thru AM’s duplicitous nature.
As an aside Stas, what was it that made you then come back on board ?
Are you sure Daz ?! Coz according to Lord Haw Haw the only red flags occurred during the Oilexco period and that the more recent faux pas are generally all down to a malicious crew posting on a Brit bb. That the ‘red flags are all from dreamland’ ?! & Strangely enough those malicious types were the same chaps who had earlier called out his over-riding obsession with all things anti-AM.
That could be termed a baptism of fire Knw. A painful way to start investing but best to learn the hard lessons.
Might well be though that the answer to this sad debacle, perhaps lies in it just being one final technical glitch too far..
Lol, guessing that happy hour is late.
There was numerous red flags covering almost every discipline of this project, including the financing, the technical expertise & the due diligence which then missed a field held together by B&Q plastic plumbing.
Likely that one could probably fill a book on the amount of red flags that were raised here, starting with the deceitful RNA’s, the multiple 2 for 1 placings (the 2nd immediately following the 1st placing within a matter of a few days to then enable ‘VIP mates’ to come onboard), the back-stabbing of major equity holder Hadron Capitol who then saw their 12% holding immediately reduced by 50% on the following placing (hence their vicious selling on relist) and numerous other malignant deeds by AM.
As per earlier though and it ain’t a criminal offence being incompetent.
The only crime seen here so far, is the gross negligence from AM.
And as you very correctly point out, there has been numerous red flags on almost every aspect of this project, all courtesy of AM.
Would though be nice for future reference to get some answers on all the technical hitches.
Possibly only a $1M shortfall on the SL covenant. The Sl had agreed to reduce the balance from $2.5M down to $1.5 to assist freeing up funds. They are now reverting to original requirement of having $2.5M balance so there might only be a $1M shortfall.
Likewise with the reservoir charge. They may have stopped additional gas injection but that does not mean the reservoir will lose its charge. Was similar in Q1/2 2021 & the charge was not adversely affected.
Guessing the c.$2.5M is to cover winter ops..
It’s probably a lot worse than that Lloydy, as yes you have the bond holders forward selling and yes you have the brokers doing the actual sells. But then you also have the FCA turning a blind eye to it all.
And should the whole corrupt system get caught out by diligent Pi’s, the FCA will then facilitate the forward selling by suspending further trading until the due date of the transaction of equity raise has then been reached. As facilitated by the FCA in September for the ‘placing’ (pre-AGM authorisation) that was then operated on AMTE.
“… Are you saying only the most recent "murder" is a crime???? …”
I rest my case Bob as it doesn’t get anymore nonsensical than the above.
Unless of course, you believe its then okay to continue promoting a serial ‘murderer’ ?!
‘….Canadian Overseas Petroleum Limited (COPL), commissioned a consultant, Ryder Scott Company, to look at the feasibility of getting at that black gold… Their findings suggest that only a fraction of that oil is recoverable with current technology…”There’s really a misunderstanding between resources and reserves,” Arthur Millholland, COPL’s president, and CEO, said during a call with investors on Monday. It's not just about sucking the oil out of the ground. Pressure must be created to do this. The oil is located deep - deep down. The math on how to accomplish providing that much pressure for pumping at that depth is the issue. This is where it gets difficult with today's current drilling and extracting techniques..’ “
Sorry to hear of your loss Spiel. I would question though your interpretation of Blackspout’s involvement.
From memory he posted a trilogy of summaries, each consisting of 4 or 5 serialised segments and i believe the first such posting was done c.12 months ago, November’ish. I congratulated him on his efforts but laughed at his projections as he/she had failed to compensate for further dilutions. Most peeps will remember it, as their was a ridiculous forecast of c.£12 a share.
It then becomes apparent that the next two sets of postings in the trilogy are nothing other than a refinement of a fairly sharp mind but which is sadly then devoid of any ‘street credibility’ ie. he/she could ‘work out the motions of the stars but be unable to fathom the madness of men’ [I.N.]
