Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
It dropped so much because of a possible raise imo. They didn’t directly ask him if it was fully funded. Yes he says nothing changed but he also said whatever it takes to get done. Mentioned MoU3 which definitely needs funding. Had previously mentioned contracts on results of MOU1 and 2 after this drill and testing but nothing on that today, maybe more or Wednesday.
Could do anything tomorrow.
Zebra thanks for the reply.
Yes everyone with experience is saying it’s a positive because of the seal. Jimmy mentioned that what they encountered on the way down was what they was expecting according to the CPR so no reason to think that it won’t be correct after getting through the next 250 meters.
The geologists and drillers on here know their stuff, the odd thing for me is
If it’s only a couple of days drilling with a solution which is not uncommon and we were not told the spud date, the last RNS stated next update would be TD, why issue the RNS if a delay. No one knew of a delay as we didn’t know when they started.
As long as there is a solution to the drilling, raise or not, that’s all that matters. I don’t see him rushing to tell investors he isn’t finishing the drill. Gut feeling is raise, but if that removes any problem the price will rise if they hit want they think. No one was expecting the last RNS. The time pi could sell the drop was over. Trying to trade it now if you were in for the results makes little sense.
Yes he has time to issue Monday 0700. Tomorrows Sunday roast is certainly something to look forward to. I was half hoping for an out of hours RNS yesterday to cover off what he may have said tomorrow.
That would be the Carlsburg interview.
What we don’t need is plug mou2, raise for MOU whatever number location it is now in some future date, coming back to mou2 afterwards.
Two interviews the week after they stopped drilling after hitting a problem suggests raise. Whether there is or not, getting MOU2 done, dilution or not, is the priority. I can’t see him stopping 250 meters short, but he’s in a rush to say something.
What does he gain from doing last minute scheduled interviews while the drill is still being sorted out in Morocco?
A sudden need to inform investors when three weeks ago he wouldn’t announce the spud date?
He must be busy as **** at the moment.
The MMs are treating it like one because of PGs governance.
13th Dec said a fixed spud date coming. Then released RNS saying no date. Most on here saying it was because of a bank holiday weekend, turns out that was wrong, just didn’t tell shareholders, wasn’t a problem for MOU1 regarding partners.
States next communication when TD reached. Next RNS no TD reached due to technical issues and an investor presentation planned for next week.
It smells like a raise and that’s all the MMs need.
Cut through the noise of the traders, both sides are at it.
PG planned for technical contingencies around the drill following what they encountered at MOU1, but it’s also his job to have financial contingencies.
They wasn’t expecting what they encountered at MOU2, that can happen.
The drilling team will know how to deal with it to get to TD. So why the excessive price drop. The city thinks there is a raise coming and if you need money quickly they’ll hammer you.
The investor presentation the same day as an update suggests a raise is coming.
PRD either don’t need one and it’s all good news and those who held or bought at these levels will be vindicated or a raise comes. Should that happen, the history of this company and the general market conditions suggest it will be at a discount. That would be highly dilutive at these levels and would have shown a lack of financial contingency.
We will know more next week how they are going to proceed.
My view is it’s a financial challenge over a technical one at this stage.
Even if there is a raise and PRD discover what they set out to do in Morocco it will be worth a lot more than 5p per share. They need to stick with Morocco now, no bait and switch Wednesday dangling TT or Ireland.