Member Info for OilSpelunker

Here are the necessary assumptions: - the remaining balance of US$1.26 million relating to the second tranche of the Bridging Loan received by the end of August and the proceeds of the Subscription of US$11.8 million (net of the Bridging Loan) received prior to the end of September 2015, following the fulfilment (or where appropriate waiver) of all conditions thereto as set out in detail in this announcement; - future revenues and expenses cash flows remain in line with expectations; in particular stable oil production of approximately 4,100 bopd and Brent crude oil prices of US$50 per barrel or above during the period; - contracted volumes are delivered to domestic oil customers throughout the remainder of 2015 as settlement towards their outstanding prepayments with no further cash received; - payments to certain creditors which fall under the scope of Rehabilitation, amounting to US$11.1 million, are suspended in conjunction with Rehabilitation, pending the agreement of the rehabilitation plan with the affected creditors; - creditors which are currently overdue and immediately payable and which do not fall under the scope of Rehabilitation, amounting to approximately US$1.8 million, are paid in September following completion of the Subscription and no legal actions are initiated for immediate payment; - no payments are made in relation to the potential historical costs claim by the tax authorities in the Republic of Kazakhstan, described below; - no payments are made in relation to any penalties relating to shortfalls on the 2014 work programme commitment, described below; - no payments are made to Sberbank for either principal or interest; and - no payment of US$3.6 million is made to replenish the Liquidation Fund during the period. Should any of the above assumptions prove inaccurate the Company would require additional financing, which, if not forthcoming from AGR Energy or any other party, would likely render the Group insolvent and require the Board to put the Company into administration. Yikes! I'd say the odds of a snowball flying through space from London to the surface of the sun fully intact and completely un-melted is more likely than this deal closing.

Yeah right igor, and also it is absolutely highly "possible that eroneous trade in july was a way of extending the 6 months [sic]." You are so clever and intuitive. Who knew that one could just make an "intentional trading error" to circumvent well established securities laws. Did you fall out of the retard tree and smack every super-retarded branch on the way down? Has anybody read the assumptions needed for closing as listed in the proposal? There is no way on this earth that those will all happen. One single lawsuit by even one small vendor and the equity dies completely immediately. And I will leave you with this to assist in funding your dilutive weekend nightmares: "The Subscription will provide working capital to the Company to alleviate its severe immediate financial stress. Further significant financing will be required in the mid and longer term to re-establish going concern status and viability of the business."

"sooner or later the cheque will be in the post. Can't help thinking I've nabbed a 10 bagger. haha" You've gone mental Coggybear. First, a 10 bagger would require a 30 bagger net after the pending (and still highly contingent) "preliminary" dilution. You are about to get diluted by 66% for some working capital - not to refinance the Sberbank debt. You do understand that, right? And after that, if it survives at all, MXP is going to have to look to refinance all of the defaulted debt with Sberbank and everybody else (this they have told you already), but only after MXP re-prices its assets (they tried to slip that little gem in there on you). Given Brent prices, do you think the asset prices will be revalued lower, or higher than what they are booked for right now? And, Sberbank has to approve this deal, per the RNS. Do you think it will accept initial 66% dilution of its equity security only to know that more is coming? Or do you think it will give MXP the middle finger and seize the wells? What would you do? I am sure that we can agree that Sberbank's decision will be based entirely on whichever move limits its pending losses by the largest sum of money, since it is now going to suffer severely from MXP’s poor execution, and I can assure you that Sberbank has an army of well trained MBA's from the London School of Economics analyzing all of its transactions. I am betting that MXP will likely still go into admin any day now since Brent prices are eroding rapidly. If it does not, your net dilution will be about 99.99% after they get done refinancing the debt on top of the AGR 66.66% dilution. As of today, they claim assets of about $40 million against $120 million+ in current liabilities, and now are openly referring to themselves as being completely insolvent. Does that really make you think that you, as a retail equity holder, have a pending "10 bagger?" What lender living on the planet earth would take a haircut so the retail shareholders could prosper 30 fold from today's cluster-fart of a company? I need to read the entire RNS with an eye towards interpreting the Wordsmith's garbled noise. I will report back with my findings. In the mean time, if Coggy wants to lay out his case for a pending 10 bagger, I certainly invite him to do so vs. his history of printing completely unsupported conclusory theories of value.

Ah yes, I have heard this saying. Unfortunately, it discounts the inclusion of a massive $20 million tax lien from a predatory government, a sustained revenue decrease of 50%+ with no hope for a near term recovery, vendor liens, and employee wage claims. Funny enough, the SAS combat training handbook has a procedure in place for just such a situation. It reads like this: 1) Sit on the ground. 2) Pull your legs back so that your feet are behind your ears. 3) Lean your head forward. 4) Kiss your bloody arse goodbye.

