Member Info for Piltick

I wish they would just grab the financial bull by the horns and get on with it. It's an issue that won't go away by just ignoring it.

Or telegrams?

Even a broken clock is right twice every day.

Are we still looking at first production early 2020?

Apart from ITM, are any other companies installing hydrogen refuelling points at service stations?

This is serious over-reaction to a normal working capital situation for a young expanding company. It is actually good that management have recognised the importance of keeping close control over working capital. This gives me confidence. So many expanding companies fail because management fail to realise the importance of strict control of working capital in an expanding situation. This company is not naive in this respect.

It's a worry. If they reach 75% they plan to de-list from AIM. Then we won't be able to trade any more, or if we do it will not be at a favourable price. And if they don't, will any of us have any faith in the directors who will still be in place? The very directors who tried to get our shares at a vey low price? We seem to be between a rock and a hard place!

I should add that I have shares in both companies.

PHE have stated that they are not chasing grant funding because they don't need it. Mind you, if it jumped up in front of them, I daresay they would accept it! PHE are not really direct competitors of ITM. PHE will use gasification to dispose of waste without toxic emissions. That is their starting point. Then they will use the resulting syngas to generate electricity to the grid. That will be followed by splitting the syngas to produce hydrogen. But while ITM can instal their electrolyses systems at service stations (points of delivery) to produce hydrogen and deliver it straight to cars and other vehicles, it wouldn't be appropriate for PHE to instal their rather large waste gasifier systems at service stations. So they are more likely to go for depots where large fleets of trucks and heavy vehicles are kept. But that is for the future. Meantime, ITM are currently installing their systems at service stations and making deliveries to cars, so they are ahead of PHE in that respect.

Quite normal when trading is suspended. Don't worry, they haven't burned your shares!

Presumably not.

Yes, it's called the Vendor Finance Agreements.

Dean, I cannot see that there should be a need for a placing now, considering all of the contracts that are lined up (Venor Financing Agreements) and in particular the BP agreement, they should have no trouble getting a bridging facility if they need cash for the short term. And what about these 40 or so wealthy Nigerians that are supposed to be part of the consortium? Surely they could raid their piggy banks if necessary!

It's anchored in Brunei Bay, where the rigs are stacked.

Very good write-up. Thanks slop.

Longside: I may not be much help to you because there is still a lot that is not generally known. But: - I believe that most of the appraisal has already been done and that they are looking to rapid production. - The scheme for getting the oil to market seems to be via a barge at location then on to shuttle tankers. How much of this structure is already in place I have no idea. - As I understand it, no further Govt. approval is required. That has all been done already. - I don't know who Tomi Olatunde is, possibly someone already know to Graham Lyon? Presumably a geology project manager, i.e. not drilling project manager.

Correction: not SRAP, but SRSP.

The BP deal has more importance than some are giving it. For BP to be involved at all is in itself a big thing. They wouldn't even be interested if this project wasn't big. Remember there has been talk of other assets, other than Ororo. Although BP may not be making any payments prior to first oil, their commitment should give sufficient confidence to others, such as members of the consortium, to produce funding if required. But there is unlikely to be a huge amount of funding required prior to first oil bearing in mind that the Vendor Finance Agreement means that COSL, Add Energy and Tidewater have agreed to defer their requirement for payment until first oil. And also bear in mind that upon first oil, under the FTSA agreement, SRAP become entitled to their 40% share of Ororo, so at that point they should have no problem raising whatever funds may be required.

Patience required - once news comes out confirming rig movement, things will change I am sure.

Perhaps we'll get an RNS tomorrow or next day confirming the rig en-route, and expected date for starting drilling?