Member Info for redeyemines

I think we would all dearly love to see things move forward here, and a signing and presentation to the GOB would be fantastic---------GCM would outperform the whole of the mkt by a mile.
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-But will it happen?
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-Yes at some stage this JV will be agreed and the whole package will be put to the GOB, ---but not yet, and almost certainly not next week.
-There is far too much going on in the world with the effects of this virus, and although China might be seeing a drop in new case numbers, they are still on red alert with the country on a totally internal lock in----------no outside visitors.
-GCM may find it impossible to progress things until the world gets back to normal, so i would suspect the next we hear, will be an extension of the extension which is due to run out in early April.
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-Sorry for poring a bit of cold water on things, but we need to be realistic, ---this will not happen in the next couple of weeks.

So the lock down in parts of China is over-------with no new cases reported for a few days.
-Yes the UK is a long way from the peak in this infection cycle, and we still have the worst to come. -Many, many more of us will become infected and many of us will not make it through, ---it will definitely get a lot more severe before it gets any better, but it does seem that locking people down and restricting all movement for several weeks, is having the desired effect.
-We still have all the pain of seeing the numbers explode and our hospitals overrun-----we know that is coming-------and we also have the mayhem in our economy to sort out once we find out who is left still trading.
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----but now we know what is coming, and we are planning for it.
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-six weeks, twelve weeks or even months and years, --it doesn't surprise us now, we're here now, and planning for the future.
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-is it "all in the price" now ??
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-The mkt always looks forward, and perhaps the market can see a faint glimmer in the distance-----------if we've had the "end of the beginning"----where are we now?

yes

Our share price must be trading at nearly our cash balance now, and is taking no account of our future earnings.
-Oil is trying hard to stabilize, ---the FTSE is trying hard to hold 5000, ---and WS must be due a technical bounce.
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-Even though we may be a long way from the end of this virus, or even the beginning of the end, we are, maybe, at the end of the beginning- (where have i heard that before)------------time for a rally maybe.

yup---black swan

Oil bouncing back to $32--if you factor in our hedge, we are getting nearly $42 a bar for our production (that's based on NS oil-so probably more for Bonny Light)
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----No probs for us at all and our RBL well covered-----------
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---we are ridiculously oversold.

Oil taking a big hit this morning as a price war starts between Gulf producers.---now $29.5.
-Some are really going to be seriously hurt by this drop, and any with production costs above $25 may be forced to shut down.
-We have one of the lowest production costs out there, at last count it was around $10, maybe this has risen slightly, with the new drilling, pipeline , FSO ect, but it should still be comfortable, maybe around $15----
--now our hedging at $60 looks a shrewd move, which will guarantee that we have no default on our RBL.

still going on---somebody trying to hit all the bids, but it's not working------worth watching.

"He further said, “The field is extensive in 12.8 square kilometers and the amount of probable reserve is 706 million metric tonnes. Our expectation is to extract around 90 million metric tonnes of coal from the field within 30 years. "-
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-Looking at the breakdown of the reserves, they have included OUR reserves in their proposal, and are rushing ahead with a full plan by the end of this month.
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-By guaranteeing to not ruin the land for agriculture, and highlighting the problem of sub surface water, they are trying to pull the rug from under our proposals before we have officially submitted them.
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-Could just be a "tame" journalist, or maybe we have a fight on our hands.

buyer and the seller slugging it out.

Be careful you don't get what you ask for here-----you could be cutting off your nose to spite your face-----don't bite the hand that could feed you.
-Look carefully at GCM------if it comes off, it's worth billions, and you are being offered a huge chunk of it.
----Yes I know Mr Tang will come out of it better than all of you ect ect----but so what ?
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-If Tang goes , then so does this stake in GCM---then what-----liquidate a few assets, and pay a pittance to SH------what a waste.
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-Think again before you try to oust Mr Tang.

--I hear our original founder, Paul Sullivan, has just died .

Searcher should pull his finger out...lol
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-best post of the day -----lol

shorts closed ??

Yes thank you GG----and just to make it very clear----i have just spoken to the Co who confirm that is correct.---Their hldg has been diluted thanks to shares being issued to Dyani.----Polo have NOT sold any shares.

well done Chopsy----couldn't agree more with this bit
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-" perhaps this is why advanced alien life is not present - because each and every civilisation that rises cannot progress through the industrial /technological age and become multi planetary without burning their own house down.*
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-This planet has been around for about 7,000,000,000,000 years, and we have only had the ability to search for other life for about 100 years.----If we carry on the way we're going we will all be extinct in say another 500 years at most.
-So out of all the time this earth has been here, we will only have had a very brief window in time when we would have been able to transmit our message, and listen for replies. ----------a mere instant in the grande scheme of things.
-If other civilizations have gone done the same path as us, then the chances of our brief windows coinciding would be virtually non existent.-----Too cleaver for our own good.
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-That's enough of all that ------lol

