Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
XRetraction of claims made against David Sefton and the former directors of Iconic Labs Plc
The directors and Joint Administrators of Iconic Labs Plc ("the Company") wish to clarify matters in respect of the allegations of wrongdoing previously made against David Sefton, the former directors and several other entities and persons connected with them.
These claims were originally made on the basis of factual assumptions which the directors believed to be true on the date that the claims were originally made. The board notes that no legal proceedings were ever commenced, and matters had not proceeded beyond exchanges of letters among lawyers. As part of these exchanges documents and other evidence were provided and discussed. As a result the board has concluded that the factual assumptions underlying the originally asserted claims were not correct. That this situation arose was at least in part due to the incomplete and unsatisfactory state of the company records when they were originally handed over to the current directors.
As an example, the most important part of the allegations, and the only part giving rise to any material claim in damages, was that an allegation that a change of control clause entitling Greencastle to terminate the management services contract with the Company in respect of JOE Media had been inserted into that agreement only in December 2020 once it became apparent that the former directors might be left with no alternative than to resign. From this, an assumption had been made that the contract was being amended only for the purpose of depriving the Company of the benefit of management fees going forward. This was not correct. The change of control clause was included in the management services contract when it was originally entered into, was a normal and usual commercial clause in such contracts and was present in identical form in all other management services contracts that Greencastle had entered into.
Further investigations by forensic accountants and lawyers engaged by the directors also failed to uncover any evidence of any wrongdoing or inappropriate behaviour by any of David Sefton, the former directors or any entity connected to them.
In these circumstances, it would be inappropriate for the Company to continue to maintain that there was any wrongdoing by any of David Sefton, the former directors or any entity connected to them or to continue to assert that there is any prospect of a legal claim being established against any of them. In accordance with their fiduciary duties, the board has no reservations about withdrawing the alleged claims in full.
The directors also note that the £1,000,000 loan note from Greencastle was repaid in its entirety by virtue of Greencastle's valid exercise of a contractual right of set-off.
The directors have offered an apology to, among others, David Sefton and the former directors for the claims having been made, and in response David Sefton noted that
It appears that the subject of "water" has now concluded.
Do you need to change the thread title?
As for your questions, this BB would only be able to give you speculative thoughts.
I think you would get a better explanation from the BoD if you put your questions direct to them.
Share that factual information with the rest of us when you get it, appreciated.
I've noticed it takes a lot for LSE to do anything about misinformation, it keeps their website busy. There's probably more chance of this post being deleted.
Here's a link to some fracing information which also makes NO reference to water in the fluids used in the process.
https://www.fractracker.org/resources/oil-and-gas-101/fracking-fluid/#:~:text=Fracking%20fluid%20(or%20frac%20fluid,bacterial%20growth%2C%20among%20other%20functions.
But hopefully for anyone following the "water thread, we've cleared up the misinformation with actual facts.
This the RNS from 18/08, there is no mention of "water" that I can see, only gas and fluids.
Steps are being taken to accelerate the frac fluid flow back next month.
Where has the assumption about water come from? Or is an attempt to spread a bit of FUD?
C-77H Update
The C-77H well on the onshore Cambay gasfield (100% Synergia) is currently producing through the C-73 production facility with the gas being sold to the low pressure grid. Full evaluation of the post-frac gas flow potential can only be achieved once the frac fluid introduced to the well has been recovered through flow back.
Testing of the C-77H well immediately after the re-frac operation demonstrated gas production rates up to 0.5 mmscfd from the 2 newly fracced zones. The gas was flared under a limited duration flaring permit. The gas and fluids are being produced through the 4.5" liner which is inhibiting the removal of the frac fluids. A workover rig is being mobilised in early September to re-install the 2 3/8" production tubing which is anticipated to accelerate the frac fluid flow back. Once the production tubing is re-installed and the frac fluid flowback completed, the well will be re-tested to determine the full potential of the two newly fracced zones by flaring the gas under a new short-term flaring permit.
The flowing tubing head (FTHP) pressure varies between c. 880 psi and 350 psi depending on the level of fluid loading in the 4.5" liner with rapid pressure build up after short shut-in periods indicating the efficacy of the re-frac operation.
The previous 4 fracced zones in the lower section of the wellbore are currently isolated with a bridge plug to allow for accurate assessment of the re-frac program.
The C-73 wellbore is being kept offline while production testing of the C-77H continues but will be co-mingled with C-77H in the future. Finally, the 4 fracced zones that were on production prior to being isolated for the re-frac operation, may be co-mingled by milling the isolating bridge plug in the future.
Did i just wake up in the 1950s? Seriously, what next?
OMG we're doomed, he shouldn't be allowed out at all let alone into power meetings ... I've just noticed his left eyebrow curves up at 2 degrees more that his right (... it doesn't really Mark, I'm just taking the proverbial)
Siennaj
"Load of b@@ll@sums up my dip into investing
LOL same here and I'm in SAR as well.
Lesson learnt though, should I ever get to break even on (most of) my investments and decide to continue investing I'm planning to reduce on investing in AIM and stick to the main market.
My average here is 2.21 but I just can't bring myself to put any more into it to reduce down.
A few AIM investments have seen me okay but what with dodgy BoDs and MMs, I'll keep around 4 or 5 of my favourites (this isn't one of them) and stay the hell outta Dodge.
The SP here makes it more of a traders share until we get some seriously good and consistent news.
Good luck to everyone, it may be a long wait but I hope it comes good for all invested.
My finish order is:
1 Mexico
2 Argentina
3 Poland
4 Saudi Arabia
... and then the knockout stages.
