Member Info for partridge

A few disingenuous traders. I hope there are no naive posters reading this board. The reality is there are no buyers for the oil at $45, if that is confirmed. Storage is near 100% at refineries and most are shut in. The government might make rules to force producers to keep producing but there are no rules to force refiners to buy the oil at $45. Why refine it there are no users of the end product? It can only add to the storage problem. Perhaps it is worth adding Echo Energy is 70% gas. The present contract ends in June, next month. New contracts might be half the value of the old. The debt elephant sits at the back of the room. Be careful.

I think the cash raise is a certainty this year. If it is not in September it is because the market is very weak. Not a good sign. It will mean no progress on the asset by the partnership. Not that Coro is expecting any and that is why there is not a need for executive board members. The sale of the Italian assets is a problem. Perhaps you could ask Andy why he agreed to the terms of the asset sale when the Zenith share price was 2p( never near 6p) at the time and whether he thinks any of the residual £3.5 million will be received by Coro in future years or was the asset given away? :

"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".

" while significant cost savings have been identified and implemented additional funds will need to be raised to enable the Group to remain in operation for the foreseeable future. At the date of preparing these financial statements this funding has not been secured".

The words of the CFO in the annual results. Andrew Dennan. And in the same annual results the words of the auditor :

" The group has incurred a net loss of $16.6 million during the year ended 31 December 2019, and has incurred operating cash outflows of $2.5 million. Further funds will need to be raised within the next 12 months in order for the group to continue in operation".

The operative word is "within". That is before next April. Only an idiot would leave it to the last minute. September 2020 was a deadline finding the company in the interims. That was before the uncertainty of Covid-19. The cash raise will be difficult and eye watering for shareholders.

The quote is from the report by the CEO in the annual report for year ending 2019 published in April 2020. That's not old news. The cash burn of $2,000,000 in 3 months was RNS'd in April 2020. The $547,000 payment still to pay is in the April 2020 annual report. The Italian assets are still on the books and have not yet been sold, gas prices have fallen and losses are still being made. The cost cutting will not be enough and the losses will eat into the$4.5 million cash. So much so the company has enough cash until the April 2021 interest payment has to be made. That interest payment is €562,500. That means the company by April 2021 will not have enough cash to make that payment. Where has the $4,500,000 gone? And no self-respecting company will leave it to the last moment to raise the necessary cash. The cash will be raised and banked previously. The September 2020 date for a cash raise was in the interims, stated by the company. Not long ago.

A communication with "Andy". Did he actually say or write that there would be no cash raise before April 2020? I doubt it. If you read the rehash of what was in the RNS and also the company results it indicates a cash raise will be necessary this year. A cash burn of $2,000,000 in the 3 months to 31st March 2019. The Italian assets still on the books and still losing money. A $2.3 million reduction in G&A costs is not enough. There is a $547,000 payment due for the Coro share of the 2019 Duyung drilling campaign still to be paid.

" while significant cost savings have been identified and implemented additional funds will need to be raised to enable the Group to remain in operation for the foreseeable future. At the date of preparing these financial statements this funding has not been secured".

This was written by a smiling "Andy" pictured in the annual report. In the interim report September 2020 was deemed the necessary timing for the cash raise. The auditor, in the annual report, also confirmed the need for cash. "Andy" is no longer CFO. Be careful what you believe. Read the annual report.

The partial lock in with YA PN II Ltd and Riverfort Global Capital of 18,174,545 shares was announced on the 7th February 2020. RGM shares ended that day on 3.08p. Heady heights. Today the share price is just over 0.8p. The partial lock in ends in June 2020, that's next month. What has RGM achieved during that lock in?

It has seen its share of the Mambare flagship reduced to 41%. After paying out cash and shares. With a possibility of the share reduced to 35% ( more cash and shares).

It has bought some of the debt in the company that runs the WoWoGap nickel project ( more cash and shares).

It has raised further cash, the second time in a few months, and issued further shares at 0.8p.

It has been trying to get the peaky blinder in downtown Southport " shovel ready".

There is a cost to holding these shares. Whether compulsory or by choice. Prepare for many more shares to be issued when the "cornerstone investor" arrives mid year.

Brilliant news for the peaky blinder in downtown Southport. A lack of people flocking to the seaside means buckets and spades are going cheap on the promenade. That astute deal maker Mr Parsons can buy a job lot for the "shovel ready" plant. Options and placing to go with it. A Covid-19 bonus.

It is very likely the 2.75p placing shares went to the same people that took the 5p placing shares. The 2.75p shares are to be sold to mug punters. "Andy" never partook in the 2.75p placing as any sales by him would be reported in a TR-1. Bad form. Better things to do with his money than tie it up in Ascent shares now be has got his CEO reward. The rogue placee forced the 2.75p placing. Many of the 5p places had sympathy with refusing to pay up after the 5p debacle and Mr Parsons had to give in. His model depends upon offloading placing shares to mug punters. It is what he does. It is what is going on now. Every mug punter but is money in the pocket for placees. Be careful.

It's a sure thing when posts are removed people have shares to sell.
Why the censorship?
Was it because the €22,500,000 eurozone debt was mentioned?
Was it because shares held by a very large shareholder were sold?
Was it because the CEO has been lost?
Was it because I mentioned the very nice compensation of the BOD?
I didn't mention that Mr Parsons is a director and shareholder of C4 Energy so that's not the reason.
I didn't mention that the ex-CFO, who is now a member of the BOD, is a shareholder of C4 Energy.
I didn't mention that the ex-CFO a week or so after resigning his Coro executive position was made CEO at Ascent Resources, where Mr Parsons is executive chairman.
Was it because I didn't mention Marco Fumagalli, a member of the BOD, and also a director of C4 Energy, has a connection with Lombard Odier Asset Management (Europe) Limited, mentioned in today's holding RNS?
Who knows? This company is doing diddly squat for the foreseeable. It is holding its cash so it can pay the interest on the debt next April. A cash raise is pencilled in before September this year. I also didn't mention that, but it is in the half-yea/full year report. Be careful.

