PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Really good to see this business making steady progress. Lots of cost-free expansion potential at E Denver and several other diverse options with the potential to add significantly to this revenue stream. Onward and upward.
Foundations of the business established. Steady revenue on the way. Options for further income from diverse sources. It's a marathon not a sprint
The current cash balance is not public, but from the Final Results 2017/18...
"Thus, whilst the Group had bank balances of £603,000 at the year end it was also owed considerable sums by its partners in respect of the East Denver operations, which go towards paying the related liabilities shown in the accounts. Significantly, the post year end transaction generated an immediate cash injection of $5.4 million as well as eliminating the Group's capital requirements as regards East Denver with effect from 1 May 2018."
WRoughly $150,000 per month from first 2 wells in East Denver.
I don't think there's any substance to the PXOG suggestion. The RNS yesterday refers to "a fundamental change to an element of the transaction". PXOG was never an element of the proposed transaction
I've been developing a bad feeling about PVE's commitment to the deal as the months have ticked by and particularly after Masterman left the board on 12 December having taken on the role of Non Executive Director just 5 weeks earlier. I'm inclined to agree with those who've suggested that PVE's progress during the previous suspension period has left them feeling they are not getting good value from the proposed merger. If this theory is accurate, I'd now prefer to drop the SOU purchase too and shift the company's main focus to Indonesia which has lots more potential than Italy.
This is good news. Suspension of shares is irrelevant. Not sure what other posters are referring to with suggestion of IPO and transfer of shares to Coro. There is no IPO planned, this is a takeover. According to 5 Oct RNS, SOU and PVE will each receive 185,907,500 new ordinary SRON shares and together with the existing 185,910,000 SRON shares there will be a total of roughly 557,700,000 SRON shares in issue. SRON will then be renamed Coro. At current share price Coro would be valued at �24 million (4.35p * 557,700,000 shares). When trading resumes the market will then arrive at a valuation for the new company via the share price. Today�s news represents increased revenue which the market will digest and react to as it always does. The current suspension just delays that reaction.
... And ECHO has no revenue unlike SRON. Coro looks like an exciting prospect. I'm keen to receive an update and time line for the planned merger, but it's good to see that SRON and PVE are progressing nicely in the meantime.
Hi My trader. Yes that's right. Relatively small amount in public hands (hence big share movements on relatively low volumn). SRON was spun off from Po Valley Energy in February 2017. Po Valley Energy retain 65%. Already generating revenue and application pending for right to develop production in same area of Italy. It's a nice share. Current revenue should fund further development. Unusual for AIM shares in that it should be self funding. Market capitalisation is tiny given where the company is now.
SRON is already earning money, has credible plans for more production and is operating in a reliable European environment. This puts them ahead of most AIM gas producers. Amazing value at the current share price. One of the few AIM extractive companies that can fund it's own growth without dilution. Very exciting company.
Last trade was a buy at 4.52.
I would only see it as a problem if they were immediately sold. That's unlikely IMO. I think the Board of SRON will be major beneficiaries of the PVE shares and I don't see why they would sell.
Indeed! This share has fallen a long way on a tiny volume of selling. Any serious buying and this will be pushed up very quickly, IMO.
Legache No dilution. No increase in shares. It just means that the 65% of SRON stock currently held by PVE will be divvied up to other PVE shareholders. In fact the market will become more liquid as a result of some of these shares being traded, which will be a good thing IMO. Only 35% of SRON is held by shareholders other than PVE at the moment. That equates to only £2 million worth of shares in free float.