Member Info for pauldrayton

Shame no question on Serenity but they seem happy about the latest Canadian farm-in.

Yes they’ve heard nothing from ICSID since the update at the end of March. So much for both parties being kept up to date as they bring the process to a close. “Early part of the year” is stretching it a bit now, although surely it can’t be far off now (he says!).

Thanks knokke - good find.

Perhaps a signal that progress is being made. Hope so anyway.

FFS I thought the twigs were reliable!

Talking of nostalgia vid, I was in Mexico for a friend’s wedding at the time of one of the DES drills. Think it was the first Rachel drill. I was still holding my RKH shares but had sold my Desire when they were about a quid. You posted on the old iii board with a rather inspirational post about going to your death bed having taken a punt on Desire Petroleum. In fact I was so inspired that I got up in the middle of the night to buy back in and a few days later they hit water! I then doubled up on Rachel 2 on Offshore Hero’s advice, and the oil subsequently turned to water. Lost a packet but then I have on RKH too now.

Great times! The Falklands should have been a gold mine for original investors, it’s mad to think what’s happened since.

Perhaps Sam could apply for this job as a side hustle:

https://www.publicaffairsnetworking.com/vacancy/director-of-policy-economic-development-197-21-pubaffairs

I don’t think many of us could or would argue munch.

I just hold out hope that it will be worth the wait and that they are at least close, or preferably on the verge of announcing a deal imminently.

Yes I have thought all along that we’d see some signs in the market in terms of price movement or volume before a deal is announced but I’ve changed my mind.

I think we will probably just wake up to an RNS one day.

Are results due on 14th May?

Goodness knows Mozza.

The 18 month deadline ends 3 weeks on Friday. In the results they stated:

“The Directors believe that the Investing Policy can be substantially implemented within 18 months of Admission to AIM, which occurred on 28 November 2019. However this has taken longer than anticipated due to Covid-19 and, if this is not achieved, the Company, in accordance with the AIM Rules for Companies, will seek the consent of its shareholders for its Investing Policy or any changes thereto at the next Annual General Meeting of the Company and on an annual basis thereafter, until such time that its Investing Policy has been substantially implemented”.

So at the end of March they still thought they could sign a deal by 28th May, whilst acknowledging that it had taken longer than expected and there was a possibility of not achieving it.

I thought it was encouraging that they still felt they could meet the deadline at that stage, and shortly afterwards the 3 new senior jobs were advertised so I was feeling pretty buoyant but the wait goes on and there have been no leaks or rumours.

The buying has dried up in recent weeks and the 25k buyer hasn’t been around for a while. I wonder if they got close to having to declare a holding and stopped, or maybe they are unable to buy on the open market now if they’re involved in a funding process behind the scenes.

All guesses. I still have confidence in the management and they won’t be able to control the timelines for other companies disposing of assets - everything in the oil patch seems to take longer than expected so I’m cutting them some slack but this has gone on and on and they need to deliver something very good to make up for the wait!

Isn’t it the golden rule of AIM? Whatever the expected or stated timescale is, add 3-6 months best case, 6-12 months mid case and 12-24 months worst case. That’s being generous - in many cases it never happens at all!

The consortium who took the seller’s shares at 2.6p are now selling them at 3.1p. Nice little earner really!

robs12 it’s an interesting link between PMG/FPM/LBE and I thought they might be interested but LBE seem to be a bit more focused on Norway from the look of their presentations. Guess we should find out soon enough.

Yes the historic PMG & GPA link is interesting, and you’d think it might be on their radar even if it’s not the first deal they go for.

PMG has had a bit of a rise on decent volume in recent days, although that could be down to an Investors Chronicle article tipping them.

I’m still convinced the next 2-3 weeks will bring news.

As quiet as it is I think we are entering the news window now. I was a bit nosey and contacted the recruiter regarding the advertised Longboat jobs this morning (just to make sure they were still on track). He confirmed that they closed yesterday and it sounded like they have sufficient interest. He would only consider a late CV submission if it was somebody with links to Longboat staff.

The 18 months are up in 5 weeks and although that would probably be very easy to extend, I think they will want to sign & announce a deal beforehand. The jobs are the key for me though although I may be reading it wrong.

My guess would be news within the next 2-3 weeks.

I would agree. I don’t think this is down to Investors Chronicle alone.

Are Kistos looking? Or Longboat? Maybe another entity?

Something behind today’s rise anyway.

Is this all on the back of the Investors Chronicle article?

Correct me if I’m wrong but I think daveri was being sarcastic. I took his post as tongue in cheek anyway.

It’s not dated today. It’s dated 22nd March - look at page 8 under HH’s signature.

This is the formal release of that report (see RNS 23rd March) in both a paper copy and as a document on the website. It is not an update as of today.

It’s just the formal copy of the March report isn’t it?

Dated 22nd March.