Member Info for Smellyben

While of course I agree that if there is certain news then the Board must announce but it is very feasible that the prospective purchaser is playing hardball with the price, maybe the government are playing hardball with the approvals and while nothing may have fallen through legally the fact it has taken so long - 9bmonths since the announcement means to me that the deal may well fall through but we are nearly a year down the line with the new fangled strategy - which is dependent on the Egypt sale - is dead in the water. If parties want a deal they make it happen and meet the price demanded - delays of this sort usually mean it will fall through and I don't wanna be left holding the baby

It's been at least 4 months late how can nothing have changed ! Something mustvhave happened in the negotiation on SD, something must have happened on KS21 - they must be doing something or are we constantly depleting cash on pointless capex until a fundraise is required. The new management have missed deadline after deadline and simply that does not inspire confidence- tomorrow is my last day of inaction and then I start selling down my stake

Well i just sent my comments to their general questions site - if someone can share the CEO email I'll happily email him too !!

Can you share email addresses and I'll do it today and maybe one or two others will

So said our CEO ..........six months ago and nothing since

All good for Egypt and that's good but our Board continue to stay completely silent - nothing re WG , nothing for SD nothing for KS21 - months after they said it would complete in December. - all from a board that said they would improve communication after the share price has dropped 70% of so - really really poor - the market has priced sdx below NAV because they think they are leaking cash day after day and nothing from the Board

Superb stuff guys - might be worth mentioning that Anavio are already banned in some EU countries for breaking the law ?

If you write to Dario Sacchetti , boss of Anavio, he might be able to give you a justification of his firms behaviour - I know I can't.

1 Lilyville Road

Fulham

London

Sw6 5DP

Looks alot like market abuse to me from Anavio -

I imagine those restructuring costs are in lsrge part payoffs for art and TR etc - that makes me feel better

I'm on the move atm but I saw a reference in the documents to an independent expert reviewing the oil fields and finding issues in Feb 2024 but couldn't detail because of commercial sensitivity- be gòd to delve into that somehow -

Well no the facts I state ie he has sold off 40% share in all saudi assets to 25% for peanuts is true, also the fact that all Saudi assets are now valued - according to the latest sale of 2% - at circa £11m in total (for Kefis share is also true) - I'm not invested anymore - got out about 18 months ago after yet more promises broken and I cant trust a word out of Harrys mouth - for the last 6 years the project launch has been just a month or two away and in that time he has just been selling the company assets while pocketing tens of millions of shares and hundreds of thousands of pounds in consultancy fees alond with his fellow board members - I've just been stung for 20k in copl after another CEO basically lied and i didnt do enough research and there were similar cheerleaders there and I feel that Kefi shareholders might be in for a similar fate so I'm just counselling caution - by all means stick a grand or two in for a gamble but I can see Artar triggering a sale of Kefis share of Saudi for around £11m (less the £3.5m they are owed) - which they can do if kefi do not match their share of investment while more delays in Ethiopia and further dilutions to leave shareholders with nothing

One wonders whether Adelf have been given more information than we poor mortals

I'm sorry but the guy has lost 99% of the value of his shareholders and he still has not actually delivered anything except dilution and sale of nearly half his biggest asset. Obviously some newbies think it won't happen again - well maybe - he has said the project is about to start about a dozen times - why did he need to raise 4.5m - that is a huge amount for Kefi if as we were told cash burn is 200k per month - seems to me he is digging in for at least another 18 months of delay and of course lovely consultant fees.

But the sending to the FCA and Canadian and the court authorities of outright lies on RNS - like the 135m debt - surely must prompt an investigation

The "sale" is 3 months late and absolute silence from the board who promised better communication

Even of they are waiting on things beyond their control they should update us of the reason so

Nothing on production from the new well no indication of the valuation of SD - surely THAT is finished or over as all the HoT were agreed 9 months ago !! Very frustrating- I smell a rat - I'll give it another week and then I'm out - management have lost my trust

Surely that must get press attention!!@!

Sharezy I prefer to think of it as realistic ! I bought in several years ago when funding was imminent and "days away" - that was 4 years ago and 400m shares in issue - now it is nearly 6billion and the project has not moved forward in fact the Saudi share has went from 40% to 25% and owing Artar at least 3.5m (probably more now) .

You dont know the price of the proposed funding - he has put in 8% in his presentations but I believe that is nonsense and it will be closer to double that if it is ever granted and that destroys all the NPV calculations

I am just posting as a warning to people thinking of investing or adding - we have been on this merry-go-round before - after HArry gets his shares - I'd say 2 or 3 weeks later - he will subtly slip in a delay in the timings - just by a month or so you understand - which will becom e3 months and then final preparations for launch in Q1 2025 and so it goes on .....

Harry said in a podcast a few weeks ago that they had access to borrowing and it was low by historic standards and the cash burn was only £200k - either he lied or the funding was withdrawn which is surely a red flag.

OK I know his consultancy fees need to be paid - but 4.5m ??????? why not 0.5m or 1m and avoid the dilution - he's clearly expecting a long wait

Pat - I think you are safe on the funding news - no way that happens any time soon otherwise there would be no need for a raise at 24% discount after telling shareholders cash burn was £200k per month - why then raise 20 months worth unless you are in for a long wait if ever.

Remember Harry and the board as well as official salaries also get huge consultancy fees which need cash to pay.

Last raise was at 0.7 and the SP went to 0.53p a few days later - following a similar pattern here - I expect this to be in the 0.4s next week and if there is another can kick expect the 0.3s soon too