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Jiving, we know NNPC and DPR are behind Shorecan by the simple fact they are enjoined as a legal council against Agamore. By association, so is President Buhari. They are the ones signing everything off, I can't see how their hands are tied by a nuisance claim with no substance. It can't go further up the ladder. If everything was in place, which in my opinon it is not, I think it would get signed off regardless of Agamore. The delays of 8 months have been explained and I accept that. First the letter of default by Essar Mauritius quite rightly stalled discussions until November time. Almost immediately following that the price of oil plummeted to circa $40, again stalling progressing positive discussions. Then the elections. And in that also, ShoreCan have had to arrange the performance bond, which was the duty of Essar Mauritius as per the original deal. In spite of all that, ShoreCan have progressed through technical presentation to NNPC which has now been accepted. They have a development plan that is considerably larger than originally planned. They have extended the first phase of the PSC. They are in advanced discussion with an SPA to the point where they have LOI from a drilling contractor and sourced a rig. They have now arranged a performance bond term sheet and in the process of arranging operational funds. I know you know all this but my belief is that there are certain gates that have to be passed in order to get full approvals and that has been ongoing over the past 8 months despite the Agamore case, albeit slower than we would all like. We all have our own take on it and our views won't likely change until official news. Yes the Agamore case is still ongoing, but so has several aspects ShoreCan have had to arrange. My opinion is that it is the latter which is holding things up. We will likely find out more (via email probably) soon
Harry, if you've been paying attention and researching what has been said, both by the company and those on this board, a discounted placing is absolutely not the only option. Even Bonum has come round to the possibility of alternative finance (far from his initial adamant view a discounted placing will most certainly occur). Flip flopping a position is a terrible approach to investment, unless you trade and are good at it. Even then, the spread on these micro-caps tends to be quite wide that consistent profit is very hard to come by. Either do your research and stick to it (or out of it, as the case may be) until something changes, or apply a stagger approach as Bonum suggests as it is a sensible strategy. Anyway, I suspect the above will fall on deaf ears but got to try. Just refrain from posting ill informed posts as it does you no favours.
Bonum. What does it matter where they are... the news release didn't tell us much we didn't know already. Either good or bad. Your chest thumping call to posters you've had an argument with is premature and frankly quite childish. 'I told you so' posts never have a place is reasoned discussion. Anyway, last post from me for today. Would be far happier seeing this board return to discussing the prospects and potential complications of the company.
What's your point Bonum? I don't think anyone has argued that the company dont need operational funds, the argument regards alternative financing to equity, which I believe is still applicable and indeed somewhat alluded to in the results. You call out others for posting 'emotional rhetoric' and that everyone should refrain from anything but sensible discussion. Yet your post is calling out so-called rampers at the apparent first opportunity. Quite hypocritical.
Jiving / Jay, I can only relay what was said to me. The company have always stated it's a non-event (which I agree with) so I haven't been too worried by it. Share price aside, they have been progressing with the license and development in the mean time so I take confidence from that. Admittedly, I am ignorant of the process and the road to actually throwing the claim out so I can't confirm whether this next hearing will be the last or not. As clear as mud unfortunately. However, news this week in the form of Q1 results and the hearing the next. I expect to hear a bit more on operational funding as it is currently the huge elephant in the room. Art can only bury his head in the sand for so long. However, weighing up Arts options, I still think it will be alternative to huge equity and have positioned myself so.
Arts exact words to me was it's jurisdiction i.e. English law in English courts. However, speaking to others I was lead to believe it possibly needs Nigerian ruling as well. Art didn't clarify that point to me, just that this next hearing was English law, English courts. In any case, ShoreCan are winning so don't see it becoming an issue
Bonum, I have stayed away from the board lately but have previously been quite active here. Whilst I agree that nothing can be taken for granted, I don't agree that we're dealing with a 'binary' bet here. We know the oil is there, thanks due to extensive 3D seismic and previous appraisal wells drilled. Of course, they didn't flow any oil in 2002, however they encountered hydrocarbons. There are more than two possible outcomes here and the price will reflect that. If they can't flow the first well, they may drill a second targeting a different area of the reservoir. If they do flow the 1st well, how much oil will flow 6k, 7k, 10k bpd? And that is at the business end of a drill that is some 3+ months away. Your arguments seem to suggest COPL is poor value at $3.5M, that there is no investment case. For short termers, I'd argue the result of the drill is somewhat insignificant as evidence from peers with similar asset portfolios suggest a MCap around £20M - £50M going in to a drill. I respect all opinions but I guess it's your unwavering opinion and consistent posting that a significant placing will occur without considering the possibility alternatives that gets people's backs up. That may well be your intention. Anyway, I'll be back when there's something to discuss other than bickering.
Well said Jiving, totally agree. Your post earlier today was also a good read. Outlines the vast potential that we're looking at. Despite what certain new appearances on this board say, we are finally after 2 years approaching the exciting part of the project. As you say, we won't be hanging around this MCap once things start to get revealed. Exciting times and I for one will be there to see it through.
Interested to hear how you figured the following out Berta: "Don't forget that everything was peachy and rosy before Oilexco went bust." The oil price plummeted from $140 to $40 in the space of 6 months, coupled with a credit crunch that meant banks were not prepared to loan money to the oil and gas industry. Oilexco also owned and managed several assets that that they needed considerable opex for. Completely different situation. Oil price is buoyant, banks are prepared to give out loans and there are several funding options available.
No problem RK. The company don't want to give it any credit so won't release news until it's thrown out I'd imagine, thought I'd clarify to those on the board. No news of funding and no news of acceptance of performance bond. If I was a speculator (which I am), I'd say the two are inextricably linked.