Member Info for partridge

About one share at 2.75p for every share taken up at 5p in that shaky cash raise of recent weeks. The new shares are admitted to trading on AIM on or around 15 May 2020. They will be sold by then as fools rush in to AST in the coming days. Are you one? Today's RNS is an exercise to allow placees at 5p to alleviate some of the burden onto naive mug punters. It's what they do. There is no pot of good in Slovenia. Have you not worked that out yet?

No licenses. Just talk.

"It is anticipated that the PSC negotiations will take place over the coming 6 months".

Someone is trying to mislead. Stuffi and nonsense. Shameless.

Another cash raise by the back door. A MOU, or a nod and a wink, that the two parties have agreed to negotiate. About licenses which were last drilled pre-1960. Sort of. Maybe. Pre Castro and viva the revolution! No assets. Just chit chat. Between the gringos and the man with the machete. These licences have significant upside because they produce zilch. Are you fooled?

So why the cash raise? Why not? Always worth a cash raise when writing a RNS. Perhaps it can cover up the hole in the previous cash raise a few weeks ago. That was £800,000 but about £535,000 has been received. I wonder if the rogue placee is included this time? Let him make some profit and offload to mug punters. Nothing changes. Mr Parsons and "Andy" need your cash. This isn't money for old rope. They are getting your money for nothing. Exactly what this RNS has produced. Be careful. They have high salaries that need taking care of. Your treat.

Listen up mug punters. You can now buy shares in Ascent Resources by installments. Pay 25% now and the rest later. Interested? Contact Mr Parsons at AST. You've got to be a special friend though. The company will allow you to wait and see if the share price rises above 5p so you can offload them to the great unwashed. Were you taken in by the 8th April 2020 RNS?

"the relevant investor has agreed to pay the £200k outstanding funds in full at the original placing place"

The " free legal action" RNS followed hot on its tail to hide the embarrassment of a failed cash raise. Were you suckered in? Shareholders are being treated like idiots.

This company has its debt in euros(€22,500,000) and it's cash in dollars($4,500,000). No surprise that last year it reported its director remuneration in euros and this year(2019) it reported director remuneration in dollars. Sneaky. It cannot hide the fact that for the stellar rise in share price this year Mr Parsons awarded himself a 12% rise from $73,875 to $83,000. And Marco and Fiona each awarded themselves a 12% rise from $43,456 to $51,000. Why? Because they are worth it. " Awarded themselves" because that is what they did. All three comprise the remuneration committee. Of course, they have asked the company to put 25% of their respective remuneration aside(deferred) for 3 months and they will collect it later. The pigs still have their snouts in the trough. Oink, oink.

Might be a good opportunity to exit here if the pump and dump arrives. Nothing to suggest that this share will stop its spiral downwards. No independent confirmation of the in-house house resource estimates yet. No CEO so there are no deals moving forward. Preservation of cash to meet debt payments is the only game in town. Cash raise by September this year has been signalled by the company. Why the need to raise cash if the company has a $4.5 million cash pile? The truth is that revenue is dwarfed by G&A costs. Be careful.

The fall in oil prices is having a direct affect on the revenue of Echo Energy. Some take solace in the hope the Argentine government will keep the price of a {local) barrel of oil artificially high at $45/barrel. That is not certain. Keeping a fixed price on oil in Argentina has always been to benefit the consumer and not to subsidise the producers. It is a fine balance. Oil refiners in Argentina don't want an artificially high oil price as it makes their exports expensive. So they might shut down refining capacity and so not buy the home produced oil. The demand for oil and gasoline products has fallen sharply in country with the coronavirus. So, even if there is a higher price for oil, no one will want to buy it.

But, Echo Energy is 70% gas. The company informed shareholders recently that it had "an agreement to extend an existing gas contract, for further two months until 30 June 2020". And the price was an " advantageous pricing of US$ 4.2 per mmbtu". All well and good but after 30 June 2020 the contract could fall to 2 per mmbtu. One half of present prices.

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

https://www.argusmedia.com/en/news/2100192-argentinas-refiners-slash-runs-close-units

Does anyone benefit by being locked into RGM shares? When Regency bought out its minority 20% shareholders on 19th December 2019 in AES, it paid in shares. 2,461,538 new ordinary shares in the Company and a six month lock in. The share price was 3p compared to 0.8p currently. That equates to a £54,000 paper loss (75%). How they wish they could have sold. That holds true of anyone who took shares for cash and has been locked in. When the JV partner accepted settlement of the dispute with RGM it accepted 4,909,610 shares in payment(0.83p) but also got $40,000 in cash. Less trusting of future share price performance. Of course the JV partner was also awarded 9% of RGM's share in Mambare as well, making it the controlling partner. Further ahead it will be more difficult and expensive to use the shares as collateral. Less fools around. Very expensive for shareholders in terms of dilution.

