Member Info for Legalwolf

Bid and Ask have both gone up today. Are we gearing up for a Friday pre RNS frenzy?

Looks very much like KAV 2.0 is re-rating. It hasn't even started drilling at Karakubis and has barely got going in Zim. This is shaping up to be one of the star performers on the LSE. Still cheap as chips for all the newsflow to come.

I keep waiting for the pullback to add more, and frustratingly, so far it's eluding me. Very strong stock performance. GLA

Thanks KR - that's good to know that it's not all or nothing. Hopefully this sidetrack will work and it's off to the races for BCE holders.

Looks like yesterday's (retail) panic is over. It's still game on for Loukos listening to that. GLA

Is it all or nothing on this one drill, or do BCE have another project to fall back on?

I'm in Char and share price took an instant 20% hit on the first drill being a duster. But it has two more drills coming up, one of which is on a totally different project. So it helps to overcome any negative result if the company will live to fight another day because it has other irons in the fire so to speak?

"Legalwolf - What if they have something up their sleeve though?"

They might, but I don't see any funders coming in at this stage tbh. Why? Because I recall LB said so herself in a previous interview, and because they haven't proven a commercial discovery as yet. Also and again, if they are looking to pay for the EWT through sourcing external funding, I believe they would have said do. They haven't indicated that.

Therefore, I really don't see what the issue is here. As Skippys has just set out (and he is LTH and invested here), the cost of the EWT is a lot more than what HE1 can afford right now, which all of us knew already. Therefore, they DO need to raise cash. The only question is how and when. The obvious and most likely route is the usual one of placing at a discount. It is not de-ramping to point this out, but plain common sense. Getting external funding is not impossible, but is highly unlikely. Noble had to place, He1 will have to do likewise. Just my opinion and expectation. Others might disagree. That's fair enough, it's your money. Mine is expecting and going to wait for the placing. Time will tell if it's the right or wrong decision. GLA

JC - agree with your 8:39. Right now, you can't afford to lose the CEO because it risks all else. I guess if he gets the financing over the line, the past will become the past and the market will move on and forgive. Credibility will be less of an issue, and in fact, might be restored because has he finally done what he said he would do. My fear is if this relists with mine expansion funding still being one of his awaited promises, where you once again have to rely on his word/explanation and timeline, I fear he has lost so much credibility that you will endure a sell off in those circs. That's where his lack of credibility will negatively impact.

But let's hope it does actually relist. The last RNS sounded desperate and worrying. All imo and GLA

Just look at some of the large trades coming in. It does look like there is very high demand at these bargain basement prices. They won't be seen again if this next drill is a success. Even if it is not, as this first drop has shown, any drop will be gobbled up very quickly. By the time the next drill results land, we will be in June. Therefore, there won't be long to wait for the Energean drill at Anchois. Who knows, we could even get an Anchois update before we get the results for this next drill. As we keep on saying, Anchois is this year's main event. Loukos is the side show and almost a bonus/free hit.

How do you play Loukos? Looks like the smart money are using it as a way of getting cheap shares for Anchois.

If you think about it, Loukos gives you upside whether it is successful or not. It has freed up cheap shares for Anchois. If it does it again (i.e. next drill is also a duster), then take the opportunity. It won't last long.

That's just how I see it (and looks like many others by the bounce and 6p and the large trades going in). All imo and GLA

Yes.

1) They pretty much used up all their cash for the last drill (see RNS for drill costs which gave the breakdown).

2) Following the drill, they raised £4.7 million at a 30% discount in February. The RNS stated that this money was need for HE1 to review and plan its next steps.

3) Since then, they determined that the next step was to do a EWT in Q3.

4) They have never said they are fully funded for this. If they are, they would have said so.

5) I don't know the exact cost of the EWT (nobody does) but my expectation is that it will be a seven figure sum.

6) A combination of cash burn since the last drill and the costs of the EWT lead me to believe that they will need to place.

There you go. Happy to read the counter reasoning.

Yes, it does feel like it is slowly revving up for another big move tomorrow. GLA

Instead of calling out the obvious and labelling it as de-ramping, why not counter it by explaining to us all why you think He1 do not need to raise for the upcoming EWT in Q3 and why there won't be a placing here shortly? Give us the expected costs of the EWT against how much money He1 already has so that we can see your reasoning. If it's persuasive, I'm sure us de-rampers will convert to your bullishness, which without any explanation for it is bs.

The placing is no big deal. All companies do it and it's more a question of whether you want to hold ahead of it, or wait until it is out of the way, or ruled out by He1, before buying in here. Simple! All imo and GLA

Great posts Dr R and Chicken. The excitement is starting to build and gold/commodities are doing really well. Yes, every chance of getting that golden RNS next week. Sub 4.5p is gone me thinks, and we've cleared a lot of sellers already higher up from the previous rise. Therefore, as you say with the small free float, this could move very quickly in the coming weeks and months. Hold for gold as they say. GLA

That’s a real nothing RNS. Usually what you might expect in a tweet. My thoughts on reading it were also that a placing must be approaching here. Classic He1 stuff. All imo

Whether approaching it as traders or investors, it looks like we have 6.3p as the floor for failure at Loukos. Given that the market wasn't really giving much credit/upside for Loukos in the first place, I'm thinking that failure there just increases the upside that will be left over for others to grab for Anchois. And so I do think it makes sense to take stock at these levels whilst it is available, because 6p to 10p is a really good trade.

I took some more today and will happily take more tomorrow if it drops again to see if I can get my average into the 6s. Anchois is the hedge for me, and its not long to wait at all before Anchois newsflow will commence. All imo and GLA

And yes, if he manages to turn the sinking ship around and takes it to the promised glory, he will deserve all the credit for that as well and it will be a truly remarkable achievement from this juncture. I hope that happens, but it's looking bleak. It's not impossible if he is able to deliver a credible financing plan as part of any relisting, which I think will be essential to stop the share price from collapsing. POG is strong and so sentiment can be restored if there is credibility and substance to the financing of the business. Let's see what happens and GLA

Zan_TM - you have to look at the failures. What type they are, how serious they are, how frequent they are and their implications for the business. The man has allowed the company to end up in suspension TWICE and both times its been poor governance. This has put everything else in jeopardy, as the last RNS has made clear.

I'm sorry, but in what serious and successful business does the CEO survive with his credibility, reputation and job intact with this record of failure after failure, or going from one crisis to the next, destroying sentiment, plans and value in the business, and much else. All imo and dyor

For me, there's been far too many mishaps and false dawns to argue that RM is absolved of any blame, or that his reputation survives intact, or that he should be seen in any positive light. It's really quite the opposite actually and just look at his record - the charge sheet is full of examples. Remember, there was supposed to be a governance review after the last suspension to clean out the mess. Who would have thought that 6 months later the company would find itself suspended again and this time for several months for far worse governance?

It's not that I am looking to be negative for the sake or fun of it. The implications of the last RNS are very bleak indeed. If we are here debating whether the shares will tank of any relisting, where does that leave any dilutive funding that the company might desperately need. Who is going to want to take the shares in return for giving funding. No wonder the RNS is warning that funding is now at risk.

If GCAT goes under, are you all really going to have warm and fuzzy remembrance of the (imho) chief architect of the demise?

Yes, it's really Wako to moan about a share and in that time watch it go up 200%.

Swako - you were talking this down when it was 0.54p. Since then, it's only gone up a mere 200% 😂.

So perhaps you might want to explain why it is that we should listen to your negative hype instead, as it seems to be a losing approach.

Anyone got access to the Cavendish note on today's RNS? And if so care to share the headlines from it on here please - thanks!