Member Info for Drewky

And to prove my point you ask a stupid question that you know full well nobody can answer at this time

I agree it's been going down but you have been talking it down at every opportunity

Aim market as a whole is down over 3% today at the moment and although this is not aim it behaves very much as if it is.

Looks like the MMs are raking it in all over 10%+ everywhere I look at the moment

Went back level then boom back to 1.47 in an instant :-(

At the risk of repeating myself re the scaremongers on placings

There is always the possibility of a raise of course, but it has been stated we have enough funding to fulfil the current years plans & operations. On top of that, the revenue from the recently into production Romania well should be adding to the coffers. The question really is do we have enough or will we have enough to buy the extra percentages of Testorillo?

Looking at the cash position on the interims, I suggest it has and that we will have enough funds to purchace the 2nd tranche due before end of this year without a raise

Stage 1: buy 2.50% for 48,750, effective immediately
Stage 2: option to buy another 12.50% for 280,000 (increasing stake to 15%)
Stage 3: option to buy a further 34.9% for 1,725,000 when drilling of a well is due to commence (increasing stake to 49.9%)

Prospex's take up of the Stage 2 and 3 options will be based on the results of an upcoming work programme planned by SEE to further delineate and de-risk the Project's prospectivity. It is envisaged that on acquisition of the third tranche a drill programme would have been agreed.

The SPA provides for Muirhill, at its sole discretion to acquire a further and second tranche of 11,250 SEE Ordinary Shares for a consideration of 280,000 by 31 December 2018

As per JULY update the results of the de-risking work are not due until end of the year and so we would only need to find the 280k and the 1.7m will not be required until the drill program is agreed and ready to get underway. At this time if we are to go ahead and exercise our options we will know the test results and will have verified the risk has been significantly reduced enough to make the further investment. I would suggest we would be looking at mid 2019 before a drilling program might get underway and meanwhile we have income form Romania and Italy will be around the corner.

If (IF) we need to make a raise at that stage, then as the risk will have been lowered, then I don't feel it would be an issue for that to be done bearing in mind the potential of the 2tcf target and a known drill program already scheduled.

joebop I applaud you

walking off a cliff because the mouth pieces tell you too.

Do be such mugs!

When you have been given a guidance and they then update that, then you are in full knowledge of the situation! If you stick around only to complain about something you was told you was not going to happen then you would either be a total idiot or someone trying to be subversive in order to damage confidence. You cannot be both, so which are you?

I don't disagree peoples frustration but there are enough clues in what has been said to tell you the date was not certain so there is no need for people to follow the whipped up hysteria

28th August I guessed EGM date announcement would come tomorrow...

Published 29th August "It is anticipated to get the circular out in September and there's quite a lot that goes into the circular as you know"

On the 8th of September I warned...
"Don't bank on the EGM to actually take place in September guys. The aim is to get the circular out in September but he hints here is a lot to do to prepare. I think the meeting will now more likely take place first two weeks October having heard that.
https://youtu.be/QQhhGwR4TZo?t=6m35s"
(There is much more very valuable information in that interview which got buried with pettiness on here at the time so always worth listening too two or three times)

I took the above and guessed first two weeks Oct which wont be the case but I am not surprised by the delay in the least.

9th Oct I made a reply...
"I am not saying anything is holding it up, I am saying to you all don't get jumping up and down if it doesn't happen in September because the CEO has hinted in that interview that it may well be the case. It should therefore not be a surprise if the notice does not come out until the end September."

My thoughts were further supported...
28th September "The transaction is also subject to the grant of an extension to the Mtwara Licence, currently awaiting approval."

So what is the point of the EGM without that licence being granted? Answer... No! None! Nothing! Nada! Zilch!

Now put the two together and people can see it if they want to or they can choose to ignore it as many have done but my interpretation of it at an early stage has been proved to be correct. If a duffer like me can see it, then surely there are a lot of people with greater intelligence than me that can also see it.

We were all warned and yet people choose to cry afterwards and blame the Bod. NO, you were told, and many didn't listen, so if you ignored it by following the bunch of manipulators on this bb and you sold at a loss then you let yourselves get mugged. That is not down to the Bod.

If people DYOR the answers are there for them. I do mine and that's why I'm perfectly happy to be holding here.

Hex I know for a fact it has been shorted but I think that has about come to an end because now it is a very risky game to play with time lines closing fast.

Right now people are just angling for a better buy in or top up price imo

I don't bother with you these days dunder for the effort is wasted but I will on this occasion for the sake of others.