Coggy - that is excellent news indeed! I am curious - did you receive a proper printed paper receipt summary of your account from the cash machine upon conclusion of your transaction? If so, did it should a negative balance of -$82,000,000? If it had, do you think the bank would have been so willing to issue you cash money? I'm just asking...

I must say, the fat lady looketh fine and fit for service. I reckon we shall hear her piercing wail this week. Me thinks that "Up you" is about to be typed by me for you-know-who. My fingers are most excited about the endeavour, not that I fancy for you lot to lose your monies, but only because you-know-who has been so very rude me for no reasoneth whatsoevereth. The rest of you are a fine lot - you may all have your way with my sister when this ordeal is overeth.

How much longer do you fiery young chaps fancy MXP for survival? Brent is well below the minimum solvency requisites referenced in the AGR deal RNS. I'd say that August is likely the last month of operation for ye' ole MXP. Me thinks that a RNS may be circulated amongst us this week confirming the End of Days. "All bad things must come to an end," as they say in Liverpool at me favorite pub.

Actually, I had never even heard of the ticker SER until I read your post just now. Not me mate. I reviewed some of the posts and do not find any similarities. I am much more articulate, better read, smarter, better looking, richer, and I get laid more often.

Yes indeed, I post on the iii forum under the alias Little_Richard_Head69

Oh snap, they have the website back up now. It still looks crappy though. I guess they were late on the webmaster's last invoice is all. Logic would tell us that the server company is probably one of the many unpaid MXP vendors. I wonder when they are going to stop falsely advertising that the MXP shares trade on the LSE-AIM. They do not. Too crappy to trade anywhere. The website is misleading. Go figure.

Nah, I wouldn't know how to do such a thing, though I am a well educated disgruntled German former MXP shareholder who was indeed burned to a crisp by MXP's reckless lies.

Let's take bets on why the website is down. I figure the server is gone and offline because either: 1) My fag pack math was correct about aggravated insolvency due to even more depressed oil prices so they have pulled the plug and put the company into administration without telling us just yet; 2) They are updating the website and forgot to post an "under construction" notice; 3) They changed servers but forgot the redirect the old files to the new host; 4) They are trying to hide the representations that they've already made to us in past presentations and press releases (I have them all printed off already); 5) The Kazakhstan tax authorities have seized the website as an asset to auction off to help satisfy the $20 million tax liability; 6) Sberbank has seized the website as an asset to auction off to help satisfy the $80 million+ bad debt liability; 7) Vendors have seized the website as an asset to auction off to help satisfy the unpaid bills; 8) The AGR deal went through and they are simply renaming and rebranding the company(!!!); 9) A MXP employee accidentally kicked the power plug out of the wall socket; 10) They unplugged the server to save money; or 11) None of the above. It's just a temporary glitch that will be fixed soon. The company is about to resume trading and turn you chaps into mini-Richard Bransons. To be clear, I am betting on number 1. I believe that it is over. I realize that it could be a long and anxiety filled sleepless night for current shareholders. Be sure to double up on the nightcaps mates.

I did back when I was a believer of the MXP BS, so much so that I bought over $500,000 worth. I've made it clear that I believe that they misled investors and made egregious misrepresentations. I have Michael Young on audio recording from investor conference calls telling us how great Uytas was and how much it was worth by itself (north of 20p), and then even telling us one time that he had some good news because Uytas was bigger than initially expected. I invested hundreds of thousands of dollars due to those comments and the presentations. Then they tell us Uytas isn't even commercial. WTF. The whole thing smells like a great big scam. It looks like a giant ponzi scheme to me - no doubt about it. If we get a RNS about administration soon, I want to know how much the executives have taken out in salary and bonuses over the last several months. I will make contact with the correct people and ask those questions if it comes to that. I feel duped beyond explanation by MXP.

Has the Max Petroleum website been taken offline? Uh-oh. It was up yesterday evening and operating without issue (I was downloading old press releases and financial statements and such). Now it appears gone from its server. Could it be the end?