If you look at a graph of world temperatures and a graph of the world population over say the last thousand years, you will see that they are almost an exact copy of one another.
-The rise in global temperature is a direct result of the increase in human population.
-It is the by products of mankind's success, and his ever increasing numbers that are the cause of global warming.problems.
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-In-order to halt the rise in temperature, we must reduce the amount of human population, on the planet.
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-The world population has doubled over just the last 50 years----think about that-----DOUBLED over 50 years.
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-No matter what measures we adopt to try and limit the damage we do to this planet, our shear wait of numbers will destroy what is left of this earth in a relatively very short space of time now.
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-We have outwitted Mother Nature at every turn, and Natural Wastage does not now apply to humans--------------we need to reduce the population.
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-I have no idea how this may be achieved, whether its through disease, war, or man management, , but control it we must------we must stop breeding.
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-To hear little Greta blaming this generation, without the slightest notion that her very existence is part of the problem, just goes to show that as a species we are not confronting the real problem----that huge Elephant in the room----that is US.----and as she spoke about how she feared for the future of "her children", the irony seemed to be totally lost on everyone.

Having just had a quick look at today's RNS, Dyani would now finish up with 30.7% or about 700/- shares too many.
-In Dec they were about 3,000,000 over the top, so it looks like they have disposed of about 2,300,000 in the last few rallies.
-This is good business for Dyani as any sales would be replaced by stock issued to them via the Co----money for nothing.
---another 700/- should at last see that overhang cleared.

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-I think i have been very generous here, as I don't believe that $45-$50 mill would be net, and the actual fig available for distribution would be much lower, as would the resulting SP.
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-Surely a yield of, say, only 4p and a resulting SP of only 45-50p, will not be enough to justify Tosca's unflinching shareholding here------------(even a total liquidation of all our assets would probably only return about 50p a share, as things stand, and again could not be regarded as an adequate return for our largest SH)---
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-so, as I asked last year----what are we all missing here.?
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-We had enough cash in Oct to pay a Divi, but we didn't.--Now, at the beginning of this month, we should have received about another $18 mill, and still not a word. ---and if we and if we go until the end of March , a further $18 mill will have been added to our bank account, ---plus, are we owed any sort of back payments for our "indirect holding of 10% of OML18.---(maybe)---so what's it all for ?
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-We have just finished a SBB that to all intense and purpose, achieved absolutely nothing---or did it.---because it has held the SP steady, in what otherwise was a news vacuum where the SP would have undoubtedly drifted lower.-----a holding pattern while something is maturing ?.
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-With the three shareholders clinging to their 87%, logic has always told me that something must be about to change the company as we know it today, and with all our cash being stockpiled, something is surely about to happen.
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-I rule nothing out here.

So the SBB looks to have run it's course and at last the brakes have come off the SP. Certainly doesn't look like we had any £25/- trade today, so it looks like the SBB has been completed, and for now the SP has been set free again.----I say "for now" because the resolution passed at the AGM gave the Co permission to buy back up to 10% of the issued share cap, so we may well see another round in the future, but it has not automatically rolled into another £2 mill tranche, so i'll assume that's it for now.
-I posted back in Oct how I thought the SP would "stagnate, bobbing around the bottom, until people got bored and cash in their chips "----a bit of "a war of attrition",---sadly that has been the case, and the SP virtually hasn't moved in nigh on three months.---I cannot get excited about a small rise from the absolute rock bottom---( a wise man once told me ---Tops and Bottoms are only for fools ), so I look at the SP as it was just before those last figs, and we still have a way to go before we even get back to that 32/33p level-----"a bit of an uphill marathon"
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-So what should we be looking at.
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-Yes the FSO and pipe line are nearing completion and these will undoubtedly raise our daily production, once they come on stream----but how much benefit will that really be SLE as things stand.
-The loan notes (and interest) are running down, and are likely to finish later this year (i will check on that--but it's somewhere near there), and that will be the end of our $80 mill a year income.------I have never been too sure what our "indirect 10% of OML18" truly represents, ----but lets just assume it will be 10% of the daily production,---- then we could gain income of maybe $60 mill back again----less development and production costs---so probably more like $45-$50 mill------------------either way it's well below what we are currently generating----so why are three SH's still sitting there with 87% of the issued share cap ??
-If the company held good to it's promise and distributed 50% of spare cash by way of Div's, what would that mean ?
-With income of $45-$50 mill (lets assume that's NET ), then $25 mill is available for Divis or about 5-5.5p a year, which at best would give us a SP of around 60p
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-I think i have been very generous here, as I don't believe that $45-$50 mill would be net, and the actual fig available for distribution would be much lower, as would the resulting SP.