Member Info for smallfishbigpond

thetriplestar.
I think the answer to your question lies in Deano1978’s post this morning.
He’s not prepared to put his money where his mouth is when there is a danger of failure (it does actually show how much belief DM has in is own project, unlike Ian Stalker who has put his money where his mouth is and should be applauded for doing so) but is prepared to buy 18,000,000 under “options” (I wasn’t aware he had this until Deano1978 brought it up this morning) when everything has been derisked with a discovery. If that is the mark of the man it’s no wonder this share has gone t*ts up over the last 13 months.
I think DM was expecting to have a discovery by now and have his “options” exercised by now. Would be interesting to find out if the “option” DM has, has an expiry date or an “option” to extend the “option”

SlowRoll.
I should have been more specific rather than tarring all officers with the same brush. What I had in my head didn’t translate into writing.
The officers in the trenches with their men were exceptional. Brutally hard on discipline but they had to be to maintain order.
I was referring to the very top brass back in Britain who were sending hundreds of thousands of men to their deaths for no strategic gain or temporary gain based on extremely poor information but did it anyway.

QuantumStar..
Shows you how DM thinks. I’ll let all the Pi’s take the risk with their money up to discovery, if there is one, and then I’ll step in on that discovery and exercise my “options.”
Reminds me of the officers in the Army in WW1. Always in the background until victory is secured and then they crawled out their heavily fortified bunker and claimed the glory.
Deano1978.
I can’t imagine DM will let his options expire. If there is a date of expiration I’m sure he’ll have an “option” on his option to extend it. lol

Totally agree.
If the BOD are delivering then fair enough, they deserve a very good pay package.
Take a look at Tlou Energy’s BOD. The CEO, Tony Gilby, has foregone his wages for TWO YEARS because of the set backs and the rest of the BOD have taken a 50% PAY CUT. That’s because they have the decency to recognise that a lot of shareholders have stuck with them through THICK AND THICKER. Hopefully this year will see the THIN. I guess that it’s just a case of some BOD’s have more respect for their shareholders than others.

Art123.
The buys are already getting smaller and more infrequent while the sells are big.
I am on a 15 minute delay though so not including the last 15 minutes.
DM needs to turn this round asap but having just seen the salaries the BOD are on, on the BB, what’s the rush?

This company doesn’t need de-ramping on the BB.
Big Dave and the BOD are doing a mighty fine job of their own at the moment.
Can they turn it round though in a reasonable time frame to redeem themselves?

Latore.
Not fishing for anything. I am pointing out with the failure of securing a rig under contract, it could open up a big can of worms. It is all dependant on how soon the BOD can secure a rig under contract. The longer they take, the likelier the SP keeps dropping. Yes, the SP will rise sharply on an announcement of a rig being secured, but will it be at the current SP as you state? If anybody is prepared to invest and wait they should be rewarded. The million dollar question is how long are they prepared to wait?

Swissydog.
This just proves what I have been trying to say yesterday. If Invictus are prepared to retain and pay for a rig for 7-8 months with it doing nothing tells me how scarce rigs are today and will be in the future.
Failure to secure the rig is going to open a whole big can of worms.
Can they secure a suitable rig, under contract, this year? Probably not.
So now you’ve got to think about cash burn over the next 12 months.
For me, the BOD should state in a RNS that they are reducing their wages by 50%, or better still, foregoing their wages altogether until a rig is secured under contract. That isn’t going to happen , but it should.
So with the cash burn, is there going to be another raise later on this year? Not saying it’s going to be for £9M or £10M but it could be for £3-5M.
Then you've got to think what the SP could be at that time. That will depend on if the BOD have secured a rig under contract. If they haven’t it could well be in the 3p range which means the dilution will be greater.
If the poster this morning is right (forgot the name) about DM saying no comms until they get a rig the SP will drop over time. To what level, I think will depend on the length of time of silence from our BOD.

Wouldn’t it be nice if all the BOD bought 1,000,000 shares each today to reassure the long suffering shareholders?
It’s always been taken as a red flag when the BOD have very little or no shares in their own company because it speaks volumes as to how much chance the BOD think their company has of success.
mmmmm, ……. how many shares do you have Dave and Ian?

Skippysb01.
I think what shareholders are angry, frustrated at, is that they were not made aware of Invictus’s right’s of extending their contract by 12 months after their current contract ran out.
Did the person responsible for signing the MOU know of Invictus’s right’s to extend their contract? If they did, they should have let shareholders know because that is with holding market sensitive news. SIMPLE AS.
If they didn’t know then you have to ask why and where was the due diligence?
It does seem to me that the entire board are incompetent and way way way out of their depth when it comes to running a drilling company.
That is why the BOD either need to step down (not going to happen with the wages and lifestyle they’re on) or employ somebody who actually knows how to run a drilling company. The company cannot go on through 2023 as it is because
It will not survive.

