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Wtf is going on here? I'd welcome some objective reasoning on why RRE is sitting at about 25% of unrestricted cash in bank. Can't get my head around it, especially with hedges in place. Does anyone know current opex and sustaining capex?

Also Harel, the way you have valued the acreage based on deferred profit from Dolphin is entirely incorrect and misleading. Tony is again correct about this.

Harel, you'd do well to listen to Tony and not think too much yourself. Tony is right. The difference between cash versus deferred payments is immense. Especially now, when cash is critical to any oil producer. The biggest bonus for i3e is RRE has a bucket load of cash that is currently sitting idle. They also need greater reserves for near term production. And they need to utilize excess capacity at the Bleoholm. The not so good news is they have a very competent senior mgt team who will turn the screws on i3e like nothing else if there's no other interested parties. I'm hoping i3e can secure some sort of deal for 50% of the acreage for a free carry of Serenity at a minimum. If they can do this it will be very easy to raise at levels above 20p the cash required to reclaim the 10% from Dolphin. They may even look to go it alone and add a drill into Liberator if the share price gets to 30p+. If they hit oil in Serenity it won't be a problem to raise another $25m for Liberator and go it alone. But all of this is entirely dependent on a f/o on reasonable terms of at least Serenity. Multi-bag from these very low levels would be guaranteed. But it's still very risky.

Tom, whose fault is it then? The SP was hovering at 7p before Coronavirus. This is a +90% drop from a little over 12 months before-hand. What caused the drop? The bod's decision to use funding to try and define a bigger field rather than focusing on getting the known accumulation producing? Greedy? The bod missing 2 x targets, which they'd communicated had +70% CoS? One of them they didn't even hit the channel. The bod not doing anything about obvious insider trading the first time. But when the second occurred and they did nothing...? How the f@ck isn't it their fault. Yes Covid has caused the last 3p drop. The 90p drop before-hand was created by our inept (definite), and crooked (possibly) bod.

If this company goes to the wall and Graham somehow manages a deal that saves his skin (and money) I will turn up to the next investor meeting and make him pay for my £75k another way. Majid the muppet doesn't even have any shares, or at least less than I do, and I've paid for mine. I do hope these jokers read this board. My first child arrives in 6 weeks and I've got a financial hole created by these incompetent b@st@rds that wasn't created by Covid. It was created by them.

It's not really working this pre-placing promotion.

Thoughts on the best moves for our !diot bod to make...? The **** really starts to stink in a market like this - The companies that have made the poorest decisions always get hammered the worst. Look at us. Look at TLW. Anyone want to say it was a good idea drilling at boundaries now? Response shouldn't include it was part of the finance deal. If so then Graham and Majid should quit their jobs. Having financiers telling you where to drill appraisal and exploration holes is ridiculous.

My pov is i3e, RRE and Repsol should announce a deal sooner rather than later. While the oil price is low they can start drilling up acreage and proving up significant resources that are ready to come on line when the market recovers in 1-2 years. That would be a smart move for all companies. Keep calm and carry on.

Alternatively a cheeky t/o bid would also do the trick. Reckon they could pick us up for 12-15p and no-one PIs would even blink at such a deal. Also think some of our IIs would go for it as well. Crazy to think you can buy the entire company for £6m at the moment. Goes to show how Majid and Graham really have f@cked things up. In a little over 1 year they have cut more than 95% of the mkt cap of this company. Worse still it was 90% before Covid really took over. What a bunch of amateur ****s.

Thanks for your reply Juxtapose. Few more questions if you don't mind:
- You've mentioned a few different ways for i3e to progress their acreage. What do you think are the best routes for us with regard to Serenity?
- What do you think is going to happen with Liberator (if anything)?
- Given one of your preferred routes above becomes reality, what price range do you think is likely on announcement of news?

Question: I though a recent Q&A mentioned that news on the latest testing was due mid-March - Does anyone recall hearing the same statement?

My thoughts exactly Peronifund. If correct we now know the bottom. Having been here when the last insider trading occurred I'd say this isn't the same. There were huge sells, at regular intervals to start the day, and then 'contagion' took place. Not the best word to use given world circumstances, but I believe this to be a virus 're-bound'. Hopefully the world realizes the sky isn't falling in and we can get back to 10p in the next couple of weeks. Genuinely can't wait for a bounce to get the f@ck out of this stinking share and away from our stinking bod.

Question for the realists (rampers need not respond), do we believe these were buys or sells? Given size of trades and time to fill I'm going for buys. Surprised we haven't seen more upward movement though. Over 1% of stock in two trades...

I would describe our bod as greedy, arrogant, and incompetent. I don't think they're crooks, but that will be revealed to us in the not too distant future.

