Member Info for Jackbal

Hi Harel,

I’ve loaded up and regretted it more times than I can remember. From one gambler to another I hope they pull off a minor miracle for you.

The problem here’s not the asset which obviously has potential, it’s the debt.

After reading my post again I think I was insensitive. Apologies to you and Tom too.

Good luck

Harel,

How the hell did you end up getting over 3% of this joke?

I originally took a look when my broker placed and bought discount to placing.

Again no offence but you either

1. burn bin ladens for fun or
2. Biggest mug punter on aim I’ve seen
3. Posting on behalf of bod

If I owned 3% of this and they ignored me I’d be at their front door.

I like a gamble but wtf, no logic in you claiming over 3% and allow them to ignore you

PS if they get decent deal for holders I will be first to say nice one or even buy back sub 8 if poss.

I’m not a guy that doesn’t bet or take huge risks with small stakes but I know a number of brokers who all say snake oil.

The best risk to buy is the stuff priced as bust but they need a minor miracle to protect value, raise a lot more money and service debt.

Good luck all, 2/3 bag or bust imo

Harel,

No offence have been reading your posts. You say it how you see it and I try to do same but if no farm out equals 50% fall that leaves them 3 millIon mcap with at least 4/5 times debt and no income.

I believe it’s farmout or bust and that means they have a pair of 2’s across the table.

Hope you are correct as I’m in cash and know you have loads but even if they get 10 mill f/o which seems mental how could they drill and balance the sheet?

I’m probably too cynical but snookered and check mate imo

Well good luck again and you could well be right. RvR soured for me when they missed end April deadline. They knew it was approaching for 4/5 months so my assessment was different, I thought first RNS made the covenant waiver appear to be a formality and then the later rns climbed down a little.

Had to ask myself “on the day that Iona energy inc holders were told the lights were going out were they not also kept hanging on until the bitter end?”

It’s always portrayed that it’s all good until it’s not anymore and learned some expensive lessons being brave holding stuff in the past.

I also struggle to see why lenders would protect themselves by securing against assets and then not actually want the asset for themselves? Perhaps bybrook’s 5 million going in at 35 aligns debt/equity to a point where noteholders wish to prevent equity wipeout. Perhaps farmout will be agreed soon and only at that point will waiver apply? (Would mean I3 in a very weak negotiating position as their financial situation is no secret and their record of wasting money speaks for itself)

It’s a glass half empty/half full thing and I am pretty good at getting off a station or two early so it’s probably a great reverse indicator that I’m now out lol.

I think the final nail for me was reading one of Harels posts as he intimated they don’t respond to him either. As a material holder he could crash the SP yet they still hide away.

Maybe they know more than the market and if so I will try and be less cynical in future but I doubt it hence my current position on outside looking in

Hi Tony,

Sorry yes I stand corrected. I just remember being bemused by the fact he was pleased about it full stop at the time.

But specifics aside he was saying he was pleased in the rns about a sand Column when RBL option (if it ever firmly existed) had just left the building.

Isn’t it like losing a pound but being happy to find 5p?

Prob not the best example/analogy but you get the drift.

Good luck to you on this Tony, you and many others are giving them the benefit of huge doubt and deserve to be rewarded for holding the risk

When you consider them being “pleased to report” the fact that they had not proven up Liberator for senior RBL the mind boggles.

I sincerely wonder if senior rbl was a realistic next step or a hopeful intention.

When I e-mailed them to ask why they are talking about RBL on a smaller scale on public forums when it’s borderline fantasy I got no response: when I call the number of the RNS which I have repeatedly the best case scenario is someone at Camarco offering to take messages. Sometimes there is no answer!

I still decided to punt at 4.6, only 100k shares but all out now.

Would rather pay 8/9p to get back into something not going bust than hold a potential zero.

The longer the silence the more resistance they are getting from the noteholders to waive covenants in my basic opinion.

Sincere good luck to those holding and keeping the faith. Hope they save this late in the day and if they do might punt again if the price is right

Fastfood there is a pattern of being borrowing against assets and failing to service the debt at both Toscana and Iona Energy which is not too dissimilar to the position they have got I3 into...

Also a pattern of avoiding holders and potential investors.

True to say 2+2 isn’t always 4 in equities but for anyone new looking in I believe it requires careful consideration.

What they say in RNS and where they are at in reality seem completely at odds.

Volume very low, SP close to all time lows, future out of the BOD’s control. Price action not yet exhibiting behaviour of a good deal for holders being done yet....

Yes it might somehow come good but given the track record of these guys it would be a first

A chilling eye opener regarding Graham Heaths last hurrah Iona Energy Inc?

Google “what happened to Iona Energy Inc?”

Iona, Toscana (his brother on bod FfS!) and now I3.

Iona and Toscana both borrowed money they couldn’t pay back and failed and now I3 who expected to announce covenants waiver by end April are becoming deafeningly silent.

Even if they farm out and get 10 million cash it’s not going to go far is it and that’s a highly optimistic expectation given the backdrop.

Hi all,

Got lucky (very lucky) trading these last year and sold out after serenity strike.

I bought some at 4.6 as I thought that it couldn’t be possible that the bod would be so Blasé about the debt situation unless they had a rabbit in the hat with the noteholders. Then on reflection reminded myself they were pleased to report a duster last year and that they must be blasé!

I sold 50k shares to wins this morning but they would not take more above bid so not sure there’s that much mm bias here imo. On a knife edge I think

To be honest I couldn’t rule out the fact that graham and majid have f@cked this irreversibly and the delay to covenant waiver makes me nervous with bod track record here.

Hold an avg price of 2.64 on remaining shares. That’s all I’m willing to gamble on the covenant waiver.

The only BOD I am aware of that completely ignore very simple and repeated questions from investors is worthy of comment too.

Will they be “pleased to report”? I hope so but i don’t even think they could do a placing that would provide anywhere near enough funds (even at 1p) so **** or bust, triple or nothing punt on the lenders mercy

There’s 5 already.

Thought it looked punchy but I’m impressed by the speed of that move up

Buy the rumour sell the fact!