Member Info for mikemike

deep blood on opening. the Tunisian assets have in effect been written off. Tunisia no longer politically stable. No guarantee deposit bond in place for Tunisia. Trying to off load a working interest before year end when the Tunisian government may put the license up for auction at year end, at todays prices makes more sense for them .

Just outgoings again.

There is a very clear warning of SUBSTANTIAL capital raise , do not under estimate the potential size of this raise.

Wonder how much the cash raise and dilution will be?

so how many months does it take to understand a balance sheet item and then publish it? will it be 2022?

This is without a doubt a core competency issue for the whole of the board. none of them are looking good. Their and their CVs may not looking pretty either, not an issue if retirement or deciding to spend more time with their families is an option. .

g' day bromb those people will probably think it is gulp!!

''PB's dream was the HRZ and we actually got liquid oil from the cores at IW1 if memory serves. Of course, being 88e, we then decided to move a few miles up the road from where we know we hit something good, and then try with IW2 to vertically hit a zone a few 10's of feet deep, 12000 ft down with a 6 inch drill bit. The frac probably cracked a few feet of rock around the hole, which then came up with diddly flow.''

you are correct your memory does fail you.

IW2 was less than 50ft from icewine 1

No point in fracking proven bitumen

the optimum icewine/HRZ drill is now thought to have move north and still south of the great bear predicted sweet spot. Be it shale or conventional just as well we picked up the dog toothed acres to the north

Bromb the currency show will be an investor with base currency of sterling making a contract on lse using their aussie dollar account. my broker allows multi currency holdings for such contracts

the placing price may well be very welcome by some

Yes he is a director and as such has responsibility for signing off.......but what does he actually do?. what is he and others on the board actually directing.? be nice to know what direction UPl is going to, other than AIm and a placing which is inevitable .

Still do not know why it has taken them so long to identify a ''balance sheet'' issue . This must have been known about for previous financial years and does not seem to have impacted the accounts at that time. Makes me wonder what the directors were signing off on back then!

I am still unsure as to what chris P does. I am pretty sure he is not in the finance team that is responsible for the accounts.

wonder if a former ceo now a predator may take a peek at the assets he built

I could see a placing in the 03's not the 02's, but it is what it is. I also see this going to AIM.

has the little lad in accounting run out of fingers and thumbs. just as well they planned not to have a ceo, just imaging the burden of having to add that cost up for the annual accounts

Brom, correct the risks were spelled out very clearly and the video on wiki confirms.

too many investors forget to use their ears and brain before engaging .

''The decision not to bring in a new CEO has saved us a fortune in the last 12 months, seems clever''

or perhaps the clever ceos that have been approached took one look and smiled as they walked away.

For a bod to actively plan not to take a CEO on when advising they are looking for one when pitt was stood down . Is in itself a cause for concern

The delay in accounts for a non income bearing business which only has outgoings has proven too big a challenge for the wunder kid brought in along with Pitt, no wonder dr SS stood down within the month of this event.

I am hoping, and it is a huge wish that the company that dr SS is now chair of; will look at the assets he is more than familiar with and make a move. May be that 2022 will be more interesting.....if we are still listed.

Muses
Muses

these are accounts that are historical and forward projections.

I suspect they tried to be too cute and creative and got told 'no, think again'

For what should have been a very simple grade 9 math class of how much did we earn ? answer 0 how much did we spend?, well quite a bit more than 0 and how much did we start with, ? what is the net final figure? answer a lot less than we started with!
I would like to be wrong , but this does not have a good look at all

what sense have you seen so far?

For a business with no income and just BoD out goings, such a delay tells me they are no longer a ''going concern''

Expect an emergency placing

so if they do sell there must be a buyer, i see no such declarations for 3%.

this may go toes up but the value of the assets will have to be realised, if marked down to zero that may lead to court action.

even more patience is needed. malay politics will be an ongoing issue no matter how much wishful thinking and tin foil hats are in place. north africa is now in a broadly similar situation. will uk ''green'' ideology see of hardstoft, I think it will, and maybe new field development north of the border.

For the first time I see UPL as top end high risk. I would not be surprised to see a placing and an sp sub.003

some believe the new BOD appointments may lead 88e to expand their horizons using the knowledge and skill sets of the new BOD members

https://www.msn.com/en-ph/news/money/malampaya-creates-bleak-outlook-for-upstream-sector/ar-AANsVM5?li=BBr8Mkn

i would expect the license to be awarded to an outfit that will start work now and fund the treasury now. I can understand extensions being agreed if already funding capex, which is not the case with UPL or any other awardee at this time.