Member Info for redeyemines

Such a corrupt mess, the country has gone broke, and lots of people are getting very rich.

... they have boxed themselves in with so many things, it's hard to see anyway out for them... And over here we have Richie Sunak praising her handling of the ecomony,... absolutely incredible.

.. Even with coal from Phulbari now, all those other contracts have been signed and still need to be paid for.

... Lots and lots of very hard decisions need to be taken, and it needs a change of regime to be able bite the bullet.

If Al has had its day, and loses the election in Feb, who do we want to succeed.... Think the only party with any chance is the BNP. So what do they stand for, and more importantly what is their view on fossil fuel, in general, and coal in particular.

... Trouble with the AL is that they've squashed all political opposition gatherings, so we haven't heard what their policies are...

.... . Does anybody remember how they viewed Phulbari? ... Are they poor anti.?

Exactly

Yes YKIR it's just a total mess, and every exit seems to be blocked. Import import import is their only answer, but they cannot afford the bill.

.. We on here know all the problems and we know the answer,... we have known it for years.

Why build Rampol, why build Payra, why build Godda, all dependant on imports..and buried in capacity charges.. and expensive fuel.. total nonesense.

. The whole sector could and should have been contained on one site, with no imports.

.... 6000 MW and all on own coal., should always have been the way to go, but oo many "interested parties" have made sure this was never going to happen

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Why indeed JM

This is the other deposit Owen by petrobangla.... The one he offered to mine when they also said that phulbari can only be mined by open pit... A lot of people read it at the time as saying "phulbari is the only one that can be open pit mined", but I've never believed that is what he meant..... If they ever went ahead with Dighiap, then there would be two state owned underground mines right next door to phulbari.... They would never allow an efficient op mine right next door, which would make their ugm, s redundant.

That is the last piece of the Polo loan facility, and has been held onto for a rainy day... So yes could use it and delay having another placing for about an extra 3 to 4 months... That would take us up to March /April, and by then we will have had the Bangla Elect, and seen which way the wind has blown.

.. Then we would have used all of our lifelines and if things stayed the same in Bangla, we will be totally dependant on further fund raises.

. Never been sure why we told the mkt we were coming back for more funding by the end of this year, all it did was cut the feet off the sp.

. I know over the years we have always stated how long we expected funds raised to last, but we were always left with the hope something would happen before the funds ran out... We were never told that further fund raising (whether through a loan or placing) was going to be our next move.

. If we have another placing , then we will have to issue about 50 mill shares at about 1p, which may well be good for someone, but huge dilution for the rest of us..... And what happens after say March /April........ Without news we will once again be staring at the same scenario we are now looking at.

... We need start looking at other paths we can take to keep us going.

We could put in a plan to UGM a certain section and still keep the Open Pit proposal on the table.

---- I'm going to be totally honest here---and it is just my opinion---I just can't see Hasina ever agreeing to an Open Pit Mine.

-So where to now for GCM ?---we cannot carry on just raising money year after year, and do nothing but hope.---- Each raise is becoming smaller and smaller and more and more frequent, the mkt knows this (the next one is due by end 23), and so the sp dribbles down to meet it.-----It is becoming a death spiral.

-So, have we any options, ?--anything we can do to change our prospects and fortune. ?

-Well we could go to court and try and get some compensation for our past expenses, but that could take years and years, and Hasina has a far bigger fighting fund than GCM, ---would we win in the end ..I'm not too sure that we would, because Hasina has a strong defence-----she has never refused to let us mine the coal , she just won't allow a huge open pit mine on her most fertile farm land.----It's an argument she has used right from the beginning, and if we have run up expenses arguing then that is down to us.

-So the other alternative is for us to go into Underground Mining and at last start getting some coal out and some revenue coming back.-----Hasina could hardly refuse permission as she has set a precedent with BARRA next door (it is owned by the Bang GOV).

-Yes we know that will only get around 10% of the reserves, at best,, and that there are big problems with UGM as well----but at least we would be keeping our head above water, and alive to hope and fight for another day.

-Without doing something, we will either go broke or just be just forced to sell the lease and walk away

Didn't think I'd  ever say this, but does OML18 really matter that much to SLE any more----we have moved on.

  Companies are queuing up to use our pipeline when it opens, and only 30% of it's capacity will be coming from OML18. Other companies from other fields will be barging another 100/- BOP to our FSO, again making OML18 even less important to us.

-We now seem to have an almost irrelevant 10%, indirect, holding in Eroton and all those cross holdings, and in truth i guess the only bit we really want is the ELI interest held by Midwestern---so all that now needs tidying up.

