Member Info for Sir_Hector

Yeah, more ‘good’ news but not the good news we need! Get the well permit and stop the attempts to pump the price Anthony!

Sorry, not sure how off-take turned to apex?!

“We remain open to strategic apex partnerships” I believe I heard him say towards the end. Also they have a MoU with one potential off-take partner but are continuing discussions. Does that mean they are considering/seeking up-front capital investment as part of the off-take package? Makes sense I guess, especially if it means the placement is.nt required or only needs to be small.

Yeah, very little activity nobody wants to sell at 6p because they likely bought at more than that. Nobody wants to buy even at that price ahead of a placing. However, we know that AH will want to boost the market with news of the well approval before the placing and if he can then the price will move up. So, on that basis now is a good time to buy if you believe the hype.

Well I’ve had a reply from HL acknowledging my complaint and starting the clock on the 8 weeks to respond imposed by the FCA. I doubt I’ll get much satisfaction from the response but I’m not happy to let them have this pass unnoticed. If you have an HL account I’d encourage you to message them with a complaint if only so I’m not the only one!

I doubt that very much! This isn’t going to tank, nobody wants to get out at 6p and nobody wants to buy either. The AGM is a month away so there is a bit of time before any placing for some good news. That needs to be more than we had today though, anything short of Hussar well permit approval will be disappointing for all. I’m sure Hamilton won’t want to place at less than 12.5p if he can help it but he’s not played his hand particularly well and has had to put the placing on the AGM agenda. If he could raise capital another way I’m sure he would but he hasn’t.

If he gets the well permit then people will want to buy in especially at 6p. Demand will drive the SP up and hopefully we’ll then see a raise with the minimum dilution. If not then I can see a placing at 5p.

I’m not sure how much investment Mt W work is consuming. Most sounds like form filling rather than physical work so I imagine the team that was handling the Hussar application have just picked up the Mt W work while Hussar went slack.

At this stage any news is good news and I welcome the up-date. Unfortunately, the BoD have only woken up to the need to keep the market and investors abreast of developments since it became apparent that funding was an issue. I suspect that after the fall yesterday they figured that a new RNS could only make things better. Unfortunately the timing rather smacks of desperation. At the end of the day this is a huge opportunity and that hasn’t changed. That being the case I’m sure investment will not be hard to come by and n these bumps in the road will be just that in a few months time.

I’ve responded to their reply asking for a proper explanation stating that I wish to make a formal complaint (to get it into their complaint system). With luck I might get an answer from a human rather than a bot!

How does a placing work? The stock is listed as a 5p ordinary but I’m assume any further raise will be at a small discount to the current price. The original 5p share looks like it went live at 12+p. If there is some good news regarding the well application between now and the new placement (maybe in six weeks or so) surely the price could be similar? In which case 3.5p is unlikely, surely?

I’ve messaged a complaint about their woeful tardiness in restoring the stock’s trading status to trading, and received a very glib reply to the effect that I can trade now (no sh*t Sherlock!). Has anyone else complained? According to the GEX site 11% of stock is held through HL, and with the BoD (Westmarket) holding the largest stake, HL control a significant proportion of the stock in investors hands. I’m very disappointed and if I don’t receive a fair response to my follow-up I’ll consider raising the issue with the FCA. In the mean time I’d encourage others who feel as I do to send a complaint to HL.

Well it seems to be clear from the AGM agenda that they are seeking to raise additional funds to continue. This was inevitable. As things stand the dilution will be quite large given the current price. If they can get the well application approved before the raise then there may be sufficient demand to push the price up to make fewer new shares needed for the amount required. We shall see…..

Seemingly so, I imagine that if they were wanting in they will have filled their boots by now and are off trolling another board by now as there is nothing left for them here. It will be interesting to see what happens at the AGM, I’m tempted to actually attend just for once (not done before) simply to gauge the room. I think there will be growing investor interest as this has such a huge upside and many of the potential pitfalls have now been safely negotiated. If concluding the well application is as straightforward as is implied in the comms, there is little remaining to get in the way. If they can unlock that before the raise there will be a huge wave of demand and no difficulty raising cash.

Finally lifted on HL, we are now free to trade at the current price which is significantly below the price when the suspension was lifted 5p vs 8p. I have messaged HL to ask why they have been delinquent!

5 pence is the nominal price per share.

Ah yes, should have realised that, I was thinking of the original opening price of 12p or 15p whatever. I think this is simply the inevitable consequence of circumstances. They were always going to need to raise, it was a question of when and how much progress could be made before it became necessary. I imagine the BoD would have been aiming for a well permit approval but have come up just short. Given that the potential remains in the ground and there don’t appear to be any obstacles that can’t be relatively easily overcome, we can all hang tight and potentially add more stock at a bargain price (when HL catches up).

On that topic, surely HL must be in breech of the rules? Effectively acting to suspend a stock that is now trading elsewhere. They are showing price moves but not lifting the suspension. Friday’s late announcement might just be forgivable but not the 3 hours this morning especially with two significant RNS releases.

Just seen this and a quick scan suggests they will be looking to raise cash with a share issue at 5p. No wonder the price is dropping!

Still suspended on HL although the price is updating! Figure that!

Yup, that sounds about right Legal. The RNS gave very little new info and only really a few details around the well application status. I was expecting more of a timeline and my reading of the approvals is that they include permission for exploratory drilling which isn’t mentioned. So on balance I’m not sure if I really know any more than I did last week. Plus, I’m locked out of topping up!

Yeah, given that a significant number of potential buyers are locked out of the market that’s no surprise!

Well you’d hope so but HL still have the stock listed as suspended! Useless as I believe most of the shareholders are via them!