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"Fundraising
The Directors prepare annual budgets and cash flow projections that extend beyond 12 months from the date of this report. Given the Group's cash position at year end (£371,740), these projections include the proceeds of future fundraising necessary within the next 12 months to meet the Group's overheads and planned discretionary project expenditures and to maintain the Company and its subsidiaries as going concerns. "
Current sp will now cause further dilution when the next placing occurs.
So for over 12 months the company have gone down one avenue which turns into a cul de sac, PC must be questioning his own decision making.
Malcy perplexed as usual -
"What I can’t understand is why the market is yet to take this on board, the shares had a good run up last year and more than doubled in the second half of the year. Since January the shares have fallen and at a time when both parts of Chariot have been delivering on the promises in a favourable market doing exactly the reverse of what I would expect. I said before that Chariot was a multi-bagger and I havent changed my view, if anything at 8.8p the shares are incredibly cheap"
Mitch Flegg, Chief Executive of Serica Energy, commented:
"This is a frustrating event, but I am confident our skilled teams onshore and offshore will safely and efficiently implement the required repairs using equipment and plans already in place to deal with such a situation.
Production from Bruce, Erskine and Columbus has consistently averaged over 10,000boe/d net to Serica so far this year. We expect these rates to continue during the Rhum shut down and we will look for ways to optimise the Bruce production rates during this period."
Presumably PVE Consultants will be better placed than Stellar were as a result of the recent successful drilling offshore Namibia. Perhaps this is now or never for GBP to achieve something for its long suffering shareholders.
There has been a fair bit of information shared on estimated cost of North Eigg drilling in summer '22. What are the likely cost implications of the Bruce and Keith Well Intervention Campaigns, and would this affect production whilst in operation.
"Plans are also in place for a well intervention campaign to take place in 2022 to improve the production potential of several Bruce and Keith wells during subsequent years"
II doing their bit to spread the lurrrve.
"the immediate situation suggests growth continuing above 146p should make an attempt at an initial 166p with secondary, if exceeded, calculating at 180p. The visuals imply the 180p level should prove capable of some hesitation, thanks to this representing a series of highs back in 2016."
"we can even risk proposing a third target level should 180p be exceeded. Such an event works out with the potential of 220p, a new all-time high since the share was initially listed back in 2006."
Oiler87 - on the other board their weather expert says that ships are sheltering and things are on hold for a week.
Just remember the confidence shown by eSeis (in the 2019 RNS)-
"eSeis will undertake the work for a heavily discounted rate (which management estimate to be a saving of $1.5 - $2m to the company) in exchange for a 1% overriding royalty interest. Such a performance-based remuneration structure achieves the dual objective of aligning eSeis' interest with that of Pantheon shareholders and of preserving cash resources. It is important to note the Alaskan leases are state government leases which carry a significantly lower royalty burden than most leases in the Lower 48 States of the USA. This deal would increase the lease royalty rates to c.17.6% across the project area with e-Seis. By way of comparison, the royalty burden on Pantheon's East Texas leases averages 25%."
Muckle your comment opens up all sorts of response to Dickupham!
Nevertheless -
The UK oil and gas industry will pay about £3bn in extra corporation tax because of the global rise in gas prices – without any need for a windfall tax, the sector’s leading trade body has calculated.