Member Info for RNSTranslator

He’s happy to keep posting it’s a scam, but strangely doesn’t have time to say why? Perhaps in a sentence, 2 syllable limit if it helps...

Toying with yourself more like....
I'll take that response as you don't have any answers to those questions, and it'll undermine your argument if you attempt it.

OK senseman, answer these questions (if you can) :
Why do the Board want to screw the shareholders by entering into a fraudulent deal with the Bondholders?
Why don't you believe the financial scenarios prepared by PwC?
What is your solution to the Going Concern/Trading whilst insolvent issue.
How would you handle the Bondholders whose permission you need to do any further drilling?
Take your time..

AdrianUK if you had actually read my postings on my view of the Board you wouldn't make that comment.
I'm simply pointing out that some of the wilder ideas that suggest the Board are complicit in a fraudulent scam that involves advisory companies with reputations to protect is fanciful. They failed to hold the CEO to account and allow this clusterfk to happen, but at the end of the day the wilder criminal conspiracies are just the rantings of angry investors wanting someone to blame because they cant accept that investing in small cap oilers is tantamount to gambling, and investing more than you can afford to lose was perhaps less than wise...

Sergeant Sensible: You do seem rather irritated. If its a scam as you claim, won't the Judge simply say its a scam and this is a perfectly viable company... or do you think the Judge is probably part of the conspiracy to steal your investment too... ?
Your failure to believe in the opinions and advice by ERCE, PWC , Advisors and NOMAD doesn't make it a scam, it just makes you unable to accept the reality of the situation.

Bondholders would rather not be in the equity. However they lent money for the BoD to gamble with and they simply want their money back, or at least as much of it as they can. Holding the equity simply increases the chance of maximising their return or minimising their loss..I’d be surprised to see most of the BoD being retained once the bondholders own 95% of the shares. Most if not all the NEDs will be ejected.. Maris maybe kept, but on a very short leash from the new Board.

Sorry Capt Swag non of it was aimed at you was directed at SENSEman.

Capt Sensible, the Sage of all things Hurricane...
I'll stop posting if you stop talking nonsense...

"Does Anyone Else have a Feeling that CA are taking their Percentage to over 60% and intending on Ousting The BOD ?"
NO
"Unless I Have my Maths Wrong it Would cost them about £5 Million Quid to do So, Something is Holding the Price at 0.80p ."
Yes they could buy up to 60% for £5mm and then be forced to purchase the rest at their annual average purchase cost say 3p each share. Then they'd have 100% of the company. They could remove the Board and put in their own folks and withdraw the bondholder deal and so then be forced to wind down the company and repay ALL the proceeds to the Bondholders thus leaving nothing for the shareholders (themselves)... great plan... did you call and suggest this to CA, maybe they haven't thought of it.

Captain Sensible: Your persistence has paid off, the penny has just dropped, this is how they perpetrated the biggest oil field steal in weeks, done by the OCG (Organised Criminal Governance), this is how they pulled it off:
1: The old Chairman DC Rob Arnott was quietly replaced by Steve "Why me?" Mc T after disagreeing with the CEO about the contact.
2: The perched water affair; CEO claims its still billions of barrels and that the water is perched and will soon go away, ( memo to Chair: he's become a liability) Steve quickly throws CEO under the bus and puts Bev "Laboutin" Smith in the CEO role, never done the CEO role before, but the pay's good, and she understands what needs to be done ;-).
3: Bev does a quick Kitchen Sink RNS and claims its all much much smaller, were all fckd- the share price falls
4: They bring in Tony "The fracture" Maris to support the downgrade and charge ERCE (Every Resource Catastrophe Explained) to confirm Steve, Bev. and Tonys claim that its all gone folks.. shareprice drops.
5: In case there were doubters they bring in PWC (Pay, We'll Confirm) to state that in all reasonable circumstances the firm is about to go T its Up because of the debt owed to a mysterious group called The Bondholders
6: The sting: They agree to give 95% of the company to The Bondholders and also agree to pay them another $180mm (The bondholders are a loose collaboration controlled by Chinese state entities, HK based Private equity and other folks including, it's alleged, Dr Evil) - price falls further.
7: Troublesome legal issue: The law states a judge must review the details and agree it is indeed its about to go belly up. They ensure the right Judge is put on the case, who's really a secret love child of two of the Directors.
8: Judge agrees and the Bondholders claim the company.
9: Suddenly they discover that the contact has mysteriously deepened by 200m and its unexpectedly worth billions.
10: They sell it to Big Oil Mega Corp for $5bn.
11: Finale; Shot of the former Directors on a secret Island in S E Asia quaffing champagne, laughing loudly and plotting their next scheme..."West Newton"
There's a BBC Drama series in this you know Captain....thanks for putting me straight.

Because they found the oil water contact was actually more than 200m shallower that they thought it was (an unprecedented revision ) and so much of that oil was actually water...(unperched).. that’s why...

