Member Info for MadChatter

Cash £4.5m mcap £3.3m. Successful rto. I'll bite.

Spike you are looking at day 1 of placing news and telling us all to slit our wrists lol. Any share on this news would drop to placing. The placing was not tiny, but it wasn't huge either, and yes there was a % (big or small) held by ii. Which you don't often get announced with placings. Give it a few days to churn this will be back in the 0.05s

It's not you or me making up this £10bn Spike. Afren spent at least $20m already on this asset to get to that figure.

Bearing in mind you knew all of what you just posted on Friday, I'm surprised you are so negative today??

The simple fact is, this is worth a damn sight more than £1.7m. There are many oil companies out there with far, far worse assets valued ten times more than this, 20 times more.

$250k loan for $3.5bn of oil. If it comes in even a fraction of that still has to be one of the biggest bargains in history!

So it's trading about 40% over its cash balance, ignoring the many liquid assets. Ignoring the £3bn odd of (potential) oil.... Yeah, I'll be holding thanks. You guys do what you want

Have you read the rns spike? They are using this placing as a bargaining tool to get a strong position in the asset.

People need to *READ* the rns. A chunk of this has gone to institutional investors! For the numpties amongst you, these are people who buy with no intention of flipping! It is a bold claim, but I expect this to reach Friday's close before close of play tomorrow at the latest.

@lignum Read the rns It's gone to "with certain institutional and private investors". For all we know, a tr1 tomorrow saying ukog taken 15% etc. The don't sound like people who will be flipping

The main things I take from this: We have more of a chunk of a world class asset than we would've done without placing. That (hopefully) potentially a lot of the placing went to institutional investors and private individuals who are NOT going to just flip these. Could still be a good day here.

It's a moot point unless you use the currency conversion at the time. Anyway, point being it should add at least a couple of £M here.

I do find it quite hilarious that there are people on here who think a stake in a potentially world class asset is worth practically nothing here. As others have said, we have assets that underpin the price at the moment, and there are companies with much less potential out there worth 10 times more.

Exactly! I seriously doubt gun will ever actually drill this. I reckon they will prove up the two sites with seismic data then sell it on and keep a cut. The only point that really matters here is that with this asset they are worth a damn site more than £2.5m

Don't believe anything anyone says over the weekend. This is a very tight ship here. Just wait until Monday

There is only one possible chance this could go badly wrong for us Imo, and that is if a consortium of large existing shareholders vote against it, fund the liability and future requirements and potentially take it private. But you'd think some snippet of this master plan wouldve come out by now).

OK, I'll bite. A. That anyone else would or could make a last minute heroic save of a deal already agreed by their bod (bearing in mind a shareholders circular would have needed to be published *before* the vote and there is no evidence of this). Also they would have to guarantee both immediate payment and it would need separate shareholder agreement as it was not raised as a resolution. So its extremely unlikely. B. That the tsx could step in. Never heard of them doing this, but bear in mind the board have clearly presented getting rid of Subco as part of an organised restructuring. So not only is there nothing to "save" them from, but the tsx stepping in would probably wipe out shareholders by doing so.

I think, realistically we are looking minimum Monday to finish drilling, so hopefully an RNS mid to late next week.

The odds are excellent they will vote in favour of giving it to us. If they don't, we will immediately call our debt in, which would wipe them all out, instant liquidation.

Did you see they have set up a bank account and asking for money now!? Not only do they waste police time, taxpayers money and a lot of them are not even locals, but now they want paying for it!?

35% of an entire asset ;) Just so people understand.

Actually ignore that, lol I was thinking of the asx.