Member Info for mattwales

not a chance electric will happen anytime soon.....the electric costs of charging the battery are about 60% higher than fuel costs.

Its the same for people who have solar like i do....the energy storage costs of solar batteries far outweigh the cost of electric. In about 5 years this scenerio may charge with cheaper batteries/efficient storage but the reality right now is its not an option.

electric jet planes are a fallacy the energy density of jet fuel is 100s of times that of batteries.
its why they can only convert very tiny planes like Cessna because of the low weight/energy density.
Even then they're on a hybrid conversion solution because the power needed for takeoff outweighs the battery solution.

easyjet and others are working on short haul electric jet plane solutions but the reality is there is no working prototype and won't be until they have solved the issue of energy density.

special dividend coming today cherryburn....till it doesn't.

no news on anything but at least he hasn't bought anymore non productive assets.

between april and their last update in august they found $125m of savings equating to around $5 a barrel cost savings from 2021. i'm sure their plan is to continue to streamline and strip costs.

at some point the over supply will be over. you have rosteft stating BP/Shell rushing into renewables will create a supply nightmare. A lot more majors will diversify to the green agenda.

https://www.ft.com/content/1394d8a1-6e85-451b-a858-ac6218b79d06

All we know at this point is they sacked 1/3rd of the workforce to bring them down to $40 overall costs April time.

We also know they upped these redundancies to now 1/2 saving another $125m a year from 2021 so overall costs then should be closer to $35.

Slift, both the new CEO and COO will continue this streamlining cost saving process across the whole of operations.

i don't think they'll exit Kenya either they will cost cut then go for production growth once they see oil price recovery.

the tax concessions and 15 month extension give them breathing space for the oil price to recover. They can then review a farmdown when oil is past $60.

its interesting to note majors like BP and Shell are looking to go into green assets . Capital expense on oil from both these major companies will be minimal while they review their restructuring into green assets and you can bet other majors will follow. It supports higher prices when majors are getting out.

slift, i could be wrong but i figure lenders have reassured them and why there has been no sale.

he still has to convert his $200000 loan at 10%

https://www.lse.co.uk/rns/PREM/loan-funding-and-corporate-update-mohpwl1kipiyt2a.html

you watch this kid convert it at 0.02 like he had a lets screw the SP up plan while loaning the company money and getting shares issued for wages.

He's like JR Ewing to shareholders while bringing the Cliff Barnes role to mining.

Every RNS is a dressed up fictional drama like Dallas. The only winner here is GR.

anyone know when they're going to pay themselves and a heap of consultants again?

their last time jolly up of 390m shares @ 0.09 this time around will be closer to 1 billion shares to pay them for sitting on their arses buying up someone elses unwanted assets.

what is even more galling is PREM need cash and have got to such desperation they're paying BOD and management shares in lieu of salary while buying unproven/illiquid non performing assets issuing more shares.

Then PREMs due diligence doesn't spot illegal mining and they have to spend more cash to go there/secure the site.

Then we get a fairytale RNS of Gold everywhere, when we got shown a dirty bucket with zero gold.
The gold sample RNS of this will probably come back to us in April 2024.

His magic we're going into gold production to stifle the SP fall while he could umm and ahh over what **** he is going to buy next and just where will he get the next placing from actually worked for a bit.

i could be very wrong but i don't see ZULU EPO at all this year and it could be doubtful because PREM has no cash and isn't a competent partner to be mining in Zimbabwe as shown by the RHA fiasco.

rocklawn, i'm not. The news that they haven't sold down their Kenyan assets shows no fire sale of assets is needed.

The worry here for everyone was debt covenants and possibility of a rights issue/debt for equity swap.

The fact Tullow hasn't sold its Kenyan assets cheap shows its lenders must have given them a supportive nod.

the Uganda sale removes a great deal of uncertainty re: financial implications of restructuring debt. Not a chance its priced in.

I'm hoping we get some update on costs per barrel as they have increased job losses from 1/3rd (taking it from $45 to $35 per barrel overall costs) to half of their workforce. The likelihood being their costs are now probably around $30 per barrel.

I should imagine the new CEO and COO are still working through streamlining cost efficiencies as every $1 cut increases profits by $27m.

The only worry for oil is the lack of demand and the 2nd wave of covid 19 but its unlikely Governments will ever try a lockdown again.

The longer the oil price is at these prices the greater the chance planned Capital expenditure for oil in 2021 and even 2022 will be written down by the oil majors/everyone else.

