Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Can’t see why it would.
The EU likes doing things like this, it keeps them busy. The Isle of Man and Channel Islands have been on similar lists in the past and it’s not made any difference. The AG says that because of CV they haven’t been able to visit to verify progress so this is just a bit of sabre rattling by EU to ensure Bahamas Govt delivers on its commitments.
Morning Trek, saw your ref to this share on BPC so did a bit of research over weekend and bought yesterday morning. So far so good......
AIM is a minefield full of sharks. DYOR always and don’t listen to anything or anybody on bulletin boards unless you’ve verified the info, preferably by several independent sources,
O6G, I did email the Company after your recent post and received confirmation that the well team in Houston has been stood down pending further developments. This has been referred to by the CEO in a recent interview. Other measures are being taken to preserve cash and my suggestion of further updates to shareholders was acknowledged. I was further advised that there is a significant amount of work ongoing to review opportunities and ensure existing contracts are amended to take account of new conditions. Hope this of interest, SF.
I believe the Houston office has been closed until operational activities resume. Hopefully, the SMT are actively progressing revised drilling costs and ensuring that the various funding agreements are being reworded to ensure everything is ready to go when we emerge from this wretched situation.
Hi Gatto, some very pertinent points. I’ve topped up (again!) this morning and average 2.4p. The need to convert shares will be driven by the need to access cash and at present there is $13m in the bank. Obviously the strategy has been knocked off course in the short term but as we have sufficient funding to drill Perserverance later in the year the sp is largely irrelevant. Once the drill contract is signed and all other ancillary contracts are in place the sp will recover. With regards to the oil price, it will be 2 years before we are producing. By then we will have answered the main question: is there economically viable quantities of oil to be extracted? If no, we all go home, if yes, the party starts!
Hi Laallee , there was an announcement in August 2018 (not an RNS) that SP’s salary had been amended to $350,000 per year, a significant reduction. Previously (since April 2016) his $1m salary had been paid 10% cash and 90% share options, exercisable when drilling confirmed. At the same time he relinquished about $2m in accrued pension rights. He was quizzed about this at 2018 AGM and said he felt he’d reached the max of options appropriate and was happy to accept lower total package in exchange for increased cash element. I’m not sure if the other Directors amended their remuneration or carried on with the deferrals announced in April 2016.
I recently posted a summary of funding availability and annual cash flow requirements as set out in RNS4665 dated 25th March. It’s perhaps worthy of another read?
https://www.ft.com/content/150df67b-839f-455a-9546-6edf72a08df0
Interesting article supporting theory of a new base level price for oil. Many producers will have problems if oil does not surpass $40/$45 Pb.
Starchild- count me in for that!
Thanks Parpaing, that’s good to hear! I chose management accountancy for the very reasons you’ve stated. CMA’s look forward not backwards and having been invested here since 2012 I’m more hopeful now than I’ve ever been!
Parpaing, speaking as a Chartered Management Accountant I have to hope you won’t be shooting us all !
Hi O6G, no worries the queries, I may be wrong! I’ve taken the info from the RNS but the various elements do concur with my understanding of what has been previously agreed re CLN, OO, Mutual Fund and the Bahamian family office. The operational costs including wages and everything other than the drilling costs are included in the $2-$2.5m annual operating costs. Granted these costs will need to be paid during the summer months but as I understand it, they would have had to be paid irrespective of when drilling starts. Overall, I remain confident that there is sufficient funding in place to pay opex and capex for at least 12/24 months even if actual costs come in at top of estimates. This is all worst day scenario. We could see reduced capex and there was the intriguing announcement that up to 50% of CLN might be declined, at no cost to the Company. This was due 31/3 but is now on hold as per revised timetable. Well done with Tullow btw. I’m afraid my next purchase when funds permit will be BPC!
O6G, I’m not having a go at you - concerns expressed on a board like this are what it’s for. I do object to people who try to put themselves across as experts and presumably get paid. RNS 4665 included the following:
1. Drill costs currently $25-30m with $5m contingency.
2. Non-drilling costs $2-$2.5m per annum.
3. Available funding (if all options fully utilised) $45m at a cost of 1.6-1.8 bn shares.
4. All facilities “on hold” with agreement of lenders until later in year when cv situation relents.
5. Potential to review costings in light of downturn in sector activity.
How this can be categorically stated as being a blunder by the Board is what gets me. Had it not been for cv, preps for drilling would have been well advanced. Had we started drilling before lockdown it could have been much worse.
Ultimately, it all depends if oil is present- that’s always been the situation. I’m very content with where we are and how the Board has dealt with matters over the past 12 months to get us to where we are.
I’m reluctant to give this person the oxygen of publicity but there is always a danger that some might be influenced by his drivel. He was the man who, 2 bulletins ago, stated with certainty that drilling couldn’t happen due to inability to raise funds only to read next day the Bahamian office facility had been doubled. The current sp is a reflection of cv - I think we all get that. Had we started drilling only to have to suspend it could have been disastrous. We are currently evaluating what might well be better costings to drill when the pandemic is over. The short term downside is we have to issue a few more shares to cover the £800k raised. In the overall scheme of things it’s hardly a seismic event. Certainly the market was unmoved. We are paying no interest on the facility despite the delay so it’s outrageous that “commentators” such as OMD are allowed to try and influence investors in this manner.
Stewart, I agree with your current summary of the oil market. I also agree that when the current pandemic eases demand will increase, with positive impact on POO. However, I can’t see the current impasse between Russia and Saudi Arabia continuing indefinitely and I believe by the time commercial production is scheduled to commence in our areas (assuming there is oil), agreement will have been reached to return to the good old days of market fixing. IMO it will be the Saudis who blink first, but wtfdik!
Hi Prospect- I get you! Have a good day! SF
OldTrader/Prospect, I have been around this share a very long time and have always tried to post informative data. My earlier post was an attempt at humour as people who know me would understand. I had not anticipated that anybody would take a comment like this seriously as to suggest everyone on this Board has £20k+ invested is obviously a ludicrous premise. However, if it has caused you both and anyone else offence I apologise.
Do some posters have less than £20k? Unbelievable!