Member Info for Sageman

I have a 2% rule whereby I never allow a share to be more than 2% of my portfolio. Declines in the SP have taken this well under 2% - hence the top up.

I just bought another 100,000 shares at 16.75. It helps lower my average.

Sorry 19.6 ( it’s 78%) ..doh!

Suggest you put 78 into a compound interest calculator and roll up at 13% for 2 years. Result is 25. It doesn’t need to be more sophisticated as we don’t know the arrangement fee etc. This is clearly a deal where the interest is deferred and rolls up . The RNS says it “accrues”.

Assuming that this is a deferred interest deal it is actually very good. The company get the cash today and does not need to make monthly interest payments unless it wants to. It can then concentrate on building production and cashflow. The deal is also flexible and can be cleared early should they chose. If this is the case that is the worst RNS I have seen in years!

Having reread the RNS this is a deferred interest deal thus no interest payments are made. The interest rolls up unless the company chooses to pay it. This is why you borrow 19.6 and at the end may end up paying 25.2 because you don’t pay interest as you go ( shame they didn’t include the arrangement fee and make it transparent with examples of what would be payable in 6 months if cleared etc). Dreadful communication.

The bit I am struggling with and have asked Cathy about is what looks like 5m arrangement fee (circa 25%). The deal below had a 7% fee. Why is it costing us 25 to borrow less than 20? Is this the tap facility ( headroom). So we can borrow up to 25 but are drawing less than 20 now. It doesn’t make sense. No one pays a 25% plus arrangement fee plus warrants and interest.

Darien, with all due respect you need to do some research. Gas prices are extremely elevated. The fact that they will probably go up further is to be expected. However, take a look at historic prices. Then work out how long you expect the prices to stay not just well above norms but stratospheric. Why do you think the hedge price is as it is?!

The main reason I am so annoyed is that my experience of commodity prices are they they are very volatile and sentiment swings very quickly. Only a short while ago oil was going to be $200 pB now they are talking $80. This project has been rescued by stratospheric gas prices. When the war finishes those prices will fall. We have a time window of x to sell as much as possible at ridiculously high prices. We were going to sell unhedged throughout June. July is fast disappearing. The sidetrack was supposed to start soon. We need that volume asap. I have no idea how long the prices will be elevated but it will not be permanent....

Silverlight , your tone has altered somewhat! Now you know the callibre of the man. Delay after delay, cost over runs, inability to project manage. I wouldn't trust him to judge a hamster show - he turn up late and the winner would be a goat. Investors invest according to their research . GL makes a nonsense of that research. Without stratospheric gas prices we would be bust. He is a WOMBAT (waste of money brains and time). If we make money it will be despite his involvement - utterly useless.

Hi I haven’t set a price. The price is still falling even with today being an up day for the market. We could see the year low tested. I am buying for the long term but am in no hurry.

Fortunately when I buy I always buy in tranches and no more than 2% in any company. My initial tranche was 0.4% of my portfolio. I will be buying more but am surprised to see this keep falling given the strength of the assets and the balance sheet. Commodities are priced in $ so they benefit from its strength.

Howey, the rise on 88 is due to the drill next door. If it fails then guess what you will get your chance again next year from circa 0.4. Can't be on every spike but it would be nice to see one here!

Shaa, Whilst ultimately an SP will trade according to profits etc in the meantime sentiment can dominate. Sentiment is illogical but Pi's often tie themselves up in knots searching for logical answers. 88 is currently rising on sentiment and hope but ultimately the numbers will talk. We should have CUDA by the 18th and hopefully thereafter a steady of news. I am happy with this as an investment irrespective of the sentiment along the way but a big spike would be welcome! GLA

Bendog .."this is a cash cow". Actually no it isn't . It is currently not producing at Saltfleetby and has bugger all income and is on the hook for a pile of hedged production. BUT fingers crossed.

FWIW, I hold at 2.2p. I am livid with GL but with stratospheric gas prices expect to make money here despite him. I know he reads this board and my recent posts are written for him personally. I run a business, he runs a business and he knows exactly what I am saying. With elevated gas prices through 2023 and a successful side track this share can multi bag from here. Fingers crossed but imagine what the SP would be today had we produced earlier in the year and already done the side track....that is the frustration.

Silly buttons your post at 13.26 is excellent

Silverlight our Mcap is £33m . It was higher prior to GL getting involved as was the SP. Thus far no value added but with stratospheric gas prices we may get lucky - fingers crossed. However, proper management should not rely on luck .

Howey, sadly GL is beyond redemption IMHO. We are solvent solely due to hope built on stratospheric gas prices. What I want is what all shareholders want namely gas with no more delays and a successful side track delivered by the end of September. Volumes sufficient to exceed the hedge and gas prices to remain high into the spring of 2023 so that we can pay off our debts. If that happens the sp will multi bag.

In April GL said gas 1st June in 2 RNS's and also later in May in an interview. Now we are talking 18th July allegedly. So sidetrack 21st July? I hope so but forgive but I don't believe a word the man says. Show us the gas George and stop lying.