Look at what the board say! Read what they say! Listen to what they say! When they update you, they are providing further information. If you choose to ignore it, you are simply being foolish!

Everyone here knew last December that the bod were required to have their RNS approved by TPDC. (Sorry you never appeared on this BB back then so perhaps don't know how we know that!) Why are we told only now that the deal is contingent on the licence? it is quite simple! The TPDC have now allowed them to release that information and imo that is a positive sign indicating things are about to happen.

The share price has dropped for a combination of reasons and confidence draining posts such as your own and others do nothing to help that situation. Your very first post on this BB was to trash the Bod and you have continued ever since. I cannot recall one single positive post from you! Of course you can justify some of it, there will never be a perfect Bod but to criticise them for things they have fully informed you of, in my eyes is just stupidity and a deliberate attempt to destroy confidence!

As for replying I don't need you too thanks, I've said my piece subject closed

Two words "Binding Agreement"

Oh I see so people wish to jump up and down about a verbal guidance date given back in July in an AGM meeting.

I don't recall anything being put on paper but I will accept it was said because I bothered to attend and reported it back here myself but if people are prepared to accept that communication, then how come they can choose to ignore the one at the beginning of September that told us the circular is unlikely to be September? I didn't see any major crash at that point!

How come they choose to ignore that they have still committed to a completion date before the end of November? This still means in reality that nothing has changed.

How come they fail to see in writing that the whole deal is contingent on the licence and therefore out of the Bods hands?

It's not as if people were kept in the dark is it. No, but let that not stand in the way of a good old fashioned bit of board bashing eh guys.

Perhaps some people just do not want to see the truth and prefer to use it to further their own ends. We have about 3/4 weeks to go before we are in danger of missing that end November deadline and what I'm seeing right now is a big squeeze by those wishing a lower entry/re-entry, top up.

While I'm annoyed with the manipulation, I'm just as annoyed with the fools who swallow it and jump on the bandwagon because they are upset at the drop (as we all are) but I suppose it takes all sorts and at least I have managed to get around 1/2m extra as it's fell and might even get another 2/300k before it turns if I'm lucky on the timing.

Good luck to the genuine out there

Due as you say the fact those sells could have been made back to September 2017 it would not be a surprise to see some profit taking during the following period as we peaked in November. I did myself as did many, when you buy in at 27 and it rises to 1.84 it would be rather silly not too. It's not a matter of lack of confidence but one of protecting some if your gains. If you have no confidence you sell the lot not just a portion

Just finally CP they did miss it that is true but they did tell us that that would be the case early in September and the important thing is they have re affirmed the November target date still stands. Having also put it on paper that we are awaiting the licences being signed off is another big step as up to now TPDC have not allowed that sort of information to be communicated. All these things add to my confidence. Goodnight

If we get nothing we are up the creak I'll grant you that but as you said future developments are priced in. I find that hard to accept because if things go ahead as we expect it to, then we are looking at income from KW if successfully remediated, then we have licence extension, development licence, farm-out, ch1 target much bigger Jurassic than previously thought, pipeline to connect with mdimba, a six drill program, 3d seismic in two areas and monetisation. Without mentioning the chance of oil cos I know you hate the thought ;0)) In all honesty with that lot of developments to be carried out I really cannot see how you can say "current MC already priced in a lot of future developments" with a straight face :0)) Bed time night night 7am alarm fingers crossed

Can you please tell me which future developmentS you consider to be already priced in?

I didn't but I reacted to what you said at the end of your 16:21 post - "Then we were told they'd get the note out in september and here we are a third of the way through October and we've been told nothing."

I was pointing out that is not the case because we have been told something!

Hence my quote from the Half yearly report

I agree but you have since had communication that tells you it is dependent on the licence being issued.

30th Sept "The Farm-Out is conditional on governmental and shareholder approval. As it is a related party transaction, Eclipse Investments LLC, an affiliate of Zubair, will be unable to vote its interest in the Company. The transaction is also subject to the grant of an extension to the Mtwara Licence, currently awaiting approval. The Farm-Out is expected to be completed by 30 November 2018"

Actually random I suggest you go read the most recent information that tells you quite clearly the farm-out is dependent on the licence. Making false statements is simply deceitful!

Now unless you are a fool I think even you would agree there is no point putting on and EGM until the licence has been issued :0))

Well that flushed em out didn't it? It even bought the big guns out, so come on own up, who kicked the skirting board? Never mind it's time for lift off :0))

Things about to get interesting Good luck to all the genuine holders