Member Info for Legalwolf

Too many cheap or free shares, meaning the sellers can sell at any price really. Can see now why it might have been subjected to a short attack with this kind of share structure in place. All helped by the newsflow and then delays announced by GEX. Notable that CEO has suddenly gone quiet after regular pump interviews? He must have known that Dec was never going to happen, well before the request for an updated EIR came in Jan.

CSS must have dumped if they had around 9 million shares in July (as stated in Prospectus), and around 1.7 million in December (as stated in the TR1)?

A few imponderables to consider now in terms of when we might get results. For example, do we know what depth they were drilling PEP19 to? As they are stepping out and/or testing new areas, they might not necessarily release each individual hole, lest it gives a misleading or incomplete picture?

Are we right to still expect hole by hole updates? Maybe we will, but just putting it out there.

Not really traded bitcoin plays and know very little about crypto. But think it could be a strong theme in the coming months with Trump and Co plugging it.

Anyone in or around crypto plays that still have mileage in them?

Can’t you folk get a (different) room? Then have the p e n i s contests over there. Friggin nearly 6 months of this egotistical ‘who’s the trading daddy’ stuff already. And take the two trolls with you whilst you’re waving them around.

Way too risky to buy when there’s no buyers and lock in period is about to end, and no potential for any good news for several weeks.

Great post Kilcona and totally agree on both the technical aspects and the potential significance of the step out drilling. And remember, the longer it takes to get Pep19 the more likely it will be high grade.

Looks like PP is busy calling out a placing on QBT!

It’s a mixture of factors here that are causing the sell off. The biggest is the delay that has been announced. Things have been done or ended up in a way that has helped the selling imho.

The post raise work programme was meant to provide the inflection point for MATD. It's not worked out that way, albeit some good progress has been made. The concern has to be the finances required to get it to inflection point. It's expensive work and they are taking on more cash hungry projects. The potential dilution involved would decimate any LTH, so looks like it's purely going to be a spike play?

Kilcona - I don't know how easy or accessible the TSX is for UK investors. But, how is TSX doing as a market and is it weighted towards resource companies? The AIM market has been struggling and is not all that well regulated, meaning we have lots of shenanigans, so just curious to know how the Canadian market compares/has been doing.

Presumably, you only became aware of OMI because of its dual listing?

The bit I am quoting from reads:

"The CSS Locked-In Parties (together interested in 9,878,046 Ordinary Shares at Re-admission, representing approximately 11% of the Enlarged Share Capital) have undertaken to the Company and the Joint Brokers that, subject to the consent of the Joint Brokers and other limited exceptions (including transfers to associates and disposals by way of acceptance of a recommended offer of the entire issued share capital of the Company) they will not (and will use all reasonable endeavoursto procure that their associates do not) dispose of any Ordinary Shares or interest in Ordinary LR2 2.2(2) Shares or any rights relating to such Ordinary Shares at any time from Re-admission until the expiry of six months from Re-admission."

I was a holder until the last RNS. My previous posts make that very clear.

As for CSS, they had 9 million shares through the IPO which were meant to be locked in for 6 months. They were given another 6 million through exercising warrants.

Silverlight - why don't you start by telling me which bit of my post is factually incorrect? I've taken the info from the Prospectus and RNS, which together confirm that CSS have 16 million shares which can be offloaded from this month onwards. It's also 60 days before the permit application goes in.

Which of the above do you disagree with and why?

BG did not provide specifics, other than to say the drilling campaign would be substantially expanded. He did talk about the possibility of a second Rig being mobilised to site at the Q&A.

The Prospectus states that CSS were given 9,878,046 Ordinary Shares at Re-admission, which could not be sold until January. In November, CSS exercised 6,358,848 warrants, which could be sold in January. So that's about 15 million shares that can be offloaded from now by CSS.

No wonder GEX was/is being shorted!

Pompey - "buy the dips" isn't going to work here. Which dip do you buy when it's in a bit of a downtrend. 8p? 6p? 4p?

It needs a reversal, which can only really come from permit news, but that's 60 days away. In the meantime, it's just sellers and selling. I'd wait until next month at least before buying any dip, to see whether the locked in shares are offloaded as well.

There's better and less risky opps out there at the moment.

There's no RNS that can salvage this. The last one has already told the market that it's going to take 60 days to get an application in for the permit. During this period, you have CSS selling out, and the lock in period will also end, resulting in even more selling. There's just no incentive for buyers to come in right now, until we get to the end of the 60 day period and see what damage has been done and what progress has actually been made. All imo and dyor

Decent sized buys coming in now. Last chance to get in around placing price this morning. Lets hope this is the start of 2025’s big move up for OMI.

Great stuff Mercedes. Look forward to hearing when you put your main chunks in. Between your fund and contacts, the existing insti that is buying up and Kilcona’s contacts, this should motor up from this pre placement price.

No wonder the trolls don’t like it.

Kilcona - very nice car!

"At higher rates, reservoir sands are produced along with the oil and the installation of sand screens offers a cheap solution to this and will be programmed for the spring if the well continues to perform in this way."

Do we know what the production will be following this solution? Need it to be closer to the 800 bopd for this to still be a viable play, when you consider the costs of the company.