Hi Flabby, to be honest I think there's a couple of ways forward, but it will require extremely good negotiation by Graham and Majid for us not to get heavily diluted by way of ownership of one or both fields.

I think a f/o is the best way forward for both fields however for reasonable terms it will require OGA agreeing Serenity is connected to Tain, and/or there's interest in our acreage from more than just Repsol / RRE. Otherwise I agree with Wmsjames post that we'll be rinsed by RRE and will give up +50% of Serenity for one, maybe two (best case) free drills in Serenity. Sad thing is worst case scenario here is still better than where we currently sit.

The other way forward is we get Dolphin Drilling to agree to some form of partnership in Serenity for 1-2 appraisal drills. This would mean we can move forward and hopefully prove-up the field, with a view to raising capital closer to 40p further down the line. It would require a leap of faith by Dolphin, however they're more likely to have an idea of the size of prize than most. I also think the 'leak' came from their team so in a way they owe us something.

As for Liberator, I'm not sure the best way forward with this conundrum. There's definitely a deal to be done, but I think it's highly unlikely we'll be able to raise the +$50m to develop the 11m barrels ourselves. No-one will part with that money given what Majid has done with the appraisal money invested in the field. We could try to bring in a partner, however that didn't work the last time and we've gone backwards in terms of reserves after we drilled two holes into nothing. So to be honest I think the 11m barrels isn't worth all that much. Maybe we could get $20m if we were to sell but can't imagine anyone would want to partner us unless they take next to everything. As I've said before Majid & Graham should be quartered for what they've done here.

The only good news is we have two fields with hydrocarbons. The bad thing is we still don't have a clue as to how much we have in both fields. We have a negative balance sheet. We have a bod that no-one really believes in or trusts (not great for raising capital). And we're operating in an environment that is quickly turning against oil (long-term), and in the immediate term is severely depressed with no horizon on when it will change, all thanks to a f@cking super-flu (feels ridiculous even typing this). So overall I'd say Graham and Majid have got us in quite a pickle.

Juxtapose, what you've said is nothing other than head in the sand rubbish. Majid is a f@cking joke. If you want any rational metrics, just take a look at the share price, even before Coronavirus took off. Yes he managed to get finance sorted in a creative manner, although I think our resident banker Graham is probably more responsible for this. But then look what they did with it. His job isn't going out and convincing people 'there's gold in them hills'. It's about proving there's gold in the f@cking hills that's his job. And if he cannot do that, he's either incompetent, and/or a fraud. So far mgt has taken money that was primarily raised for Liberator with a bonus drill for Serenity. They drilled at edges and missed targets on Liberator. And they got lucky with an exploration well at Serenity. So we have nothing for Liberator and an un-appraised well at Serenity for £40m. You telling me that's a good result? By their own words Liberator should be producing oil by now. Liberator drills were almost certainties. Perhaps now you can understand why we have dropped from over £1 to 6p? Look at what they've said, and look at what they've delivered. At the moment the market judges them as abject failures.

You have people on here that have lost over 90% of their money. I'm 70% down after averaging down hugely. I don't give two ****s if we farm-out or get taken out so long as we get to double digits again. That way I can then take a £50k haircut and leave this company and its joke management. They have destroyed all value by getting greedy with other people's money. And they stood by when we had insider trading happened not once, but twice. They owe it to their investors to organise a f/o or sell the lot for +10p if necessary and crawl into a f@cking hole somewhere. Majid has less shares than I do. At least Graham has skin in the game, although I wouldn't be surprised to find out Graham has sold all his shares given the way this company has been managed and the level of trust I have in the guy.

Interesting take on things FF, but I'm not quite as sceptical as you. I think they got greedy and flew too close to the sun. Hubris and greed are the innate qualities of a banker, and I think Graham has allowed these qualities and his belief in Majid's f@cking models to take a step too far (beyond boundaries as it turns out). I think they'll get some sort of deal done. Although Graham doesn't have a lot of money to lose, he does still have a lot of money to make if he gets things right. This is what I'm counting on. I just hope they can get it done sooner rather than later as time is money, and the longer it drags on the weaker our hand becomes.

I agree on the small 10% raises here and there when the opportunity sensibly presents itself. But I don't see them being so stupid as to do it now for $1m. If they do a raise now then they really are cr@@ks and I'll be turning up to the next investor presentation with a baseball bat.

