Member Info for GarryGraham

what is it with uk companies. the amount of companies that overstretch and ladle themselves with debt due to nothing more than greed. i don't know why the board of directors at these companies don't just stick to making profits and increasing their current products instead of always trying to buy other companies which are invariably a crock of ****. gg

Henrik Wareborn states in his latest RNS that, as a company, they have been incredibly busy in the last six months. Busy? They have had a sales turnover of £63,000, shared between 33 full-time employees and a board of directors and non-executives. Our CEO adds that they have completed applications for grants and undertaken feasibility reports etc. Henrik - this is day-to-day work and doesn't need to be included within an RNS, my friend. In addition, why include the fact that a customer has returned four reactors - it's irrelevant and hardly good news! Finally, we are given the standard line, " The company is actively seeking a substantial pipeline of business development opportunities". NO NEW CONTRACTS THEN! I think it is time for either Henrik Wareborn to resign or completely fire off the commercial department as Andy Bensley, who, as head of the commercial team, has to the best of my knowledge, brought no new contracts to the company since joining. As investors, the share price continues to tank and may dip to a worthless value of less than 1p. What a farce. If anyone wants a case study on why to avoid AIM companies, this is it !! Final message to Henrik Wareborn - start earning your salary, which is probably 8 times the total turnover of the company, and get some new contracts and sort out the matched funding - as an investor, I am sick of seeing RNS full of "Jam tomorrow" and continual begging bowls to fund our CEO and CFO huge salaries on a turnover of £63,000 !! GG

From my years of experience, this balance sheet stinks of an insolvent company. Its liabilities far outweigh its assets, and the company does not have a trading business. It's being funded by shareholders on the never-never. It's time to start producing the oil and announce a farm out or put us out of our 99.5% loss misery so we can write it off against decent companies instead of being involved in these Ponzi schemes. The two greatest mysteries to me are why people like Willec and others ramp this company and how Challenger Energy successfully obtained the two licences in this block. GG

Balance Sheet 31 Dec '22 31 Dec '21 31 Dec '20 31 Dec '19 31 Dec '18

Non-Current Assets

Intangible Assets 99.27 99.02 79.87 50.57 48.5

Hi - can someone help me hear? What is the intangible asset in the balance sheet of £99m ? GG

This RNS confirmed that Velocys plc has still not found an investor willing to stump up the cash despite seemingly entrusting this task with one of the largest investment banks in the world. Secondly, no new significant contracts or new clients signed up with Velocys plc. I travelled back from Europe this weekend, and it dawned on me there must be thousands of airlines worldwide, and we have one firm client, Southwest Airlines, in the USA. IAG has signed a very loose Memorandum of Understanding, which guarantees nothing. I think the latest RNS is a bit of a smokescreen once again sent by Henrik Woreborn to try to hide the fact we don't have matched funding, nor have we signed up any new Airlines or fuel power companies due to our abysmal commercial department. GG

Hey Jimithebrush. You dont live in South West France near Carcassonne by any chance do you? I know a fella in our town in France and everyone calls him " Jimthebrush ". Probably just a coincidence mate. GG

I just want to add it's find LOTS of oil in Uruguay or turn the lights off. Don't let the CEO kid you we will make money in other areas. He is banking everything on Uruguay. It is Perseverance Mark 2. Only this time, we don't have a fiasco government, Greenpeace, a crackpot barrister to go against and other majors interested in the same acreage as us.

It is still a huge long shot, probably like betting on a 20/1 shot at the Grand National. GG.

Basically, it is an all-or-nothing punt - nothing more but the " punt " has better odds of succeeding than the Bahamas. We all spunked 99% of our investment in BPC. I am going to buy a couple of million shares to add to the half I still have left in from the Bahamas Fiasco. The reason is morbid fascination. I was expecting another 10/1 but at least this is better and the CEO has promised to add and suppliers want paying in shares ( or more likely have been told to be paid in shares ). The one thing that keeps me in this cashpit is the fact that Shell and other majors are interested. My only hope is that at least these boys know what they are doing. Its a punt and a massive one but its as cheap as chips to hoover up shares at these prices. GG.