“…Is Art stepping back in….” which appears to be one option on the table given the bod’s recent moves.
Cowan had stated ‘an expected average of 2000bopd for 2024’ in addition to ‘Phase 1 results not kicking in till end of November’ so everything currently as per his Q3 statements. As is the finance, which needed the assist by SL.
Anyone remember who raised the point of further significant dilution after AM planned for another reverse split, this time of 1000:1, & with the statement incorporating Phase 1 results ?
Appears that AM is the prophetic one.
Has the senior lender done this to force Cowan’s hand, who’s effectively a puppet for Anavio.
And it is possible that Anavio upset SL with the removal of AM..
Reading this as a possible power play between the lenders.
And thinking that Anavio ain’t done enough conversions to be able to walk away..
Interesting trading this morning which appears to be a group trying to force it down.
Not helped by the traders / muppets who had been loudly promoting an ‘RNS by Wednesday.. before retail takes their hols’….. as if UPL have ever played to the herd. Lol.
‘…."Was the board in on it all along?'. That's a potentially libellous comment…’ which is then quickly negated when considering you just can’t hold total incompetents as liable.
Libellous commentary would be better employed when considering the role that the FCA took in the proceedings.
Forward selling on 9th September of c.110M shares which were still awaiting AGM authorisation to be released onto the market due at end of September, and having successfully rinsed those forward sold shares at significant profit, the FCA then opted to close the market for 2 weeks, until the AGM duly authorised the additional 110M shares. In effect protecting the interest of the scammers whilst exposing retail to blatant illegal practices.
The false ploy from Pinnacle’s ‘there’s a big cheque in the post arriving in October’ then facilitating the P&D & the FCA then facilitating the scammers.
And not one single technical update from the bod.
$8M for a total of 40% did initially appear as a pretty rough deal, when say, $15M or $20M would easily have helped fund the drill : Alleviating most of AB’s worries & v.quickly gets the ball rolling.
it kinda infers perhaps , that Boil does not need an assist.
Could we then see a financial arrangement or even Boil taking an NOP position with maybe a 30% holding ?
So…What’s the TL equivalent of a knighthood?! Or would AB be happy with a lifetime’s free digs at the Marriot (foundation’s arriving hopefully soon). Surely must be the deal of the decade, for TL.
The 1st 25% was a free ride.
Current total of 40% therefore only cost c.$8M
A fraction of the $600M cost of their 40% interest in the similar field slightly north of us.
Guessing though that it opens the way for a possible 3rd partner to then take maybe a 30% for say.. $25M.
Again, it’s a ‘power play’ by TL, by simply showing their commitment.
C.$20M was previously available thru Singapore finance,
Perhaps having TL take a financial position,
Then gives further strength to a possible finance deal.. ?
Must admit.. Was a wee bit disappointed that the only news was of TL/TG taking 40% at c.$8M
& the same outfit took 40% of GS for c.$600M
Someone go kick the oracle out of his bed.
‘lifestyle company’ which sees its ceo moving & living on site, whilst taking £12k a year wages ? Your limited perspective on lifestyle then suggests a background of serious emotional & financial squalor.
As per dec’s advice and so indeed ‘do your own research’ but then cross-correlate your findings with those who have put in the extra effort as per Albert’s inputs, then could perhaps see a couple of rather wee anomalies eg #9 ‘the drilling campaign will be 2024’.
The one that everyone misses, imo, is the historical introduction of Petronas mid ‘70’s which introduced the modern concept of licences being issued, & that these licenses would then be revoked if there was no development forthcoming. It was then thought for a long time afterwards that several of the large operators inc. Shell, then kept secret their field research ‘developments’ from any government bodies. Perhaps only made knowledgeable to upper tiers of management eg at Bol’s level.
Outwith any vague conspiracy theories though, this is an easy one to just sit on & accumulate.