Member Info for shamI89

Market knew about financial restructuring for quite sometime and it was anticipated that any restructuring will dilute existing shareholders heavily.However whoever bought after that was taking a gamble and has only him/her to blame.It is price at which debt/equity conversion takes place will determine shareprice.

Timing of RNS and major shareholder not being happy about it.Having said that we will get full picture in next couple of weeks as full terms and conditions would be "released" to financial press.But it was expected as company had clearly stated that it was looking to restructure and " few options" are being considered.I do think it never recovered from "bribery fiasco" and covid impacted it heavily as quite a few of these contracts were won by offering paper thin margins.Covid act as a double blow as due to slow down in industry company failed to get new contracts and then delay in contracts resulted in company making losses on existing contracts.It will be prudent to wait until we get equity price as share price will almost follow that price.

TUI and RR rights issue were highly dilutive to existing shareholders.I would say that 50% discount would be really good value for existing shareholders but wont surprise me if sharehodlers get wiped out.Anyone willing to take a position now should wait for refinancing and let the dust settle.

Years ago Metal exploration was in similar position, they brought in new CEO and he changed the fortunes.Danny boy is incompetent and crook.

They should have sacked him ages ago.They need to bring in new management to sort out this mess.

That was join technical studies, which was worth £500k.It was not hard to be part of.As far as experience is concerned, yes I can see experience of failed drills...

I dont know you are too thick to understand these issues, let me simplify these for you, would you hire someone who does not have a skill or experience?

Shell would be using "indigenous people" whole purpose of this process is to generate revenue, if they wanted to use "indigenous company" they should not have tendered it.Problem is these arguments are not making sense as per your logic they have already chosen this minnow which neither has money nor exploration experience to develop these assets.So wht is the point of inviting others for bidding as multiple blocks are up for grab.It is bs.

So why would they give it to this minnow if they have to appear "impartial" and if other companies have more to offer.

And Petros is saying that it will tender this asset through competitive bidding, so clearly there are other interested parties.So where is investment case!

Before this we had a "mystery buyer" who was willing to pay £150 million for an asset that did not exist and BOD"rejected" that offer saying that "imaginary asset" is worth more than that.You cant trust these conmen.

Lol that is if they manage to get this asset and then prove up resources through exploration.There is no investment case here!

Feeling "positive" are you really?As things stand there is no psc, no asset and not enough money to even fund an exploration drill.Bod is using all sort of tricks to fool mug punters, August 2025 is deadline and it will be game-over.

Itching to get out, are we?

And who would pay for drilling and besdies that an exploration well failure can end the journey there.Right now there are far too many question marks.Company does not have asset, there is not enough money to drill a well, and it has to compete with other major players for this asset.So hot air and mug punters are driving price up.Musical chair will stop at some point.

Market is expecting a placing, CEO should have clarified what source of funding he is looking for as nobody wants to take a position to be diluted heavily through placing.It has fallen more than 50% since then.

This is being run by bunch of crooks who have cost shareholders 99.5% over the years.It used to be called Obtala resources which had some amazing assets but rest is history.

These sort of companies have only one source of income and that is punters who take part in never ending placings.It looks like some people got in after that RNS and would have got out today if this RNS did not land.It is really hard to see an investment case here!

That is a bs, if flow rates were good they would have released them.As any "interested" party would have data in front of them to make an informed decision.It is a duster.

If BOD knew that it was game over last week but deliberately released a vague RNS to let their mates out.Someone was dumping shares in 10k tranches while punters were piling in.Good luck to holders here but why would you want to invest in a company which has failed to hit an appraisal well?