Member Info for Pondering

Dougb. Agree, I'd kept in my mind that Art could have bought his shares at 34p and instructed "slow" placing at 30p so as to not receive similar criticism to last time. It would be ironically positive now to find a placing finished at a higher level than today's sp. Perhaps he was incorrectly working on today's publicity boosting some volume to complete the placing. Speculation only ofc at this stage.

I think even the trader types here have been caught out today. I can cope with the idea of financial costs to developing the resource. However, it does feel that there has been information intentionally withheld and delayed here. We don't know if there is good news that has been withheld, or more bad to come. Lack of trust from this, and previous events (20p placing) has led to the sp being where it is today. AM needs to reflect and take some advice. Having seen so many shares crash, only to recover days/weeks later, and not having all eggs in this basket - but certainly annoyed at feeling misled again.

SP drop not unexpected after months of silence, though on low volumes. Relaxed here, though it only makes up about 2% of my share portfolio. Silence does not necessarily mean there is nothing going on. No news could plausibly be good news e.g. some deal in progress, and therefore no RNA to be issued yet. Otherwise, I think we could have expected an RNA by now. Looking at it glass half-full.

I interpret as at a balance point. Not great, though positives in there too. More revenue stream really needed in the next 6-12 months - hopefully capitalising on green agenda, current oil/gas issues, and pandemic-exiting. RP significantly invested, so incentivised not to raise down here. I guess there's not going to be a re-rate to 45p on this RNS though.

Yes, seems to be heading north of Stroma, unless planning to do a loop for some reason.

Can't find "CHAGUARAGUA" as a place
However... chaguar can be translated as "to wring out"
And agua, of course = "water"
Make of that what you will :)
Close to John O'Groats atm.

Looking forward to further progress this year.

The smallcap market is a mess - seems some people have trained themselves to press sell on good RNS's, probably for a loss, and for ~1% more than yesterday - Duh, get a grip people.

I noted someone suggested previously that the CEO may not like giving publicity as it encourages trading. I think probably he should start banging the drum to the market a little bit more, as well as for sales.

But otherwise, happy that progress is being made on more than one front here. Holding long.

I don't see a lower-priced placing. Probably they assume the IML will come through and move the sp up somewhat before any further raising. I'm also expecting that whatever larger finance plan comes, it will nonetheless include tranches of discounted shares (to the market price at the time) for someone. The IML will probably not generate as large sp increase as it could, because investors will be expecting discounted shares on the market in due course. Unless the company can come out and say all (or almost all) financing has been arranged without issuing more shares. The wording as I read it, does not suggest that's going to happen. Hence, my guess is will be 7-10p range. Not particularly useful for those of us who originally bought shares above that level - though that does include larger fish as well as we small fry. Always happy to see postings from those who are keeping more positive on this one.

I've reduced my holding here since the last placing was announced. I was a strong supporter at the beginning. The binary risk is still there with the ML for some unclear reason. Larger dilution at low sp seems very likely. Current delays do not give confidence that the next stages will run to time either. I was really expecting a positive outcome RNS today, rather than further commentary on delays. I will keep my smaller interest. Perhaps in a year or two I will view it more positively than today.

Further to my posting earlier this morning, the referenced Chesapeake 2020 accounts say "Marcellus, Eagle Ford, and Haynesville accounted for approximately 47%, 22%, and 18% respectively, of our estimated proved reserves by volume as of December 31, 2020." From that, I take that their Powder River Basin proved resources were at most 13% of their total proved resources. So 802 mmboe x 13% = max. 104 mmboe proved resources sold for $450m.

Also, for interest, in the same document, "During 2018, we sold 559 mmboe of proved reserves for approximately $1.8 billion primarily in the Utica and Mid-Continent".

Treefern - my quick google suggests that Chesapeake Energy (from their wikipedia page) had "As of December 31, 2020, the company had 802 million barrels of oil equivalent (4.91×109 GJ) of estimated proved reserves, of which 69% was natural gas, 23% was petroleum, and 8% was natural gas liquids." However, that 802 million barrels is spread across multiple areas... "proved oil and natural gas properties related to Eagle Ford, Brazos Valley, Powder River Basin, Mid-Continent and other non-core assets" (from their 2020 Annual report referenced on the wikipedia page.

I haven't immediately been able to work out how much of their total resource is for PRB, which has been sold. Perhaps, someone else is able to do that. As I understand, the 450M sell price is only for for PRB. So basically, their resource is probably much lower than ours, though proved.

Hence, I assume if/when our resource proved it is reasonable to assume we will be valued much higher, accepting that there would still be wells to be drilled by whoever took over. As I say, just a quick google, so don't rely on that for investment decisions :)

Overlapped posting with Zebbo, but basically the same view.

I'm holding (small-to-medium amount, average not dramatically north of here) for five main reasons:
1) The last RNS said - "The new Board is acutely aware that shareholders have been waiting a long time for the Company to deliver a return to shareholders and, more recently, to utilise its balance sheet and deliver a strategy creating meaningful shareholder value. ...our priority is to evaluate and execute an opportunity or opportunities whereby Ormonde can leverage its listing and balance sheet to generate shareholder value."
2) There is a very large shareholder who presumably does not want, or intend, to lose his money
3) Selling now ensures a loss from this investment (and worsened by the spread)
4) Assuming that any RNS with a decent plan would see an SP rise, possibly significantly
5) I like a mystery box
Not advice though.

Eventually they are locked out

Interesting indeed today.

MMs games. They've managed to get a 2.6M sell at 0.771, perhaps a triggered stop loss. Either way, they are still asking 0.8135 to buy. I guess they don't have too many to give away at this level.

Yes, sadly long-term holders have been served poorly here. Personally, the most frustrating share that I currently hold. I sell those that reach my targets, or turn out to be real donkeys, but have kept this going with neither event occurring. 7.30p should be an amazing buying price, but there is almost no market buying because of what has happened (delays, low placing), and what hasn't yet happened (license, non-lth-shafting finance deal). Bordering on real donkey at the moment. Here's hoping for at least one good RNS to come very soon.

Yes, I liked the presentation. 568k bought - shares not pounds that is ;) No rush.

Yes, I agree. Not a usual poster here, though have a modest recent holding. He would benefit from some presentation skills polishing, though probably if that's not happened by now, then it never will. Certainly not ramping presentation, but over 1-7 years routes to good shareholder value can be there. He was optimistic about not needing to raise again anytime soon.

Small holding here having incorrectly thought that buying just below the placing price was a good idea. I remember a similar feeling of dissatisfaction with another company (TEK) who raised money at 10p in a dip about a year ago. Now they are trading at 2.7x that, having had a peak at 3.6x.

It can be done, but they need to deliver on the rhetoric.