RE: Cement29 Sep 2023 15:24
A very somber / honest RNS.
Certainly gives good details on all fronts.
Cash position is very worrying. Seems to me Oriole are holding out on fumes for something to happen.
1. Elephant oil IPO - $200k *expected* - anytime
2. Turkish assets circa $1.7mill value - unknown
3. CIB decision - now pushed into Q4
4. Magdem JV payment? For not reaching $8mill spend - Feb 2024
5. Royalty set-up for Wapouze with new partner / operator - No idea this could be months away imo
To me as it is, Oriole are banking on this Elephant Oil ipo launch being imminent, with a instant boost for the coffers that’ll get ORR into 2024.
If the RNS for elephant oil ipo sale is the next one, then to me i reckon we’ll see director / board loan of some sorts.
Tim, Bob, Clare & Eileen have a lot of shares / cash now at risk and i feel they’ll take a position to bide ORR time.
Just my thoughts pure conjecture.
God help us all