Member Info for lsetown

Sifting cash into the ocean - please no!

I do like it here though - if all goes well these are so cheap.

In the recent £50k raise Tower said:

"The timing and outcome of negotiations over the NJOM-3 well financing remain unpredictable, and if successful may (or may not) still require a modest increase in the Company's working capital, but whether this would be the case and the amount will not be known until the negotiations are finalised."

https://www.lse.co.uk/rns/TRP/proposed-subscription-to-raise-approximately-16350k-fr41e86ci605ne6.html

Hopefully then any raise will be modest.

I use HL and I think you may be right that sometimes they trade their own book. All the holdings are nominee aren't they so it is probably easy for HL to move things around.

Having said that LSE isn't the best website to see trades in my experience. If you know the date, time and amount, have you looked elsewhere?

The Pegasus Royalty is 50% of a small percentage of the licence. AFAIK it will be less than 2.5% in reality.

They've got no money currently - sure.

It is their assets that hold the value here though - a Cameroon farmout would be a great start to realise the value.

"is pleased to announce that it will be providing an Investor Update"

Hopefully it will be pleasing.

'Investors' and 'Investees' alike!

A good summation in that video - thanks.

It's crazy that things like this are still looking to get investment - the final returns could be absolutely huge to an investee if only a few things go right.

Excellent reply Daikihaku1.

My sentiments exactly.

A patronising reply with hidden numbers again - how arrogant they are.

Why has the AGM announcement taken so long?

Are they considering the emails we have sent after Glenrothes1969's proposals I wonder?

Will we get some sort of concession from the BOD?

I hope so.

Looking at the Takeover Code on Management Buyouts - they would have to appoint an independent valuer to advise all shareholders on the company's value.

The current listed company must have attractions to them too - they can slowly exit if desired whereas it wouldn't be so easy with a private company.

I hope this isn't the start of a management buyout. Shareholders have taken the risk over the last year but would then be denied the upside.

Anyone know how the mechanism would work with the family at 53%?

Pages 15 and 16:

"Stage 2 drilling (2Q 2021) target: Uplift to >20Mt total JORC Resource
Targeting 20Mt Resource with 10Mt as Indicated/Measured (for first 10 years life of mine)"

So it is still 10Mt per year for production by the look of it.

Yes, I bought a few more last week too.

I wonder if the new major shareholder comes with funding sources?

1.2 billion boe is only about 12 days of global demand - but finding it took 3 months!

Welcome to the board EbonyOwler.

Just to remind us - as the list you posted was old - we have to copy and edit the latest lists to end up with a completed list.

My figure was from the first Carry payment from Premier at the initial Farmout years ago - we still owe FIG the money and can't dividend anything until it is paid (or FIG choose to remove it).

Edit: it is CGT not VAT for the Carry tax.

I think the current Carry VAT figure supposedly owed to FIG is $70 million or thereabouts (I can't be bothered to check).

But even if we got a big OM win - say $100m or more - then I wouldn't be surprised if the share price still stayed under 15p.

If the hopeful OM cash were to be valued as available outside the company then we would first have to get the money in the company's bank account, then pay the $80 million FIG CGT liability to allow release, then the BOD would want to keep enough that they are confident for their future plans.....

Fuddstone: "if or when OB comes good, I will be dropping my remaining shares in RKH"

Totally agree with the idea. The worrying thing though is can we be sure there will be any price uplift to sell into?

The BOD have said they may well want to keep any OM award for the future to reduce the need for later fundraising.