Member Info for partridge

I am terribly sorry. I cannot answer your post as I know you have filtered me and to do so would be breaking the sanctity of the bond of trust between yourself and lse. I have always posted for the less professional investor in any case and not the experienced like yourself.

" the current spot market of approximately US$1.95 per mmbtu which has increased by 45% per cent since 20 May 2020" .

It is worth noting all the information the company provides, good or bad. The current spot is $1.95, and it might have been around $1 to $1.1 on 20th May 2020. Worthy of note as the majority of gas might have been sold at spot price. If the gas could be sold that is.

" These two extensions provide a weighted average contracted gas sales price of US$4.37 per mmbtu (where applicable, converted using the official exchange rate of the Government of Argentina) for combined net sales volume of 5.6 MMscf/d. The successful contract extensions pricing represents a significant premium to the current spot market of approximately US$1.95 per mmbtu which has increased by 45% per cent since 20 May 2020".

What happens to the other 8 MMscf/d? Prices have fallen from US$2.36 per mmbtu averaged for the end of last year( as in final results). Revenues will be lower overall, especially if the spot price was 45% lower in April. No amount of cost cutting will cover the drastic fall. Is all the oil produced saleable in Argentina with the reduced demand due to lockdown? Achieved average oil price for end of 2019 was $51.52/barrel. Oil revenues,like gas revenues, will have been badly hit.

Wow! A HOT! Mix in a little exclusivity. What about a dash of unknown partner ( Moroccan conglomerate) as always a tad shy. Even funding. Today all that has happened is a cash raise by any other name (proposed). Coupled with a huge $13,500,000 loan (proposed) at 11.5%, which means $1,552,500 interest every year, for 12 years (or $18,630,000 interest on top of the $13,500,000 capital repayment). And that's to be added to the outstanding loans. What's that? Anyone remember the interest rate and when it is due? Nothing is certain. A HOT has come and gone before. So has exclusivity. Same old same old. Perhaps this time is different? It always is. A good day to trade.

Six months since year end and the Italian assets still linger. Six months of losses sectioned off. Will they be sold finally? Or will the delay allow Zenith to do what Coro Energy did with Duyung and walk away? It would make sense. Low production, high costs and difficulty getting things done in Italy.

" The initial £0.4 million consideration for the Disposal, payable by Zenith to the Group on Completion, will be settled through the issue of 6.7 million new Zenith Shares at an effective issue price of 6.0 pence per Zenith Share. Subject to the Italian Portfolio being disposed of achieving average daily production of 100,000 scm over a period of four successive months, a deferred consideration payment of £3.5 million will be made by Zenith to the Group through the issue of new Zenith Shares at an effective issue price equal to a 40% premium to the then prevailing Zenith share price at the time of issue".

The auditor in the latest financial review said there was only a 50% chance of achieving the production target. I wonder if that percentage is lower now. So effectively the asset is being given away. For £50,000. Maybe. It wouldn't surprise if the Italian assets are still on the books by year end. That cash must be dwindling fast.

When oil or condensate is given in litres you know the truth is being managed. 136,000 litres is the equivalent of 856 barrels of oil or just over 2 barrels per day. No wonder the 190 boepd touted to be available in Cuba has got them salivating. Small, small beer even for a £1 million company. The revenue is zilch and the cost of sales high even for reduced production. The first raise by Mr Parsons was a struggle at 5p, the second at 2.75p. The next raise, signalled within 2 months, will be around 1.25p. The continual erosion of shareholder value might convince some to buy. But be careful as there are many, far cheaper shares that need to be unloaded onto the unsuspecting.

" In addition to the need to raise additional funding in the next two months".

The trough is open for new business anytime soon. This is the only certainty. Where does the money go? And to whom?

The old chestnut that Mr Parsons worked for Shell. People must be desperate to try and pump the share. He used that one at Sound Energy and it worked there. So why not use it again here. At Sound it was a known " fact" that Shell were looking over the fence with jealous eyes ready to "jump in". I think they must be licking their lips at the prospect of the peaky blinder in downtown Southport. Shovels at the ready. A new plug with 3 amp fuse. Might the "tight squeeze" come in handy? Do not worry your pretty little heads that the third cash raise in 6 months has come and gone. Do not worry your pretty little heads that over £1,500,000 has been raised and the share price has fallen from 3p+ to 1p. Do not worry your pretty little heads that a former Shell man expects to be paid a commensurate salary. After all, it is only shareholder money.

I think Mr Menzies might be selling 8,000,000 shares. The naive investor is needed to mop them up. Got to convince fools this share is going places. The reality is there is no CEO and the asset is years away from realisation, if at all. At best 10's of millions pounds will be required to develop. Coro Energy has been cocooned in order to preserve cash to pay interest payments next March. Loan repayment is looming. I can see a fire sale.

Is this the cornerstone investor? Some would be disappointed by this ground breaking event, not me. Shovels at the ready folks. More shares to shift. Jumping on the bandwagon after it has lost a wheel is the forte of Mr Parsons. I see he is buying more shares, or not. Do as I don't do. More fresh shares to unload onto the unsuspecting naive investor. It is what he does. Trades a mornings excitement for years of regret. Do you really want to get involved? There is still no income at Regency and the number of shares have tripled since the arrival of Mr Parsons. Would anyone be prepared to predict what is going to happen in the future? Please give your answer in billions of shares.

The naivety here is worrying. The 600k buy/well was simply a B&B or a 20 day rollover. Shares are being bought and sold by Monecor. The share price is easily manipulated and there are plenty of naive mug punters around.

