Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Legalwolf LOL
Going on about how obsessed you think other posters are with you when it is you yourself that is obsessed with HE1 constantly trying to come up with reasons as to why this can't multibag from current levels.
Wonder why that is haha, bit worried are we ? :))
At best the whole episode is incompetence - at worst outright fraud.
I suppose the writing on the wall was the termination of JV discussions with no prospect of anything else in place. Just prior to that point despite the debt and production issues, there was hope.
Then what little hope was left was gone with the default announcement. This just seems like another repeat of what happened to Oilexco in the hands of Art, albeit slightly different circumstances but the same person still in charge.
The JV party must also have been concerned with the level of debt and lack lustre production hence walking away after what can only be described as one of the longest periods of due diligence in history!
Given the sheer number of placings in the past, shareholders have not only helped the company financially to continue to operate, but they have also endured the pain suffered because of the awful awful bondholder deal back in March which we all hoped would save us, as the money was to be wisely spent on upgrading our infrastructure to boost production.
However as we've seen, not only is production not up (still down), we also learn after a further £4M financing in Nov that we are going to be in default by beginning of Jan even though it was said this was to be enough to carry us through to the conclusion of JV negotiations and to the end of Q1 2024.
Now that's not even the case. The last proactive interview Art did was roughly 12 months ago (I think) and ever since then, we've been pretty much left in the dark about what has really been going on. The sheer arrogance by him to treat shareholders like this is way out of order. I'm sure many Canadian investors burnt by him feel the same.
The warnings about the ability of this company to continue to operate and trade are now all there to see. This in some way reminds me of Safestyle UK (SFE) which had similar warnings, but despite this many thought an 11hr deal would be reached and ramped it despite the SP having fallen from historically nearly £4 to 0.25p a share.
It was getting ramped to high hell by traders who then lost everything in a corporate update out of trading hours, the share being suspended, never to return again.
It simply shouldn't have got to this stage, and if any other alternative was really on the table then this default announcement imo wouldn't have happened at all.
No broker is going to do a placing for them now, especially in the current climate (look at the raise HE1 did at 0.25 when SP only recently in the pennies). If they did it would be at a massive discount probably 0.10 with massive dilution. With $21M of outstanding bonds and the massive SBL debt, no amount of money put forward by Art himself will help here (which some believe might happen).
Production is simply not where it should be and short of a miracle happening, I can't see any way out of this for copl now.
"But what you can’t argue with is the scale of dilution and the fact that next week you shareholders will own accumulatively less then 30% of the company, when this week you owned 100%."
Or another way of looking at it is that wouldn't it be better to have 30% of a massive gas find following a successful drill than 100% of nothing which is what it would have been if the funding wasn't secured?
It is what it is but the one positive from tonight's RNS was this -
"With the dataset we have, as well as the information that we have gained from Tai-3, we remain optimistic that this well will yield a very positive outcome."
The drill is happening imminently. Therefore this will not be the usual placing sell off. Most will be holding till at least the point where the drill is completed which at this point we'll know one way or another where this is going.
Could be the quickest path back to 2-3p or more if all goes to plan
I'll be looking to pick up a minimum of 2M shares tomorrow but guess what - I can guarantee I won't get them for anywhere near 0.25. I expect the lowest anyone will get in at if they are really determined and quick will be 0.35+
At least in one sense it answers the questions from some about whether or not the lights were going to go out near term.
Don't think anyone will be able to buy anywhere near 0.25 tomorrow no matter how much they try, I reckon this opens up at 0.3 - 0.4 and then recovers somewhat as I reckon most taking up the placing will be looking to hold for the imminent drill at least.
So SP wise open up at 0.3 to 0.4, perhaps close between 0.4 to 0.5
Looking likely that even the bondholders won't get back what they provided up front for financing earlier this year. I'd be surprised if this isn't suspended by the end of the week. Don't think any reputable lender would touch this now, or anything connected to Art, even at a severe discount
I can guarantee you now as well that the remaining bondholders will be getting what they can out of this at whatever price. The senior debt and outstanding bondholders are guaranteed to finish this off now. No wonder the JV walked away!!
The bid and ask at the time of that 25M trade was 0.045 - 0.050.
Following that trade it then dropped to 0.04 - 0.045. That 25M trade was without doubt a sell. If it was a buy it would have probably moved the ask up to 0.055, not down to 0.045.
"25 million shares sold @ .038 this morning well below the .045 norm .
that tells me the shorts are panicking , because they are selling well below the ask."
Not sure if anyone would actually short this, but if they were, the logic that the 25M sell at 0.038 was a shorter panicking just doesn't make sense. Simply because if a shorter was panicking, they would be rushing to BUY back shares to cover their short position not SELL as they have done in this case. If a shorter had sold such a large amount like this, that would signal that they therefore believe the price is likely to drop below 0.038 and at some point in the future are banking on being able to buy back those shares at a lower price than what they sold.
Any listed small cap running low on cash needing to raise are 9 times out of 10 being offered further funds at serious discount to the SP at the time. It's a real shame with this one, but the long delays with potential small scale production now looking at possibly toward end of Q1 2024, short of a miracle I can't see them being able to get to first revenues without some sort of raise. If I was a betting man I'd say they may look to raise another 500k which may be enough to see them through. If they did, given the current SP I would predict 0.03, which going off the last raise at 0.055 when the SP was 0.08 probably isn't far off.
To those that continue to ignore 'the noise' on this rat infested bb - well done
This is definitely 100% one not to be out of now, company is at an inflection point, so much going on in the background with the GGS ramp up, confidential wells and those JV discussions which have been ongoing nearly as long as the discussions with a certain historic parcel with Vast and Zimbabwe lol - but an update is imminent....
My guess is that they are now at or around 2,000 bopd, and have been for the last week or so, but want to see it consistently at this level for a bit before confirming in a production/overall GGS update :))