Member Info for Mirasol

"The trolls believe this is a tremendous opportunity for investors in the know"

the people in the know are the DIrectors - look at how many shares they're currently buying - or have bought for several years

tells you all you need to know

Trafigura

The Company has entered into definitive documentation to amend the Existing Trafigura Facility Agreement (the "Amended Trafigura Facility Agreement").

The aggregate amount outstanding under the Amended Trafigura Facility Agreement is approximately £26,000,000 (the "Trafigura Facility Amount "). The headline term of the Trafigura Facility Amount is five years, with even quarterly repayments up to and including 31 March 2031.

Additionally, there is a cash sweep whereby: (i) 50 per cent. of the Company's revenues from any Asset (after deducting all group-wide costs, including financing charges) shall be applied bi-annually to redeem the loan; and (ii) the remaining 50 per cent. of such revenues shall be applied in repayment of the ORRI Cash Amount (as described below) (the "Cash Sweep"). The Cash Sweep will only apply to funds in excess of £2,000,000, such that the Company shall be entitled to retain a minimum cash balance of £2,000,000 to meet its projected operational and capital expenditure requirements for each

following 12 months.

If the ORRI Cash Amount has been fully repaid and any of the Trafigura Facility Amount remains outstanding, 100% of the Cash Sweep amount shall be applied in mandatory prepayment of the Trafigura Facility Amount.

The Trafigura Facility Amount carries an interest rate of SONIA plus eight per cent. per annum.

At the Company's sole discretion, an amount of interest equivalent to four per cent. per annum on the outstanding Trafigura Facility Amount (the

"Margin Warrant Amount") may also be satisfied by granting Warrants to Trafigura (" Margin Warrants").

In satisfaction and discharge of interest equal to four per cent. per annum on outstanding loans under the Amended

Trafigura Facility Agreement, the Company will also grant Warrants to Trafigura as follows (the " Interest Period

Warrants"):

· 107,824,711 Warrants in respect of £150,906.47 of accrued and unpaid interest in respect of the period ending on 31 December 2025; and

· 103,239,664 Warrants in respect of £144,489.45 of accrued and unpaid interest in respect of the period ending on 31 March 2026.

The Exercise Price of an Interest Period Warrant shall be £0.003, being 150% of the Issue Price. One Interest Period Warrant will entitle the warrant holder to subscribe for one new Ordinary Share at the Exercise Price. The Interest Period Warrants will expire five years from the date of grant.

The Company will also grant 5,000,000 additional Warrants to Trafigura (the "Additional Trafigura Warrants "). The Exercise Price of an Additional Trafigura Warrant shall be £0.02. One Additional Trafigura Warrant will entitle the warrant holder to subscribe for one new Ordinary Share at the Exercise Price. The Additional Trafigura Warrants will expire 12 months from the date of grant.

Covenants are tested semi-annually whilst events of default, representations and undertakings are those which are customary of senior secured debt

They're going to drill a new well, do a workover and put in new kit for 3 mm.

Look at their record. The last well cost over 14 mm

What is to be done?

How can the £ 39 mm of liabilities be met? There is effectively no cash in the bank.

There is zero chance of a public raise.

The liabilites could be converted into equity - let's say (optimisticaly) at 0.25p a share - better than suspension price. That would mean another 15.6 Billion shares added to the 5Bn now out so a massive dilution of PI's holdings.

But this doesn't change much as the various financial instruments and agreements effectively (as we can now see) drain all the cash into the lenders hands anyway. So why bother? Far easier to keep a couple of puppets running the office and the workers on site and just watch the cheques roll in every month, knowing you can foreclose exactly when it suits you. And if AIM threaten supension then just put the business into liquidation , takeover the assets and form a new, non-listed outfit with the the same puppets and crew....................

The issue is that many potential buyers are short-term these daye - even in the Financial Insitutions people are judged on Quarterly performance. There's nothing wrong with RKH shares - in fact for a tiny oiler, on AIM, they're in a great position with a substantial project, funded, approved and under construction with significant upside. But any benefit is 2-3 years away- unless a buyer moves in.

I think it's a case of sitting on your current investment and not worrying too much what today's price is. Having been in & out for years - since the beginning in fact - I'm now happy to put in the " open box in 2028" category - when I'm sure it will have been a really good investment.