Actually, the WALTS diagnosis seems more applicable to MXP, a company that masqueraded for years as a successful venture with a high quality shallow field portfolio and a high quality exploration portfolio of deep pre-salt prospects. Neither seems to have been the reality of the situation. The 3D seismic that they spent a trillion pounds on appears to have been worthless. The only economic discovery that I can recall from the shallow exploration scheme was ASK I, which, as Mike Young noted on a conference call, was an accidental find stumbled across on the way down to the ASK II duster (originally referred to as the original ASK). "We'll take those gifts whenever we can get them." Uytas is perhaps the biggest blunder of the multiple blunders at issue. To think that the Soviets missed it seems implausible. More likely than not, they dabbled with it, but realized quite quickly that with its fractured shallow reservoirs and low energy yield, it was not ever going to be economical. MXP, on the other hand, spent millions drilling appraisal and development wells, only to pull the plug when people started to ask questions about the money spent vs. the Uytas constantly shrinking P estimates and lack of production. The only valuable asset seems to be Zhana Mhakat, and as we all know, MXP bought that asset, it did not find it nor develop its most productive wells. Was it a giant Ponzi scheme? You be the Judge. What we do know is that new money was constantly required to partially satisfy former investors. And some off the execs paid themselves large bonuses and issued themselves a constant stream of increasing options at the expense of other shareholders after every placement. These are facts that are undisputed as they can be ascertained from the year end financial statements.

Well, sort of. They are both variations of the same thing, though one calls for an outright liquidation, the other a reorganization with significant creditor haircuts. The latter is not feasible unless a company has realistic prospects of a rebirth and somewhat cooperative creditors. The Kaz tax authorities are a huge wild-card either way. Equity cannot survive either type of bankruptcy intact. And I am thoroughly convinced that regardless of where the company was a week ago, today it is probably a decomposing stinking carcass due to the further erosion of oil prices. My analysis is based on a careful reading of the subject AGR deal RNS with references to oil price assumptions and fully disclosed solvency requisites. And we still have not heard from MXP as to whether or not the Kaz reorganisation filing was a planned component of the AGR proposal, or an alternative necessity. MXP is silent on the topic. I'd say that bodes poorly for the company's prospects, since we know from reading the RNS about the highly contingent AGR proposal that any formal reorganisation filing is defined as an "Insolvency Event," and said reorganisation filing was not mentioned as a preplanned event in the subject RNS. Maybe the Wordsmith will release an explanatory RNS. But I doubt it. The next thing that you hear from MXP is likely to be confirmation of the death blow to the outstanding equity float by way or mass dilution or liquidation. One way or the other, MXP PR seems to be of the opinion that it has hit the vocal common shareholders with enough clever word-craft to keep them pacified until the inevitable dooms day RNS is released. You will feel extremely stunned when that RNS is published. Try not to be. The fix is in already and has been fully disclosed. You just have to know how to decode the Wordsmith's secret messages. Just my 2P. OilySpelunky

"I think that there is nothing more to say about this until I see that bloke down the pub [sic] and find out what he thinks of what he has seen on here." I will definitely agree to those terms. I would also respectfully suggest that the group schedule an additional meeting together in the very near future to discuss the physician's findings in a "roundtable" sort of fashion, and so that we may "circle the wagons," as they say in the Wild Wild West, and each tell our own unique war stories about MXP. I will fancy a go at each of you who have acted as the emotional "enablers" of my alleged mental disorder. My preliminary thoughts are that we plan on gathering at the original meeting of creditors in the liquidator's office as soon as the company is formally put into administration. I shall take the lead on reserving a conference table at the conclusion of the bidding on the MXP office equipment. This will be a convenient way to schedule our journeys around an undoubtedly pending event that we will each be interested in monitoring. I reckon that by now, MXP only has a few days left. Sound like a jolly good plan then matey-mates?

Perhaps a more fruitful project involving the usage of this BB would be to engage a research analyst to study MXP, and not other posters. Trolls go to BB's to engage other posters in off topic conversations. Thoughtful people with higher IQ's stick to analysis of the companies made the subject basis of the board. I've recently commented on multiple negatives and some deceptive MXP conduct that was hiding in plain sight. So far, nobody has been able to write so much as a single controverting sentence in response. I shall, therefore, consider the deafening silence as a ratification of my theories and ideas, and will remain at peace knowing that we all agree on my views of MXP's prognosis and the very morbid current state of affairs. Under the circumstances, such a conclusions seems acceptable and reasonable. I thank you all for your silent support and unmitigated acquiescence.

At the moment, I am just too hurt to consider such an indecent proposal. While my exterior may appear to be weathered and tough, I am an emotional creature on the inside that will bleed like any human when cut. And those comments from ivorseasisanass cut me deeply. I shall retreat to my lair to heal now. Hopefully, an apology from the offender himself will be forthcoming upon my return. I bid you all a good night. Fear not, for I shall return.

I thought we were all great buddies. "True mates," as they say. Then you wrote those hurtful comments about me and you cursed me with the baddest of all bad words. Honestly, it will be difficult for our mateship to survive this turmoil.