Member Info for DrPatience

Rooster, impossible to say what will happen with the share price until then, but I would be very surprised if it doesn't double this year. Just think how the sp tumbled in several rounds when the financials were starting to look tight, in particular wrt servicing the loans until breaking even.

I think it is mainly offered to us to provide an element of fairness; given that's what the big boys have paid.

The forward looking picture has completely changed.

I will grab as much I can afford asap, because they will probably stop taking orders when fully subscribed!

S_o_h.: plus of course a bit of dilution from executive options, but if they achieve the goals and exercise, then we are in a good space frankly!

Apologies s_o_h, I used wrong numbers...I think it should be approx 74/(74+22+15)=> so around 34% dilution, but could be slightly worse if the lenders execise some of the existing covenants (but that would also be more cash coming in)

Does this make sense?

S_o_h, the dilution is around 93/130 => 30% as far as I can work out!?

I will try to buy some shares from the retail offer to counter that, but even if you don't, you will not really lose out. At the end of the day, the company is worth more today than yesterday, as the balance sheet will be approximtely Euro4m + GBP2.3m stronger.

That's quite significant and prevents us going broke before reaching profitability!! The share fell sharply on previous updates re loans and cash balances. It should really go the other way now.

Very good point! Smart thinking.

Idandy, I think he is saying $14.50 via NYSE/US listing...currently 12.77...?

But then why sell early eviking :-)

Sometimes good to take profit!

Might properly break out, possibly after Labour's budget announcements. Let's see.

Idandy, not sure about sell off per se, but it may have been holding back moment momentum.

UK banks already paying the bank levy, so higher taxed than other businesses. If Labour wants to be pro-business, they really need to be careful. The impact would not be material and prob already baked in.

Also, there is not really a case, as banks are not massively doing better due to the higher interest rates, wars etc; it's not like profits are crazy, like one could argue in many parts of the energy system.

Hopefully BARC would consider moving HQ to US, if really bad.

Any idea why this has been falling?

It's a solid business; very good divs. As interest rates fall even more so.

Is it fear of Labour/Milliband and the forthcoming budget?

Or maybe a perceived threat from GB Energy? (Which in reality is just political fluff)

Rot,

I agree with the sentiments!!

I think mistakes were made in the drafting of the JV agreement. The fact that we end up not only giving up Pensacola for free, but also paying money to Shell, is so wrong. The outcome was unexpected perhaps, but as CEO you need to assess all risks and cater for them. If not done properly, you fall!

I wouldn't call it criminal, but sloppy and has in reality cost us all around half the real value (the current sp is something else...)

I fund raise should have been attempted in my view. I know the market was probably not helpful, but a fundraise at a good discount would have forced all shareholders to pay up or get heavily diluted. Giving up without really trying is unforgivable.

On the other hand, Pensacola has no nearby access to existing infrastructure and with village clown Milliband in place that may be a difficult project to get off the ground. It may well be mothballed for years or decades. I would still have preferred we kept it though.

Nov 2022, sorry cannot edit!

Ref Nov RNS Swindells had around 3 million shares, so matches up. My guess, that's what has happended.

Swindells gone; pushed in my view. I suspect he is now liquidating his holding. May need the cash, as he may not easily walk into a well paid job after this! Fairly or unfairly, but someone had to take responsibility.

I still maintain they did a good job, but the politicians caused real damage - both before and now.

I don't think this has any relation to the Selene drill; that would be insider information and is illegal!

Ol, the recent drop was due to the 2nd biggest shareholder selling all his UK positions in the North Sea!

Seems dumb not to retain at least a chance for the upside, for pennies, but could also be tax related. TBC how the drill goes, that's the only thing that matters. The current sp is meaningless, the outcome is binary: nil or something more sensible.

Https://www.gov.uk/government/publications/shares-and-capital-gains-tax-hs284-self-assessment-helpsheet/hs284-shares-and-capital-gains-tax-2021

Might be useful ; use the pool option (average price) if not a day trade or "bed&breakfast".

Happy, I totally agree. It's not a great board. Semi woke muppets, just a gravy train for them. Let proper energy people in! I have no issue with the energy transition, but I can diversify into things not part of BP's core skills elsewhere. Let's see!

I agree Bloomers, we just need it to break out; I think we are nearly there!

Hopefully no more idiotic scandals...the bank is somehow getting their sh*t together!

I had promised myself to sell at 200p, but passed and now think 300 is a real opportunity.

Indeed getafgrip!!

Yes Cuckoo may well end up being right in terms of the outcomes, but where I disagree will be on the reasons for a failure. Unless we have a dry well, any failure will be down the politicians not doing the right things for UK energy security and jobs.

Ed Milliband does not fill me with confidence, but let's see. This is why the share price is in such a bad place. Investors do not trust the politicians.

Indeed getafgrip, it will take some time, but we may get interim snippets until we get a final view.

I am not very concerned about this, the real problem is getting political clarity. End October we should know. This is a far bigger threat than the risk of a poor drill. Just my take.

Getafgrip, thanks, interesting summary. Does Labour really understand that we will raise less taxes, have more unemployment etc if they destroy the NS oil&gas business and the whole supply chain? Who cares about that, plus the lower energy security and potentially energy shortages. Just check what will happen if we have a full scale war in the ME.

Perhaps the title will be"Trouble deepens for the Labour party (and Milliband)" ??