focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
No inside track, had that been the case I wouldn't be suffering like the rest of us! From time to time I tend the contact the BoD, either directly or via colleagues. The latest we know corroborates what has been RNSd already in that the JV is determined to increase production and capitilise on the rising price of oil. Flows have stabilised according to the guidance previously set out and now we are expecting an RNS regarding the simulation study and subsequent plans to proceed with the drilling programme. What I do know is that SO is upbeat and positive with regards the prospects for shareholders from here but is restricted as to what he can RNS until the JV have all the info they require to hand. Some level of funding will be required as per the align report and that I'm sure the market wants to see. There was one lifting in March for H1 which I doubt is going to set the inrterims alight especially since we don't know the admin/creditor expense, I'm not holding my breath...
I reckon the market wants to see a concrete plan for further development with project finance secured. This will be the catalyst. It's all about capitilising on the oil price by increasing production. Our FPSO has plenty of spare capacity and that will be a game changer. I am told the JV is pushing ahead and fully aligned behind the scenes, just need material progress in an RNS now
Yes Photo I agree. The Chinese have held this up through their capital input. They are well underwater given the current share price. What gives me a little more comfort is that I average a lot less than they do and require much less liquidity to exit my position but i do wish they would show their hand now. SO has been retained as CEO so evidently they are happy with that arrangement. Hopefully in the next 3-6 months we will find out why
The chinese investors showed up 2 years ago, a random granada RNS popped out shortly after. We never heard anything again. I am sure they are Granada linked but not sure what is happening there. They're not stupid, those guys own hundreds of millions of shares, they will not be able to sell with no liquidity and a paltry mcap of <£10m. As for the selling, it's Jacka and they should be out now. I haven't sold for a few months now at least.
Hon is a consultant to MXO, he only pops up when required and facilitates the fund raising. He doesn't hold any MXO stock himself. Richard Carter is Hon's man and is a NED on the BoD. The Chinese are most certainly here for something but we don't know what; I have a hunch it is linked to Granada. SO may have smooth talked retail money in but I doubt the chinese would've coughed up £12m+ without a clear plan or has he mugged them off aswell?
I have reduced my holdings. Now have around 6.5m shares. I wasn't happy about the reduced flows and the lack of comms having posed SO some proper questions via email which he failed to respond to. A bit more comfortable now but still well underwater. I have managed to touch base with Johnny Hon too but his involvement here is minimal although I had a proper whinge and moan.
At the beginning of the year we raised funds at 0.8p at a 90% premium to the then share price, what indeed went wrong?
It should be noted that there is no resolution set out to lower the nominal share value below 1p which demonstrates confidence in their ability to conduct any future equity raise above that price. It is imperative in my view that we vote for all 3 proposed resolutions as per directors recommendations. Kaptungs will as a result of the subscription hold 66% of the company which is a continued sign of confidence and shareholder alignment.
Our seller over the past 6 months has been Jacka resources. They had 43m to clear and should now be close to the end. As they were holding marginally below 3% we won't receive a TR1 to confirm their exit. Clearly distressed but hopefully exhausted
I am abroad during the AGM so unfortunately cannot make it. The more that go the better however.
See all the motions here: https://twitter.com/JimPrice83/status/1022493280540536833?s=19
AGM shareholder voting is now open and can be done via your broker. there is an option to vote Stefan off the director board. Everyone get voting
I'm not putting any further cash into this until I see some change now. With results out of the way the market *should* start looking forward. Stefan needs to get that research note out which he promised with concrete figures, PR and and proper plan to tackle these expenses starting with some salary cuts I reckon. I too support to vote him out. his position is untenable.
2 x 1m buys. Shame our buys were much higher. Someone coming in on the cheap. NAV has gone up to >14m and current mcap at 6.6m
The problem we're having here is the lack of information regarding the large outgoings. We need a breakdown and explanation of these costs. We also need a justification for the rise in BoD remuneration despite the poor SP performance. It's irrational given the negative cash flow. Does anyone here intend to go to the AGM? This is probably the best place to present such questions.
Poor results! Surely the Chinese investors are going to be asking serious questions now. They are effectively serving the BoD's wages. Stefan has some audacity to up his salary like this on the back of declining EPS.
There is certainly eyes on this stock. Remember a few months back there were three trading days which saw 100m shares bought up at >0.65p. Whoever that was will probably be looking to average down somewhat especially since the story has only improved from then. That was Pre-CPR and yesterday's RNS and also POO above $70 now too
results due next week. I guess a cohort of investors will want to see the figures before committing. The outlook moving forward is positive and I'm sure we'll see some fresh money land as the summer progresses.
In short, at the current POO and GBP/USD exchange we are looking at a potential jump in revenue from £3.4m to £10.5m p/a and gross profit from £1.6m to £5.8m p/a.
Phil, having had comms with the company I am told that the CAPEX in place for AJE 6 will contribute a good deal to the new development and any further funds required are likely to be sourced via project finance. We need more flesh on the bones but this will come once the simulation study is complete.