Member Info for legache

Back to fridays ask, for me thats buy time.

https://www.thetimes.co.uk/article/banks-ready-to-start-pumping-cash-into-oil-projects-as-price-rebounds-wdp9m3mk8

IMO

Oilspec, I imagine they will do a data room etc before announcing a farm in, but maybe the BOD have actually been doing something this part 10 years. Stranger things have happened.

well, I for one wont be voting for another placing, we only had one a few months ago!

Imagine if we get a CPR and farm out news in the same RNS. Just imagine that.

Respectfully chaps, trying to value Coro, and therefore the cap/sp, is like putting your finger in the wind, until we get more information. I would hope and expect that whatever deal is made is value accretive for existing holders, but I cannot be sure until we know more info. For instance. Sant Alberto status? Bezzeca 2 status? Selva status? Aqusition? How funded? What tcf? They say they want Coro to be a mid cap? How? Etc etc. I have no idea what this will come back us until they feed us small pi's with more information.

If the mooted placing is through an open offer to solely sron shareholders that would be fair enough. But if they place with 3rd parties then that would be really annoying. We need more information to ascertain if the level of dilution we will suffer will be worth it. I am expecting more info soon. I remain concerned as I am heavily invested here and also heavily underwater.

I'm not sure if anyone else agrees, but not dilution is not really what i signed up for. No wonder MM has quit the board. If the listing comes back at less than say 25 million all previous holders will be heavily under water. I know this is all rumour, but I urge the BOD to find a non dilutive way of generating revenue. Maybe some performance based warrants or a bonds. The trouble is we sron holders now have no voice as pve will vote en mass.

Even at 30 million us Sron holders will have been heavily diluted. I am concerned we could get shafted here, but I await the circular I was promised. I am also not happy about this rumoured placing only being offered to t and p punters. I would suggest that is unlikely as majority of PI shares should be held in nominee accounts by other brokers. I would guess.

You are quite right, it's very hard to understand such reasoning, but I guess you must have reasons. If you wanted rid why not sell at .5, you could have got that just a couple of weeks back. To leave it until the final day before the OO is announced, just seems a little strange (to me) Just saying.

Rich, why would you sell today, with the market just open for a few hours, historic lows and mega low volumes. Seems an odd strategy. As for the price in future weeks, it will entirely depend on what news is released. If it does fall below the OO price, then sellers must be very distressed!

I understand that costs have already been dramatically cut. If you read OO RNS, it states one of the reasons for the offer is because of the cuts. So i would rule that one out for starters. A whole new plan is needed and that's why I am here. Hoping for a strategic review rns SOON.

I hope your are right, but I would be surprised to see the existing BOD leave as don't we need them if the strategy is to continue? Unless its going to be a complete change of direction? But in that case they could of purchased any old piece of AIM shell junk, and not aero, which has SOME profitable business.

I agree, early bird. Thus the reason I hold here. However the two important points that shouldn't be forgotten. 1. Cash isn't too relevent here as they are not going to break the company up and return it and we are about 40 million short of funding a drill. So in a way, it's irrelevant. Second, it's widely knows that the CEO is not very dynamic. Critics would say he has been running this as lifestyle business for far too long, protected by his large shareholding which makes the rest of us passangers. However on balance, you are spot on, this cpr could be a break point in the fortunes of the business and could attract considerable attention. Best wishes, Le Gache

K3, lighten up. It's a joke.

Agreed maestro, good post. I am a small holder here, based on the asset, as things unfold and serial I will invest more, but as you quite rightly point out, there's a lot to here, thus the current cap.

From my limited research, it seems the real catalyst will be a farm out deal. Principally because the bod are a bunch of clowns and in farming out, the pros will be in the driving seat. It's the asset I am really interested in. The CEO seems to have run this like a lifestyle business. Imo.

https://www.youtube.com/watch?time_continue=1364&v=Ve2VMB5EIBQ

my broker has no info as well. Only way to find out its to call turner and poop as they are SRON broker. Any delay will benefit us, IMO, as we can continue to get the ducks lined up for a stable and strong re-list. Hopefully.