Member Info for Rktech

The only reason most of us are here is because it's not worth selling.
We should have at least had the first well started by year end 2017.
It's a year on from " Service provider within a month ".
Two years ago one of the Canadian posters ( Not sure who or if they're still here ) said and I quote.
" I would not believe a single word that pork pie faced (expleteive deleted) says anymore "
And then went on to explain why. We should have listened.
If you can stand it, watch the podcast from sept 2017 and he looks and sounds confident.
No wonder so many people were fooled.......maybe he believed it but is delusional.
In any event we are where we are and the money is fast running out.
Dare I ask if there's a plan Jiving ??
My experience of shareholder action groups is that they usually fail to achieve anything as the Board and CEO are usually two steps ahead of them. Just sayin'
If they use the phrase " Pleased to announce " in another placing RNS I'm up for whatever we can do as shareholders as there will be nothing left to lose.
Just all IMO.
Best to All......

He could be in Nigeria.
Same time zone.
I've had a similar time frame reply from him about a year ago and thought he must be this side of the pond as it would have been about 2am in Calgary.
It's a big ask to get someone to put up 100m + to develop an oilfield and so they would of course demand a slice of the upside....and a big one too !
It's not knowing what is going on that is the most frustrating part but by the nature of the game we couldn't be told details until it's all written in stone.
This is really the last chance saloon for Arthur and he has to get it right and he must know it.
He has this chance to cover himself in glory and get on with what he does best......ie Discovering and developing oilfields.
He has certainly fallen behind the wagon as a CEO but has a proven track record as a dealmaker and oilman. His function on this project is COO.
Kola on the other hand is a businessman through and through and is the real Shorecan CEO.
Forget Mozambique, this is all about Shorecan and OPL226.
Equity raising without positive real news is practically impossible now so next month is crunch time for real and I'm sure Arthur knows it.

I guess it shows they are actually doing something positive.
None of us know for sure exactly what is holding up this project. Is it just one piece of the puzzle or multiples?
If it wasn't for the cash burn I wouldn't be too concerned. Time is not on our side.

Unless they change radically and start doing things with more urgency I think you're probably right Bob !

No new IS bad news because the meter is spinning around all the time paying for lifestyles and not a lot else as far as I can see.
The only replies I've got from Arthur have been one liners and haven't said anything really more than that things are progressing. What else could he say without breaking rules.....I could be anyone.
The only bit of Info I took any kind of positive from was CNDoilsupporter's report from the AGM. He certainly isn't a ramper and was criticised very unfairly for not betraying a confidence....I hope he continues to post despite that.
R_Dunc also got some info from Arthur but it was only regarding the ongoing hurdles and hoops we still have to jump through.
I really don't know what to think anymore as regards finance but another placing is going to be as popular as a fart in a space suit !!

I see nothing suspicious in Baru's retirement. It's common practice for these types of senior posts to only be held for a few years in most instances. Baru will no doubt serve as a consultant on committee's etc should he wish to.
My only concern is will the new GMD be able to hit the street running.
Of course the other concern is that time is against us. Art was criticising LEK recently but that was before they all took a pay cut and reduced their cash burn. I see no reason why he couldn't have done the same with COPL.

That has been something I've considered for a long time now Oilberta.
Having said that.......there is nothing stopping them or their proxies from taking a huge stake in the company and leveraging that way.......applies to ALL parties.
Another Friday and silence.........YAWN...ZZZZZZZZZZZZZZZ

Be careful what you wish for mannan !

Welcome back Bob!

Very good summary Bolton.
See you at the 10p party my friend

Art told me that the hearing had been postponed because they had appealed the previous ruling that Shorecan/NNPC could use joint counsel.
Cathy replied that ti wasn't holding anything up. was nuisance claim with no merit and they would eventually go away.
Take from that what you will.

