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Why did the Sheikh sell and resign? It's likely there was something about the Nigerian asset that he and his advisers didn't like.

Taken from ExxonMobil website:
"Why does black smoke come from the flare? Black smoke from the flare can occur when burning large amounts of excess gas and especially if the flared material contains heavier hydrocarbons."

It looks like West Newton is going to be an absolute monster!

Taken from ExxonMobil website:
"Why does black smoke come from the flare? Black smoke from the flare can occur when burning large amounts of excess gas and especially if the flared material contains heavier hydrocarbons."

It looks like West Newton is going to be an absolute monster!

I think the huge cost savings will be positive for the share price once investors have had time to think it through fully

It will certainly lead to a big reduction in the cost of the trial - especially as the pound is so weak against the dollar.

So the SCIB 1 trial can now finally commence. I think the company has made the right move.

Great to hear all funds received from SVS!

Has been officially confirmed. The FCA stepped in to stop the broker trading. Let's hope WSG got the placing funds before the new shares were issued. At least SVS or anyone that participated in the placing cannot sell any WSG shares for a while. Hopefully this will help the SP to recover

Are you saying that the placing shares and warrants were issued directly to SVS and that SVS clients didn't participate in the placing?

If WSG received the proceeds from the placing then there's no question of the warrants being cancelled, they're not broker warrants! The placees received one 12.5p for each new share issued. The warrants are valid for two years so they won't lapse until then. Placees probably won't be able to exercise the warrants until their accounts are transferred to another broker but that's a bit academic at the moment as they wouldn't be exercised until the share rice is well above 12.5p.

I'm hoping we get an RNS from WSG in the morning to clarify the situation with SVS.
I'm still concerned we haven't received all the funds from the placing. The directors at SVS would likely have known the broker was going out of business for several days or a few weeks prior to it happening so they probably wouldn't have been in a hurry to transfer the funds to WSG. It wouldn't be easy for PF to find alternative financing now the share price is at the nominal value. He may have to wait for the port contract to be signed.

This could be a massive problem if WSG haven't received all the proceeds from the recent placing. Has anyone checked this with the company?
From what I remember, this happened to some companies that had placings arranged by Beaufort just before the broker went bust. It often takes a while after a placing for a broker to receive all the funds from it's clients so the company doesn't necessarily receive all the funds from a placing straight away.

Net cash flows of $3.5 million per annum according to this article: https://medium.com/@cassiopeiaservicesltd/union-jack-oil-eagerly-awaits-promising-results-from-west-newton-appraisal-4219842b0eda

Exactly, I'm especially peed off after what PF said in the interview.
It's all been engineered by the directors after the Iran contact came to nothing

We've been fed a bunch of bullshyte again by the company. If the Tema contract was really that lucrative there is no may the company would do another 10p placing with warrants at such a low price. All credibility has been lost now with further delays and no figures for the Tema contract

The placers will want to sell the shares quickly at a small profit/breakeven and just keep the warrants which is gives them risk free exposure

Terrible price and with 12.5p warrants attached. If this new contract is going to be huge then why do a placing at such a low price? Also no figures have been released yet which is another big red flag :-(

Fantastic news again today for UJO!

What platform you using Swerves? I can sell plenty for 1.25p

Yes, Chris oil bought quite a few more shares so his 7% holding wasn't diluted