And absolutely no mention of the "transformational" RTO - they seem to have forgotten about it

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Ocelot, One to many etc etc - all the one who said the company was paying off its debts (WRONG), that there was a growing a Cash Pile (VERY WRONG) and a deal was done to relist (ho, ho, ho).

We now know that through a time of high gas prices and stable (-ish) production all the cash has been extracted by the financial lizards leaving the company with a continued massive debt and a tiny amount of working capital. And after a year they're still "working on the agreement" - and of course.

The company is being run purely for the benefit of a small group of investors - the PI's are toast

Onetomany Member since Apr 2023 Posts: 3,097 Price: 0.245 No Opinion

RE: Malcy's Blog 21 April 2026 07:47

I wouldn’t worry about any D4E swap, still massive upside. If we consider a paltry 2 times revenue or 10 times profit then the maths tell all. Debt will be quickly paid down and future prospects bright with new well in a few months and gas storage. Don’t forget the cash pile they’ve built since September and the significant uplift in revenue from Q2. £50m mcap is a minimum expectation

So Debt was going to be paid down (WRONG) and the cash pile was going to be be massive (WRONG)

face it guys - you've been had. Any benefit of higher prices flows to the finaciers. And they're still nearer to sorting out a deal. WHy would they - they're staedinly draining the pot every day, every week. Almost £ 40mm in debt and £ 682,000 cash - they're bust

So where is the multi million cash pile the rampers assured us was being built up???

Sounds dreadful TBH

"New reshaped board, do they have the experience to turn this around.."

What are you talking about?

New Board??? Its the same rabble that have bee nthere since the CEO disapeared

Ahhh Nighthawk!!!

ANother disaster

"On that theory why bother drilling it is 2 expensive."

Well - there are alot of people in the oil business who believe it's cheaper, and more certain, "to drill on Wall Street" ie let the other companies take the risks and then buy in around First Production. Out and out exploration companies can offer big rewards but they come with bigger risks. Eco have done well - and there's every chance they will continue as they have a well spread portfolio. But drilling is expensive - better to farm it out if you can and use Other People's Money

"Could we possibly see 10 drills or more across our blocks. Actually can’t see why not."

the cost of mobilising and running a rig in the FI purely for exploration is a major factor - you'd expect a 35% success rate on finding anything and then maybe an expensive testing programme on any discovery. That's a lot of cash for smallish companies before SL comes on production. NAV might manage it but the others would have to do a raise.

Plus, from a pricing view, you're risking confusing the narrative - Institutions generally don't like exploration (too risky, long time before payback) and value companies on their proven PRODUCING numbers. Small investors love the excitement of exploration as a success means big changes in price - but that can be down as well as up.

I think it actually is a woman. IIRC someone at oneof the small oilers mentione being conatantly called by a lady who insisted on chatting and giving advice - it did fit in very well with Heid's posts at the time - demented

08-Jun-26 0.0944 mcm.d

09-Jun-26 0.1691

10-Jun-26 0.1689

11-Jun-26 0.1678

12-Jun-26 0.1186

13-Jun-26 0.1657

14-Jun-26 0.1702

15-Jun-26 0.1672

16-Jun-26 0.1655

17-Jun-26 0.1668

18-Jun-26 0.1436

19-Jun-26 0.1380

20-Jun-26 0.1767

Thirty day running average 0.1602 mcm.d

"why wait until they finish Sea Lion drilling in June 2028 and then drill, when if they drill sooner they can start planning sooner."

Possibly because NAV are a development/production company and they will focus on SL first - but there is a good case for a couple of breaks in the SL development drilling if only to let the techies catch up with the results from the first few development wells and their impact on reserves etc. No oil field ever goes exactly to plan and with a well every 40-60 days there's an enormous amount of date to understand. And none of the players is very big - they're not like EXXOn who could easily mobilise a dozen extra geologists and res engineers if needed.

A month or two off while they drill a PL001 explortaion well would be little hardship TBH

Why would they change the habits o a lifetime?

It 's easy, it's money for nothing and it gives them something to talk about in the bar.

But you PROMISED you would go - you did that of your own free will

So I guess we shouldn't believe you... ever......

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"£1 would have been very credible."

ah yes I remember someone pushing that by CHristmas - and they said they'd never post again if they were wrong - now who was that.......................