Member Info for Kellysheroes

I am inclined to agree that although this all hangs in the balance there is a reasonable chance of a deal being done with the creditors. I have increased my holding since it returned to the market. We should hear something next week as the formal process needs to be moved on one way or the other before the end of the month according to the last update. Fingers crossed. DYOR

HL was showing a 7.14% and in fact still is. Now play nicely!

That sounds good for us and I think we are about to go Blue!!

Seems to be something going on as I just did a dummy sells on HL for 30M shares and they offered a price immediately. They clearly want the shares......

Nope, it is £50 for a million shares!

HL and now offering more than the ask for a sell.......Here we go!

Well maybe people are catching on, once the drill plan is published or started then this is going to go mad in my opinion.

Itsawrap, I don't know the answer to that as that detail will be in the detail of the loan agreement I presume. But the BOD keep saying that there is no "parent guarantee" for any debts that RP have.

Unless I have missed where the details of the loan has been published, but I would be surprised if they have been.

This is the situation:-

Rhein Petroleum is in a into a formal process with its creditors (akin to US Chapter 11 bankruptcy protection). This three-month process was expected to conclude in early October although it has been extended by the creditor's representative who is exploring options to maximise recovery of value for creditors. As part of this process, the Company has put forward a robust and fully financed restructuring plan aimed at maximising cash generation from the Rhein Petroleum business and delivering value for creditors. A resolution of the creditor process is expected during Q4 2024.

Here is the key update of the situation taken from the Filed accounts yesterday.

Following disappointing production rates from SCHB-2, the Company engaged with approximately 90% of the creditors of Rhein Petroleum with the aim of agreeing a reduction in liabilities and a deferred payment plan based on future cash flow generation of Rhein Petroleum. Unfortunately, agreement with creditors could not be reached and as a result the Company took the decision to place Rhein Petroleum into a formal process with its creditors (akin to US Chapter 11 bankruptcy protection). This three-month process was expected to conclude in early October although it has been extended by the creditor's representative who is exploring options to maximise recovery of value for creditors. As part of this process, the Company has put forward a robust and fully financed restructuring plan aimed at maximising cash generation from the Rhein Petroleum business and delivering value for creditors. A resolution of the creditor process is expected during Q4 2024.

What this means is if the Creditors (the 10% who did not agree to come to terms in at the end of June) decide to accept the plan put forward by the board to satisfy their amounts owing now that we have a stabilised flow rate and a reduced cost base, then we could come out of the Administration process and continue to operate as far as I can tell.

Leys hope that is the case!

DYOR

After the suspension there is still all to play for here. The new BOD have done a good job with a poor hand they were given. Patience here is the order of the day. The new well is stabilised at 50/55 BOPD which should increase over time we just need to let it increase naturally and not try and be in too much of a rush. This is an investors share.

GLALTH and DYOR

I have had a reply. Nothing new just that they are working through trying to get a stabilised flow rate. I guess they need to get to a solid figure so that it can be sold on for more by the administrators or I am hoping that if it can work out to meet the debts of the RP creditors, it comes back to life.

But I am not holding my breath, just accepting that no one forced me to buy the shares and that clearly my own research was not good enough!

I had just about given up here, even though I really want it to succeed. A long way to go yet.

Positive RNS. We will be back next week. Hope for us all.

Sometimes Scarlet, just sometimes you are quite funny!

Reminds me of the second to last line in Gone with the wind...... "frankly my dear I don't give a damn"

to which Scarlet replied...... "After all, tomorrow is another day..."

Have a good weekend

Looking forward to the update and the completion of the Stanley sale. This has to start to get noticed soon, just dont want the usual pump and dump crowd to spoil the inevitable rise, but even so I think there are more than enough positives to ride it out and keep increasing . The current Market Cap is way to low and certainly does not reflect what we have here.

DYOR

The vast majority of shareholders are supportive of the new BOD pulling this back from the brink. IMO

Via Gasworld news - https://www.gasworld.com/story/europe-ban-on-russia-helium-comes-into-force/2144595.article/

more power to the western helium explorers and producers.

One of us will be right.

Well if it drops any more time to buy some more! Crazy just crazy.

Gold at a record high, on the verge of increasing the known proven resource.

Looking forward to the next RNS with lots of high grade results.

Come on Eileen.

Iky, it will be on the investormeetcompany site shortly,you will have to have a login to get to it. Easy to set up.