RE: Zumore22 Jan 2019 13:49
Give it up Helpful (SL)
This jam tomorrow rhetoric is as pathetic today as it has been for the past 7+ years.
First we had Greenland. The place to be said the rampsters and paid promoters. Millions expended on the project and tall tale of how much "stuff" was in the ground (ice !). Years later and we see that it was all in vain. No-one wants it, AB failed to sell it and in this years Final Results they confirm they've dumped it all for just £1 !!!!
Then we had Ivory Coast. A land supposedly brimming with gold. RRR applied for 3 licenses in the Ivory Coast and then got hold of 3 second hand licenses. Just as you today are touting what great "stuff" might be in the ground, so too did the rampsters and paid promoters back then. Roll on some years and the story is the same. project went nowhere and all investors saw was the continuing SP devastation and dilution. IC now very much in AB's tightly packed oubliette of failed ventures.
Then we had Shoats Creek. Apparenty (according to rampsters like yourself) the area was THE place to be for oil esp as it was good quality which demanded higher sales prices. Early tests of the LM#20 well suggested flow rates of over 300bpd ! But actual production rates turned out to be around a paltry 100bpd which then dropped to just 70bpd before dropped to zero when the well suffered sand ingression. The area suffered regular flooding which due diligence would have presumably uncovered. To make matters worse, partner Mayan Energy (another serial AIM diluter with a history of massive SP devastation which you have also ramped for years) decided to pull out of the field. In this years Final Results our BOD inform us that they are now writing the project off completely.
More latterly we've had the Steelmin venture, touted by the rampsters to be fantastic and company transforming, a 22% share bought using supposedly clever financing which was secured on the only decent asset here the JMS shares. No sooner had it finally (after 6+ months of delay) reached (cough) "commercial production" that it subsequently announced to the world that in fact it couldn't operate at a profit due to the cost of electricity. Another great triumph there for due diligence and forward planning ! Another one now for AB's oubliette.
And so it goes on. Greenland, Ivory Coast, Shoats Creek, Steelmin, Cloud Computing, RSA Candy Sweets, Texan Oil, Elephant Oil . . . .
But hey! this is all just history of course. No relevance going forward right. I mean this time it's different, the DRC will be different right, even though we have the same BOD in place, even though they are still creaming in the lucrative salaries, even though they are getting through over £800,000 a year in Admin Expenses, even though the number of past successful ventures can be counted on one hand. . . . .
Yep you were right, very much DYOR here imo.
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