Expect more lumpy end of day buys to be reported. These sells being mopped up
LBE defo one to keep an eye on I reckon
For me , cheap onshore Sarawak drilling/dev much more appealing than expensive offshore Sarawak drilling for where these co’s are in development
I wondered if perhaps NK’s shareholding was stale and perhaps he had sold turns out completely the opposite and more involved than ever. Great RNS!
Popcorn at the ready to see how the naysayers try and spin this one. Follow the Malaysian money feels like an apt phrase
The placing was always going ahead. It was ‘completed’ on 26th April. read RNS
Obviously the shares couldn’t be admitted to trading on 6th May as was a bank holiday (ok oversight imo as every other market was open) and the shares then being suspended.
This RNS reads that results will be in next day or two and then we will relist after that once FCA give all clear.
Let’s just hope some actual contract news and not waffle gets delivered at the same time. This suspension seems to have unnerved a few in spite of the clear blame being on auditor . Be a shame for people to bow out at this hour when we have cash on the sheet and an evolving plan
Just read the RNS’s and largely ignore these boards. There is so much deceit on here and x and none of them are long or short just don’t want to see a success story outside of their failed portfolios
Arthur- what response did the board have to your latest questions? Don’t be shy drop them a line
I hope this stays suspended all the way until we have a PSC/JV and funding terms all agreed so all these folks trying to bring down the company by misrepresenting every RNS can bleat away to no avail.
This goes two ways. The market will love it if some actual material PSC news etc comes before suspension lifted or hate it if lifted without material news. At lease it means the incessant attacks by envious folk on x etc are now ineffective in their goal
Anyone dispersing MNPI of a placing ahead of said placing is looking to damage the share price and the terms of said placing. The guy is not on your side. Be careful
Why are you ranting on here and not asking the company. Doesn’t make sense
Arthur
You seem quite close to proceedings. Presumably you have raised these concerns with the company? What was their response?
3.3 is a 15% discount to 1 month vwap of 3.9 That’s exceptional for a company who have yet to sign a PSC.
So you just read ‘fully funded’ and ‘well financed’ and ignored the rest of the context in the sentences. You’ll never make5mil if you lack basic comprehension. No offense
That’s not true. Where does it say ‘Fully funded’?
‘Well financed to meet its work commitments’ is what was said in January
They just put a deposit down and reserved a drilling rig. You think that was chump change? You think that’s a work commitment or part of the big boy next stage?
Would you have preferred for them to have lost their chosen rig to another company because they are not in a position to pay the deposit until they have the financing PSC partner nailed down?
Smart money don’t throw money away. To get this placing done to so few individuals at the price the stock was trading at less than 3 weeks ago and without a confirmed PSC they must have wall crossed them with some pretty juicy MNPI. Wouldn’t you think?
The narrative on these boards is completely delusional
There’s a lot of bitter retail punters who are in this space and missed/ watched this company quietly build a business in Sarawak and didn’t invest. They are desperate for it to fail because that’s how envy works.
Last musing - how the hell did they get off a placing with no PSC etc at a £50mn valuation to smart money at a price the stock was trading at less than 3 weeks ago
What needs explaining? The PSC and everything that comes with that is not ready to be announced as we are still evaluating partners that will give us best terms and are not yet exclusive. On Monday 22nd in order to be ready to crack on Upland Had to put a deposit down for the rig and following that they have done a decent but not too dilutive placing to a few smart investors to shore up the balance sheet. That means we are financed up to and including first drill.
The market should love it but there could be a brief opp Monday morning if you’re lucky
Read the last 2 RNS’s
Read between the lines on here and X. Last chance for some folk at getting a cheaper entry now we are capitalised to 1st drill
Ask yourself what conversations the company had with this handful of smart money to get the placement away with no need for anymore silly warrants either
and don’t forget they just had to put a deposit down on the rig.. Money doesn’t grow on trees
A value accretive placing that few seem to understand. Guess that’s what makes markets
I think the market will digest this and respond well next week. A small but necessary placement to allow focus on the prize