Member Info for RichTheNewbie

Makes a nice change Disciple13. Although I'm none of those things you say :p I simply give a certain amount of benefit of doubt to management on AIM.......as you have to (to an extent). However if reasons for concern arise, then my opinion will change, and I will act on it, whether that means selling out or saying what my revised view is. I will not simply blindly hold and continue to give them the benefit of the doubt - experience shows that's usually a very bad idea on AIM. I dread to think what some of them would be like if I was saying this is definitely going down, has no hope, etc. Rather than saying there is some possibility of a good or bad outcome. We're all entitled to our views as you say. Personally I find that, more often than not, the consensus view on boards like this turns out to be wrong.

Sadly that's the majority of AIM companies. So many lifestyle businesses. Whether purely for the money or because they're geologists who like to play in the dirt whilst PIs pay for it. Some of them possibly far worse than that if you believe the stories about West Perth Mafia and some of the resource companies that originate from there. If I was being optimistic I'd say Colin is perhaps still straight-up, was trying to gloss over bad news for existing PIs benefit, and the root of the problems come from him relying on technical advice that is either not brilliant, or he's putting too much confidence in.

Glad some sense is filtering its way back on here. Does anyone really think this is really worth all the huge takeover numbers people keep citing......yet not a single large investor or fund has built a notifiable stake to take advantage. Nor is there a rush from everyone else to get in and it's back to the same few people here bar the initial P&D spike. �8m-�10m money for development in return 24.9% stake in Petisovci is the best they'll get imo. BoD kept on gravy train and PIs have to sit it out for the long term whilst they find out if they can get production up to generate them a return over many many years. Based on the history of this that looks like the most likely sort of thing.

Oh if only you were. Sadly I'm getting dragged down to the level of you lot who always start the personal attacks rather than discussing the company. It's impossible for your level to get any lower. The only way is up Monarch.

OK, you can bury your head in the sand, ignore the words in the RNS, and think there's no prospect of dilution if you choose. I simply believe there's a reasonable chance of it both because of what it says in the RNS, and the situation of the company in general, if they don't get a bid as a result of this review. Even Colin is mentioning equity in that most recent interview. What does equity mean.....dilution.

parkeg1 - I didn't say it was definitely going to come. I'm not being remotely misleading. I quoted the entire paragraph from the RNS. Dilution is a prospect whether you like it or not. It might happen. It might not. Calling this misleading is far more misleading and in fact is simply pressing home YOUR interpretation which is not necessarily correct.

Yeah "IAmNotSpartacus" I think people who dish out the unprompted personal abuse are idiots. Funny that you take the side of the people who are quite clearly in the wrong. As for your suggestion that the dilution prospect is contrary to what the CEO said. I will remind you that you are wrong and the strategic review told you this when it said "However, the Board has concluded that the planned further development of the Peti�ovci project, and the potential diversification into other regional projects, is currently not an option available to the Company without the potential of significant dilution for shareholders." The personal attacks are simply attempts to distract from the reality of the situation by many of you.

parkeg1 - that's fair enough. As I say - people will take different views. I wouldn't expect those invested to agree or they would logically have sold like myself.

I'm not implying I'm invested. I've told you numerous times I'm not now. I can have have a worry about something which causes me not to invest. It's really not complicated despite you trying to distract from any discussion about the company itself and make it all personal nonsense as usual.

IAmNotSpartacus - he's telling you that he thinks debt for development is generally a no go. It's in the letter and in various prior emails to people. Not2sure - People don't like discussing the reality of the situation hence the silly posts like Nelly71's. There's a chance they'll get a deal and people do well and there's a chance they won't and people probably won't do well. Or there's a chance of a middle of the road deal giving away a lot in return for funding and might mean a long hold to find out if any good return is generated. None of us know which way it'll go. Anyone who can't accept this is living in a dreamworld. I've made my choice not to take the chance as I'm less trusting of the BoD now and the performance of the field. Others may see it differently and that's fine too.

Not2sure - yeah. Anyone who's been around a while on AIM will have seen plenty of companies touting giant resources and potential but later found the economic recoverability turns out to be very different. I don't think anyone could say whether it'll turn out good or bad (on this well anyway) but my bet is it's not an easy quick fix and they're just trying to gloss over that whilst they tout around for money. In the letter he says "In the absence of an acceptable deal the Company would continue to progress the Peti�ovci project as it has done successfully for the past ten years". That's what I'm worried about......that means massive dilution whilst taking a very long time to do anything.

I think we need to know more about PG11a than they're saying. Googling the water issue is interesting: "Extraction of oil and gas from underground reservoirs often is accompanied by water or brine, which is referred to as produced water. As reservoirs mature, especially if secondary or tertiary recovery methods are used, the quantity of water climbs and often exceeds the volume of the hydrocarbons before the reservoir is exhausted. The cost of producing, handling, and disposing of the produced water often defines the economic lifetime of a field and the actual hydrocarbon reserves; therefore, understanding and predicting the aspects, behavior, and problems induced by the produced-water flow is important" http://petrowiki.org/Produced_oilfield_water So is the reality that it's just an old well/reservoir with little economic potential left as it stands and would need more intervention/fracking to have a chance of doing better? They tried to up PG10 to compensate for the lack of PG11a but dialed that back rather than risk damage....

PG11a still suspended then, as the production rate is still about the same as it was in March if averaged up.

Lol......scott, did CH reply to your shareholder letter, saying he'd get back to you soon, and ask in the meantime if you could please stop making jokes about uncle clive's portly nature......? :p

Scully you're right. They're stating the quoted prices rather than the order book bid price.

Think of it this way Steve. You don't hold a certificate for your shares do you? Instead you've got an account with a bank or broker who holds the stocks when you buy them online or on the phone. They hold them in your name, ie in a nominee account, rather than your name going on the shareholder register and being sent share certificates for your shares (you can do this, and there are some reasons to, but 90% of people don't). So all of the people you think are IIs are just banks/brokers, that hold shares for other people in nominee accounts, and it's their company names that go onto the shareholder register, rather than the potentially hundreds or thousands of individuals holding some shares.

Thanks gassa. Sorry to hear you lost that much. Sadly it was yet another chapter in the novel on "questionable" management that is AIM. Only benefit you can take is the experience I guess, negative as it is, and work out how you can try to avoid it in future (which is most definitely not easy on AIM).

Errrr there aren't any II's holding AST. Not a single one. So that's a strange suggestion......

milnrowmug - always have - despite what many herberts will have you believe. (and no I haven't bought in, as I don't trust CH's information anymore, and always believe the takeover stuff was/is an attempt to prop up the SP (which worked for a while), and they're just touting around for bids/deals because they're in a tricky situation financially)

I don't believe all the permit delays are purely down to impatient emails but it certainly won't help will it. I imagine that's all CH is saying. It's a statement of the obvious imo. I think he deserves more stick for the painting of how things were going overall (with regards PG11a) is of far more concern than him telling people to stop emailing the ministry!