Member Info for NoEasy

http://www.dailynews.gov.bw/news-details.php?nid=50729

President still promoting CBM.

I think everybody will be right behind you with those sentiments Jiving.

I am still in because of the significant progress made but the other side to that is the significant progress that hasn't been made (or if it has we don't know about it).

And I don't think the company should be awarding themselves any future free options either whatever they think they deserve. Such a decision would go a long way to recognising that progress hasn't been in line with expectations, the very expectations the company themselves have raised on more than one occasion.

It's clear to me Jay/Sub/berta that we have a pretty balanced board here. People have their view and just about in every case, because we don't have enough info (as Berta's 0224hr post points out), any particular standpoint could be valid at any given time. We all know what we have been through, some far longer than others, and for me its been like a form of Chinese water torture...drip, drip, drip. Close then not close then close again. Frustrates the s*64 out of me and not without the risk of losing my money thrown in. Lots of negatives to ponder upon.

Upside; Plenty but apart from a few posters we have long since strayed from talking about the positive side of the investment. That's mainly down to the continued dilution of our stake in the company through equity raises for working capital and the raised levels of expectation generated by Arthur that then diminish to nothing.

But that positive side still exists, reduced certainly particularly for early investors, but it hasn't gone.

The project having made some highly significant progress, and the PSC extension for example is highly significant for my mind, may well get the go ahead. Get the finance and I don't see why it shouldn't. The positives are definitely in existence.

The above, in addition to being my view, is also the long way around of saying I welcome Jay's positive posts because he could well be right not to mention they are refreshing in and amongst the gloom.

He only shaves it for the interviews, normally he has a perm.

Or that could just be a false memory from when a gust of wind blew his kilt up at a wedding.

Not only can you say what you want Berta you could well be right.
Myself, I still see this as a project on the cusp of significant news. Sorting out working capital looks, in all probability, like it's coming first though.

I've been adding here simply because while I see the risk of dilution as high the risk the risk of the project not going ahead has decreased significantly to what it was when I first put money in here. No idea if we are at the our low now. If the balance shifts to positivity here it will do so on one announcement. My biggest concern was governmental support. Given what has been released that is no longer a concern. I am pretty convinced it's down to money now and the third parties providing that. Art and Kola are subject to the time it takes for financiers to evaluate and execute what is a significant undertaking by them.

"Tony must be tearing his hair out at this SP , people are selling at 5.4p ?????????????'

Haha Brad. Given his persona I can only ever visualise him swaying in his hammock with a relaxed smile and G&T in his hand.

Yes we are out of funds Arthur unless you are being pedantic over a few days. The prospectus is clear enough and I don't suspect you got that wrong.

"The Company has sufficient working capital through to the end of July 2019, following receipt of £429,200 pursuant to the Exempt Placing Shares Admission. The Company anticipates that it will be required to raise an additional $7.3 million of capital in order to have sufficient working capital for the period of 12 months from the date of this Prospectus. The Company anticipates the shortfall in working capital will be covered by a further equity raise or other financing to be partially completed in or prior to the end of July 2019, and later as necessary."

It may be of course that an equity raise/alternative funding is all but secured in which case we should be hearing about it right about now.

That passage is saying there are opportunities in both the North Sea and Egypt that are/have been looked at. I get the feeling this company is like a shark, swimming around looking for a distressed meal. They have the money to leverage a good deal.

'Majors are exiting the North Sea and are being replaced by leaner independents. North Africa is buoyant given recent large discoveries in Egypt and the reversal of its long running receivables problem. There remains a clear appetite in this market for buying and selling existing production.'

You mentioned Eygpt as a possible focus of attention for an acquisition Rift. Seems you may not have been far off the mark given they spelled it out above.

The company has not been milking shareholders all that time Berta, not consistently anyway. 2yrs 6mths ago they thought they were on the money having put the work in to get to a drill down with ExxonMobil. They were getting paid for the work they were doing at that time and rightly so.

It's clear though that since then Art decided to retain his team and his expensive office when he must have reasonably foreseen one likelihood was that it could take significant time to get a drill down in Nigeria. He should have had contingencies in place in that event. Other CEO's working in Africa, as we have recently seen, are balancing the need for an efficient team/other expenditure with shareholder value. It seems on the face of it that Art hasn't been able to make that leap. That loyalty to his team, one that he proudly boasts about, has certainly come at significant cost to shareholders.

No doubt some, but by no means all, of the above criticism is negated by the fact that the team have produced a field development plan that is well above that which was initially envisaged. Again, very much like during the Exxon JV, they have also been getting paid for work that has been done but in the case of OPL 226 we know with a good degree of certainty, given the CEO's previous flagged up drilling timelines, that we have been paying people to remain part of the team rather than because work existed.

He is at best a very mediocre CEO, but I do rate him as a COO which has thankfully it seems also been recognised by Kola Karim. My money is still on him hitting a much higher gear when he can get to do what he really can do.

I know it has gone on a while but in totally reality, which is a world I don't often seem to live in, we are not regressing nor standing still. Might not be flavour of the day today but cometh the hour.... cometh the company. We cannot legislate for investors who have sexy and very volatile stocks on their books (count me in as one of those) but this really is a sleeping colossus if the flow rates come in as everyone expects them too. Its been a slow burn but n my opinion TG's view that this is as good or if not better than his previous enterprises hasn't yet been rubbished yet and it is undoubtedly getting late in the day for that.

Brad I enjoy your posts as well mate. I look in every day.

Nailed it Cd.

Sub why does a contrary view point always have to be 'spin' to you. Many on here are quite good at honest, independent thought.

Jiving, on balance its looking like a raise before news unless Art already knew of a final settlement date for the bond etc before the last placing. It appears to me his intention is to go month to month for operational funds in the expectancy of near term movement. I'm still unsure after all this time of exactly who is responsible for signing off what as far as the NNPC & DPR goes. From previous RNS's in respect of other companies working in Nigeria I believe that DPR do the actual sign off on the Field Development Plan and give final overall project approval. Happy to be corrected if that is not the case.

'Even that proportion of his focus/effort that is spent on Shoreline, his main priority is surely his large currently producing oil field not a maybe maybe appraisal well. If Shoreline needs to pull favours with NNPC it seems likely OPL226 will come last in the list of Shoreline's priorities vis a vis their existing operations.'

I view things differently on that point Jiving. Standing still is a curse to entrepreneurs like Kola.

Welcome back Dunc. You enjoyed your month off:-)

Cd, as always you have a balanced outlook supported by your attendance at more than one AGM which is more than I can say. Great to have you on here.

Cheers Jiving. He should hit the road running given his experience within NNPC.

Really pleased to end the week as we are doing. We all know what we are waiting for.