Member Info for panda1

Excellent update, shows the business is growing very strongly. Tema contract is a formality, Sierra Queen sold for more than expected. Loads of news to look forward to in 2020. The business is going from strength to strength which will be reflected in the share price

The new asset looks very promising. I think PXOG will be an excellent recovery play for 2020. Once production commences in Italy the shares are likely to re-rate very substantially. I don't think the opportunity to buy near the lows will be available for much longer.

PXOG can raise funds to drill the wells on this project at a later stage when it is ready to spud. It needs to get the permits first so there's no hurry to raise funds yet. I think the company will want to secure the project and then concentrate on getting Podere Maiar in Italy into production as this will be transformational for the company.

Yes, €375k due to in 3 months but PXOG is receiving £75k in payment for the due diligence. So I make it around £240k to pay for the maximum 49.9% stake

PXOG only need to raise funds of around £240,000 to take a 49.9% stake in the new project and it has 3 months to do it. I think debt funding of the project is a distinct possibility. The company can raise more funds via equity once the share price has recovered. When the Italian project commences production next year it will give the share price a big boost.

Agree, the company needs to avoid a placing at all costs as the current share price is severely undervalued given the assets.
I think the company will raise cash via debt for this deal given it is producing and has assets that can be used as collateral

Very positive RNS. Now way they would pay for completion, testing & frack if they didn't think there was a very good chance of success. The company is being ultra cautious in RNSs now since the change of management.

Remember before the last phase III trial how Tim was going overtime on the PR to sucker small investors to buy shares to push the price up so the company could get a placing away before the trial results were announced

I wouldn't take much notice of what the BoD say as they just want to talk the share price up.
If they were close to agreeing another deal they would wait to sign that and then do the PR

It will probably take many months for the company to negotiate another deal, lots of due diligence etc. so I wouldn't hold your breath. It took 12 months to agree the deal with Avion

Thanks Jimzi, I think I get what he's saying .
The market maker takes a net short position in a company that he thinks is short of funds and will need to do a placing. The selling pressure created by the MM drives the share price down. The market making firm then contacts the company and offers to participate in a placing.
If the company takes up the offer there is a placing and the MM is issued shares and this closes out the short position.
But if the company turns down the offer the MM has to buy the shares back in the market to close out the position and this action will tend to drive the share price back up.

Not sure what you mean about shares not existing yet. If a broker is net short a sizeable amount of stock I think it has to be declared unless it is very temporary.

Wouldn't the broker have to declare a short position above 0.5% ?

Great news. Should see a strong rise in the share price when the RNS is released

It quotes an Investec analyst as saying a transaction of some description is very possible. Perhaps a sale of some assets like a loan book or even a full takeover

Should see a very decent rise in the share price as the amount of non-dilutive funds raised is ver substantial given the current market cap

That's fantastic news. There must have been very high demand as the yield achieved in the book build is lower than the 9% yield mentioned in the RNS. An RNS should be released by the company today or tomorrow. I wonder if the MMs know about it LOL

The main thing is that WSG are getting paid!

Looks like it will fall back to the .0275 placing price. I'm surprised people have been willing to take a risk by paying a premium. The market makers will soon be swamped by placees looking to offload their shares for a small profit

The company is spending a lot this week on paid interviews - Vox, Directors Talk and Proactive. I wonder why ;-)