Member Info for Legalwolf

Well, they have said they are in "negotiation", which suggests that all key terms are NOT agreed. CMET said in a recent interview that they were willing to give away the upside, to get the deal done. That suggests that CMET are needy and Sheffield are driving the deal.

Also, CMET can't afford anything other than a deal that leaves them "fully funded" to production. That is what is supposed to happen. Anything less than this, and the concern might be that Sheffield are effectively cornering CMET to be taken out on the cheap later down the line if the resource/project lives up to expectations following the drilling and PFS.

I hope it's not one of those deals whereby if either party can't afford its share of future costs under the JV, that party's interest in the project gets diluted.

As I say, it has to be a deal that leaves CMET fully funded to production imho to avoid all these risks. That's what has been promised.

I think folk are bailing out whilst there's still some liquidity in the 4s. If the market doesn't react well to the next RNS, then any sell off at that stage will take this into the 3s.

Great post PFG and well summarised, especially the point about opportunity cost. This isn't the investment that we thought it was back in those days when we were led to believe it was funding and into production within 6 months of that. Also really not sure that this new BOD are not in servitude to Sheffield, as opposed to what is in the best interests of CMET.

We have a huge drill coming up. The main event of the year. The biggest by far of all three drills. Even DW was clear about this. I believe the current share price activity is really an accumulation for the main event, with other projects being somewhat in the shadows of the “jewel in the crown”. We have touched 10p already a few times and I have little doubt that we will do so again in the run up to the main event. So just build your position going into the main event and let’s see how it all plays out. All imo and dyor

So expect a delay then. I thought they were finalising the legal docs, whereas this RNS states that they are still in "negotiations". How have CMET picked Sheffield over LB Group, without knowing what Sheffield have agreed to?

We were led to believe that CMET had ended LB's exclusivity because they had other and better offers, which they wanted to consider. It doesn't look like that and I am left wondering how serious LB's interest actually was, if Sheffield have been preferred even though they are not seemingly ready to commit to the same terms as the MOU with LB Group.

Something just doesn't quite add up here to me. All imo and dyor

If you are getting overly anxious, and can't handle slippage with timescales, which in my experience are common place on AIM, it probably means you are over invested. Always consider the downside risk (from delay etc) and not just the upside.

I am sure BG will give us an update, even if the paperwork is still not complete. Remember, they also need approval from the authorities, so it could be that they have done their bit with MMA, but are waiting on others.

I think the concern is that this deal is only going to cover funding for drilling and PFS. It won’t be the full capex at this stage. That will be left on a to be negotiated basis.

Hope I am wrong but let’s see.

I think the 18s are gone?

KR - I think the 18s are gone, and the 19s will be done shortly as well, by the looks of that chart. HEX could breakout on Friday. You need those BCE results to come in before then!

Very excited about the potential at Loukos, but recognised that Anchois is the "jewel in the crown" and the Q3 multi objective well could be "truly transformational" for Chariot.

There's been lots of discussion on the bb about a Takeover coming. Largely based on a HNW (known for such) accumulating, Char recently announcing a strategic review of its Power side of the business, plus perception of share price manipulation. Dunno if its just retail gossip though.

We can't be too far away from the Karakubis drilling RNS, as well as updates from Zim. The buys are still going through.

" As per the announcement of the 9 May we await the final timeline for the audit from PKF."

That was two weeks ago, should they not have a timescale by now from PKF, especially considering the circumstances they find themselves in?

Yes - Rig secured and Energean are paying for everything. They have confirmed the drill will be in August.

Great post Kammy and totally agree. OMI aren't going to be wasting precious cash on deploying teams to Columbia and preparing for a drilling campaign if they are not sure of the deal going through. But the timescale is out of their control. It's not like BG is drafting the deal himself.

It will land when it lands, and I personally think we will get an update by or on Monday 3rd June.

Yes, MM gapped it up on open and it was the classic spike. But Char should rise in the coming days and weeks as they have a massive drill coming up in August, which is being funded by FTSE 250 Energean. They are looking to increase their proven gas resource to over 1TCF. I took a lot when it crashed to 6p and happy to just let it play out now.

Is stirring again by the looks of it. This might be the last week to get in sub 20p.

AG - that's what I thought when I first read it. Probably needs to put out as much newsflow as she can because of the placing. All imo and GLA

Certainly looks like it might stir back into life this week. We have a lot of newsflow landing in June and July. NOW might be the last chance to get in at these levels and before the next push up - hopefully towards 30p next stop. GLA

Looks poised to make a move up today and into the week. Could ole Zak’s 27p by end of May still come true. Matters not really as we have plenty of time and newsflow coming up to drive the share price forward. Should be a great period coming up for HEX. GLA