Member Info for Silversprings

PK - how does Summit fit in? They’re included on the web suggesting links with Atlas Toscafund and even Anavio through the same Cayman Islands address. Yet from the dates we’ve received from the action group it seems that their interests are in opposition to Anavio’s and they’re currently in a stand off?

4 working days left until the end of Feb. Surely there’s not many options left for Anavio now. Are they really just going to lose everything just so no one else can have it. They should have just injected the gas properly and signed the JV, imagine the value of their shares now if they had.

Bolton, I can’t imagine there’s any deal to be made whilst Richardson and Anavio are still there

Clear them out however and who knows it might be a different story, the asset is still too big for a minnow to delineate by itself.

Thanks RBM, grateful for the response as always and you keeping shareholders informed, much appreciated

RBM - why would Richardson feel any need to publish this RNS if he and Anavio are in this position? Is he really going to change his mind in a week and come to the negotiation table?

Sooner Richardson is served his papers the better.

The bondholders get nothing if this goes bust. I find it unbelievable Richardson is carrying on with this. There’s potentially fraudulent statements alone in that RNS.

Finwit - it sounded as though TR was on the way out and all guilty parties looking for an off ramp.

This sounds like he’s doubling down regardless. Kravitz’s name isn’t even on the RNS, how can Richardson still be in charge here.

Richardson’s name still on the RNS, absolute snake

Dave - what’s your view on the new betting direction?

Technoinvest - it’s nice to see some positivity on this board for a change.

The key will be revenue, although I supported the shift to NFTs at the time the company has never disclosed how they fared against revenue targets. If they’ve decided to change course to take advantage of betting revenues then that’s fine but we probably need some more clarity on what the future holds for the NFT proposition.

RBM, even though we all suspected it, it’s absolutely staggering to see it confirmed. Not only an insult to investors but also an insult to any skilled engineers working on the oilfields who genuinely wanted to see the field perform and the company progress.

We see it from the investor side but there’ll be innocent people working for this company seeing announcements going out about the company being in precious financial position, assets not worth enough to cover the debt etc. who have probably feared for their livelihoods and careers. All just part of an elaborate con by some greedy financiers. Disgusting.

Thanks for your response Finwittrader, extremely interesting, these snippets as and when they can be revealed are much appreciated by long term holders.

Finwittrader - great insight and great to hear that the pressure of the SHG is bearing fruit, thanks for all your efforts with this.

A quick question, presuming Anavio had war gamed out what would happen if they rejected the JV and refused to inject any gas surely they must have predicted Summit calling a forbearance agreement and placing a CRO in place. I half thought Summit may have been acting in concert with Anavio to carry out their plan but if Peter is indeed swinging the axe on behalf of the senior lender (rather than Anavio stooges resigning once their hatchet job was done) then what’s gone wrong with the Anavio plan to steal the asset on the cheap?

Saint Nick - in that scenario would the share price not immediately rerate higher? COPL with the intention to continue operation, and debt free, would become a going concern. The fraudulent parties would have stolen 95% of it on the super cheap but as it’s currently priced to go caput would the market not mark it higher even accounting for the massive dilution.

Not that I care at this point, just want to see Richardson et al pay for their crimes

Given the corrupt nature of the BOD it wouldn’t surprise me if they did an equity raise or another bond financing to keep this going for another 12 months so their mandatory offer becomes absolutely negligent. Why buy at 8p when you can buy at 0.15

The question remains what is the company’s next move? Kravitz has a month to put together a plan for the senior lender (if we can trust anything that was written about the forbearance agreement). He’s now CEO.

Gupta has gone, Cowan has gone, Richardson is not listed on company’s house but is on the RNS announcements. What is the BoD response to the Shareholder group demands and what is their proposed next step operationally? These are still unknowns for most.

All the BoD had to do was make a load of money (shared with PIs) instead of greedily trying to steal ALL the money including PIs. Literally just signing a JV to make everyone very rich would have seen none of this be necessary. Pure greed. Hope they get what’s coming to them.

Thanks RBM, you have my support

What I don’t understand is the SL role in all of this. So they want their 130mill back. If Kravitz sells the assets to get the money then Anavio don’t win (unless they somehow control the buying entity that receives the assets) . If Anavio provide a take out offer to take the company private then they still need to pay off the SL and find the money from somewhere. So unless the SL and Kravitz are in on the scam too I’m not sure how both parties end up with what they want here?