I suppose I could reply by asking new investors to look at the recent posts of Mr MarkyB. You might realise he is trading this share. Was it he who sold his shares last week at 0.75p just after saying Echo Energy was going to 1p? But I am too gentlemanly to do that. I did head my post that it was for potential new investors. I think he filtered someone a few days ago for querying his motives. I'm surprised he hasn't done the same to me so as to teach me a lesson. New investors beware. The company is in big trouble and has been for a long time. Don't be a mug punter.

https://www.naturalgasintel.com/articles/121885-argentina-reports-zero-active-rigs-in-april-as-coronavirus-lockdown-shutters-economy

Wakey, wakey. Time for the daily pump and dump. Were you mugged yesterday or last week? No matter. You're now a long term holder of what is colloquially known as a mug punter. There are more like you to be reeled in. There are shares to be sold at a profit for the 2.75p placees. Not you. The rogue trader who wouldn't cough up at 5p needs to make some money. Yours. The placing shares have to be put into small shareholder hands. It is you paying for the cash raise. Mug punters. It's what Mr Parsons does. He has got Stuffi to help. And ,of course, Brokerman Dan. He believed his own story, to his own expense. Free legal aid, a pot of gold in Slovenia, exploiting the impoverished in Cuba, Covid -19. How low can Mr Parsons go to get your cash? You've seen nothing yet.

She does have Brokerman Dan to help her. He has shares to sell from the failed placing so he'll pump the shares. And there is the good doctor and Twitter followers. There will be constant stream of pumps to reel the mug punter in. There are placing shares to sell.

Note the signs. Major shareholders selling down, warrants being cashed, a share price bubble. It would be amiss for management not to raise cash now. Probably more important to the company than anything else. No profit, little money. The basic job of the management is to secure jobs and their own future.

Stuffi provides a service. Mr Parsons is her client. He goes to her. And takes "Andy" with him. Interesting if Mr Parsons allows a video to be made. There were lots of videos of Mr Parsons made at investor presentations at Sound Energy which have now been expunged from the internet. On legal advice according to Mr Parsons. Some think it is because they no longer serve a purpose as ramping devices. Or are too compromising. Better to remove the evidence. Stuffi will be kind to him. She will be paid to say nice things to him. Ask sort questions. Get to know the real James Parsons. He will jingle the coins in his pocket and she will be even kinder. It is a service she provides for money.

Has anyone seen anything like this recently? Placing by installments. The threat of legal action. The placee has converted his initial £50,000 into £35,000 by selling his 5p placing shares for 3.5p. And that was after the pumping with the free legal fees for Slovenia, the 6 month right to negotiate PSC's in Cuba, the Covid-19 tidbit and the enticing reference to news upcoming about the new Slovenia strategy. More pumping is required. If the next pump can raise the share price to 5 or 6p, the next £50,000 can be raised. All seedy and obscene. Some people are treated differently. A different class of shareholder. Not a mug punter.

A €20,000,000 loan issued at 80% par and a €2,000,000 fee paid by the company. Someone is sitting pretty. So Echo received €14,000,000 and pays the lender 8% interest quarterly on €20,000,000. That's €1,600,000 a year since issue or €4,800,000. But now money is tight and Echo cannot afford to pay the interest. So Echo is trying to defer the interest payment and add it onto the loan for repayment in May 2022. A total loan of €23,200,000 not counting interest on the unpaid interest. And there is the extra €5,000,000 loan. That takes the total to €29,000,000. I won't mention the other £1,000,000 loan and interest at 12%.

Echo is valued at £5,000,000. It has £26,300,000 of corporate debt. The revenue stream it received from selling oil and gas is almost matched by cost of sales. Administration costs takes it into loss. Oil prices have halved since the last report and after June gas contracts will be halved. Revenue is going to be smashed. Recent cost cutting is window dressing. Echo has a poor asset in a poor country in a poor industry. If you invest a penny you buy 5p in debt. The share has no value in my opinion.

If you have been reeled in be careful. The pump was meaningless. It now has to be unwound. Or do you want to be a long term holder in this carcass? First out the door won't get his fingers trapped.

What was that pump about yesterday? There was no need to raise cash. There was a need to placate the people who took part in the last placing at 5p. That placing bombed. Legal action needed to be threatened. The good doctor thought Novum Securities were the rogue placees. Yesterday the placing price was 2.75p. Low enough to sell to mug punters. Time to reset the story. Get some posters to intimate a pot of gold compensation was sitting in Slovenia and maybe throw in a Covid-19 rumour. No shame (Novum are brokers for Zenith Energy, a dyed in the wool oily, who recently announced a desire to produce face masks for Africa). All this follows on from the one day rush when management announced free legal aid and then cancelled it before the ink was dry on the paper. Attempts at securing the money of the naive investor are at an all time low. The publicity machine is being turned up to high volume. Have you been reeled in?

The trouble with a Twitter pump and dump is that all the twitterers buy in and pump the stock and then sit back and await the chance to dump. Tell the world about the extraordinary deal makers on the team. Throw in a farcical rumour and maybe a quote from Mr Malcy. Bob's your uncle. The problem is that there are no buyers of the shares. Everyone knows a burnt out story which has fooled them once will only burn more of their cash. No deals, no takeover, no future. Just a few chancers off Twitter harvesting the savings off naive mug punters. Be careful not to become a victim.