So apart from the delusional hope that its going to be us (England), it looks I'll be cheeing for the Mexico team go on and win it.
Plenty of exposure and highlights for NFT ideas.
Let's go Mexico !!
"buy on the rumour, sell on the news" has worked very well for many years for those big institutions who have used that ideology to make billions at the expense of private investors.
If you've done your research and are happy with the progress being made by MOS then there's one way to see the SP go higher.
That's to ignore any selling pressure and hold onto your shares. Buy some more if you are prepared to do so.
We're scared into selling by MMs who cause an SP drop or rise. Choose to hold no matter the drop or rise and we will all benefit from our investment rather than have it taken away from us by the manipulations of the market.
That's what I think is happening here.
Lots of good news in relation to progression, a contract with the Mexican FA ffs, financials to come and look at our SP, the market has worked it down and each time those who were planning to hold long tern have ended up selling out at a loss or for a smaller profit playing straight into the hands of the "sell on news" brigade who pick up lots of cheap shares.
That applies to any share and not just here, the market is created we're the ones it maniplutes to make a profit m and we allow it.
I think we should be around .6 or .7 (higher maybe) just with the deals we've made, and should be much higher when the financials show the same progress.
Oft use adage and my personal preference ... "hold for gold" is there as the alternative to "buy on the rumour, sell on the news" to give us a chance to be the winners instead.
Just my opinion.
https://www2.asx.com.au/markets/company/ccz
Castillo Copper’s Managing Director Dr Dennis Jensen commented: “Recent gyrations in global commodity markets have further galvanised the Board’s resolve to create value for shareholders via developing the core copper-cobalt projects. Moreover, having signed an option agreement with Hyperion Copper to sell the Zambia assets, the Board’s focus is now steadfast on advancing the Australian projects which all have Mineral Resource Estimates.”
... mines sent now as well.
I have to be honest at first i found myself to be doing so begrudgingly (LOL) but then thought credit where its due and there was a certain element of joy in my email to them. It takes a brave person (BoD) to reflect on a course of action, recognise its implications and be humble enough to change said direction.
I hope our actions inspire the BoD to greater heights.
GLA
There's no joy or enthusiasm in this RNS about production, the fact we're debt free, got a growing cash pile, looking for new adventures... It reads as if the person writing it is doing so begrudgingly.
Someone who is happy with the progression of the Company should write them.
Managing Director, Ashley Gilbert, commented:
“This maiden, independently certified 1.03 Bnbbls of oil resource estimate is a great result for 88E and its shareholders. Resources of this magnitude present our shareholders with significant upside potential and opportunity, which is why we continue to focus on our Alaskan portfolio and believe significant value exists in our Icewine East acreage.
Importantly, it is worth noting that the Icewine East acreage has been significantly de-risked by the recent Pantheon drilling and flow tests on their adjacent acreage, as well as data from the Icewine-1 well logs, and more recently the leased Franklin Bluffs 3D data set. This work substantially increases our confidence in unlocking the potential of the Icewine East acreage and is by far, the most compelling data suite the Company has analysed ahead of drilling any well.
Full interpretation of the recently licensed FB3D data is ongoing, including AVO analysis, to define
‘sweet spots’ for each play and determine optimal future exploration and appraisal drilling locations, the first of which is planned for 2023.”
Following this announcement
Project Icewine East: Maiden Independent Prospective Resource Estimate
of 1.03 Billion Barrels*
https://www2.asx.com.au/markets/company/88e
LSE is showing 13 trades totalling around £4k and we're down 10%, it would be laughable if I wasn't invested. I'm not sure invested is the right word to use anymore.
Come on BoD do something...
The C-77H well on the onshore Cambay gasfield (100% Synergia) has been tied-in to the C-73 production facility in order to facilitate the sale of the produced gas to the grid. The well is still flowing back the frac fluid with approximately 50% of the expected flow back having been removed. The gas production rate is up to 0.5 mmscfd but the sustainable gas rate will not be known until substantially most of the frac fluid has been removed.
Initial indications are that the revised fraccing methodology employed on the C-77H re-frac operation has been effective and could underpin a full field development, subject to funding, once the decline rates have been determined to be satisfactory.
Planning is underway to re-install the production tubing for long term production operations.
https://chng.it/2bHJn756WC
Alexey Golovchenko started this petition.
One of the largest Russian gold mining companies, Petropavlovsk PLC, actually ended up in a state of bankruptcy. If the procedure against it nevertheless begins, most of the minority shareholders will not be able to fully defend their rights, since the company is registered in British jurisdiction, and the entire procedure will be governed by English law.
With a high degree of probability, it can be assumed that after the completion of the bankruptcy procedure, minority shareholders will be left with nothing, since the size of the company's debt obligations is not covered by the balance sheet valuation of assets.
This means that tens of thousands of people who have invested their savings in the company's shares will lose their funds overnight!
On July 15, 2022, trading in the company's shares was suspended on the Moscow Stock Exchange, and on July 18, 2022, the High Court of London imposed external management on the company, which is likely to be followed by the company's bankruptcy. According to data from open sources, the share of minority shareholders in the share capital structure is more than 30%.
We ask you to check the management of Petropavlovsk PLC to identify illegal actions that led to the current state of the company. We also ask you to check the transaction for the sale of the company's debt obligations by Gazprombank in the amount of $200 million to UMMC-Invest and give a legal assessment in terms of the subsequent delisting of Petropavlovsk PLC shares and the introduction of an external management procedure.