Ouch! Such rhetoric. That "seller" must have sold 50,000,000 shares by now. Or could it be the aimless pumping of Coro is coming to an end. Mug punters be warned. Let the dumping begin. I am sorry for any upset I might have caused you Mr Pablo.

Mr Parsons certainly picked the wrong time to jump on the green bandwagon, or any bandwagon for that matter. Battery metals was the chosen vehicle. But with coronavirus and the impending worldwide recession any uptick in the use of nickel in the battery is going to be dwarfed by the downturn in steel production and it's use of such metals as additives. The downturn in the price of nickel could last years. Luckily, not much is going to be happening at Mambare where the RGM share has been reduced to 41%. And at WoWoGap, where RGM owns nothing but an interest in the debt of RMI, any new license is at least 9-12 months away. If that peaky blinder in down town Southport is "shovel ready" perhaps management start shovelling the proverbial there to get mug punters interested.

It's hard to see a reason for investing in Coro Energy. Cash of $4.5 million down from $6.4 million in 3 months. No executive directors. You're not going to see any of that cash.You're not going to see any of that cash used to improve the fortunes of the company going forward. It will be whittled away paying for director fees, G&A costs and debt interest. Coro (Italy) cannot be offloaded and sits like an albatross, draining funds for little revenue. They are trying to give it away. The company needs to raise cash again by September this year, just to survive. The Duyung deal hasn't been officially signed off yet. There's no rush. Nothing will happen with the asset for years to come. They need some mug to buy it. In today's environment there are not so many around. The debt of €22.5 million is looking large. Mug punters apply here.

And your drum is? But theses shares so Mr Pablo can sell at a profit? There is no big seller just people giving up on yesterday's pump and dump. Get out at a loss. Nothing is happening here for the foreseeable. The assets are years away from monetization and Coro will be disappeared by then. And so will the share price. Mug punters beware.

What's new? These bozos have tried and failed. And in the meantime they have saddled the company with huge debt which members of the board of directors directly benefit from. And they have taken compensation far above their worth and results in contrast to the erosion of share price and shareholder value. They have gambled shareholder value and have been the only beneficiaries of the failed bets. And they have now given up on developing assets and have mothballed the company, got rid of the executive directors, in order to protect the debt pile to be paid back because that is in their own interest. Mug punters beware.

The company is all but bust. It relies on inflating the share price and placing shares which inevitably end up with mug punters. The doctor is part of that scheming. A willing conduit for the Parsons shenanigans. Does the interview, twitters, even gets the magnificent Malcy to drop a word. Shameless. The company is mothballed for the next year. Protecting the loan. The debt is crucial here. Rattling around €23 million. Compare that to the rapidly dwindling cash and the second class assets with no hope of fruition. Even mug punters can predict the obvious loss of share price value.

Cash at the end of December 2019 was $6.4 million.
Cash at the end of the March 2020 was $4.5 million.
$1.9 million burnt in 3 months.
The Italian assets have not been offloaded. A cash sink.
£200,000 a year to non-executive directors whilst they do nothing.
Cost cutting to remove $2.3 million from G&A leaves $3.5 million costs a year.
€562,500 Tranche A payment due next April.
No cash, no executive directors, cash raise by September 2020, money required for 2020 Duyung commitment.
There is no reason to buy these shares but someone needs to sell. Hey ho. Pump,pump and dump. Mug punters apply here.

When you are trying to do a mate a favour you give the cash in dollars and the market capitalisation in pounds. Someone needs to sell some shares. The cash is accounted for in this year's liabilities and next year's interest on debt. Coro can't get rid of its Italian intersts. It is trying to give them away but that hasn't worked. Little revenue and high overheads spell trouble. Buy at your peril.

Mr John Buggenhagen has not gone. He " will continue to consult to the Company ". So he is a consultant. Leeches do not leave the body they feed off very easily.

This is sure to attract the pump and dump crowd today. In and out and leave you holding the baby. But be careful. This share is a prime example of Mr Parsons as a deal maker. He cannot blame the drill bit. Three deals, each bordering on failure and the added bonus of a cash sink. Steeped in debt at exorbitant rates and the whole company mothballed for a year. Cash raise needed in next few months( as described in final results) whilst Mr Parsons and cronies take fees for utter shambles. Shameless.

" While significant cost savings have been identified and implemented, additional funds will still 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 ".

Says it all.

Be careful. A rapidly declining producing asset. 22.5 % of 700bopd. Revenues of $15 million per year at present but no indication of cost of sales. Wait to see the profit figure. The numbers are poor.