Member Info for DugWalker

The lack of communication is down to Heyco. They are privately owned and have no obligation to keep shareholders informed of every development. That's why MR needs to be careful about setting expectations he has no control over.

Still expecting an update soon but not before next week now.

@Source888

Imminent is a qualitative term it could mean anything from hours to months. What we know is the well was taken offline in the last days of April. They then had to source and mobilise a rig which could easily take a few weeks so the workover may not have got underway until June (something at least suggested by the June update. If Heyco are being cautious with the restart and collecting data under different operating conditions then there's nothing too surprising in the current status. MR has a track record of over optimism on timings but my sense is it is now imminent in a days not weeks sense.

Gut feel is that production has already been reinstated but that a cautious approach is being taken by the operators. It's well known that it can take several weeks to determine optimal flowrates and stabilise operations. Expect an announcement of production, to be accompanied by details of stabilised flowrates, in the very near term future.

Deja Vu.

The reality is that another small cohort trial is of very limited commercial value and will do nothing to increase sales revenues.

Rather than a partnership with Pfizer I can see big pharma awaiting the inevitable before buying up the potentially valuable IP for a pittance.

Same here PI. Just admin. Expect it'll be sorted in the course of today.

@Whoknowswhy.

Add 'not clinically validated' to your list for a more balanced view.

Go look through the webcasts on the corporate website. You will find an astonishing presentation by Burrows in which he claimed participation in Transform was 'critical' for the future of OBD. Seems like he plain forgot or did indeed choose not to apply.

I wrote to Prostate Cancer UK at the time. They told me they were aware of the technology but stated that it needed to be tested with a much larger cohort. Ironically Transform provided just such an opportunity.

I picked up more.

Now I want to see Viura back online and tangible progress on permitting. With those in place this should climb back to double figures in the near ter. Future.

Quite unbelievable that some in here are still talking about PSE being a basis for a national screening programme. That ship has sailed. OBD under Burrows chose not to participate in the ongoing Transform trial and is therefore excluded from selection.

Today's RNS heralds a cull of the multiple V.P's that were installed by Burrows. It is long overdue.

The fact that they are struggling to secure partnerships and chose not to participate in Transform does raise concern as to the impressive claims about the technology.

I think it's clear they want to raise as much as possible via the placing, which I can understand, but let's hope this is an end to the placings. Once the Viura well work over is paid for there should be no further significant demands on the company cash pot until the next wells are drilled and that is at least 6 to 8 months away.

Hi PI,

If you have bought as part of the retail deal you won't see the result until Monday. For example if the response far exceeds the notional limit of £500k they could scale back everyone's allocation to say 70%, 80% of what we tried to buy. I think that's unlikely but you won't get to know what your allocation is till after the Wrap offer closes.

I think it did Bluerover. A buy of 130,000 shares at a price of 4.58p went through on the Aquis exchange at 12:48 pm.

@Whouse. Many thanks, will take a another look.

Just watched the recording of events that is available on the corporate website. There are several notable takeaways:

Mark Routh seemed irritable and has clearly been stung by criticism of the share price performance and the (recent) discounted placings.

He took umbrage at the number of votes cast against his reappointment as a director and remarks to the effect that the voting required further consideration by the board came across to me as a veiled threat that he might throw in the towel.

Personally, I do think he should reflect on the role played by the BoD in the spectacular decline in share value. For example repeatedly offering timeliness and milestones that are not met is severely damaging to shareholder confidence. They are not blameless in that regard, even if their (his) contribution to growing our asset base is laudable. His report card is generally positive but he should accept that some criticism is justified.

He was rightly critical of what sounded like shareholder attempts to solicit information that is price sensitive and was adamant that this is always and exclusively made available by RNS to ensure regulatory compliance. I felt there was a disconnect between this and his suggestion that the current placing was leaked to the market by a shareholder. However, if he has evidence of their identity/identities as he seemed to hint he did, then he must report them to the relevant authorities. This is the second time in a matter of months that has seen significant selling and share price drops immediately ahead of a fundraising RNS.

He remarked on the fact we now own 100% of the El Romeral assets, which is a significant positive, but I was surprised and disappointed that he did not mention that this means we can stagger the drilling schedule if necessary to avoid putting excessive demands on cash flow. I'd rather we accumulate funds to fully finance future drills before committing to them. Mark only discussed Farm Ins or bank loans as potential mitigations to future placings although he seems to think the need will be averted due to resumption of revenues from Viura.

He is genuinely bemused by the current share price and is hopeful it will recover once Viura is back online. He stated that this was imminent and my impression was that it is a few days to a couple of weeks away.

Been busy most of today. Not seeing a corporate action button next to PXEN in my HL account. From this and the comments below can I take it the retail offer didn't last long and is now closed?

LMaL,

He has explicitly said Poland is a long term investment and that drilling there should be some years down the line. Just not sure I can believe him anymore.

LMaL.

Yes I'm frustrated. Been listening to the promised land vision since the days when this traded at close to the 20p level. It's time to deliver. Some shareholders have lost small fortunes here and to have been subjected to two placings in a matter of months adds insult to injury.

We are profitable and whilst some outgoings might be unforeseeable, the majority are not. Furthermore he can schedule many of them to suit our ability to pay. I don't think it unreasonable to expect a step change in share price to be delivered in the coming months.

This is the 2nd placing in recent months to have been preceeded by significant selling that is suggestive of a leaky ship. This may result in a few mitigating, to some extent, the impact on their investments but the majority majority of shareholders have to grin and bear the consequences. The share price has all but halved since the original Viura placing. I would now like a clear commitment from the company that future growth will be financed from revenues. The company is profitable and as has been pointed out by management they should now be able to access other sources of finance that do not dilute long suffering shareholders.

It's time to deliver the long promised shareholder value that our CEO speaks fondly of, but has failed to deliver in spite of our support.

Someone been selling down for a while now and may have accelerated in anticipation of a market fall due to geopolitics.

Should get confirmation of Viura restart any day now and a re-rate to better reflect revenues and profit is long overdue.. who would have thought TTF would be >40 heading into July?

Hopefully the new broker note will bring some new buyers, particularly since the Spanish and Italian permits are anticipated in the near term future.

Also good to have confirmation that Viura looks likely to be back online on schedule enabling an imminent revision of it's hysterical "kaputness status".