Member Info for DrPatience

Then I suggest you don't, boom.boom!

Without windfall taxes, there is no money for the Great British Energy co! At some point, hopefully Labour will come to their senses and not only leave existing licences alone (as stated multiple times), but also moderate their taxation aspirations. They are a threat to national prosperity and energy security, as simple as that. Hopefully, they will not win.

I am also interested in hearing from anybody who attended the AGM! Ta!!

GGG: 💯

GGG and fair enough. TBC whether he is Swindells or Swindler!!

I am also not happy with the apparent lack of foresight, but at the same time I also loathe our politicians; their approach is really undermining national energy security and wealth (if you import, all the jobs in the supply chain will be elsewhere).

BadA/GGG: totally agreed, even more so if Pensacola is lost.

In that case, I guess he will be ousted very quickly, as we really just need someone to administer Selene until an exit deal can be made. No point paying a full team and offices!!!

GGG: you back in or are you merely waiting for the right moment? I am still convinced Selene is worth more than the current market cap. At this point I also sit on big and uncomfortable paper losses ☹️

In any case the AFE clock is ticking and we should really know where we stand no later than 12 June.

The new Shell commercials are well and truly sending a message to both voters and politicians. Labour is a threat (although they keep saying they will allow existing licences to carry on), not that the Tories have been great in terms of the NS!!

FD20, so you are saying we have already lost Pensacola?

As others have said, I think Shell would only allow the extension if Delt could show the negotiations are still live, but who knows...only time will tell!

Barnetpeter: that's 100% not the case, as also said by GGG.

There has been a lot of speculation about all kinds of financial tricks being schemed behind the scenes including going into administration, wiping out small shareholders, taking it private etc etc. Most of these are close to impossible to pull off given we are a "going concern". Also, don't forget the 2 large shareholders do not control the business.

The worst outcome is giving up Pensacola, which would be devastating, but we will in any case still be a going concern and Selene is valuable on its own.

Agreed GGG wrt the lack of foresight/having alternative plans lined up!

Sadly I cannot be there in person! I don't see them getting an easy ride though😎

Lots of questions; incl. why is a fundraise not being prepared in parallel? Handing back Pensacola is hardly a plan B!!

If you are going, please make sure David85 does not break the CEOs legs with his deranged musical chair tricks!!! I guess they won't let him in, as the non shareholder he is!

Agreed. My guess is they have agreed a roadmap with Shell, I think Shell would value having Delt in rather than out. We do provide a lot of technical insights through being a partner. I suspect we might be allowed more time after June 12, but that would then be for a fundraise (I'm good with that). The June 12 deadline is a put up or shut up message to the potential partners, I think!

Boom.boom/all: they are clearly in there fighting...towel not thrown, so still a glimmer of hope!

It's beyond me why they are not trying a fundraise in parallel with the negotiations; that would be a far more powerful threat to interested parties than the threat of just handing over the licence. It may still happen, but a fundraise would take a month or so and who knows if they can get another extension. Even the resolutions for tomorrow's AGM, don't have enough allotment to do the full fundraise.

If the perceived risk of the money not turning up is why the share price fell 19.6%, then it's ill informed fear. Could also be random sells combined with low volume of trades.

No one should fear a fundraise at this point: for the first time in several years, things are turning around in a positive fashion. Long painful journey for many of us long term holders!!

No guarantees obviously, this is business!

Vox Markets interview; see from around 16:20

https://youtu.be/SEF0mbr_Uy0?feature=shared

CEO: "we received the funds already"

Probably OK for a year forward, but could do with more cash for expansion. A fundraise, if any, most likely a positive event in my opinion.

The money were released. There is nothing to watch. Maybe later in the year!

Ha, yes, he is on filter though, got bored with him. Not sure what he is up to here with no skin in the game or any real interest in the company.

It was not my buy btw. I am standby to pick up more should we lose Pensacola and we see a big panic drop!!😀

Date Time Trade Prc Volume

29-May-24 16:42:34 13.00 300,000

GGG, fundraise is a big threat to small investors unless offered fairly to all: totally agreed!

The current allotment and disallowed preemption resolutions from last AGM will not allow a big fundraise to take place as far as I can gather. That means all shareholders will need to vote for it. If that disadvantage small shareholders and anybody else not included then surely it will be voted down. Any solution must be better than just keeping Selene obviously; otherwise why would anybody support it?

A discounted fundraise (ie if you don't support you will lose out) for ALL investors would be the correct way to do it.

FD, yes potentially! On the other hand, Labour has stated they would grandfather existing licences (no new ones potentially), but they also have a Union revolt underway. TBC.

Also, if it was a done deal that NS is dead, then surely Shell would not waste around $65-70 million drilling Selene and Pensacola (their share). The Labour position is nothing imminently new, neither is the fact that we would have a general election this year and their chance of winning the elections.

To me, a few things don't tie up, somehow! If so bad, Shell should just stop drilling!!!

99ice, not sure I totally follow your calcs. Each drill costs in the region of $50 million. Then each partner pay their relevant share. This is just for the drills at hand. That's what I meant by fully funded: ie for now! Further steps will potentially run into billions for rigs, infrastructure etc, at which point it's probably time to hand over to the big boys (monetisation event in some shape or form)

FD20/Candlestick: yes....

It should be tried and frankly as long as we are offered our fair share, then the price is irrelevant, except for those who do not want to participate. Then, on day 1 after the fundraise, the share price will be back up, reflecting Selene + a retained 30% in Pensacola; both drills then fully funded.

I can only assume they are working on other options (or hybrids hand in hand with a partial farm out), otherwise this big fundraise should be tried - 100%. Anything else would be madness, surely no one in their right mind will give up Pensacola!!!!