-Eroton have lost the operatorship, but does that matter---not at all---the operator never makes money, just gets the headaches----let NNPC get on with it---production is already rising and is now 20/- BOP, and could go to 60-70/- within a year.

-I guess the only real problem coming on the horizon is---"we're gonna need a bigger boat"---as 200/- a day will fill our FSO in about 10 days, then we'll have downtime while we--offload--make repairs---gen maintenance---bad weather --ect ----so maybe we will need another one (or 2) FSO and mother ships to keep the cash machine flowing smoothly, but as BlackSwan kept pointing out in his "What's it worth" posts, these are easily got over the next couple of years.

--It feels like we have had so many "false dawns " with SLE, but have we ?---or was it that O Fannings plan has just taken an age to complete and we didn't even realise he was doing it.-Ive said it before and I'll say it again-----Hats Off to Oisin Fanning---you never cease to surprise people , always three steps ahead.

And..... The pipeline has a capacity of 100,000 bod, but the fso will also receive another 100,000 bod from barging operations.

... That, s 200,000 bod going to the fso... And only 30 % of that coming from OML18...... Companies queuing up to use the facility.

.. Money money money.

Read that again.

.. The fso is up and running, oil is being barged to the fso now.....

. Oml 18 is producing 20,000 bod now and looking to rise to 60,000 shortly.

.. The pipline will be complete and running within 90 days.

...fantastic

Well done Pizzagate----great find.

Well, well well---another HUGE rabbit out of Oisins hat.

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-Drop the reorg and its vast share issue---and go where the money is------ELI !!!!

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-New SH coming on board of 10% @30p and with the warrants to maybe get up to 25%

-about 180 mill in new finance (maybe)---and that should go towards increasing our stake in ELI-------------how much will we finish up with ?--well certainly over 50% and maybe a lot more.

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-Figs of $1 billion being talked about for our future valuation.

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-How long before a full scale bid comes our way (about a year ??)

-Story is on Sky News, so must be out in London tomorrow.

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-Fantastic.

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Well that has cleared the decks...... Now let's see what is REARLLY happening.

Because they can.

"Stating that EnergyLink would work with CESL again, Etete said CESL aims to “rapidly expand hydrocarbon storage services not only in Nigeria but also internationally.”This aligns seamlessly with our infrastructure vision.”

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-Sounds like ELI are planning more FSO/PIPES----and we are very major shareholders.

Got to say. The mm, s are doi g a great job here.... No news and they've ot the sp totally under control......run them up and then pull them back.

... Get your timing right and play their games... Best wy to make money, while we wait for news.

X

Where to now seems to be the question , and the options look bleak.

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-Firstly, I am going to assume that nothing is going to happen this side of the next election in Bangladesh, next Jan.

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-That will leave GCM short of cash once again, and a fund raise is a certainty.----In fact the Co have already said that we can expect one around the end of this year---so 2 maybe 3 months away.

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-If we look to raise another £500/- at a 40% discount (as last time), then we are looking at an issue of around 50 million shares @1p-----and that may not be that easy to do.

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-Maybe Polo/Diani et all will take a large proportion of them, (we don't know as the buyers are never named),  but the begging bowl could once again be passed to us retail investors-----and that will be a hard pill to swallow ---AGAIN.

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-Without news, the SP is going down, that's for sure, and trying to place 50 million shares in a falling stock, could prove impossible.

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-One answer, which will reduce the numbers and make things easier, could be to have a share consolidation before any placing----say something on the lines of a 5 for 1 .---- That will bring the SP up to about 7p and then the issue could be say 10 million shares @5p----slightly more manageable.

-This will not alter the direction of the SP, and YES it will continue to go down, just as now, --as without news, we are going south.

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-But why are we finding ourselves in this situation at all?

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--People who have talked to the company have been told that the last fund raise was not a problem to do (hinting that more could have been raised at the time, than the £500/- we settled on)----in that case, why didn't we raise more when we had the chance, instead of signalling our intent to come back for more before the year end------it made no sense then, and it certainly makes no sense now.

---Yes you can read into it, that they were hoping for news, before this year end, that would have raised the SP and made life easier, and if that ever happens, then i'll take my hat off to the BOD---but in reality, I cant see anything coming this side of next Feb---June.---so why do it like they have---who benefits??

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-Certainly various shareholders will get another huge slice of the company at next to nothing (could be Polo/Diani ect---we are never told)

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-If it is Tang (via Polo/Diani?) who put up a lot of the raise, he will once again take most of his cash back off the table via his huge salary.--- but he will still have his % increase in his holding.----It is only us PI's/retail holders that will be left to foot the bill.--

---I have put all this to the company, but have had no reply. 

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