Member Info for shamI89

"rope a dope" springs to mind. I am 90% sure that a new drill is being planned as current assets are worthless so bondholders desperately need something to boost cashflow.

Coldspy working hard, let me tell you something, it is going nowhere until bonds are resolved I am surprised that bondholders have granted this waiver knowing fully well that this company cant pay it existing interest payments let alone finding new money. Equity is worthless

Who will pay for this drill?

Lol, poorinvester keep investing more as you will be really poor when bondholders pull the plug. I suspect twitterati are pumping it hard for their 10% and most of them would move on. But won't surprise me if institutional investor pis ses on this short-lived party. Share-price is going nowhere until bonds are resolved and after last Rns D4E is certainty. Private investors are being trapped here and"p&d" crew would speed up this process

Taken from 15 May Rns

Production from the Blythe H2 well will be initially ramped up to safely and efficiently manage the production of the resident pipeline fluids into Bacton, then expected to build up to 30-40 mmscf/d rate post ramp up

Then we had this Rns on 13 June

H2 is intended to be flowed at initial rates until specialist downhole equipment arrives on the rig within the next two weeks to assess and, if necessary, manually actuate this valve

· This intervention would likely take up to a week at an estimated incremental cost net to IOG of c.£0.5 million

· If successful, the intervention would be expected to increase H2 flow rates to the previously guided 30-40 mmscf/d range

We had Rns from 26 June

We have successfully completed the wireline intervention at Blythe H2 well, which has now flowed at a maximum stabilised rate around 42 mmscf/d, slightly above our original 30-40 mmscf/d guidance. Production will now be managed up from 20 mmscf/d towards the maximum rate to further dewater the pipeline. The team has worked very well to identify the issue and remediate it safely and efficiently. The significant improvement in our operating team performance is also demonstrated by Blythe operating efficiency increasing from 59% in 2022 to 93% over 1H23 to date.

Now let me post contents of last update

Blythe H2 gas rate has seen natural decline to approximately 26 mmscf/d currently, with over 95% operating efficiency in July and no associated water production

You tell me they did not mention this decline as as per Rns initial production was to be managed from initial rate maximum which was 42 mscfd. Why has it declined by 20% in less than a month?

I will post the contents of previous RNS and then you will go silent. But let me find these flow rates and don't disappear.

Initial production estimate was meant to be 20/30 mscfd which was meant to go up to 42 mscfd if I remember correctly. However they only managed to get 32 mscfd and current rate is 26 mscfd. Either their estimates are way off actual production or H2 is not as good as it is made out to be. That means bondholders are taking anything management says with a pinch of salt. Any decrease in production should have reported via separate Rns as it is price sensitive info.

You have been saying it for weeks now Coldspy..... Next!

I do believe assets they had were good as Cal Energy must have seen something to put in that sort of money but management and technical team was not upto the task. They blew a fortune on these drills and got nothing to show for it.

It has been a bargain for quite sometime to you. Every week you "top up" to "average down" and share price falls further and then you buy some more shares to average down the shares you bought previously. Never ending cycle that is.

Well right now your "gap" is being filled by company, bondholders and market makers. I don't need to join them, do I.

What sort of "gap" is it supposed to be filling if it is going to hit 1.4.

I for once agree with you Coldspy, management needs to be held responsible and should pay for damages caused to investors. In most of cases they get to keep their jobs and walk out with decent money when shareholders get shafted. I guess now is time as this share has lost more than 98% in one year so may be you should start looking for legal advise.

Shorters don't distroy these companies, management's do. Shorters spot weaknesses and then make their move, they research thoroughly as if they short a good company then they are stuffed. Aim is driven by speculation and in most cases that speculation is based on nothing but hot air.

Is offloading too as it was being pumped hard on twitter by usual suspects abd shareprice still lost nearly 30%. Private investors are being trapped right now.

That is why I believe that some money raised through D4E swap is inevitable, another drill at the expense of shareholders

Read last Rns they are working on other potential options, which demonstrate that if a waiver is granted it will be conditional upon D4E. Bondholders have been talking for months.

Unrestricted cash balance is 12.7 millions, they have missed two quarterly interest payments and production is declining. Besides these bond holder's we have another lender too. Now add in all of this and see where it stands financially.

Tis a cracker this one.....A wee cracker!

Keep adding you have a long way to go. Last week you were prepared to add at 0.2 but that"bagger" ain't coming your way.

Managed to get trapped in this, hell of a gamble after last Rns and there are two possible scenarios both of them lead to no value left for shareholders.