Member Info for SEA7

still here - not much happening till the end of the month, so didn't post anything.

I looked at UJO sometime ago and didn't go near it - I recall some of David Bramhills previous exploits and have avoided so far.

You are right though, I have missed the early run up, it has almost bagged off the low.

To be honest, I had forgotten about them, as i walked away when the wressle planning for egdon was kicked out by the council as well.

I will keep an eye on it and see if we get good retrace, then It might be worth it for the run in to just prior to the result.

the rig was initially rented for 6 months with the option to extend for a further six months - that is september 2019.

Yes, they can let that rig sit there if they want to, they already have it until september.

They haven't moved it yet, by all accounts - plenty of weeds growing round it at the moment.

ajw -

Once all the 109m shares have been issued and the flippers, forward sellers and stock promoters have completed their work, then and only then will this establish its new trading range.

All those that agreed to lock in at the 2018 listing date, are free of the lock in clause in a few weeks also.

Watch for the drip drip selling on boredom as everyone awaits the W38 spud announcement, which is your next real share price trigger.

Summer is late june to late September - so spud could be months away yet.

I will be watching this and may take another position, but not before that mountain of stock is released to the market
and waded through.

degsy

The key to succeeding on the AIM market as an investor or trader, is to look for reasons not to take a position - it tends to be a good guide to preventing costly mistakes. As is evidenced here by the fall from 17p to 9.8p.

Sure there are positives in what block are doing, however, hayward is all over the place now. He appears to be using a scatter gun approach, post WR16.

This is what his play looks like..

Drill W38, straight after 16, no drill in Q4, no drill in summer. Focus on WR with updates on Norio, no, off looking for new licences, fully funded for phase one and two, no raise £12m diluting holders. What changes next - more dilution for another
asset .

He is not providing the certainty to the market - he authorised an RNS five days ago that said "Q4 to drill W38", now he says "in summer" in an interview - contradicting himself -which is it.

ajw - I have been trading aim for over ten years and whilst there are many stocks with good stories and good intentions, the mechanics of this market, the players, the promoters and the sentiment are the drivers here.

Look at what Hayward has said. - expansion and using capital raised for expansion, he is off on jolly's looking for new holes to dig, whilst diluting shareholders and you are happy about it.

He could quite happily have placed £3m with Amati using existing authority to bolster the balance sheet to ensure that the existing plans are funded to the point where they can cover any unforeseen circumstances and bring forward any other drilling opportunities on the existing licences.

But no, he decides to raise more and waste time wandering around Georgia looking for other assets instead of just developing what they have and before you say it, most placings are always oversubscribed, this is how it works.
It is usually a feeding frenzy for some.

Still, if it weren't for the retail investors appetite for a good story laced with plenty of new shares, then the market wouldn't have a place for all these shares to end up.

seriously crabby - you haven't been reading the rns's or looking at the volume and price action over the last couple of weeks.

The picture speaks for itself -

crabby

After that interview what's stopping the SP rising back up to mid teens?

A. The raft of sellers and the soon to be ticker tape parade of shares hitting the market between tomorrow and June.

doesn't matter gizzard

the ceo has front run the equity raise rns by talking up his own book on proactive, contradicted the rns five days ago about the spud of w38 and indicated that he has been busy looking at acquisitions today then said nothing more, which is enough for the more astute of us to notice.

orchestrated is the word I would use.

degsy - aka tidy2

a nicely timed sales pitch by the CEO to wet the appetite of the market in preparation for the next and bigger tranche of shares to hit the market- they need all the rest cleared before this hits.

and you are lapping it up as expected.

degsy aka tidy2 advfn

when asked about why they raised cash, he was stuck for words and started padding the conversation out until he could think of a good reason.

another thing to remember.

whilst forward selling is frowned upon and can risk censure (cornhill capital re new world oil and gas), it does happen.

If placees have been forward selling the bulk of this placing yet to be approved and it doesn't get approved then they are screwed. They will need to go into the market and buy up large amounts of stock with their own cash to cover the position.

thanks simont..

the next part of the placing at 11p is conditional and if not approved won't go ahead - it is not underwritten.

if approved, then yes , it still goes ahead at 11p, as mirabaud have already found placees for the stock - those taking the stock do this daily - they will have a hedge in place as a spread bet or another instrument to cover the downside.

