Member Info for Hms687

Fao Roger; Ralladev + any others.

I had asked investor relations two main questions ( I will resist complete copy and paste if reply) :-

1. Regards general progress . The response was consistent with response given to others on here as per their posts. Basically the rod has been installed and clean up continues. An update will be provided once flow is stabilised and consistent .

2. Over 6 billion share issue option -

This is apparently consistent with previous years and is more used as an option to be built in for future progress rather than any firm plans.

They’d already told us the company will have up to 15 months to excercise the option if and after approval at the AGM

Basically, I am much reassured now

👍

AGM is now only a couple of weeks away and actually I’m not too worried about either any oil discoveries or their rates of flow - I think we already know these to be exceptional.

But the SP is massively underperforming so earlier I wrote to the company myself. Particularly I’m interested in the allocation of over 6 billion shares to be issued .

Thank you Roger

FFD 600 ?

Roger - What is :-

“ The chairman has said previously if we get 250bopd we will be self funding for FFD 600 was the aim which he said would enable it to be faster. Now they talk of 900bopd plus.“

Bluray : we’ve been told we’d get stabilised rates not anything squeezed

Thank you Burnemc, that is very heartening. So it would seem very reasonable to expect salient updates from our Chairman at the AGM in a fortnights time if not earlier.

This also means I can look forward to what plans the Biard has given their proposed motion to issue up to 50% more shares in our company. We know this option for shares will last upto 15 months so what weird or wonderful things can we look forward to hearing.

As the saying goes : You got to be in it, to win it.

It seems that the ROD has now been fitted and that the pump that drastically increases flow of oil production will be early next year. So yes, belated but still the only outstanding part is the clean up.

Tbh I’m not personally too worried if this is taking more time than anticipated. BUT I would be worried if the delays add too much costs.

So is there anyone on here with knowledge that can give any idea of possible time and costs that could be involved here ?

As a layman I haven’t got the foggiest

As an aside but still significant : global crude oil price now down to just $76 ( it had been approaching $90 pb not that long ago

Let’s face it, this lack of update is killing us all.

The last RNS did state commercial production by now but if that has not happened then they’d be expected to RNS, so as I said before, in a way, no news is good news. Though some update by press rather than RNS wouldn’t go amiss.

Anyways, probably the AGM could be the best time to look forward to and particularly the plans for over 6 billion shares.

That’s good to know Burmerec 👍

Well Professonal one thing we can be agreed on is that we’ll get some sort of update soon. The 6 billion+ potential number of shares is too precise a number. And it will increase circulation shares by 50% so yeah, more insight from the company is needed albeit

Just a rough calculation, at today’s sp that amounts to approx £10 M, which by my estimation they could probably get in via oil revenue within just a few weeks.

But obviously they may need the funds in a hurry for optimum gain

I just hope they’re not helping mates out again with a bit of a heads up again

Hence my hunch to vote down the resolution if they don’t properly update us first

Sorry typo, within 15 months it should be.

They’ve got something / someone in mind and I’m very very excited as well. Judging shares volume increasing, looks like someone else excited too

Ok, Ive copied Clause 6, and Clause 7(a) here now as well :-

Basucally whatever it is they have to do within 25 months and that if they due the number of shares will be increased by 50% :-

5. To re-appoint as a Director Stephen Whyte who retires

by rotation at the commencement of the 2023 Annual

General Meeting and submits himself for immediate

reappointment to the Board.

6. That the Directors be generally and unconditionally

authorised in accordance with articles 5.1 and 5.2 of the

Company’s articles of association to exercise all of the

powers of the Company to issue and allot an aggregate

of 6,687,339,810 Ordinary Shares (in addition to the

Ordinary Shares in issue at the date of the Annual

General Meeting) representing approximately 50% of

the current issued share capital; such authority to expire

(unless and to the extent previously revoked, varied or

renewed by the Company in general meeting) at the

conclusion of the next Annual General Meeting of the

Company or, if earlier, the date 15 months after the

date of passing this Resolution, provided that this

authority shall allow the Company, before such expiry,

to make an offer or enter into an agreement which

would or might require Ordinary Shares to be allotted

after this authority expires and the directors may allot

Ordinary Shares in pursuance of such an offer or

agreement as if the authority conferred hereby had not

expired.

SPECIAL BUSINESS – SPECIAL RESOLUTION

7. That subject to and conditional upon the passing of

Resolution 6, the provisions of article 5.5 of the

Company’s articles of association requiring shares

proposed to be issued for cash first to be offered to the

members of the Company in proportions as near as may

be to the number of the existing shares held by them

respectively be and are hereby disapplied in relation to:

a. the issue and allotment of Ordinary Shares pursuant

to a rights issue and otherwise pursuant to a rights

issue, open offer, scrip dividend scheme or other pre-

emptive offer or scheme which is in each case in favour

of holders of Ordinary Shares and any other persons

who are entitled to participate in such issue, offer or

scheme where the equity securities offered to each such

holder and other person are proportionate (as nearly as

may be) to the respective numbers of Ordinary Shares

held or deemed to be held by them for the purposes of

their inclusion in such issue, offer or scheme on the

record date applicable thereto, but subject to such

exclusions or other arrangements as the directors may

deem fit or expedient to deal with fractional

entitlements, legal or practical problems under the laws

of any overseas territory, the requirements of any

regulatory body or stock exchange in any territory,

For Against Withheld

shares being represented by depositary receipts,

directions from any holders of shares or other persons

to deal in some other manner with their respective

entitlements or any ot

Posted to my house as well

Special resolution Clause 7(b) :- AGM December 2023

b. the issue and allotment of Ordinary Shares for cash

otherwise than pursuant to sub-paragraph (a) above up

to an aggregate maximum number of 6,687,339,810

Ordinary Shares, representing approximately 50% of the

Ordinary Share capital as at the date of this notice, such

disapplication to expire on the same date as the

expiration of any authority given in Resolution 6,

provided that this disapplication shall allow the

Company, before such expiry, to make an offer or enter

into an agreement which would or might require

Ordinary Shares to be allotted after this disapplication

expires and the directors may allot such Ordinary Shares

in pursuance of such an offer or agreement and in

pursuance of any agreement existing prior to the

passing of this Resolution as if the disapplication

conferred hereby had not expired.

Signature...................................................................

Vote en bloc at the AGM against the shares issue ?

Cheeky gits need to tell us why they’re putting this clause in first.

Please submit your votes against the motion for now / you can always change at the actual AGM

Anyone going to AGM ? I think personally I’d be tempted to go if it was on the mainland - why not.