“In what way is the company, with over 100 million in the bank, in 'financial difficulty' ? “
They owe 230mm and won’t have enough cash to pay it back that’s why...whichever route you take...which bit of this don’t you understand?
When you borrow money, the shareholders sit below the bondholders on the priority list in any cash return...
Which bit of this don’t you understand.

Top cat:” “The Bod are trying to persuade a judge that a field producing more than many, and selling the product, is bankrupt. It's not true.” It’s frankly irrelevant if that field is producing more than most of the sImple fact is that it won’t produce enough net revenue to service the debt and other obligations...they’ve put it in the presentation for all the different scenarios.... if you disagree perhaps explain what they have have got wrong in their assessment...

Adoubleuk: “ No, so far the company has not 'defaulted' on any bond repayments, or at least not in a way anyone has heard of.” fact is you don’t have to default on payments to fail under going concern, it’s a simple assessment that there is no credible way to service your obligations and so you fail the going concern test... perhaps rather than simply grasping at straws you could tell us how after you dismiss the Board, perhaps put yourself in charge, how you actually get round the going concern issue. Trading whilst insolvent is your thing perhaps? A massive placing to raise enough to pay the bondholders in full... perhaps you could walk us through how that would work?

British et al: I’m afraid your Chinese conspiracy theory is just a desperate bid to blame others for your losses. Firstly is there any evidence that Kerogen are bondholders? Anyone who understands how the Chinese quasi SOE’s actually work will be rolling their eyes at this bizarre suggestion... Kerogen and CNOOC in collusion to acquire bankrupt small cap with massively overstated resources and unpayable debt....it makes me laugh..
“Infamy, Imfamy, they’ve all got it infamy “ to quote the famous carry on scene...now that would have been even funnier...but perhaps more accurate.

Haggis- you are correct this was the issue. The previous Chair (a geologist) left because he believed that the deeper contact was incorrect, or at best questionable. However the CEO believed he was correct with the deeper interpretation. Once production started the increasing water cut had to be explained and “perched water” was the excuse, which could stand up for a short while because to consider that the contact was much shallower was unthinkable given the ramifications. Eventually the argument became unsustainable and they had no choice but to throw the CEO under the bus and review the technical interpretation. I’ve always found it interesting that the ex RPS NED left the same day...make of that what you will. The uncertainty over the contact issue was an open secret amongst many folks in the industry and once water appeared many new thegame was up. Investing in small cap oil and gas is a gamble, especially for anyone unfamiliar with just how uncertain and unpredictable the geology and recoverability of oil and gas can become. My personal view: classic weak NEDs in the face of a headstrong CEO. Why didn’t the Technical Audit cttee challenge the interpretation of the contact when the previous Chair quit? I understand the anger at folks losses, but the first thing that will be asked is “why did you choose to ignore the very clear warnings (and repeated) about dilution and potential loss of shareholder value” ?
I thought CA knew what they were doing is not going to cut it...they knew no more than every other shareholder, and they too seem to have believed in the deeper contact even after the CEO left and it was pretty obvious that was the obvious explanation for the water...

Taverham: lots of discussion about the RPS CPR...they covered their @rses and were up front about that- It was clearly set out in the attached cover letter just how the report should be viewed/assessed:
“ Our estimates of resources and value are based on the data set available to, and provided by Hurricane. We have accepted, without independent verification, the accuracy and completeness of these data.
As the fields are yet to be developed and there are no facilities in place on the blocks to date, a site visit was not deemed necessary.
The report represents RPS’ best professional judgement and should not be considered a guarantee or prediction of results. It should be understood that any evaluation, particularly one involving exploration and future petroleum developments, may be subject to significant variations over short periods of time as new information becomes available. As stated in the Agreement, RPS cannot and does not guarantee the accuracy or correctness of any interpretation made by it of any of the data, documentation and information provided by the Company or others in accordance with the Agreement. RPS does not warrant or guarantee, through the Services, this report or otherwise, any geological or commercial outcome.”

Ribeye and others.
The operating cost has been stated by UJO at $9/bbl.
However that is the opex at 500 bbls/day. Because most opex is fixed (other than volume related transport) then the daily opex is about $4-4500 per day regardless of production rate.if your only producing 100bbls/day the opex per bbl is $40-45/bbl. so the profit per barrel is only $20 or so. Not $50.

Adrianuk:
I’m sure sending that letter will leave him quaking in his boots...the questions you ask have been answered countless times in this board. As a matter of law they can’t engage with CA without sharing everything they say with all shareholders CA will know that they would need to be taken inside if they wanted to know more than had been published. These folks want to be “consulted” but don’t want to be insiders...you can’t consult without sharing reasons for your decision making ...

Capt Swag
You said: “ slift - it is a real shame they didn't do a placing - even better if they had done it before the downgrade in september and the subsequent trashing of the SP. ”
Are you seriously suggesting they should have raised money ahead of announcing the revised contact and reserves trashing? Really??