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Https://www.nytimes.com/2023/08/18/business/indonesia-nickel-sulawesi-china.html?smid=tw-dealbook&smtyp=cur

It's not just churn, the markets are rolled with concerns around China with funds there missing payments to investors, Everglades defaulting in US and China failing to disclose economic statistics.

Are the fund non payments and defaults akin to Household Financial and Bear Stearns? Financially the banks are less connected in the West than a Lehman moment but what other assets begin to be affected potentially. George Magnus interesting about this on Twitter as is someone called Andy Constan.

Note Michael Burry has taken on BigShort 2.

If they can prove flows and gas shows are commercial the macro challenges.shouldnt mean too much to PRD except depressed markets may have less froth and O&G may trade cheaper. Proof of concept is successful still leads to multiples of current.

Sandjet is interesting as tight sands have been an issue elsewhere and feel MEM is right to raise

The Bank of America commodities report has the market growing at 3.9% CAGR until 2035.

Current China concerns and general bearishness is pulling things down. We are less than 6 months to production now.

Lots of noise around China and only giving selective economic data. As a top producer efficiency wise and ESG credentials to boot we should find demand. The 6 month forqard or spot price make only a minor difference to longer term NPV.

The fund raise although important was definitely not prescient - it was sailing very close to the Financial wind and much more delay could have been quite serious. The FD/CFO part of their roles needs to be done better.

Would say anyone blaming the board for being rampy when buying shares has perhaps not heard of Caveat Emptor. We are all responsible for our own actions.

In that kind of holy crap/apocalypse scenario it will be inflationary stimulus to reduce the debt cost.

Drones/Robotics/AI etc. Will improve productivity but at what cost to labour force.

Yes micktrick but some of that was also meant to be achieved following the emergency raise prior to going to market.

Agree latter steps will depend on outcome of tigless testing. Some may depend on NuTech analysis but it'd all a bit mushrooms just now.

Paname

Mgmt are free to strategize to do so they need a plan and timeline. They have presented such in the past, so just a bit surprised 3 weeks post raise they haven't done so. Given the value they place on the PI base.

Clever to respond with random abuse though.

Hardly neuroses to want to know what management have planned and their execution timeline.

I've just responded on a deal where the Borrowers failed to provide such info and its impossible to take it seriously. That's not the case here but giving a timeline/schedule is a good discipline.

Can I ask if there has been much since the raise was announced, regarding the time required for the rigless testing and or next drilling.

Had hoped for an updated presentation (as mentioned) not yet read the prospectus exhaustively.

Think there may be a bit of churn still to come when admitted but soon be done and then strategy should drive the SP instead.

In it for results Mick ultimately not to trade.

Not near as knowledgeable as many others on this play but in deals I see, there is much more investor friendly comes. Granted that is IG/PE stiff and there is more money for advisors but its not difficult to produce and bring your audience with you.

Perhaps their hiding some of their light under a bushel but don't see the reason to do so.

I'm sure there is more info to read this in conjunction with which I'd aim to get around too but flipping heck, a presentation update would be so much simpler.

Firstly, important to prove the fist few hundred BCF and then augment from there.

Release of this prospectus with little accompanying narrative is a bit of a missed opportunity. Having someone pull together a 10-15 page presentation outline of reason for timing of info, expectations of next steps aligned to budget and sources and uses would be alot more user friendly and get the info out there more efficiently.

Yes everyone cam read for themselves but in a world where time is a precious commodity why make it less accessible than it needs to be for the sake of a few hours in front of a screen.

Good to see a blue day, hopefully a sign that churn is over, buyers now outweigh remaining forward sellers.

As/when next update comes looking forward to news on what has been done and what is to be done and timelines.

KOz

Excellent analysis, had suggested last night there was little chance the company would take the risk of the placing not being entered. The headroom date is quite serendipitous in this regard and perhaps what they are working towards while developing CPR/Prospectus.

The prospective investors are already sufficiently content with the info provided to make a commitment.

Donalb

Perhaps Porter was more suggesting their Advisor not the general brokers.

Fwiw I'd expect the advisors to help the company construct the prospectus to deem what info can be included and what conclusions can reasonably be inferred and forecasts to be included.

Along with ensuring reg info/references are up to date for FCA to then rubber stamp they wouldn't be advising on content just that it meets an info threshold.

Standard for IB/Advisors to do this for InfoMemo on bugger deals when working on a raise or just to update the market. Hence, the chance of prospectus not being approved should be fairly.slim to vanishing if correct process followd which I'd imagine it has been.

Jimmy

Agree the odds are good, hence invested.

The nature of some assuming a post has to be rampy or de-ramping is a shame.

I'd be much more content with flow but that would cost much more as an entry point so here suits we'll in the meantime.

I'd say posting the following

HUGE

THATS IT

Followed by a fireball is hardly measured.

For anyone to declare there is zero doubt about the outcome is foolhardy. There is great potential but geology carries risks.

It does frustrate me to when folk shout otherwise, either here or on X as some may invest more than sensible given the potential risk still in place.

It is of course each to their own and I'm invested but not betting the farm

Rhwillcoll

The idea that anything thay doesn't say its huge is to be trampled on is a real issue on this BB.

I'm responding to a post, not parrotting it suggesting that while I'd still like more info from management and better info on commerciality the fund raise.should take them to CNG which is vakue accretive and then allow bootstrapping to test the rest or raise.from a higher level.

Hence the purchase of more shares.