I do not think Campo Limite success is needed to service Echo Energy debt. I do not think Campo Limite will be a success. If it was, it would have been announced by now. Done and dusted. It is being hung like a carrot before the noses of those who want to believe. Keep the natives quiet. Something to keep the share price up until the inevitable cash raise.

Minds should be concentrated on sales not production. The shutdown in Argentina, especially in Buenos Aires, means nothing is moving. The oil glut continues. The $45/barrel is a mirage because nobody is buying. The oil in storage tanks is still there, unsold. No new wells are being drilled in Argentina at present. The work overs by Echo are simply a " to do" list. Fingers in the dyke.

The 20th May 2020 RNS informs of an average production during the period 1st January 2020 and 17th May 2020 of 2250 boepd.
Today, an average production rate for the period 1st November to 31st December 2019 of 2505 boepd is given.
And, an average production rate for the period 1st January 2020 to 31st March 2020 of 2394 boepd is given.
That would give an average production rate of 1971 boepd for the period 1st April 2020 to 17th March 2020.
A rapidly falling rate of production. Where oil prices lead, gas prices will follow.

The state of emergency is still in place in Papua New Guinea. Nothing doing until it is removed. Mr Parsons appears to have annoyed two Australians. The first at Mambare where he succeeded in reducing the JV to a 41% minority role. No control. The second at WoWo Gap where Regency bought some of the debt owed by RMI. Without prior notice to the notice of the BOD of RMI. Not a good start to any discussions, if any. The exploration license renewal at WoWo has been put on hold until after the SOE is lifted. And then it could take 9 months of more. So, nothing happening in PNG anytime soon. Come back in June 2021.

The peaky blinder news in downtown Southport is overdue. Times are changing. Isn't "shovel ready" good enough to get investors salivating anymore? Will the company collapse without that cornerstone investor? Was it the great Warren Buffet who said " do you feel lucky punk, do ya" or a Pussycat Doll? It doesn't matter. The future is bleak.

The sad departure of Mr Menzies sums up the state of Coro Energy. You can be assured the ducks were paddling like fury to get him to take payment by shares in lieu of his compensation. Not Jimmy. He knows too much. Worthless paper or hard cash? Uhm. He knows where this is going and in whose interest. So he won't touch Coro Energy shares with the proverbial bargepole. Mothballed. Next debt payment due in March 2021. Tick tock. That cash is dwindling. 3 month 25% salary deferment for BOD is coming to an end. Snouts back in the trough. Mr Parsons' nest is nicely feathered at Ascent Resources and Regency Mines and " Andy" Dennan is also sitting pretty at Ascent. Marco looking after the cash at Coro. All that is left at Coro Energy for small shareholders is the hope of a Twitter pump and dump. And a bitter taste at the back of the mouth.

The result of the test might take until 2021. There is a ban on international flights to and from Argentina until September 2020. Due to the latest increase in Covid-19 cases in the region there is already a call to increase the ban for a further 2 months.

" Due to the ongoing international travel restrictions as a result of the COVID-19 pandemic, key personnel and equipment required to continue testing of the Campo Limite well from outside of Argentina have been delayed. As a result, a decision has now been made to temporarily suspend the completion and conventional inflow testing of the well at the present time until there is clarity as to when the present restrictions will be lifted".

RNS dated 15th April 2020. Interest payments resume in March 2021. Events are overtaking the company.

Nothing changes. Revenue is less than cost of sales and then swamped by administration charges to give a loss. All that production and the cash in hand still falls. You can see why interest payments need to be deferred. Will the company be capable of paying interest on the loans when it all starts up again in March 2021? The inevitable cash raise. I wonder if it will be higher or lower than the present share price? Is it going to cut hard into the share price of a company that cannot afford to pay interest in its loans; a company operating at a loss; a company operating in a country under lockdown where oil cannot be sold due to a glut of stored oil and economic stagnation?

" the Company granted security in the form of a share charge over 100% of the shares in Echo Argentina Holdings Limited. Such security will be shared pari passu between the Noteholders and Lombard Odier in its capacity as lender under the Company's €5m Loan".

What is left to offer the placees for the inevitable cash raise but a heavy discount to the share price.

You've missed out the most important. He is a director and shareholder of C4 Energy. The latest results there show £2 cash in bank. How such a company pays for the debt in various companies it buys, I do not know. It's like the feeding of the five thousand. Perhaps instead of the next cash raise at RGM, Mr Parsons could bless a fiver and turn it into the needed £500,000.

Mr38781 shares sold out for a £72.90 loss. Mr79354 shares sold out for a £30 loss. Mr41681 shares was a big gain of £6.26 following on from Mr166,600 who gained £62.

Is there a big pot of money to compensate the losses in a pump and dump? Of course none of these traders are losers. The people who will suffer most are those people who are taken in by the backstory here. And remain long term holders. If you want to know how the story ends look at the long and short term RGM charts. There is no shame in selling out your impulse buys. Did you read the Doctor Holiday tweet on the RGM website? Is that a tweet from a licensed financial adviser? If not, perhaps you can claim compensation from the RGM board. Speak to the FCA. Always here to help.

Does anyone know how much the share price has risen here since Mr Parsons took the helm in December?

That pesky peaky blinder in downtown Southport is due by mid -June. RGM will need to raise funding to get it moving. That is, if it is on time. Timelines are not one of Mr Parsons specialities. Funding is going to be tricky. Are shareholders going to be hit(again)? Where is that cornerstone investor? It's been a hard slog for placees offloading their shares at 2.75p and lately 0.8p. Times have changed. Britain has gone 2 months without burning coal for power, today. Burning gas to generate electricity could be next to fail. Will peaky blinders still be needed? Are they worthwhile or worthless?