Member Info for Sageman

My experience of lawyers is sadly not great. They will take on any case as long as they get paid their £300 + rate per hour. Also the last thing they want is a resolution because then the fees stop. So they bill as often as possible and only bring things to a conclusion once they have little choice and realise the client has little left to pay them. Anyone who has been through a divorce or been through litigation will recognise this behaviour. Kicking the tyres on fees in advance makes sense. No win no fee is great but doesn’t really work if this goes to court as the fees will be huge . Imagine the costs of a 60 day trial with numerous defendants. I am not scaremongering and will probably join the class action but we all need to have our eyes open.

Lots of continued posts from bird brain. We all know the opportunity and we all know the reasons for the delay. What has been proved is that no one here knows when we will get the green light. Patience and more patience is all that is required. If you can stay the course do so but we could still be here in 5 years waiting. I am holding and hoping that things will come through much quicker. But I am just guessing and not trying to make out I am some sort of guru.

The trend is your friend until the bend at the end. I have been waiting to average down but there was no point whilst the trend was downwards. I missed the bottom but the trend is now upwards. I bought another 500,000 today. A high risk stock but undervalued IMHO. GLA

More dilution…..speaks volumes about cash flow.

My experience of anything legal is that one goes through progressive stages. At each stage there are more bills. I have contacted Mr Cotter to find out what he expects the eventual total bill will be based on experience not just what it will be to kick off. Has anyone else asked this question and received an answer?

Fortunately I restricted myself to a max of 2% of my portfolio but the amount in £’s is still money I would prefer not to lose. There I was in early December thinking that my 7p b/e was doable. Now it is 100% loss. Our sole chance is the litigation and to go after those with insurance. The thing that always stank here is that we never ever got proper independent proof that our billion barrel discovery really existed.

To bring this into production will require more money. The issue is on what terms? An easy cheap raise with all documentation in place to drill is a different matter entirely if we are potentially to be left hanging for an indefinite period. Wonga financing would decimate the SP. I have seen it many times. I guess they are hoping for the paperwork PRIOR to raising. In the absence of concrete permissions the raise will be on discounted terms of at least 20%.

Well our feathered friend has been absent today. Previously shouting people down crowing that he knew best. Now sitting with ruffled feathers . A dung bird with little between his ears but faeces . A creature with a low IQ and even lower credibility.

There is an old saying that the trend is your friend until the bend at the end. I have a small holding here and it is the trend that has stopped me topping up. Lots of potential but we devour cash until we go into production. I await cash generation news...

Doc - he is not a wise Owl - he is bird brain!

Mr Wise Owl or Bird Brain? Guess we now have our answer...Bird Brain!!!

The clock is ticking down. In a very short time it will either be Mr Wise Owl or bird brain. Let’s hope it is the former. GLA

I continue to hold. I still don’t know why Newmont withdrew. I still don’t know when we will turn from cash guzzler to cash generator. Production was due to start in Q3 2024. When the cash starts to roll in our sp will re-rate. For now I just sit and wait for news. GLA

WOS, I believe that you are well intentioned but somewhat misguided. You are having no impact on the SP. I can assure you that people close to this know exactly what is going on. There are always leaks. The lack of RNS, the lack of drilling and the SP speak very loudly. You are not in possession of information that no one else has. and in the meantime the SP drifts.

The biggest issue remains that they missed their deadlines not by just a few days (check what Lucan said) but several months when oil spiked. Had we sold into the spike finances would be transformed. We are left with expensive debt and gas in the 60's rather than the hundreds. 2021 and 2022 were the years of catastrophic failure and the current sp and debt the result. I told bubble/Push this from outset. I now hold hoping for a spike or a rabbit but thankful that this was never more than 2% of my portfolio. It is hard to be optimistic with costs, debts and depletion of gas.

I suggest that everyone takes a look at the charts for this share over recent years. News or no news the pattern is always the same this time of year irrespective of the peak or trough. I personally would not currently be shorting this stock. DYOR GLA

A bit of research shows that the SP typically does well March through to May - enjoy the ride. It is an annual event.

Through sheer self discipline (and bitter experience) I kept my exposure to my 2% max cap limit of my portfolio. In money terms this is still a tidy sum. When I think that in November I was sitting with a B/E of 7p and was confident of a profitable exit, it makes your blood boil. There is something very rotten here. How can a 1 billion barrel (allegedly) oil discovery be worth peanut?

agreed. this should be investigated. they lied about timescales .missed deadlines by months resulting in excess costs but worst of all the window of high gas costs. over promise, under deliver all the time the sp falling and the directors making money. **** show.

We own circa 37% of Greenroc which has a NAV of circa £200 in terms of the assets. Our mcap is under £10m. Will we ever see the value of this or Clogau? Hope so.