Member Info for JimPrice

Hardly a sell off mate. Share price is artificially depressed as a result of limited liquidity. It'll bounce around now as it does until we hear of the JVs plans moving forward. Still a hold for me and possibly add if it dips to even ridiculous levels.

still doesn't answer the question of current liabilities. One-off costs or not, we need a comprehensive breakdown of where the money is being utilised. Two oil liftings in H2 will certainly help us as H1 lifting actually produced 3 times as much revenue than previous year H1. Another towards the end of december with a booming oil price will considerably offset our expenses but I wouldn't expect to breakeven just yet. Would be good to have shareholder conference call like Panoro do so we get to talk to Stefan directly regarding the financials.

A few question marks for me:

1- Why is the operating expense so high and what does it consist of?
2- Current liabilities are high, again what do these consist of?
3- They have £200k in investments. What did they invest in and when?
4- End of period cash was £94k, there was a lifting in August but with liabilities due why are they investing cash when they need cash?!

Typical MXO RNS, raises more questions than answers

These are subject to no further planned shut ins at AJE. It would be great to get another lifting towards the end of December so the maximum revenue is accounted for in the current financial year. That sets up nicely for 2019 with a drilling programme being worked and a buoyant oil price.

My revenue estimates for 2018 can be viewed here. They should be double 2017 which is not too far off Align's estimated figure:

https://twitter.com/JimPrice83/status/1044520418340720641

even if the interims are poor which i expect will be the case, i.e. lack of profitability, the mcap is disproportionately low. If they were to dilute and double the shares in issue from here, we'd still have only a £10m mcap

make that £4.9m, wow!

this is cheap and ridiculously low now imo

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