The only thing that Arthur has going for him is historically he and his team drilled a lot of successful wells in the North Sea.
If Namibia had been a success then he would have had his wish of being mid tier.
I have seen a lot of small cap E&P outfits drill multiple dusters and keep diluting and consolidating until the original shareholders value is worthless. Many of these " dusters " were predictable when the various companies hyped the COS and really you just knew they didn't really have much of a clue.
This time at least Kola is the management and CEO and Art is COO.......I have faith in that.
It remains however that if we don't get Real News soon then we're toast.

I agree completely with your view sub.
Thanks Cdnoil for sharing what you could from what was clearly a confidential discussion.
FWIW regarding Agamore this is the reply I got from cathy.
This is the email I received and it is phrased in a confident way.

There is no merit in this lawsuit and quite frankly it is not affecting their business at all. They will not “settle” the suit as that would be considered illegal. The govt officials knows it is ridiculous also and are solidly behind COPL. There are no approvals getting held up with this nuisance claim. They will eventually go away.

I am making no predictions but am more hopeful of a successful outcome and we can then start discussing the rig mobilisation and the drill and known geology.

A good weekend to All.

Going back to cdnoilsupporter's statement. He has said previously that he has attended AGM's and has been critical about promises made and so has never been one to ramp this stock, if anything I would say he has been cynical of things in general.So to say he was told something in confidence I take as being not part of the public meeting but a separate conversation he may have had with Arthur and/or other BOD members.......or even with someone else attending the meeting. That's just my take on it.With regard to Agamore you will remember there was a hearing scheduled for 24th May last ( or thereabouts ).As you will all know if you've been following this, the previous hearing was about Agamore objecting to Shorecan and NNPC/DPR using the SAME counsel. At that hearing Agamore's objection was turned down in very strong terms by the Nigerian judge. They ( Agamore ) appealed that judgement and so the last hearing in May was again put back until the appeal was heard. In other words it is a hopeless and spurious case which Agamore are trying to spin out by using all the delaying tactics they can.I received a reply from cathy about this and she assured me it was not holding up anything and that eventually they will just go away. When that is and how much longer they can continue the charade is anyone's guess but considering the last judgement and the fact that NNPC and DPR requested Shorecan use the same legal counsel it would be obvious to anyone that they are just behaving like chancers in the hope they will get something for nothing.With the regulatory authorities on side with Shorecan and all indications so far against them having any legitimate claim then it probably is just an annoyance and not anything holding up the " paperwork ".Again, that is just my take on it and I've stated all I can honestly add.Hoping for the red dot with REAL NEWS and no doubt an explosion of posts on this board as the herd arrive !GLA long suffering LTH.

Bonum: Your poisonous arrogance is a vexation of the spirit

I think you're most probably right sub !

I was prepared to accept that Arthur wanted to keep his technical team together as they were the companies best asset but the latest placing has relegated this company to one of lifestyle.
If cash burn isn't cut drastically I don't see how it can go forward.

We are all sick of jam tomorrow promises that always have some snag crop up to delay them and the way the drill date keeps getting pushed back.
Arthur must surely realise that the market does not believe a word he says anymore.
Something that our Canadian friends have been telling us for some time now.
It's put up or shut up now and is looking grim.
I have no idea what is really happening and I don't think anyone's going to tell us.

cdn Are you going to this year’s AGM??

Six munce ugo I cudn't evun spel filossoffer an now I are wun !

I don't think it would be lights out but it could destroy existing shareholder value as it stands now.
Too many raises with jam tomorrow promises. Something tangible has to be delivered and soon.
Oilberta: are you going to the AGM......some serious questions need asking, I know that's a big ask but someone close to Calgary has to do it. Maybe you and/or CDNOIL could.
Arthur has said that the Agamore dispute is not holding things up and it certainly is a blatant attempt to extract some kind of settlement for nothing and is certainly without any substance or merit.
What is holding things back could be the big question.
When are we announcing real news ?.....that's the real question that requires an extremely definitive answer.....end of..