Member Info for shamI89

Well this company still have to fund their part of drilling and you tell me where is that money going to come from?

Trying telling that to bondholders that we have incurred these historical losses of "£239 million" we don't have no money can you please take these instead. These losses are only valuable when oil price is low, think premier oil bought E. O. N assets when all price was around $35 and used their losses to offset any tax. North Sea is one of the most expensive area in the world and due to windfall tax many oil companies are trying to move away. Some oil giants have put their assets for sale in north sea. I can't see bondholders letting this company to go forward with another drill, firstly it does not have cash as 1/3 of cash is restricted and it already has missed a quarterly interest payment. Secondly if bondholders do agree to an extension and increase interest rate any money generated would go towards interest payment and we will have same problems years later. This is hell a lot of gamble right now and more like flip a coin scenario. Another thing is that all of company's projections was based on £1.30 per therm price and beyond that company is in breach of covenants, current price is roughly half that.Market is pitying no value on equity at all and there does not seem to be any improvement until end of this month and that depends on outcome of discussions. I do suspect we have a major institutional seller here and he has sped up selling by the looks of things.

Not really only way I can see share-price recovering is if they extend bonds and if bondholders do extend these bonds and double interest rate then that would eat into all of cash flow and bondholders would find themselves yo be in similar situation two years later. It is hard to predict price of gas as it is all over the place but we can say it will hit 2 during peak winter months aur would drop back to 0.7, would it generate enough cash flow. Thirdly right now if we only have one producing asset, what if something goes wrong with it and we don't get no revenue at all for couple of weeks or months.

Saw your "model" today and looks like there is just enough cash to make interest payment. By the way Russian war did have a huge part to play that rise and caught market off the guard. But rest of Europe is well stocked up. However tell me how will this company find 100 millions next year?

Why do I need to go through another's company calculations if I had an update last week. But why did it miss interest payment if there was enough cash to pay off bondholders. And why are bondholders taking long if they are willing to extend the bonds. Another thing this operations would continue regardless who owns the company and it has happened to countless companies.

Went through discussions and sadly most of it is based on "hopes" and "expectations". We had an update last week and I encourage you to go through it and then make up your mind.

Not so long ago and total revenue was 9.6 millions if I am not wrong and a bond interest payment was missed as well. Some one did say that production would be paused due to maintenance in Q3 for sometime. When we take away interest payments and administration costs there is nothing much left for asnythig else. It looks like this company would generate any cash flow this year. Even in best case scenario it will only generate 20 millions cash next year and that would just cover interest. Gas price is on its knees, drilling has eaten into cash reserves it had. Problem is some people have invested more than they could afford to lose and are sprouting all sorts of bs to lure others in. Market is rightly pricing an equity wipe out as how can this company pay debt when it is struggling to pay interest.

Institutional seller selling and by the looks of things he has sped up selling. May be he wants out before agreement with bondholders is concluded. Problem is sometimes you have to work things through as it is unusual for a shareprice to keep on falling without any reason. Can private investors do anything? I don't think so. Some

There were good chances that 6 or 7 months later Hurricane would have paid 80/90% debt which it went to do.

We have debated this before Hurricane had 70% money at that point and bondholders tried to impose that debt to equity swap much 6 or 7 months ago.

Bondholders agree to an extension and put in some money to drill a new well but would want an equity wipe out. Another scenario is they agree to an extension and increase the interest rate from 13% to 20%, with current assets that does not leave much for anything else and when bondholders come back after two years they would find themselves to be in similar situation. Either way this company needs money desperately and in my opinion bondholders are likely to go for first option.

So you reckon these guys would turn around to bondholders and stick two fingers at them? May be bondholders would get ballifs to ransack iog plc and that would make a lovely episode of "cant pay we will take it away". Got ya

Hit a nerve there, have not I?

Who told you "shorting this at this level is dangerous" if someone had opened a "short" on this last month he would be sitting on more than 50% profit. Even if someone went short two days ago he will be enjoying 20%. Not that I want to "short" this.

Pointless arguing with you. What do you think "short term extension" was about and what sort of "discussions" are taking place. Bondholders are monitoring every single move and they have to be extra vigilant as they won't wait until next year to get told by this company "sorry guys we have not your 100 millions and here are some options for you guys".

I don't like him but he knows his stuff and has busted many aim frauds. Quindell was one of them. I don't care what he used to be and what he did but he has been bang on money and knows his stuff. Now here is a thing he was the first to warn against this bond deal and share price has lost more than 90% since then and mug punters here were shouting 100, 150 and 200.Who do you think I would believe?

Don't worry bondholders need volume and for that they need mug punters to buy these. So they are waiting for mire mug punters to buy in to provide more liquidity to resume selling. I love Arthur

Off course they will pay the interest to keep this going. But how long can this go on for? Do you really think that bondholders are only after "interest" they want full money plus interest and at the minute they can only get interest.

As I said when they are done converting these they would need mug punters to sell these converted shares so take your pick.

People as I do think that institutional sellers smelt a rat in last rns and decided to bail out. But our average rampers thought they can match this selling and even lure others into investing this through their bs. I do think it is Log administrator that is dumping as others did not have this kind of shares.