Wasa, I'm not sure it necessarily needs China being directly involved. All the majors are taking a battering due to Coronavirus, so I don't think they'll be making any big moves either. Same goes for the banks. Not to mention HZM have a history of getting things done late, so I've been counting on Q2 on first news, and Q3 finance sorted as our best case scenario all along. Sadly I've also gone from 5m to 3.5m shares in the past couple of months to average down in another stock that I'm hoping will re-bound soon and let me back in at these prices. So I'm actually hoping we stick around the 3-3.5p for another couple of months so I can get back to +5m shares. This will absolutely get done, and we'll definitely be north of 7p this time next year. It's just a matter of time and trusting in our first-class bod.

I'd agree with you FF if it weren't for the number of shares owned by Graham and Neil. For them to walk away with a healthy few million they need to get a partner on board who will effectively prove up what they have been unable to do. If successful there will be a t/o at the +50p mark within 18 months and they will have themselves a few £million before they head off to their next project. I think Graham was willing to roll the dice and eyeing a nice £10m retirement package. With a solid f/o he'll still get his millions, just not as many.

FF, your point about needing to double the SP to reach 16p other than being self-evident, is worse when you consider this is only an MCap of £17m. So even if we doubled the SP we still wouldn't be in a position to raise money without significant dilution. If these muppets can get us 3 free carry drills to appraise Serenity and Liberator, for 50% of both fields we should see your 16p. Being realistic I think the best we can hope for is 3 x committed drills (free carry / junior partner) + say $5m cash up-front for 50% ownership of our acreage. This would take us to +20p. Given where things stand this would be a good result as it's a cost to our partner of circa $35m for 50% of a company currently valued at $10m. It would give the company some space to prove up Serenity. And providing the appraisal points to +25m recoverable barrels to i3e, the SP will be back above the 40p mark and in safe territory to raise funds again, or be a solid target for a successful t/o at +50p. It's funny, the company is effectively safe from a low-ball t/o due to the IIs and bod ownership. But this in turn means that everyone knows it won't be taken over so the SP isn't anywhere near the value of the assets. It's all about the f/o. and everyone knows it. Thankfully Graham knows his fortune relies on the f/o, so I'm betting he'll recognize they need to take a haircut, and pull off the f/o we desperately need.

Correct Fastfood. Except the 'other entities' are hubris and greed. With such entities supporting one's decision making it's very easy to take someone else's money and roll the dice. Bankers do this every day. Graham is of course a banker. People will point out how many shares Graham has, but one needs to remember he didn't stump up the same amount of money as everyone else for most of them. As for Majid, the less said the better. With all his 'models' one would expect he'd front up some cash. But he hasn't. The market paid for their gamble. If it came off they won, and won big. If it didn't, they lose, but nowhere near as much as their backers. What I don't think they counted on was the reaction by the market if they missed their targets. Add some insider trading and there you have the current SP. The SP is by no means relative to the value of the assets currently. It is however relative to the confidence the market have in these guys abilities to do a deal that will 'fix' their f@ck ups. I've averaged down as I think they will manage to negotiate a farm-out and it will take the SP north of 15p. If they pull something out of the bag it could be up to 30p. But this will require a very good deal being negotiated, and I do't believe we're in a position of strength unless we have parties other than RRE / Repsol in the frame. We also need to keep in mind that RRE are looking at much bigger fish at the moment so could be disinterested in our acreage, especially if they manage to pull off something like a t/o of Spirit. In fact they may just write-off Tain altogether as it's f@ck all when compared to $1bn deals they're currently trying to pull off. AIMHO. NotHTH.

Drillspark, perhaps remove the big angry bug drilling up your @ss for a minute. Oiler is a ramper if anything. I've questioned some of his overly optimistic numbers a few times. So yes he's being sarcastic. Look at his posting history and it's pretty obvious. Look at mine and you'll just see anger directed at the bod for being such f@ck ups. Reality is they had the ability to drill and recover 7000boepd for near enough the same amount of money they've borrowed to 'prove up' their licenses. It's not known they had to do this, as suggested by another poster. What is known is the SP is over 90% less than it was 18 months ago. Even by AIM standards that's f@cking terrible management of a company, it's assets, and considerable funding afforded to our bod. The market has priced this company because of their poor decision making, broken promises, and the insider trading that has occurred at least twice. If you want to direct any anger I'd suggest the ****s who have promised so much and delivered so little. I'm stuck in this dog until the next bounce then I'm out. I think you'd be hard pressed to find many longer term holders willing to hang about as well. New investors, you're very lucky to be in at this level as the company does have significant potential. It's just whether the bod are capable of realizing it.

Agree listing points harel. Agree circa 15p before news. Agree good deal terms being $50m value. But no way we're going to be anywhere near 60p pre-spud. Halve that and we're in full agreement. I just hope they get the f/o done in the next month or so. I have a baby coming end-April and simply want my money back in time.