Member Info for partridge

" a clay material which is dried out and shipped to China". What's happened to Australia and battery metals? Sinom is more linked to steel production metals. The story is changing.

"shovel ready". Have they already given up on the peaky blinder in downtown Southport. Not enough profit to pay for the debt the company wants to generate. A need to pass it on. The good ship Mr Parsons is adrift. The placing shares need to be pumped so they can be sold on to naive investors. Nothing is working.

In this type of article there is never any mention of the continuous share placing and the decline of the share price. Never any mention of the high salaries paid to Mr Parsons and the same management teams sucking money out of the company. Never any mention of the debt at high interest rates to the same group of lenders the company is saddled with; which eventually leads to its demise and the subsequent decimation of shareholder value. It has just started at Ascent. The signs are ominous. The pumping has begun. Happy days. The dumping is far more unpleasant.

It was Menzies mentioned by Malcy. But hey, any port in a storm when you need to pump the share price. In the recent RNS when Menzies departure was announced it certainly was not on amicable terms. There is no way he would save Mr Parsons bacon at Coro. The debt is too great. It will shrivel the share price in the next year or so. Sadly for shareholders there is no way forward at Coro. The cash and any assets have already been spoken for by Mr Parsons & Co. A throw away line by Malcy for which he should be ashamed. Naive investors should not be reeled in.

I am. But what's your point. £2.50 at le at least.

You mock because I bought one share. That's fair enough because you need the distraction. I bought one share in July 2019 and it cost me 2.5p and in July 2018 it cost me nearly 20p. What is to be learnt from that? That today's share is an absolute bargain. Or not. Feel free to read my posting history and discover what an absolute cretin I am. Listen to the stoic, level headed posters who only recently have posted Echo Energy as a strong buy at prices ten or more times higher than today's share price. Your future is assured. But it may not be the one you expect. Today's share price might appear a bargain exit price in a couple of months time.

https://www.cnbc.com/2020/04/17/gilead-drug-remdesivir-investors-should-be-cautious-analysts-says.html

" references the heavy-hitting capacity born out of completing the latest deal at Wo Wo Gap which internally values its Nickle assets near term at £15m".

There is no deal. RGM has bought some of the debt in a company that owns the Wo Wo Gap asset. Sinom, the Chinese company selling the debt thinks there is little value in the asset. RGM knows Sinom sees little value in RGM shares and that is why a "lock in" of one year has been imposed on Sinom. Infact, everyone is having a lock in imposed at RGM or otherwise they would all be running for the door. It's a small door and a lot of people want to get out. There is no apology for the demise of shareholder value from 2.75p in December to 0.8p in the latest placing. They do not care. There is always a new batch of mug punters. The good doctor must have shares to sell. Wasn't he touting this share at 10p during the "tight squeeze"? A tweet is cheep. It might be expensive for your pocket. A double dip recession could be on the way. Utter contempt for shareholders.

https://www.cnbc.com/2020/04/16/gilead-stock-surges-after-report-says-coronavirus-drug-trial-shows-encouraging-early-results.html

A magnificent entrance. But what did Ascent buy in Cuba? Nothing. No oil. No gas. No assets.

" Energetical Limited ("Energetical"), a UK Company with exclusive rights to secure a Production Sharing Contract ('PSC') on a producing onshore Cuban oil licence".

Nothing secured yet. What does the company get for its 6,000,000 shares worth about £200,000+. A company making a £7,239 loss. For another £450,000 (more shares and £100,000) Ascent gets the right to negotiate " production sharing contracts covering the 9B Block". That's 190 bbls/day gross from three wells. The big time. No indication of what the percentage share is. Cuba likes to hold onto its assets. It has not gone through 60 years of isolation so it may give away its national wealth again. When Mr Parsons says Ascent has assessed that recovery rates can be improved he is speaking about an asset Ascent has no interest in and any percentage share has not been negotiated. Shareholders are informed that there is " nil cost entries into PSCs" in Cuba yet Ascent are paying for a company whose only asset is the right to negotiate a free PSC. Perhaps Mr Parsons cannot wait. Perhaps he is only here for the short term. Worrying.

" are shut in at this time mainly due to the lack of basic equipment such as pumps".

" E&P sector to fuel electricity generation in the country which currently often experiences black outs"

" simple and relatively low cost addition of basic equipment and reservoir management".

" a country which has been starved of investment and technology and impacted by US Sanctions".

The trouble with Cuba is the United States. Everything is embargoed. It will be an expensive country to do business in and has an uncertain political future. And it is not certain the people of the country want to be exploited. Mr Parsons is making predictions and projections about things he has no control over. He is huffing and puffing to get the share price higher to make amends to the placees in the last cash raise. He is preparing for the next.

" substantial cost reductions of ongoing operations and deferments or cancelation of non essential activities in the current environment whilst maintaining safe and sustainable operation".

