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Bad A after my initial disappointment and thoughts of complete incompetence by the management and i am down such a large amount of money (on paper at least ) that i wouldn't own up to the actual amount. I have come to the conclusion that at £15 M mkt cap and around £5m in the bank a drill commencing soon with Shell and fully covered i would be investing at this price, But and it is a but and i very much hope and think some type of deal on Pensacola will be done, it clearly won't be the deal everyone was hoping for but they are not going to give it away for free, for one Shell would look like C -nts, and although that's business, i think they would think twice to completely shafting a partner especially when they can claim near on everything back on tax, and as a previous poster said this licence must be worth even more if there actually is a slow down in new licences being issued. So when a deal is announced,what ever it may be it will be the start of a share price rise.
The end of May deadline might come and go with no updates, the rns states the company doesn't want to be open to further costs involved with the drilling if no f/o but if talks are back on track they probably don't need to give up the license straight away, just got my invitation from Halifax today regarding the annual meeting i think i can't afford to miss this one.
Dr, a take over bid at the right price would be acceptable, as for just keeping Selene, this would not be the best scenario at alll it might be a dry hole, then what ? no the hard work has been done on Pensacola it's a discovery and at the top end by all accounts, and we have spent upwards of £15 million i think all the stops need to be taken out to keep this, if they don't i am out, The management are paid to manage this company , so manage it or walk. I am sure the major shareholders will have something to say and tha last fund raise was over subscribed at around 3.5 pence old money if my memory is correct and that's about 70p ish now, i still can't believe they have supposedly signed up for a drill they maybe can't afford or do a deal, with the only recourse is to give it away for free, this is really bad management if it is so.
I just hope we don't give it away and it's a major success, and then it's pats on the back for everyone in Deltic and how good they are at finding hydrocarbons and so on and so on, Errr no it's us the inventors that have financially paid for this and i for one also participated in the rights issue, and i am now looking at life changing losses, we as shareholders are looking for a return on our investments, and Swindell has painted an extremely glossy picture until that last RNS, it's now time to earn your corn Mr Swindell.
Dr, i've been thinking, well trying to think about the RNS, the only logical result of the RNS issued prior to the end of May and a total loss scenario would be to soften the blow, but saying that you then get two blows? but i also don't get the logic if it was some type of negotiation, as you don't alienate your future partners by playing games. I am for one very disappointed by the whole approach and if there is no plan B the drill should of been postponed or some type of a previous deal done with Shell as a fall back.
Just reading this on the NSTA 33rd round .
A total of 82 offers to 50 companies have now been made in the round which attracted 115 bids from 76 companies across 257 blocks and part-blocks. The licences offered in the round have the potential to add an estimated 600 million barrels of oil equivalent (mmboe) up to 2060, or 545 mmboe by 2050.
Wow now that's a lot of offers from a lot of companies, and Swindell puts out an RNS a deal can't be done ! after reading that i most certainly think there is deal to be done, we have a discovery and a partnership with Shell ffs. Its not a wild cat drill, but an appraisal well, i think by the numbers above there will be quite a few interested, i still dont get the RNS and probably never will with the resultant SP collapse, i just hope there is no underhand skullduggery going on. I hope these numbers give others some confidence in these nerve shattering times. Rot.
Done ive e maild the company requesting a meeting Rot
It F-ckin stinks to be honest, i just don't get that RNS from any angle, if this doesn't play out to the share holder's benefit is there any legal recourse to Swindell and the over enthusiastic approach to Pensacola ?
Dr, totally agree and to be honest all North Sea producers are in a death spiral if they don't replenish their reserves, no matter what the draconian tax leveys are, they will put then selves out of business, that's why i think a deal will be done, but probably rubbish terms, it also must be that the time frame for Selene whent to the wire
Said on April 3rd 2024 and i quote
. Our attention is now firmly focussed on drawing the Pensacola farm-out process to a successful conclusion and we look forward to updating the market in due course." Was he lying or what ? surely in 4 weeks after long negotiations thinngs can't get as bad as the picture painted on Tuesday.
Dr, yes i wrote to Swindells around two months ago, and it was regarding the F/O i never got a reply.
Fairdealer, the BP Hydrogen plant is actually getting built on Teesside 30 miles from the Pensacola bore hole so it's actually a better scenario .
Dr, i agree surly when they committed to a £15 drill you have a plan B&C as a contingency, and one would think that plan A would be pretty robust for us to sign up for a drill if not, delay it till funds are secured, I do agree if Swindells doesn't pull this off then he has to go, but if there is a plan and there is more to this and it is brinksmanship it has shattered my nerves and all this really does need explaining to our shareholders. I just don't get any upside to that RNS, i f do i think (hope) there is a deal just it will be a damp squid and we will wonder what it has all been for, Selene i think will get us back to 40p.
A message to Graham Swindells You have a duty of care to your shareholders.
SullysWorld, thats a good explanation, i never thought of that angle, and it would explain the rns, as Malcy was saying its far from a deal not done, and if a deal is completed this would be a good explanation, i also can't see Shell actively doing over a working partner.i know they can be ruthless in buisiness , but they also have a reputation to withhold, and if Deltic are successful in the next round of awards surely they will be working together again especially if its an extension of Pensacola feild. This just might be an opportunity to get in at a price i never thought we would see again.
What was the point of yesterdays RNS ? their has to be something behind it, because wouldn't they just wait till the end of May and then tell the market they cant do a deal with the then resultant share price crash, also surly there was always a foreseeable chance this might happen and have a default deal with Shell say during the farmout agreement where by Deltic get back the money already invested in the first drill or pospone the drill, surely Swindells would have had the hindsight for this scenario ! that's what makes me think it's game play, but for myself i just don't get it. If he hasn't taken all this into account then he has to go. Malcy still thinks with out Pensecola it's worth 100p with success at Selene, ive topped up at 17.9p this morning, but hopefully just a quick in and out with this deal. Still holding original holding for the first drill this will bounce, just hope Swindells pulls the rabbit out of the hat.
I read this at 07.00 this morning and thought sell sell sell especially at 30p but couldn't, having walked away feeling gutted and disappointed and possibly betrayed or seems that way ive reread the rns and it's quite possibly a game of high risk poker to Swindells, but for me my nerves are shot. I thought it was virtually game set and match, but then again nothing is guaranteed,but as he says negotiations are still ongoing and there is other options although they do appear to be less attractive, i personally think there will be some sort of 11th hour deal just not what we wanted or thought, i just hope theres no skullduggery going on, already had that with a Mr Hart at Bowleven, Hoping tomorrow is a better day.
Wait till the drill bit is spinning then we will see some fun with the SP hopefully between 60p and £1 and they reckon both drills are virtually appraisel wells.
Graham Swindells has clearly said they are progressing a farm out in the last RNS, so any fund raise will be at a minimum if at all, I just hope we dont give a larger % than we need to, unless they sell it all for a hundred million.