Charles 175 - Thanks for sharing. As a slide show could be better but at least it gives investors some important information. The digital magazine it is looks a bit amateurish. Spelling mistakes on home page !! GG

The news flow and communication from the board of directors is dreadful, and I think that the last Investec presentation was a disaster. It was pompous and dismissive in tone. As an investor, I am not particularly interested to hear if our CEO's children or grandchildren refuse to fly due to climate change concerns I am interested in how we increase a £200,000 turnover and turn around a £13m loss. Maybe his Grandkids don't have to worry about flying if Grandad is getting paid £500k a year whilst doing such a dreadful job as CEO as the share price continues to tank month on month for investors. I want to see Andy Bensley tell us about new contracts and developments with partners. I want to hear about technological advancements in our product. I want to see all over our website that Velocys plc technology provides the lowest carbon footprint for Airlines and that we have the best technology. I want to see it in articles, exhibitions, and on the web so our potential clients know we have the best technology in SAF. We have had absolutely nothing in months except a dreadful set of results somehow pitched to investors and more fundraising to support these tepid results. It's time for our CEO to start convincing investors he can do the job his salary demands, and if not, he can drive into the sunset with his grandchildren, who refuse to fly. GG

I don't know what Andy Bensley, our SENIOR VICE PRESIDENT, BUSINESS DEVELOPMENT & TECHNOLOGY DELIVERY, has achieved since he was offered this position late last year. I understood he was employed to bring in new contracts and clients. To the best of my knowledge, we have not won one new contact since he started with the company. As our competitors regularly report new business developments, we post absolutely nothing. I think it is time for a severe board and senior management reshuffle. We are being left behind, and as shareholders, we are seeing our investments in Velocys Plc crumble as the share price has tanked this year. GG.

I have read that BP carried out extensive 2d and 3d mapping of block 3 Uruguay and pulled out in 2016. Total carried out the deepest-ever drill in 2106 in Block 14 off the Uruguay coast, going over 2 miles down, but it was a duster. Does anyone know how far Block 14 was from Block 1? GG

Interesting note: Velocys plc is no longer advertising the Commercial Director UK and Europe vacancy vacancies or the Commercial Manager UK. They have several new vacancies senior management positions advertised for Texas, Colombus and Oxford. It looks like the company may be progressing. Lets hope so. GG

Willec - I genuinely hope you are right with your predictions. I do. Your last post " patience is the key ".

I am 100% in agreement with this.

GG

willec - even if we get a farm out and that will almost certainly depend on shell and apache going ahead with the seismic testing and announcing extremely positive results. challenger will then have to find a farm-out partner. even if we find a farm-out partner we will then probably require additional funding as our farm-out partner will almost certainly insist we contribute financially and we don't have a pot to **** in. this will probably mean further dilution in the event the sp rises and then consolidation so the millions of shares the investor can currently amass for a couple of grand will probably be worth significantly less after another round of dilution and then consolidation. if we then somehow find the funding and the drill goes ahead the chances of being successful in an exploratory drill in a virgin oil field are probably 1 in 10 and then we do not know the quality of the oil and if it is in sufficient quantities to be a commercial success. quite simply, it is a punt at best. time to be realistic kiddo. gg

Expat Brat:

I do appreciate your comments but your latest post does not make sense. You write

"It’s very apparent that VLS is using all the same technology choices as Fulcrum in the US, apart from the FT technology".

VLS use the patented Fischer-Tropsch process. I am pretty certain Velocys plc is not reliant on Fulcrum for "technical viability ". The problem which Velocys plc has is on the commercial and financing side, its technology is sound. GG

"Willec -If it won't happen why are you here "?

Answer: Because my friends and I have got an investment here which is a substantial amount of money.

The difference is we are realists and we don't always believe what the board of directors tell us. GG

Willec: "For those who disbelief oil in Uruguay let me remind you Majors would not be they if oil was not present - wait for a lovely rerating soon".

Apart from Challenger Energy plc and in particular its CEO Eytan Ulliel please name another "MAJOR" that is seriously promoting this virgin oil field. Scour the internet and look for articles or go visit the Shell or Apache websites and see what coverage they are giving to this exploratory oilfield before you try to tempt any further potential investors. Greed is a mighty adversity Willec and don't let Greed beat you as it has already beaten us all once. All Im saying is to take a cautioned viewpoint. I hope you are right as an investor and we find billions of barrels of oil but the probability is it won't happen. GG

The commercial department for VLS appears to be pathetic, to say the least. VLS is still advertising for a commercial and business development director UK and Europe and for a commercial director. They have had these positions advertised for about four months! I said in an email to Henrik Wareborn recently to go and headhunt the competition and outlined these concerns in a marketing strategy and commercial competitors analysis late last year in an email to Mr Bensley upon his arrival. It's blatantly obvious that our competitors have far stronger commercial departments and better commercial staff. Come on Mr Wareborn start earning your £500k per annum salary or step aside as the shareholders are starting to become extremely disgruntled. If you are not up to it step aside for someone who is! Our investments are crumbling. GG