Ethiopia has more than one Potash development.

They had a huge road development plan started around 2015/16 to link cities, mines, ports which is behind schedule (should all be complete by now) to help every single Potash company and other miners transport goods to Port.

This included a road to the Circum Potash development which has not yet to my knowledge been built.

However, i am sure it will be built by the time Circum goes into development, also behind plan because Potash prices are down 30% from a year ago due to massive oversupply.

it is severely doubtful anything will happen with Circum until Potash prices bounce and start to recover.

Potash prices have recently stalled the fall but only because of Belarus the largest Potash developers striking.

From RNS memory I think Circums new plan was to give out Pref shares to initiate a smaller mine stage 1 but as we have had no word since I bet its on a backburner because Stephen Dattels isn't going to build a mine while Potash prices are still falling.

At this time Prem is pretty ****ed, has low money needs $1.7m to get RHA up and running.

Where everyone including myself thought MNH would be pumping cash to us its all gone horribly wrong and you still have people issuing well by end of 2021 they'll be banging out 40k tons a month.

No they wont, its apparent the expansion never happened and pretty much never will and why any MNH update will be some poor excuse of why expansion isn't happening.

If things are so MNH rosy profits where is the quarterly dividend from end of June? I bet we will fail to get one end of Q3 too.

Next thing you know there will be reports of some disaster and the need to stump up cash for MNH.

Then we have the gold. To do extensive soil sampling scoping and a 3D metallurgical aerial map study that's $100000 easily gone with the subsequent independent testing they have to do.

To do a 2 stage drilling program for Gold another $700k-$1m and you have to hope these guys hit the seams of gold and why it's always done in stages to assess the finding of the first stage.

If you see an RNS stating they're moving equipment i'd take the recent gold RNS seriously, till then its a load of rubbish thrown out to stifle the SP fall while he ponders where he can get the next cash from.

ZULU EPO the day this hits will be the best day for prem shareholders. Given his track record the only good day.

i think its been apparent since the poor MNH figures which way this would go.

that and the placing to the shorter conversion kids screwing the SP down.

the one day out in the sun is EPO day.........no one knows when it will be, even fortune telling Rosie GR.

he stifled some of the fall with the gold announcement but no one is really buying it.

PREM lack cash to do scoping survey sampling, an aerial metal survey followed by drilling for gold in a couple of stages to get a handle on any gold formation, how deep it goes ur talking $1m right there.

Any significance of gold $3-$10m for JORC but obviously any independently tested gold showing up in large quantities would set the SP booming.

All very doubtful but he has to divert doing something otherwise all people see are delays.

If he buys anymore non productive assets i fear shareholders will throw in the towel.

sadly you are probably right.

years of delays, self sabotaging management, misleading and false statements and endless placings buying into poor assets sums it up.

its a shame because they could have succeeded with good management.

Prem is at a crucial point if he continues to buy land all over Africa we have a problem.

If however, he buys nothing while focusing on moving plant and the sorter to Mozambique while arranging RHA move their JCBs there.

Prem then has a gold business and income no matter how small and it would stifle the fall here as it would be more than has been achieved in years.

seems like he read my mine the gold use the sorter post.

With available equipment from MNH and the sorter they could open mine gold pretty cheaply and employ the artisanal miners who mined the gold illegally.

At the same time getting gold assay results from independent analysis of what they do find it would actually improve interest and also the SP.

There's 2nd hand drilling equipment unused all over Africa, they could buy it or drill for gold quite cheap.

If he is going to buy something lets hope he buys all the land surrounding i and not anything else.

If he is going to focus on this Gold venture he needs to crack on.

to be fair ynwa i did mention about using MNH equipment to operate a gold surface mine since locals have been doing that and the RHA sorter which is currently unused for the purpose of sorting the gold.

im not sure i have ever seen u post anything as constructive.

bickmaster, if i came across ranting and raving i apologise....i'm actually feeling very calm.

I just think we should do something with the newly acquired gold asset as it would stifle the SP fall here.

i completely agree with you though Acker now he has room for dilution he will just keep diluting PREM with non performing assets. Something he told us he would never do.

At the same time we're facing a short attack by professionals re: the conversion guys who can now convert under 0.05 thanks to their 90% of SP buy in and their accrued interest.

Within a month or two PREM will need more cash and the prayer is he hasn't diluted us buying gold/diamonds in the meantime. Oh and hope he doesn't place with these conversion guys again.