Member Info for dougb189

The billionaire ex-Goldman Sach’s oil services analyst

is then cool enough to have his name mentioned in despatches

for his preliminary bid of 14p

for the asset..

That looks a fair assessment on the remaining bonds Mr.S ie. that there are only a few BH still holding and that generally they are holding with sticky fingers. Have to be cautious though on revenue figures which might prompt further conversions by the main player. Suspect also we might still see some interest payments paid in shares. Generally though & reckon that the BH are now committed & IF the mf ever gets to 7000 bopd then should all see a decent return.

Lol but I don’t have a scooby as to what N2M was on about : accusations of us plagiarising one of his posts ?! & the reality is that our relatively private conversation (nicely ‘lost’ amongst the bb’s other loud posts) referencing “BBQ’s” which we have enjoyed a running commentary on (Red Adair for field ops!) for most of this year referencing was all allegedly an impromptu piece of original thinking coming from N2M. I seriously doubt he even knows which document to find those quoted “BBQ’s”. Lol, but just best ignored.

“.. After the seventh BBQ invite to BH..”

Did create a concern.

Had one recently thinking that the new director of field ops might be Red Adair.

Lol, then Glenn Dawson’s name cropped up.

Lol, & you said it bud “...Anavio only have to make an offer based on their highest price that they paid in the last 12 months…”

And i then showed you that they paid $3.2M for 25,268,477

Which then works out at c.10.56p per share..

And yet you use 6.75p as your high figure, when even this sum is a ‘principle’ figure ?!

Was a ‘principle’ sum of $4M which then gave Anavio 25,268,477 shares

As they had an 80% premium ie it only provided $3.2M in funding.

& as i posted earlier, it then added 20 new bonds to the 2025 bond total.

Paid for, in hard cash.. lol

Indeed, a purchase of 25M shares

for which they paid $3.2M

at a ‘principal’ price of $0.1583 per share.

Which works out at 10.56p

(Your reference to 6.75p is likewise a ‘principle’ figure,

as the actual price was only 5.4p).

It doesn’t get any easier than the following Unnd :

‘..The Company has signed a "Tap" Purchase Agreement for the issue of further 2025 convertible bonds pursuant to the Bond Instrument dated July 26, 2022 with an aggregate principal amount of US$4 million (the "Convertible Tap"). The Convertible is fully anchored by the lead investor for the July 2022 Convertible offering (the "Lead Investor….’

RNS 03/01/23 Convertible Bond Additional Financing.

‘.. the company has signed a “Tap” agreement for further bonds… for re completions at Cole Creek, capex & mf at BFU..’

25M additional shares then purchased at c.10.5p

the 2025 bonds then increased by a further 20 bonds..

There is no doubt Mafee that Pilot agrees ‘with the next sentence’. I am simply highlighting your inadequacies in supporting your argument. Ad infinitum.

Anavio bought shares at the end of December 2022

Was the earlier posted conversion :

“2nd conversion $0.1583. 1,263,423. £/$ x1.2 = 13.2p. @80% 10.56p “

ie. Anavio payed c.10.56p for each of the shares they acquired 31 Dec,

Was a ‘principle’ sum of $4M which then gave Anavio 25,268,477 shares

As they had an 80% premium ie it only provided $3.2M in funding.

Thanks Pilot., one can perhaps surmise that Mafee is enjoying a sun-downer or two, with his poorly argued & poorly supported statements, that then sees an umpteenth repeat of the same argument. G&T’s used to be a fave..

I don’t believe you answered that question Mafee :

Q. Where does it state that COPL must give notice…

A. Literally the first sentence

Subject to the right of each Bondholder to exercise its conversion rights, by giving not less than 30 days and not more than 45 days notice....

The answer you have posted is for each bond holder ‘giving’ not less than x days & not more than y days. It is the BH who are actioning the notice.

Your answer then fails to address any ‘given’ notice actioned from Copl…

You need to give a wee bit more clarity bud, coz your written english is naff.

Would agree with your earlier summary, that Friday’s RNS was poor but this was perhaps poor primarily for the traders. The long term play could be argued to have improved, that Anavio are now leading & that they would be looking for a reasonable return & without AM’s interference.

I’d concede the details were sketchy : in trying to work out ‘a reasonable return’ for Anavio there is then no mention of any principle sum for the 2.6p conversion rate..

