Not for me28 Jan 2020 21:35
I was waiting for this to relist and awaited the RTO details hoping that the board had managed to pull a rabbit out of the hat. No rabbit and the hat has a great big hole in it.
Boil will pay £350,000 to Sundagas on 26th April and then continue with it's share of field development costs. I would suggest that this will turn out to be a financial black hole.
XX1 drill at possibly 50% cost of the drill will be about £500,000. The cost to BOIL will depend on how much of their 100% they wish to relinquish. And this must be the longest running drill negotiation in history. Again, you have to ask yourselves why?
15% costs of development in the Moray Firth will cost about £100,000 per drill.
Colter is a dud. How long does it take to get a commercially viable field into production? There has been absolutely no news at all on this prospect. I wonder why?
MB says that there was around £346,000 in the bank. (The last time he looked !!)
With a market cap at £2mil and a fund raise of at least £1m I would say that the dilution on this will be catastrophic.
It's only my opinion but I think there is a very long way to go here. Along long way.