The Twitter lemmings might just be starting to realise what the pump is about. Placing shares being passed onto mug punters. And there are more to come. No progress is being made by the RGM management. The joint venture has been ceded to the Australian partner at cost. Lockdown and State of Emergency has stifled any progress at Mambare for the foreseeable. The purchase of debt in RMI was poorly timed. No talks with the management of RMI has been announced. In fact, it has been announced there have been no talks by RMI management. Lockdown and SOE in PNG means there can be no progress on the Exploration License until Spring 2021 at the earliest. Sinom is still financing RMI so the debt purchase is being continually diluted as more and more is built up.
That leaves the peaky blinder in downtown Southport. Is it shovel ready yet? A lack of progress on the route map is being replaced by the occasional pump and dump. That only reminds shareholders that there is no progress whatsoever. Only the churning of shares and continual erosion of cash to high salaries. Is another cash raise around the corner? Where are those cornerstone investors? Mug punters from an orderly queue.
It doesn't matter whether it is cheap enough. It doesn't matter that the company has no revenue. It doesn't matter that there are millions of placing shares that need to be offloaded to mug punters so that the next placing can be lined up. It doesn't matter that the company has lost control of the flagship Mambare asset JV with a reduced 41% stake. It doesn't matter that the company has no asset in WoWoGap, just some of the debt in the company reapplying for an Exploration License there. It doesn't matter that there is a State of Emergency in PNG and the country is in lockdown, so no progress can be made.
What matters, is that there is believed to be a queue of mug punters willing to be relieved of their cash so that a group of share traders may make a tidy £62 profit and be locked into a declining share price. Shameless. But it worked yesterday. So why not try again today. Just what the doctor ordered.
Too embarrassed to sell after joining in on the pump? Call back scratchers on "Twitter has done it again". Otherwise your clever profit will turn into a long term investment. Imagine. Holding onto a share for a day, or a week or,heavens above, years and years. Not a good idea with this share. What would the good doctor prescribe?
Mr518,692 was a big winner. £156. Nice. Hey ,what about Mr449,495? £301 loss and he's off. Hasn't he heard of the peaky blinder in downtown Southport? Isn't nickel the the new gold? Shameless. More of the same to come. Hope nobody is out of pocket because of these fun and games.
Mr298,688 shares didn't stay too long. £90 profit and he's off. Mr114,688 shares has gone as well. £68.82 and he's off. The rest will be slinking off soon. Will some of that money they are taking be yours? Nasty. They rely on mug punters. Where is your money kept? In your pockets or theirs?
The good doctor is on the case. No progress on Mambare for the next nine months. Don't worry. Luckily RGM lost control under Mr Parsons and now has only 41%. So less to lose. RMI cannot progress the WoWoGap asset until after the State of Emergency is lifted the to Covid-19. And then it will take at least 9-11 months to get an Exploration License. So no rush there. Luckily, RGM owns only some of the debt in RMI and not the asset. Just to add the cherry on top nickel is the metal most likely to be hit by the recession. So sit back and enjoy the Twitter ramp and make sure you're not left holding these puppies when it is over. Mug punters queue here.
Lockdown extended by two weeks, SOE extended by two months.
" the Administrative Court of the Republic of Slovenia has published its decision in relation to Ascent's JV partner Geoenergo d.o.o's appeal against the Slovenian environmental agency ARSO's decision to require an Environmental Impact Assessment ('EIA') in order to re-stimulate the PG-10 and PG-11A wells. The Court has ruled that an EIA is required".
How long is a piece of string? Plenty of times to top up if this drops The Truth.. Perhaps Stretchum will arrive to help.
I think the state of emergency still in place in Papua New Guinea due to the Coronavirus is not helping. All meetings concerning the Exploration Licence reviews are on hold until after the pandemic. And then the process will restart and take 9-11 months. The time lag is staggering. The share price is only going to drift. Downwards if recent history is anything to go by. Hard to see any reason to buy for the foreseeable, and by then another discounted cash raise will be looming on the horizon. Is downtown Southport shovel ready yet?
It would appear Echo Energy is being squeezed from both sides. On the one hand the ongoing problem with oil and gas prices in Argentina will be decimating its revenue and on the other hand the " cornerstone" investors are disgruntled with the deferment of interest payments and the inability of the company to generate enough cash to pay them. A troubled company in a troubled economy. The next cash raise is going to be difficult to get away. Expect solid dilution. Be careful.
" improved near term gas pricing" keeps getting stressed. That should be a concern because it would suggest a call in gas prices is on the horizon. A fall which the Echo finances cannot withstand. 80% of production is on the gas side. Be careful. Only the 2020 interest payments are deferred. The 2021 interest payments restart on March 31st next year.
You called so it's only right to reply (and using the same identity). It is interesting only 40% of the €20,000,000 bondholders voted. That wouldn't have been enough to pass the resolution at the first meeting. Any new investors should be asking why an oil and gas company that is producing cannot afford to pay the annual interest on its debt. And what a debt. Is it €20,000,000 or €25,000,000 or €25,000,000 + £1,000,000? The answer is of course the revenues from sales is outweighed by the cost of sales and administrative costs. Even after cost cutting and salary deferment. Deferment and not cutting. This is a company in trouble in a country in trouble. Expect a cash raise.
Coro Energy now locked into a 15% non-operating share of Duyung. The revised independent reserve audit report will make little difference. Results are already known. Asset is a long way from commercialisation and has been put further back due to the call in energy prices and Covid-19 and the upcoming recession. Not that it matters. The BOD is doing nothing without executives. The Italian assets are still haemorrhage cash and nothing will be done before April 2021 and debt interest payment and the next cash raise. Be careful.