1st conversion $0.2001 999,500/bond £/$ x1.2 = 16.675p @78% 13.3p

2nd conversion $0.1583. 1,263,423. £/$ x1.2 = 13.2p. @80% 10.56p

3rd conversion $0.0817 2,447,980. £/$ x1.25 = 6.53p @80% 5.2p

06.10.23 conversion rate $0.0317 or 2.6p at today’s £/s.

And does it include @principle 80% ??

ie. is the cost price for the BH at 2.08p as per all the previous conversions..

Lol, the Copl word salads ain’t changed.

Suspecting that someone soon will happily provide sponsorship for fireworks night.

https://www.bloomberg.com/news/articles/2023-10-07/rocket-barrage-from-gaza-strikes-israel-several-wounded

Lol just remembered that LSE cant compute certain symbols. Try again :

* although the maths for that scenario doesn’t add up :

128M shares (can deduct c.5M for TR1) so c.123M shares sold which is pretty close to the total volume figures of the period. And would normally be closer to 10% to 20% of total volumes when looking at any significant dumping.

Not surprised the market is spooked.

Looking like my original guesstimate of the ‘equity investor’ possibly being down to c.50% of the placings holding was perhaps a wee bit in error ?

The lack of any RNS data then suggests they are holding less than 3%

although the maths for that scenario doesn’t add up :

128M shares (can deduct c.5M for

At the very least there should be a TR1.

Any sudden in-house development promotions by AMTE will just look complicit.

Investors need to see named parties.

Anyone remember the name of the form that requests clarification of distribution of shares held by each nominee account ? One for next week perhaps.

‘‘...It is expected that Conditional Admission will become effective at 8.00 a.m. on 26 September 202…”

Lol. But the FCA / MM’s will want to clear ASAP the backlog of incriminating ‘delayed trades’.

The bod might give out an update highlighting recent funding acquired of £2M and of £0.5M still being available from Arena and of the cancelled CLN’s for £3.75M again being available from Arena.

It could then be that there is funding for several months.

The market will want to know though if there is any credibility at all in Equity Investor ‘knowing contacts in the industry’

* 25th July. ‘..The Equity Investor has conditionally proposed to subscribe £5M.. subject to due diligence.. of 1.7p per share for 147M new shares..’

that should read £2.5M

Its the same investor who was then downgraded from Equity Investor (25/07) to Potential Equity Investor (08/09).

25th July. ‘..The Equity Investor has conditionally proposed to subscribe £5M.. subject to due diligence.. of 1.7p per share for 147M new shares..’

8th September. ‘…. the “Potential Equity Investor” referred to as the Equity Investor in the previous announcement [from 25.07.23]

‘provides further time to complete DD for the initial equity investment of £2.5M’

The obvious question then is, had the ‘forward selling’ (which the FCA had to stop) then been done off the rather vague, half-promise of the same equity investor subscribing for an additional 147M shares ? Or perhaps was it just another P&D by the MM’s / hedge funds..

As per earlier & confidence in the bod on any market aspects is somewhat limited.

12M shares were issued to ‘equity investor’ on Monday 11th September.

The revised total, previously 36M (50.65% held by LTH) was then reset to 48M which is the figure you can see at the top of the page. And has been there for several weeks.

Courtesy of being kept in the dark by the board then you have to apply a probability factor to every scenario. The probability that the ‘equity investor’ has sold their initial 12M shares is V.strong as seen by the missing TR1.

There is though imv a small probability that they sold this in good faith, perhaps hedging, knowing that there would be a bounce from 1.7p and that after selling the initial 14M, this would hedge against their main allocation, should the lights suddenly fail. IMV there is then a suspicion that the MM’s saw the 14M shares being off-loaded & then thought ‘great, they’re selling, let’s short sell the rest of their acquisition’ ie. imv there is a small probability that a ‘hedge’ then induced the shorts..

‘ This placing bought them a couple of months to try and find a genuine investor.’ which probably is where the investors should be looking at :

It appears that previously planned October £2.5M investment of shares at 1.7p is v.v.similar to September’s £2.0M investment of shares at 1.7p which raises the question.. why was it brought forward ? Speculation then sees a v.v.v.small probability that the ‘equity investor’ is no longer required for October. Is small but it does exist.

Without any news though from the board, I suspect the market is spooked.