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Not hard to work out it cost somewhere near 500k euros with the install, currently revenue depleted to less than 100k a month from around 300k a month I believe. I don’t have exact figures that’s a bean counters job. But if the expectations are met for the compressor you can see the 500k is well spent to keep the company afloat imho.
Either top up today as the MMs are gonna butcher this or hold fast, there’s more to come, definitely some Jam was given during the fundraiser recently that the people buying would be able to sell at a profit if they are still holding of course but haven’t seen this rise much above the 0.35p. Will be interesting to see how much buying there is today with the SP being butchered.
Stopping the compressor now would be a foolish idea and Colin needs to go if that’s what he’s thinking. The field license expires 2022, there’s two ways the litigation can go, either a quick response or the Slovenians think we will give up and go away, the way to keep at it is to have a revenue stream, the compressor will allow AST to live without constant need for shareholder pocket dipping. Short term pain, long term gain. The seismic may provide some lift and atbthat point dilution. Not pretty but can only deal with the cards you are dealt. Colin has also gone slightly up in my expectations with his words at least, want to see the BOD also weathering this storm with us with a significant reduction in their income.
It’s actually structured well, okay a legal case is always with uncertainty and falls on opinion of the people judging it, but the RNS is structured well and you can tell that there’s been some legal input: Action 1 - This appeal will be heard by the Administrative Court in Slovenia - by 15th July 2019 response to be submitted Basis will be - 1. Length of time for decision against Slovenia and EU law 2. Wrong application of conservation area think this relates to the mura depression 3. Ignored advice of 6 independent bodies 4. Decisions communicated via inter web rather than to companies All in all a quite damning picture when painted that way, but alas this is Slovenia so let’s see. Hope is that with the appeal to the Slovenia administrative court they judge this fairly and look at the evidence, in reality are we any worse off, no we were awaiting the compressor anyways to see some real benefit, the AGM will be a non event now, be also interested in what cost saving measures are implemented by the BOD, although John Bananaman will be expensive depending on his assessment of the seismic he needs to be looked after as he is actually adding value, Colin well you all know my views but still he is the one with a lot of knowledge. Good luck all.
Litigation was always going to cost that was a given, and even the litigation firms that take a smaller whack up front then cane it out of the settlement, we wanted to see legal action and am sure that fund raise for that will be supported.
Question is based on this and the statement shifting focus off operations in Slovenia, does that mean cancel the compressor? I hope not: the compressor will pay for itself from the extra gas extracted.
Good research on me, only wish colon would do research like that to move the company forward....
he needs to let John Bananaman run the show and become as useless as fatboy carver was when he was here, become chairman and take a pay cut, get rid of the other parasite. We have two operational guys now, Colon and John, why? John is only one needed imho.
Look Colin. I mean Kashdog. We just need clarity on way forward. I believe there will be another mini spike so will give Colins mates who invested a chance to get out.
Tango good post - the field license expires 2022, interestingly enough the next elections in Slovenia are June 2022. Compressor in by end of this year and you are right we need to “bleed” as much gas as possible out, not only to pay for colon and BOD wages but like you said give us a chance of future development. There needs to be a set date for an answer in the field license extension, there will be clauses wrote in there to ensure that a fair chance is given to extend as no one in their right minds would sign to invest and then have no mechanism to protect the investment, but this is AST,,,,,
Kashdog you said AST will not beat the Slovakian govt. but it will put us out of favour with the other agencies. So I ask you what have the Slovakian got to do with anything??
Kashdog whilst you are dreaming on being in Slovakia, we will deal with the SLOWenians. True though Colin just needs to decide to either go all out with the SLOWenians, or be a good little dog and do the EIA. The EIA though will be all the evidence already submitted, only way for actual evidence is to actually stimaute the well and gather info.
You know what. Same thing he can take AST to court. Bye... :-)
Colin, After careful deliberation and much heart searching we as the shareholders of ASCENT resources feel that a change in management is required to try and unlock field development within Slovenia. Your relationship with the Slovenians seems to be broken and this is adversely affecting our investment in Slovenia. One of the key actions the shareholders expected you to bring tons comclusion was the field license extension as this is what the market needs to see as confidence that there is a long term future in Slovenia. You have failed to do this, nor given any indication of your plans to bring this to a conclusion, yet you feel it prudent to look at other opportunities in Croatia? Really? On your past performance with Petisovci who would give you money to then squander it in Croatia. Do the right thing and resign, apologise to all shareholders for the hurt you have caused them with your false promises and mismanagement of the risks faced by the company. Regards, Share Holder Action Group (SHAG) Thoughts? Am I off the mark or is this what we should be sending to the Colon..... :-) hehehehe
Exactly. Colon needs to be replaced and we need to work with the SLOWenians to move this project forward. The field license renewal is key right now and an early conclusion like to extend it now would be a great confidence booster.....
Need a shareholder on the board imho, Colon will destroy what is left unless we try and claw back something. The SLOWenians know that all they have to do is keep kicking the can down the road till 2021 and the field license then expires, start legal action now and cite the field license as well, Colins reluctance to start legal action I guess is around the field license extension, that will be being used as a blackmailing tool right now imho.
The accounting error as well I believe was related to bad debt, ie people who just simply won’t pay up so can’t be claimed as profit, the more i research this company the more I like it, however time will tell. Biggest bonus is the CEO owning more than half the shares in the company, okay he’s not gonna sell all of them but he will want performance on divis for his own pocket as well. Good luck all....
In reality what’s actually changed? The drop was when the original decision for EIA required, no increase when confirmed the appeal went in. Now they rejected appeal drop. This will now drag on exactly the same as the IPPC permit. Only hope is that the Bananaman actually increases field output massively and AST starts rolling in some dough. The mains benefit is being debt free almost. Colin has to be strong out of this and play tactically the same way as the SLOWenians are doing, take the matter further within SLOWenia, that will add to the case in Europe. Good luck all.
Time for Colin to put his balls on the block, let’s see if he’s been chatting or or prepared for this scenario,....
Anyone managed to buy this morning???