Member Info for flushfrank

I give you 10/10 for almost hourly ramps on buying the dip. Glad I didn’t listen, and shrugged the abuse (from a few) for selling at 16.08p on Tuesday morning directly after presentation.

Going into the weekend £2.5k better off. Yes we’ve all heard of buy the dip, but you should also be aware of the one, ‘to catch a falling knife’. Fingers been cut with all these apparent ‘top up’s at the bottom.

Still believe 12p will come before 30p. Let’s see.

I have heavy heartedly cemented a huge 55% loss today. Taken what capital left for more near term investments, leaving a very small amount in the bottom drawer. Killed me but that was enough for me & time out required. Art has not been good for my health !

After yesterday’s presentation, the real infancy in the company became super clear to me. Arrived January & invested heavy thinking billion+ barrels, Poo in triple digits = no brainier. Yet watched for 8 months. losing vast sums of £ in the continued fall from 37p.
I’m sure it will one day come good, but the journey to get there I completely underestimated & for me is extremely long one filled with multiple pot holes & dilution.

Concerns from yesterday;
Field is relying on a flaring permit being issued to keep flowing. Safety so should get but still never know.
Pipe furring, another two ‘on way out’ needing to be taken offline +
large servicing £costs.
No tube / no rig, new discovery drilling a while out, 2023 looks more likely.
Additionally junior funding on top of the RBL, worries me with current track record of share issue.
Only 4-15% recovery rate on the 993m barrels. He said is totally normal. I anticipated more.

CEO
Art’s sheer bloody mindless also scares me. It’s like he has to go out proving to the world how great an oilman he was. His legacy is everything to him & his ego his downfall. I have stayed this long as I do think he’s honest, tells it as it is & doesn’t dress up mutton as lamb. Don’t normally get that. However has imo made some bad calls & cost us PI’s dearly.
‘Long term’ share investors played him like a fiddle on those bonds. Absolute terrible deal & flipped them as soon as they could.
I worry he will continue on at any cost & will inadvertently continue to destroy SP value in his quest. After three dilutions, plus market playing us, I’ve made my choice.

Will be interesting to see SP in Aug 23
& Aug 24. Could be £1 or on the other hand +500m shares issued & at 7p.
Posting now to stamp in my history at 15p. Always continuing to learn. Hard fall this one.

GLA

Big coverage, only circa 3rd in the RS report

You have 4 days to getting the wording & info absolutely spot on, PI friendly and remove any grey.

From his last interview he said he would add a press release to help support the understanding of the RR as would be quite complex to average Joe. We have better, a presentation but not until 4pm. A lot of damage can happen in 8 hours.

Get the RNS wrong, misunderstanding lands AGAIN with majority of PI’s and will have further to climb to a sensible SP.
Get it right & hopefully back on route to 30’s and beyond.

What will be RNS’d Monday / Tuesday?

The Company is progressing its strategic objective of senior debt refinancing by way of a Reserve Based Loan in tandem with the Acquisition process

This ‘pleb’ clearly misunderstood. Not as smart as you Bob, I interpreted as going straight to RBL to secure Cuda, not a let’s stop off & pay a $5m fee, issue 55m warrants, ( which reduce to 13.25p if not secured in 5 months if reading again right)
Mixed opinions here on this being good news/bad news. let’s see what next week does. Need to educate one’s self on debt refinancing clearly.

Gutted today. RBL in tandem was his last message & then have a Friday afternoon RNS with this pile of poo. Feel completely mislead. Call it what you want but is dilution to PI’s, $5m fees & 13% interest. Wow !

Then add from interview;
1. The resource report is still weeks away, won’t be straight forward, so will need a press release to help explain it. WTF does that mean. More uncertainty.
2. ‘Plumbing’ not even started & will take time over phases
3. 3 drills planned, but again delays likely for Q4 as not got any pipe. Using another bathroom reference in toilet paper during covid.

Done with him.

To get to get back to my purchase price. 2p cheaper than Art, thought what a great trade, be in the 50’s soon. Well that went well.
Seeing us at just 1p over placing price with the potential here is to me crazy, but what an opportunity for those with capital to buy in at this price.

Once Art removes the doubt/risk to the market, things will move and hoping to be in profit again.

GLA

Stars are aligning. 20p will soon be a distant memory imo

Blimey don't he waffle. Rather Ryan present it. Supposed to be 1 hour. Zero track of time

Rainbow chasers out, people who can see the long term value picking up at a discount.

its the drift on the SP between now & then that concerns me. No ETA on CPR or that even been started is the big one for me as believe will be a big SP driver. Finance still to be approved etc. Many unknowns still.

I expected the SP to be in the 21's today, seeing it in the 19's is disappointing & playing into hands of 'this will go lower before' goes higher brigade. Holding ...avg 30p ...doh. however is not screaming buy more right now.

Maybe just me but being cup half full, it could have been lower.

Happy to buy at same price as those who just injected $13m

Purchased more at 20p. Yes a bit of a kick, but averages me down further.
On the way now to be financed more sensibly & have unhedged barrels to place into a strong oil market.

Still believe that this has all the potential to 10x from here once the ship settles, money coming in & people wake up to the monster find of just a billion.+ barrels sat in the back yard.

25% - is nuts. Instant loss if to purchase

Nice to see him thinking of PI's., but a rant on about chat boards & Share prophets etc being snakes, however still didn't address funding issues. If he said no placement & all funds are coming form refinancing then boom. Not sure what this RNS has given us?

Seems like noise again, but stand to be corrected as i'm sure I will be

My thoughts are this is exactly why we’re 22p. Sooner can address / update the plan, the quicker we can get back to BAU

I work it out to be 21p ? Far from amazing

Firstly congrats on those who held before a 1x bagger today. Nice to see some success back in the markets.

Secondly what’s the value of the contracts? Yes get they’re large but no numbers attributed. Is £6m MCAP low or about right ?

Will do some DD, with look to invest but interested in peoples take, minus ‘to the moon’ contributors

My worry is if he does need to place to raise more capital, then going to be in the teens at this rate.