Member Info for rossannan

The fact they haven’t stated production excluding the CB production they bought in during the period is classic PB and classic AIM, but we can all do the maths - the ferocious declines continue.

Supersport - remind me - how much debt is TXP carrying now?

They “won’t dilute beyond 65,248,201 shares with today’s deal.”

With today’s deal.

The “Company will need to raise a further US$7.3 million in equity (net of any selling commissions) before December 31, 2025 to fully meet its equity obligations under the terms of the Loan Agreement.”

“Placement Fee: 5 percent of the principal amount, payable to the Holder in cash on closing.” Ouch!

“Quick Update for Everyone – Please Read Carefully

I’ve had a direct reply from the company regarding the funding and next steps.

Here’s a plain summary of what was shared:

Portillion/Oak Situation

The company still considers the Portillion funding agreement to be legally binding.

They are not moving ahead with any other placing until this is resolved one way or another.

Equity Raise

Because of the unresolved Portillion situation, they cannot confirm or deny whether an equity raise might happen in the future.

However, they made it clear there is no plan to launch a fresh raise right now while the Portillion discussions are still active.

Alternative Funding

Management confirmed they are exploring other options (like royalty financing, mezzanine debt, or offtake deals) as a backup if Portillion doesn’t come through.

These options are not finalised yet - they are contingency plans.

Operational Update

They will issue updated guidance on production, cash flow, and development plans once funding is clarified.

The call and response was measured, and they understand the frustration. They appreciate that uncertainty is hurting the share price but are limited in what they can say publicly while this process plays out.

In plain English: the focus is still on getting Portillion/Oak sorted. No immediate placing is planned while that’s underway, but they are preparing other funding options if needed.

If I receive any further updates I’m allowed to share, I’ll post them.“

“the best risk reward investment of the decade”

That could certainly be the quote of the decade!

Nice to see silver back over $38 overnight, but I’d really like to see what $40+ would do for silver plays like FRES. We nearly got there about 3 weeks ago, fingers crossed we make it this time.

Supersport - I loved the reference to the blazing fire - I think sirmark’s better angels briefly seized control of the keyboard to drop that truth bomb.

Sirmark - “but what you’re missing is that bad new[s]/performance is in the price”. You are an adult, it is your money, but the amount you say you have put in here is really silly unless you are a UHNW and it just doesn’t matter to you. The amount of debt on board here now would see the current shareholders diluted to near oblivion in the face of significant further setbacks, which are hardly an outside possibility. As an investment for PIs, this one is toxic.

Sirmark

“I have already bought much lower recently”

That’s an exaggeration for a start. This has not been “much lower”. With absolutely perfect timing you might have picked a few up around 11.5p, but that’s it.

The investors who are deep underwater here need to understand that their enemies (in addition to Paul Baay and his crew, obviously) are the posters here and on other platforms who in the face of clear evidence that TXP was on a bad trajectory nevertheless encouraged them to buy and/or hold. And however persuasive the local rampers are, no one should commit a significant amount of their capital to something as inherently risky as an AIM O&G play in the first place. We have all been there so we should never encourage anyone else to go there.

Sirmark - these are not the first six months and you are looking at a near 20% decline quarter to quarter. And remind me how many of the Ortoire wells TXP have drilled have paid for themselves. Exactly. Not a great business model.

Will, I predict, be almost exactly 3500 boe/d, tumbling from 4317 boe/d in Q1.

Are any of the local rampers brave enough to say otherwise?

Johnoxxx - that is quite an essay to avoid a simple yes or no question.

Johnoxxx - no, you are still avoiding my first question: approximately 3,500 boe/d for non-CB Q2 production (a roughly 20% decline from Q1, definitely no plateau there) - is my prediction too harsh?

Yes or no?

In other words, plateau or continued ferocious decline?

I think you know I’m right, which is why you’re avoiding the question, but I’ll give you this last chance.

Sirmark - did you earn your title by being the court jester?

Johnoxxx

1. Okay, I’ll make it really simple for you then: approximately 3,500 boe/d for non-CB Q2 production (a roughly 20% decline from Q1, definitely no plateau there) - is my prediction too harsh?

2. You may find that the market knows.

Johnoxxx

I asked you two simple questions:

1. Do you think that in the Q2 update we will finally see a plateau in the non-CB production?; and

2. Do you think that the solution to the funding gap won’t be dilutive?

My take on the first question is that we won’t see a plateau. The last update certainly didn’t augur well (“Average quarterly production decreased to 4,317 boe/d (72 percent natural gas), compared to 5,287 boe/d (73 percent natural gas) in the fourth quarter of 2024 and 7,015 boe/d (80 percent natural gas) in the first quarter of 2024”).

My take on the second question is that the solution will be dilutive and that John2727 will come to regret acting as PB’s messenger on that front.

Simple questions - yes or no?

Johnoxxx - hopefully you’ve got the name calling out of your system for now, so any thoughts about the declines or the funding gap? Do you want to contradict me and say that we will see a plateau and that the solution to the funding gap won’t be dilutive? Then we will only have to wait a few days to see who’s right.

Ayecuramba - be careful what you wish for. The buried lead in the Q2 Results, whenever they emerge, will be the continued ferocious decline in production ex Central Block. The local rampers did love their plateau theory but they will be careful not to mark its passing and it will be quietly buried while they direct everyone’s attention to their shiny new Central Block. In time, of course, it will become clearer why Shell were happy to get rid of Central Block, but we can talk about that at that time. With the Q2 results we will also have Paul Baay coming clean about the funding gap, whether he wants to or not. It’s an RNS so the sort of stuff he’s been feeding John2727 just won’t cut it. Get the popcorn ready.

Because it’s not true, since you ask. Being a TXP shareholder is difficult enough what with being lied to by the BoD. Being lied to by your fellow shareholders just adds insult to injury.

Hardolestation - so you are saying that Portillion has insurance from which TXP will be made whole? You can stop being evasive and just say it, but if you can’t at the same time point to where this information is in the public domain, you will be in serious trouble. And not just for breaking the chat rules. Or you can just admit that for the second time in recent weeks you have been caught making stuff up.