Member Info for JulianM

I think they are still closed for example to Chinese workers , which if this continues, gives us a problem when the Licence is issued,if we are hoping to drill this year and are relying on Chinese rig operators

It may not be revenue that they can utilise other than for paying ongoing production costs and then Mercuria so as to reduce the outstanding debt

GB 33. yes the events that transpired proved to be of considerable help to Plena who no doubt banked a healthy profit but I doubt whether helping Plena was the intention.I think they simply took advantage of the situation which occurred ie a rising sp in anticipation of a positive RNS .

Thanks TDT. So they need no help from AMC and looking at your previous posts I assume you are of the opinion that they have forward sold, in which case they may well do the same in relation to their remaining warrants when the sp spikes again.

Geng, Dominator has answered your query re forward selling and if the Plena shares were admitted yesterday or earlier( and we cannot be certain because the admission date was stated to be on or about the 21st ) the low volume yesterday suggests that they may indeed have been forward sold.However as the sales related to shares acquired by cashing in warrants,rather than by way of a placement and Plena are effectively history,apart from their warrants,why would AMC facilitate the forward selling in the manner described by Dominator or must Plena have borrowed the shares to be sold from elsewhere?Academic point I suppose but I just thought I would mention it.

Unless they have been forward sold

From the corresponding RNS on their website this is one of several assets which has been up for sale since August 2018.Perhaps JC has been keeping his eye on it for some time and has acted now because it has reached "bargain basement level" in his opinion.

Hopefully and the 375K won't go amiss

Rather cynical etank. Sparticus I really haven't any ideas but assume that Adam is the driving force here and you have to hope that with his experience we are going to be making a decent investment in a company which perhaps itself has long term expansion prospects which can be pursued when we have the funds to do so.

Perhaps a producing miner with a mc of up to about 10million, perhaps well known to Adam and with no need for any immediate injection of capital.Could be anywhere in the world I suppose,which is no help in narrowing down possible candidates but if it's a leaky ship its sp might already be on the move in anticipation of a deal. Anyone like to hazard an educated guess ?

I am sure it would DB.It's a mystery to me most of the time as is your 96% rise with 8.97% left for PI's example.Care to explain?

It depends on the size of the Company.It could have a MC of say £5m which with 500m shares at our disposal is well within our range

I don't understand the mechanics but the last two give the impression that they were orchestrated so as to facilitate the placings.And the current rise? I can only assume from what AH said that it is likely to be leading up to our takeover of an income producing company whose shareholders will be offered AMC shares for the shares in their company.If I am correct, the near future direction of the sp may very much depend upon how good a deal AH and others who are involved have negotiated for us

Yes,very interesting find but giving out mixed messages.The fact they have been engaged at all means that we are not already lined up to announce a farm in immediately after the Licence is issued which is what I had hoped for.Also no new wells to be drilled until next year but in the interim I assume we will at least extract oil from our existing well so as to produce some income.
As to the Licence, I assume that we are still waiting for The Reserves Report to be approved ,at which point we will have the Plan of Development ready to submit.Presumably this is the final step leading to the issue of the Licence.So how much longer do we have to wait.Peterlee expressed the opinion that the issue of the Licence by the end of the year would be a good result but surely it can be dealt with quicker than that.

We are not that far off from 6 months from The First Issuance Date when Atlas will have the option to convert. If it is going to be possible to raise funds so as to repay Atlas before then I think I am right in saying that we do not want the sp to be over .24p at the date of repayment,otherwise it will cost more to repay. Question is will the funds be raised? I would have thought this is unlikely unless the mine is operating, which it might just be.

It may have been small but only one of very few occasions that I can remember when an RNS has resulted in a rise and the high volume should have enabled any recipients of the placement shares wanting to take a small profit to make an exit.

Nice thought but as has been posted previously we may not meet their criteria. Also it was Lou who professed to have good connections with Norilsk and he has left, which could be construed as indicating that negotiations with Norilsk are not anticipated.

I have doubts whether imminent news re diamonds or commencement of production at BP would be the cause of some 2 billion shares changing hands and wonder whether the more likely outcome will prove to be some form of re-financing with shares being traded in advance .

Rise followed by a placing but I think this establishes that Plena are confined to history which is no bad thing in my opinion.

RL you may not have had any replies but I would be surprised if your posts have not been read my many who,like me, are highly appreciative of your detailed analysis but lack the technical knowledge to add anything meaningful to the debate.I would also be surprised if RY does not continue to read them because he admitted to doing so a couple of years ago at a general meeting which I ,so please do continue.