Member Info for partridge

It must be galling for RMI. The 100% owners of the WoWo Gap project, yet seeing it displayed in the RGM presentation as if it is an asset of the company. In reality, RGM only owns some of the debt in RMI. Referring to the RGM debt acquisition on 9thApril 2020 RMI stated " RMI is not a party to this debt acquisition by Regency ".

On 29th April 2020 in the quarterly update report RMI reiterated " key objective continues to be the preservation and maintenance of its interest in the wholly owned WoWo Gap Nickel/Cobalt project ". And then went on " at this stage, Recency has not initiated any discussion". RMI is quite clear. RGM is an unwanted interloper.

RMI's exploration license EL1165 expired on 28th February 2020. Covid -19 has impacted on RMI and it's operations. A Wardens Court Hearing (WCH) was scheduled for 13th May 2020 as the first stage of the renewal process. On 7th April 2020 the Mining Warden informed all Mineral Resources Authority activities had been put on hold until the State Of Emergency in Papua New Guinea due to Covid-19 was over. So no progress is being made. The SOE was recently extended. The exploration license renewal can take 9 months of so, according to RMI. So nothing is getting done until spring 2021 on the project. At the earliest.

" As a response to prevailing oil prices and the Company's expectation of achieving higher gas prices moving into the southern hemisphere autumn and winter, the Company and its partners in Santa Cruz Sur have decided to focus field operations on the production of gas and, as part of this initiative, ten producing oil wells have been temporarily shut in, reducing gross oil production by approximately 130 bbl of oil per day in the first instance. Shutting in oil wells that have low associated gas will enable resources in the field to focus on gas production and will also assist in managing ongoing monthly cash costs. The temporarily shut in oil wells can be brought back online in around five days when global oil prices recover".

From April 15th 2020 operational update.

The reduction was 130 boepd. That was 10 producing wells averaging 13 bopd. There is a drop of hundreds of boepd to account for. Production has fallen sharply.

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.

It is astonishing to see a tweet from Doctor Holiday on the official Regency Mines website. Mr Parsons was always partial to a tweet or hashtag when he was in charge of Sound Energy. I wonder if Regency Mines checks to find out of the tweet is made by a person licensed to give financial advice? And what would the FCA think of such a practice?

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?

It has happened at Echo. It has happened at Coro. It has happened at Ast. It has happened at Nuog. It is happening at RGM. Anyone spot a link? Hope you are not reeled in.

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.

https://www.thenational.com.pg/two-week-extension/

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.

https://postcourier.com.pg/soe-extension-considered/

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?

Welcome The Truth. When is Stretchum going to arrive?

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.

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/052120-feature-argentina-oil-production-may-take-years-to-recover-despite-45b-reference-price

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.

https://www.bnamericas.com/en/analysis/how-is-argentina-responding-to-the-oil-demand-crisis