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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
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
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...................................................................
Hi Whitenight, since you mention backside, I just wondered which bike you talk out of .
You say so will reach 0.0010 - that would equate to sp about £15M right ?
So you say we get a dead cat bounce in news - which news do you pontificate about ?
If it’s the conventional pump then how much revenue do you think that will get - per month if per year ? £1/2M per month ?
But the ESP should be producing in just 2 or 3 months time - perhaps 1000 bpd? And how much rd dune would that bring in ?
Do you own a calculator ?
Hi Sheephatch
In the last RNS tge bit the markets didn’t like was the delay on the ESP enabled production which is now sometime in the new calendar year instead if sometime summer this year.
They did however say that the more simple pump should be operational by December meaning up to 250 bpd oil ie derisk almost completely any funding issues
We shouldn’t really worry even if there is none more news update for now but obviously we’d hear otherwise if things going awry - almost a case of no news is good news.
But having said that, a bit of an update would be good
In the RNS which had factored in the clean up, the company said they were all right with cash flow for about 12 months except for any extraordinary scenarios.
Further slight delays I’m not worried about but any more cash raise would be something else and primly get board into all kinds of legal problems for misleading
Ralladw: for me it’s not now the amount of oil it rate of flow that’s important. It’s the fact that so many times this company has disappointed that frankly I can’t really blame the big institutional investors coming in here until they see the proof.
Logic suggests and tge RNS suggests it shouldn’t be long - but until confirmation we are all gonna be nervous - we shouldn’t be, but I guess we’ve all got memories of this company snatching defeat from tge jaws of vuctory
The whole point is to get this oil up so that the company de risks and become self funding and sustainable - it cannot be underestimated how important it is to see commercial oil.
Sadly, because of repeated delays and past failures, the bigger institutions are still not convinced enough to be ploughing their investment here.
The proof is going to be in the pudding but either way we’re going to find out very soon as per the last RNS