Member Info for shamI89

Taken from one of Rns

"Lower than expected production following the Southwark A2 setback has created uncertainty over future cash flows. The new leadership team has been carefully assessing the Company's projected financial performance and continues to analyse options to best manage the capital structure in both the short and longer term. In that context, we have been working to deliver incremental improvements such as fixed cost reductions and increased oversight and assurance. We have also initiated a full technical review of the pre-development portfolio to ensure we allocate capital in the most effective way in future"

Funny that they announced they will need to shut H1 soon after technical glitch at H2 well , which was identified and rectified.

They should have updated the market through RNS , we have not received any info so I will stick with 20

Current production rate is 22 mmscf which will be expanded to 42.1 however H1 would be shut in.So total production is 22 mmscf at the mintue?

Problem lies with management, problem is a hell lot of money has been spent on these failed drills and dont think current assets have ability to generate any significant cash flow. H2 was its last bet and when that failed it was game-over.It is all about preserving previous cash , another option would be raising money through placing but share-price is too low for that to happen and it would dilute existing shareholders heavily and some institutional investors are not happy about it. At this point equity is worthless

Someone is selling 50000,100000,150000,200000 and 250000 shares almost over last week.It can be a distressed seller or he knows something that we dont!

What is current cash-balance.Company had 31 millions in October 2022 and no update has been provided since then regarding cash-balance. H2 is only expected to produce around 20 therm per day for a few months before planned expansion to intended 42 therm is execured. I cant see any significant revenue being generated from that given that H1 would be shut in too.

Lets see as we have not got a flow rate and se-watering is an issue as well.From what I read production from one well will be suspended to let other run.Problem with that is a small "technical problem" which this company had many of can lead to both of these wells being shut.This company tried to find its way out of it through drilling three wells and in doing so has accumulated hell a lot of debt.

Not agreeing or disaggreeing with what you say but that is my possible explaination of current situation.Why are we not getting an update on production?Hurricane did have a lucky escape with price of oil rising.Right now bondholders are controlling things and it looks like they want to conserve cash and that is why future drilling activity has been suspended.

Bonds are trading at 45% so that kind of tells you that there is no equity value left. Management had more than its fair share of chances but.........

She is suing current bod for unfair dismissal. She had 12.45% and assuming that 8.45% was bought off her, that would have left her with 4% which should not take too long to clear. But I guess some private investors have sold today as well as BOD needed to inform market of this.

Market got spooked by boohoo's aborted attempt. It will settle down one way or another.

Boohoo wanted to seize the control without paying a penny to other shareholders and not only that wanted shares to remain suspended. There are far too many unknowns now but looks like game is out of their hands once shares has resumed trading.

And built up a large initial stake, however they got too greedy at the end.Having said that they have done well on their investment.

Looks like lifting of suspension was not part of it.For time being speculation would drive the price up/down and this is trader's play right now.

Boohoo wants to pay top price for takeover.They saw a chance to buy this company cheap and decided to act on it.

Hard to value this company at the mintue as traditional method of price to earning is not valid here and company did incur a lot of exceptional costs last year. Right now increasing revenue and profit would be way forward

For shareholders, I am not a big fan of current bod, but they have done well by blocking boohoo's attempt of cheap takeover without paying anything extra

Think you need to read last update eatstocks, market got spooked by "going concern" and "additional funding" statement. Fortune took a big gamble on price of vanadium and that did not go well.

Seller is still about and I hate to think where it can take shareprice. This share has lost nearly 33% value since this update and we have not seen any sign of reversal yet.

Some factors are beyond anyone's control here,vsnadium price impacted company's finances and was a deciding factor.It is really hard to guess the bottom.