Member Info for LGO-fan

https://www.theguardian.com/business/2019/jan/23/patisserie-valerie-cafes-shut-old-compton-street-london

Would like to add my commiserations to all. This used to be such a great business a couple of years ago. I sold out a long time ago because I felt Luke Johnson was too occupied with either other business (and later politics), and consequently wasn't focused on CAKE anymore. They day he said to the press that there was more than Patisserie Valerie in life, is the very day I sold out. I believe in focus, and if the founder has better things to do, I will invest in better shares. It now transpires that the management team got away with too many things that should have been picked by the board. Lack of focus, lack discipline, alseep on the job....the consequences are massive. I only hope for all SH, that this bird rises like a Phoenix from it's ashes. It is very unfair - sorry to all.

In theory, I have nothing against what you say. However, we have seen a few M&A’s now and we need to see some results now. We can’t just keep adding assets. I think we have enough now, and Lk should focus on delivering SH-value with what the assets he has. adding assets in T&T, could make sense. Adding fields outside.. well...IMHO it would have to be pretty special. Personally, I want to see some serious results with our current fields and a laser focus on SWP. You can’t just keep adding without maximising current assets first. So, 2019, is the start of the SWP, all other moves are to boost our COS there. All IMHO.

that after the review of the review of the review, we get another RNS stating they are reviewing their options....would be hilarious if I wasn’t a SH :-) :-)

Agree, seems like there are far more potential synergies to be gained from an M&A in T&T.

a mcap of £3.8mm and 8,5bn shares in circulation....djeez....

-2%...

agreed! And 2019 is the perfect year to start doing this with everything that is going on

Lind Partners loan position: Loan balance reduced to US$0.40 million at end December 2018 (US$0.48 million at end September 2018) with all monthly repayments made in cash during quarter. Due to the above-mentioned capital raise, the Company has not drawn-down any funds from the US$3.25 million Lind Partners facility (the "2018 Lind Facility"), announced on 13 July 2018 alongside the announcement of the Steeldrum acquisition. The 2018 Lind Facility was established by the Company as a form of "financial insurance policy" and terminates in early January 2019 if funds are not drawn-down.

"Another key focus in the next six months will be the ongoing technical and commercial preparations for the planned drilling campaign in the South West Peninsula, which we plan to commence mid-2019. Work continues to identify the optimal drilling locations and to help reduce risk and increase the chance of success. I remain hugely excited at the opportunity presented by the SWP exploration portfolio which could be transformational for the Company in 2019, given the known prospectivity which exists in the SWP"

Note LK speaks about "technical AND commercial"preparations. Understand the former, but do we think he means by the latter?

Agreed! I am certain we will not stick to only QTrly RNSs: there will just be too much action for the next 18months.

With everything going on, it’s hard to imagine not receiving (a) (several) mid term RNS(s)

that's a really good point; I hadn't thought about it in that way.

"for me the w/f is a success if it is helping to sustain pressure underground as it reduces the urgency of taking other action on that field to maintain reasonable production levels"

As a first benefit this is indeed a great first step, though LK is clearly pushing for more. He does have a 3000bopd production in mind from Goudron alone, and I suspect he is not nearly ready to let go of that target. Certainly given everything is set up to keep gradually increasing bow injected

https://www.bloomberg.com/news/articles/2019-01-11/russia-starts-gradual-oil-output-cuts-as-opec-deal-kicks-in

it’s a win-win, which ever scenario, we end up with. Very astute little deal :-)

Well, it is Friday after all, In4 :-)

Have a good one, mate

If I would be a betting man, I would say it will happen in Q2 because of preparation time required and because there is a good chance Preditor buys the field in TI for $4mn. Think Preditor has time until end Q2 from memory. I am not saying that the drilling at SWP depends on that sales, but it will be a welcome additional card to have up our sleeves. Pretty sure it will be used for SWP.

and an M&A could be done in the not too distant future. With SWP, around the corner on top of this and a Q1 boost in cash flow on the back of an average production that will hopefully be closer to 1000 bopd....I expect more smart money to take positions in the coming days and weeks....with a more long term view....All IMHO

would a nice first step. Personally, I would want to see:
1. A credible and ambitious plan for the next 12-18 months
2. With clear targets and dead-lines
3. First step needs to be to hit the bopd-level required to hit break even: used to be 80bopd from memory, but assume that after the "Mother of all Reviews" this should be lower now.

what is going on here...Is it only the adjusted revenue process or something else at play here?