Member Info for Skippysb01

If they come back next week and tell us they have secured a drill to start in 4 months time I will be thrilled!

It's as if todays RNS tells us that the well is actually sucking oil and gas out of the cans back into the ground.

Does this new well not add value? I don't get it. I don't have much experience in the field so maybe someone can enlighten. Maybe it's just today? I can't see anything from the RNS that doesn't show added value from this well. Is the market waiting for confirmation of the production set up? Even so makes no sense to be selling today v any other time.

Makes no sense. All morning long could have sold those shares over .07p so then sell 90m shares at .066.

AIM continues to amaze me.

Actually MOU and similar - however risky - is material. So in fact they probably had to RNS it or certainly would have felt very compelled to do so (loose lips and all that). In hindsight it worked out quite well.....

Making company announcements based on LOI, MOU or heads of terms etc. is completely normal. Suppliers are usually thrilled to get signed up and almost always fulfil to contract stage unless the purchaser of those services decides otherwise. There is bad luck and then there is bad governance. Truth sits somewhere in the middle.

Also - without the announcement there would be no fund raise and where would we be now? HE1 would have ended on Tuesday if they had not raised funds based on the terms they had in place - no matter how risky I'm very glad they got that done in December.

Clemdave - exactly that. This was very poor supplier side failure. I suspect that Evictus had terms in the contract that meant they could force the drill company to stay..... possibly they did not perform as required.

It sometimes feels like DM shot the albatross on his way to Tanzania.

I too like the 'ripples on the pond' view of this.

All I care about now is whether or not there will be a drill. I think that will happen but I just don't know when. I have made the decision to keep my shares because if there is a drill they will be with more than they are now (big upside) when the drill hits the dirt. Every suitable drill out there in the word has a date on which it becomes available so it's just a process for HE1 to secure one and tell us when it gets put to work.

Will the SP fall depending on how long it takes to secure the drill - probably yes. If Ive decided to wait then the only decision I have to make is will I average down?

So much of investing in a stock like this is the latency of potential. If I just look ahead to the drill actually taking place then everything that goes before that is only important if it's money I need today (I don't) or money I could use to make money elsewhere faster (not likely as my position here is just too good so it's better to wait).

I reckon the risk to the SP now is more about how long it takes to get to the drill rather than whether they will get to the drill. Maybe money invested still expecting a fairly short delay. If we end up with more than 3 months extra we could go lower..... opportunity perhaps.

I'm somewhat reassured. I can't imagine that there is such a thing as a bright shiny unboxed new drill waiting for us in this business. So whatever comes next is something that is in use now? Although DM did just suggest there is not as much congestion as there was last year? Expect we will hear something in a few weeks time.

I no longer think it's worth me selling the shares I bought at 5.5p a few weeks ago. So I'll see what happens.

RP just tweeted anyone can turn up to the AGM and it's free.

Rather than cosplay let's do 'coreplay' everyone grab a rock and decorate it so it looks like a banging core sample. Winner gets to post it on the official WSBN Twitter feed.

gogs. Sure you are correct but same difference more or less on how it works legally.... or not. I wonder how common it is for exploration but MOU and LOI are often used to indicate increased certainty in all markets - it's what they are for and I would say 9 times out of 10 they lead to binding contracts and it's usually the purchaser of the services that pulls out not the provider. HE1 will have considered this to be in good faith.

Under MOU I would suggest that it's unlikely that Baker Hughes would have to reveal any of the contractual terms that could hold them to Invictus. In fact legally they probably cannot do that. So ultimately the MOU is good faith and not subject to any deep due diligence. Ultimately breaking the terms of an MOU is about how it looks to the wider market - It doesn't look good on baker Hughes in fact. 'Good faith' is not legally binding but it isn't a good look to break it.

Completely understand all the frustration. For me it was the relative certainty of a drill in Q1 or even Q2 that brought me back in.

It is true that they have cash and that will help secure a drill. It's a complete unknown as to whether there is a drill out there to secure within a reasonable timescale. My glass half full view is that surely HE1 really have made themselves aware of what the art of possible is to get a drill and that they are aware of the market in that respect an had already made contingent connections considering they only had the MOU in place. It kinda cuts both ways for potential drill companies as they can be incentivised on the potential of a discovery so it's not just paying for the drill up front.

I don't agree with some of the more out there stuff about HE1 lying to us and everyone. I expect that Invictus had the drill company by the b@lls contractually and nobody makes plans based purely on risk and contingency. It's completely normal that they signed the MOU in good faith but the drill cannot be released for contractual/legal reasons - which by the way are likely hurting the drill company.

We are most fortunate that this happened after the fund raise. That's the only thing keeping my hat in for now. I bought more shares during the placement period at 5.5p so I may sell those and think about putting back in later.

The spread is ridiculous!

We won't get 5p. The placing ties us into the 5-6p range until we get news. Placing done early next week we might get some selling of those shares on quick profit but they won't sell below 5p obvs.

If we get no news we will struggle to escape this range but I expect we will get news. In any case - it's going to be plenty up on today when that drill hits soil.

I'm not sure but don't the board have share options or even performance related share options as part of employment contracts. It would usually be the case I think. Not sure they would need to buy shares in the placing to get minted if they get a discovery.

It's certainly obvious that a certain group of posters are not around today. They will of course be amongst those buying.

Oversold. Some of the behaviour on here yesterday was predictable and disgraceful.

They could t find raise without ducks in a row for the drill. First thing the investor asks is when are you going to drill? Do you have a drill? Hence find raise now when they have a clear plan.

LOL - that really does look like his escape kit in that suitcase!
Looks a bit like he's been out on the lash too. Still in his suit from last nights party.

Maybe, but they have been haemorrhaging shareholders and no volume whilst everyone waited for the inevitable placing. So I think they had to do it now.