As we all know, including Dm, rigs are exceptionally hard to secure under a contract and I cannot see that situation changing at all, If not getting worse.
The BOD have now royally dropped the company in the sift and smelly, UNLESS they can secure a rig under contract by Q2. For me, it isn’t going to happen. If they couldn’t secure a rig in the whole of 2022, what chance 2023 when rigs are going to be even scarcer? So if it is going to be late 2023 or 2024 the chances are another fund raise is likely. Especially if the BOD are taking full pay adding to the cash burn. Trouble is, if another fund raise is required, who on earth is going to put money into a company that runs on “GOOD FAITH” rather than solid legal contracts? To base an entire years drilling campaign on a non binding MOU defies belief and just goes to show how out of depth the BOD are at running a drilling company.
No doubt the BOD will, yet again, go MIA. (Missing in action)

Diversified.
It’s a good entry level, I totally agree. Only if you’re prepared to wait until a rig contract is confirmed. When that is, is the million dollar question.
H1 have funding in place but as time goes by that will be eroded by wages (and they aint your average £25,000 a year) finding a new rig, maybe having to repair the rig, auditing the rig, maybe transporting the rig from outside Africa, not to mention travel by DM and associates to inspect the rig (can’t see them flying economy class) etc etc. will be fine if they can secure a rig Q1.
There is going to be a recession around the world this year for a lot of countries. Business’s are going to suffer but it will mainly be the high street and online business’s that suffer. Energy companies and potential energy or resources companies are going to thrive. The reason being countries like Germany and France have had a rude awakening from Russia that they cannot depend on other countries to supply their gas and oil. So they are looking at every possibility of obtaining their own supply. It is this rush to obtain self sufficiency that has caused rigs to become scarce and companies like Invictus to pay a premium to retain rigs. If rigs were going to be plentiful in the year to come would Invictus be paying money to retain a rig? I personally don’t think so and in fact show’s you how scarce rigs are and how scared companies are at letting rigs go. Which is going to be bad news for DM and H1.

I think you’ll find the BOD will melt into the background like Homer Simpson does walking backwards through the hedge. lol
I think H1 either need to change the BOD or employ somebody or some people who know and are experienced in running a drilling company. The trouble with the latter is that will be even more wages to pay and a bigger drain on the funds raised recently. It has I’m afraid turned into a circus over the last year but that is purely down to very bad decision making by the inexperienced BOD’s in running a drilling company. They are clearly making decisions they are not qualified to make. I can’t see it changing until H1 has a qualified person making the decisions. I will keep an eye on this as it could be a multi bagger but only if they get the right people in.
Good luck if you hold to the end, you’ve got more b*lls than me lol

They have proved over 2022 and now the start of 2023 that the BOD are totally out of their depth when it comes to making crucial decisions. They may have their Phd’s in geology and whatever but obviously a distinct lack of knowledge of running a drilling company.
I am invested in another company similar to H1 and their BOD took a 50% pay cut for 2 1/2 years and the CEO no pay at all when things went wrong.
A BOD that has respect with the vast majority of shareholders.
I do think H1 BOD should do the same until a rig is secured but I won’t hold my breath.

Diversified.
Some are looking for a low entry point and others are trying to keep the SP up. Same on any BB nowadays.
Here’s a genuine question for you.
There is a a scarcity in rigs, as I explained in an earlier post due to the energy crisis Russia has caused and as DM has found out all last year. The problem DM has now is that companies like Invictus know how hard it is to obtain a rig so are willing to pay a premium to retain the rig they have. Other companies with any common sense will be doing the same, or at least that’s what I’d be doing if I owned a drilling company. This then makes rigs even scarcer and the cycle continues. Do you think DM can obtain a rig in Q1 or even Q2?
My thoughts are, if he couldn’t get a rig for the entire 2022, what chance now, now rigs are even scarcer?

surf1.
Same here. Small loss but will be back.
The big concern is can DM get a rig of the same size and working order or are we going to see a change in plan for drilling with a smaller rig? Got to remember, with the energy crisis, every man and his dog is drilling for something so rigs of the size we need are going to be very hard to find. As DM has found out last year.
How long is DM prepared to wait for the right rig? 2 months? 4months? 8 months?
Is it not 6-10 weeks just for mobilisation and erection, dependant on where rig is in the world? DM could pull it out the fire, no doubt, but judging on the last 12 months …….. maybe not.

Did DM or anybody on the BOD know prior to the fund raise that Invictus had an option to extend their contract after their drill and more to the point did they make shareholders aware that that Invictus could extend their contract?
Yet again it looks like DM and the board are way out of their depth in their current positions and the accusations of a “LIFESTYLE COMPANY” will now be rife and with justification.
The only way the BOD can in-still confidence again is to forego their wages in full until a rig can be secured. If it’s going to be 4-6 months before a rig is secured how much is the monthly cash burn in wages? Probably need ANOTHER raise.
This will drop to 2p with a small bounce to 2.5- 3p.
No doubt DM and BOD will go missing in action now for weeks on end.

It’s gotta be nailed on for 10th January. Surely?
Anybody think this week?

dai.
lol lol
Happy new year.

I’m going for a 7.35p finish today.
Happy new year all.