The first steps to mothballing. Along with deferment of salaries. I think the executive salaries will disappear when the debt rescheduling is sorted out. Revenues were more than matched by cost of sales and administration costs in latest published results. Storage of oil is a problem. It costs as much to sell it as produce it at $30/barrel if not more. Exciting times. Echo Energy is now all about debt.

A common theme amongst companies under the stewardship of Mr Parsons and C4 Energy is to give the impression that "we are all in this together". And so centre stage comes the word " defer". Used at Coro Energy last week, at Nuog yesterday and at Echo Energy today. Not give up, but defer. A little piggy bank for tomorrow rather than snouting from the trough today.

Do you know how much Mr Parsons earned at Echo last year? £101,000.
And Marco? £60,000.

I think the figures at Coro Energy were £60,000 and £40,000 respectively. That's because Echo Energy is special. So special

Don't shed too many years for John Buggenhagen. He has not gone too far.

" John will continue to consult to the Company, however exclusively for its European growth projects".

Consult as in consultant and the usual accompanying rates. Mr Parsons pays himself well and pays those around him equally well ensuring a happy ship. Surrounded by drowning shareholders in a sea of share issues.

Is debt an asset? Would you buy debt? It appears Mr Parsons and C4 Energy love the stuff. Buying some of the debt in a small Australian company which is involved in an asset is not the same as buying that asset. So what is achieved? More shares issued, more free shares for the management, lower share price for investors, more placee shares to find a home and added to this a possible 30% reduction in the flagship Mambare JV. Or is that now a Minority Venture(MV). Pump and dump anyone?

The RGM RNS on 7th April 2020 concerning RMI may be confusing. Remember it was the second RNS that day; the first being the news of the 50/50 JV at Mambare being reduced to a minority partnership of 41% ( potentially 35%) for RGM.

RGM has purchased some of the debt in RMI held by Sinom. It might purchase more at a later date. It has not purchased the WoWo Gap Nickel-Cobalt Project, although one might gain that impression from a cursory read of the RNS. To gain control of ownership it would need to buy out RMI, not it's debt. It might have the intention to put pressure on the representatives of the company via the debt. Naughty, naughty, naughty.

So the outcome of the days work is that RGM has lost control of the Mambare flagship, purchased debt in RMI and NOT the WoWo Gap Nickel-Cobalt Project. A cynic might say there was an effort to hide poor news, but not me.

Is that it? Does it really matter. A comatose company. The asset is far, far away from production. Coro supposedly has 15%. Empyrean has 8.5%. EME is today trying to raise £1.5 million to pay for its part in the recent drilling campaign. Cash is required all round. No wonder this company has been mothballed.

There might be RTO, there might not be. Who's involved? Who knows? Next news, now the shares are suspended, will be whether the RTO is to go ahead or whether the RTO is not to go ahead. Exciting or what? Those HOT are sometimes not HOT. The company has £250,000 remaining from the two recent cash raises. That's down from the £910,000 raised in total. The RNS should be taken as a warning from the company that cash needs to be raised again. That was the important message. Will that mean more shares? Or many more shares?

Good news though for Nuog. Andrew "Andy" Dennan has been created CEO at Ascent Resources. He seems happy and content at Nuog. Will be giving Nuog his full attention. He needs an executive position because he has recently been forced to stand down as CEO at Coro Energy. He did a great job there. But not for shareholders. I won't mention the C4 Energy, Nuog and Mr Parsons connection as I know it bores. Don't worry your pretty little heads.

Really? $50 million buckshee. Exploited or what? Pump and dump after a poor cash raise. Needed the threat of legal proceedings to get a placee to pay up. Were you exploited? The pump and dump has done its work so the mystery legal aid provider is no longer needed. Was it one day only? Still, more long term mug punters reeled in. Convince yourself to stay. They've got your money now anyway. The cash raise was so poor "Andy" had to buy 1,900,000 shares to keep it afloat. He deserves a medal. Or a place on the board. Friends helping out friends. He has just lost his executive position at Coro Energy. Luckily for him he is a shareholder at C4 Energy where Mr Parsons is a shareholder and director. A private company. Too private for you to know about. If you have any left, keep your money in your pocket.

https://oilprice.com/Energy/Crude-Oil/Coronacrisis-Is-Killing-Argentinas-Shale-Oil-Boom.amp.html

Wow! Is it only 3 months? Shocked to read on 7th April in the 2nd RNS of the day the lack of cash remaining in the company with the statement : " taken into account the necessity of the Placing to complete the Transaction". I know Mr Parsons and team pay themselves well and I know RGM has just agreed to pay the JV partner $50,000 (and $50,000 in shares) to stop haemorrhaging RGM's JV share but why couldn't the £831,000 raised in December cover the £178,096 paid for a portion of the RMI debt? Why is there a need for a second cash raise in 3 months? To date the company has spent £225,000. Where has the other £500,000+ gone? Mr Parsons has a knack for disappearing shareholder value. Over 6% into the hands of the BOD on 7th April. Along with £178,096 for a portion of debt in a company who have an unproven asset over which RGM has no control. No wonder the share price continues to fall. How much did that plug in downtown Southport cost?