As a reminder, mcap at 2p nowadays is the equivalent to 12p in old money once the dilution is considered. 6x as many shares in issue now, so, regardless of the monetary amounts raised, the problem is dilution, therefore it is unreasonable to compare the monetary values raised against other companies in isolation. 12m raised at say 8p is somewhat different to being raised at 1.5p or 2p--I don't actually know how much dilution has occurred in those others, UKOG is also dire I believe but the two things need to be considered concurrently. When the mcap was 12p, the business plan was a 3 year rehabilitation of existing wells with small incremental increases in production. Well interventions (there were hundreds available) were supposed to be at a rate of 1 every 2-3 weeks and improvements were expected to be a few barrels a day per well up to the first target of 1000bbls after the first year, and 3000 after 3 years including a new well. The risk was implied to be low and the reward slow but with not unreasonable targets. Production was 350bbls a day and the price of oil about 60-70. 3years later and say 12m spent, the production halved and there were no successes in any attempts. even when there were so called transformational or material increases of 60bbls a day notified, these never amounted to anything, were never recorded in annual or interim figures and therefore were either non existent or the increase was witnessed for a few minutes to enable the announcement to be 'true' before the well died to nothing after a few minutes or maybe a couple of hours. No further info provided. No 'promises' or targets announced in rns have ever been met, timelines and dates were always miles out or just didn't happen and were forgotten about, new a100 rig bought, upgraded allegedly with more funds but never seen or used. Piece of scrap metal rescued from the pile of equipment that other companies had trialled and tested in the field and retuned to the manufacturer with no orders placed. No other rigs from this supplier so far as I could find were in use in the world. Salaries are bonkers. Have a look at recent rns from Aminex. CEO salary now only 60k a year, share options are performance based. The 'cat' mentioned some adjustments in the last zen rns, so it will be interesting to see what they are. Caveat emptor, miracles happen but Leopards and their spots seldom change.
Cash in bank, branches opening, govt want housing and construction to prosper, new broom CEO, streamlining to come. In theory, we should be OK. Disappointing drop but bought some more at 24.8 earlier to add to the ones bought at 18.5 couple of weeks ago.
All drug companies can now stop this charade of trying to find a prevention and a cure for C19. It appears (according to my Ukrainian wife) that a Russian Doctor has established that Vodka at 40% proof soaked into muslin cloth and placed inside of a face mask can be inhaled directly to the respiratory system and kills all viruses. It is a well known fact that Vodka has the ability to clear colds, flue, aches and pains, general malaise and now c19. She is off to Morrisons to get a bottle just now. I shall be using it as a preventer on a daily basis from now on as so far I am not infected, at which point I would be using it as a cure....
Still here, sitting quietly with not much to say other than the sooner I/we are looking backwards to .15 instead of forwards, all the better. I must have a look in the dressing up box to see if I have one of those pantomime villains outfits and give it a dust-off..
Well done Ridds. Read the rns here last week and forgot about it and then noticed your post here today and took some at .35. 3 or 4 contracts coming out of the unprecedented and probably overwhelming amount of interest would no go amiss. speed is also of the essence here so I doubt there would be long to wait for negotiations to conclude. Customers will be looking for early deployment.
Forgive me if I am wrong here, but the lead time into just establishing the feasibility study is around 18months and then there is the decision whether talaxis will fund development after the completion of the study and if not there will be funding neede from elsewhere-maybe China, but that is prob 18months-2 years away and then there is the Env and Social Impact to sort out. In other words, a long way to go and a lifetime to have funds invested. Unless there are likely to be some additional catalysts perhaps via Maginito or further resource increases, i dunno, its a long wait or I have I missed the Elephant in the room with the big grin on its face?