They then unload their placing stock at a loss, they make it up on the hedge, plus their fee, the company gets its money and existing retail holders get diluted and watch the price go down further.

Unless you are in on the placings, then you trade the secondary market.

make that 18 posts terrier...!!

9.8p on the bid - single figures.

as soon as you see 10p on the offer it will become resistance and only a good news rns will push it back above.

thing is terrier - the momentum has gone -haywood has killed it, by stating w38 in Q4, norio later this year, other drills next year. Gas further out.

Basically nothing else is going to happen on this stock now until later this year - apart from Haywood, jetting around the region looking for another hole to dig instead of simply focusing on what they have.

Shareholders should really vote it down and then state - no, you are not going on a jolly around the region - get w38 drilled and online, get the infrastructure completed, get Norio drilled and what about Satshkeni - you never mentioned it.

The Conditional Placing is conditional, inter alia, upon:

(a) the admission of the Firm Placing Shares to trading on AIM;
(b) the passing of the Placing Resolutions at the General Meeting;
(c) the Placing Agreement becoming unconditional in all respects (save for Second Admission
occurring) and not having been terminated in accordance with its terms; and

(d) admission of the Conditional Placing Shares to trading on AIM becoming effective by no
later than 8.00 a.m. on 5 June 2019 (or such later time and/or date as the Company, SPARK
and Mirabaud may agree (being not later than 8.00 a.m. on 12 June 2019)).

If such conditions are not satisfied or, if applicable, waived, by the date(s) and time(s) referred to
above the Conditional Placing will not proceed.

The Placing is not underwritten by Mirabaud or any other person.

shareholders either vote for this, or it doesn't proceed and that is it, just the shares sold to amati will be the amount raised - £3m.

yes - RDR, it would seem like the BOD are trying to ensure that they can issue shares without shareholder approval in the near future, even after this large raise.

just saying -- when this was gold coast resources, they managed to rack up over 2 billion in share issuance for one thing or another.

Whilst Haywood joined at the end of this, the company has a track record for issuing shares like confetti - they may have got lucky with WR16, however, I would be mindful of this company's history, when it comes to equity raising.

do not forget that whilst the first tranche placing stock went to amati and are officially listed, the rest is conditional upon approval at the upcoming meeting. They haven't got the cash for this yet, despite saying - raised £12m.

Shareholders have to agree to disapply the pre-emption rights and agree to this first, before they can place this stock on the market - this is the bulk of the placing.

Look at the resolutions - they are using up their alloted allowance to amati and want to renew it and then disapply pre- emption rights again... you will note the 128m shares allowance, not the 109m as stated in the placing.

They plan to issue more later.

esolution 2 – an ordinary resolution to grant the Directors authority to allot up to 128,394,000
new Ordinary Shares. As the Firm Placing will utilise in full the authority to allot shares that was
granted at the Company’s AGM held on 20 December 2018, the purpose of this resolution is to
renew that authority in order to give the Directors the flexibility to take advantage of specific
investment and funding opportunities as they arise, without the need to revert to Shareholders for
further approval

Resolution 4 – a special resolution to dis-apply statutory pre-emption rights in respect of the
allotment of up to 77,044,000 new Ordinary Shares in accordance with Resolution 2 above (such
Resolution being conditional upon the passing of Resolution 2

R-D-R,

They are not sidetracking w38 until Q4 this year - that can easily mean months and months before they go near it, that is why the rig is still at 16.

They are paying down the trade payables initially, with this 700bopd and a lot are mistakenly under the impression that they are keeping all the revenue - they are not - the government is getting cash already. People need to read the PSC's.

This money raised clearly is going to be used here...

licences or farm ins aren't necessarily cheap.

The funds raised also give us the freedom to explore fresh opportunities: we are a young, ambitious company keen to apply the low cost, innovative drilling technologies we have deployed in Georgia to new ventures in the region and beyond

how much capex for WR gas - they state 608bcf of resource.

Previous presentations said capex of $1.10/mcf and netback of $3/mcf - I note the capex bit has been removed from the updated presentation and instead it says npv10 - $1.1/mcf