Member Info for steve58

Evening Chris.

I must admit the amount of time and money that has gone into the biogas investment looks very high given the income being derived.

As for Ruvuma I’m in the dark regarding any sale/farm out etc.
Seems that if seismic starts on Monday we are committed to spending millions on it.

As I said earlier £75k a day income being our share of 140 mcf a day output.

Only problem is that could be over 3 years if not more away.

We would have to find tens of millions from somewhere to finance to production.

Imo the board made a grave error changing their strategy mid course after the one dyas fiasco.

We currently have an asset that we cannot afford to finance and another one which IMO is hardly worth the cost.

Hope for everyone’s sale that the board can sort something out to the benefit of the company and the shareholders.

Morning Frank.

Maybe they should not bother with the biogas.

Does seem a lot of expenditure fees included to generate £25k a month before costs.

In production at our 25% share we would be generating £70k a day before costs.

Quite a difference to say the least.

Could be that the board have realised they have made another error in their strategy.

Biogas profits if any in relation to cost of acquisitions just seems a complete waste of time and money.

If they are going to sell Ruvuma at least invest in something that will at least generate profits from day one.

Evening Chris.

Hopefully some news tomorrow before seismic starting next Monday.

Some of my posts are getting very close to the mark so I will tone them down a bit.

On google share price apparently we are down 99.78% since we first floated.

Can’t believe that figure.

Our partner is Ruvuma fares slightly worse at 98.85%.

Regarding a breakdown. If the total can be shown why not a breakdown between acquisition fees and general fees. Shouldn’t say it but something definitely not right here. The director left. Therefore fees paid to his company won’t have to be disclosed under related party rules.
More questions certainly need answering. Of course they will not be.
Imo the board are upsetting shareholders over the fees situation and continuing lack of delivering shareholder value in over three years. Just not good enough all round as far as I am concerned.

It would be good to be given more details of fees paid but they only have to show the total in the accounts. Just look at the other company on Companies House. All free to look at balance sheet very interesting.

It could be they are waiting on selling Ruvuma for some deals to go through. Hoping some cash left over for that special dividend.
Anything possible here although seismic starting Sunday/Monday so an rns if one could drop tomorrow. Good to see the sp having another good day.

It does seem that along as lots of fees are involved that's fine.

Borrow a million amd spend it on an income earning asset. Companies have been doing it for years. Cheaper than share issues or overseas finance.

Does concern me that their new strategy seems to be fizzing out before it has even started.

£25k a month income before expenses does little to enhance shareholder value. We only have look at the ever falling sp to see that.

Not sure what their idea of part time is.

Probably all working remotely from some carabian island. An hour a week then.

Morning Chris.

Frank did a brilliant job with his efforts.

I have to agree with you over Q and A sessions.

They just tell us what we already know and we learn nothing new.

Seismic starting soon and not a shred of news regarding a sale/farm out etc.

I was so confident that they had a few offers, however, that confidence has all but disappeared at the moment. Still not convinced that these fees paid are value for money.

We can ask all the questions we like.

They will only answer the ones they want to and in the way they want to.

Q. How can you justify how little you have done to enhance shareholder value in three years.
A. Next question please.

Probably won’t be that bad but get my drift.

Not saying you are right but very strange arrangements in place.

We can scrutinise them as much as we want but they are intent on divulging nothing.

I would say to you just look at the balance sheet of the consultancy’s accounts all free for anyone to look at. Interesting how figures change when people are appointed director of another company.

Becoming a farce here.

Our mc was ten times this nine years ago.

They were given a warning three years ago.

Nothing has been changed.

We now have a new company name which is now obsolete.

I can’t see how biogas from sewage depicts warm winds emanating from Northern Africa.

That is how out of touch the board seem to be.

The sp tells the story.

I would refrain from that wording, however, it is a very strange set up to say the least.
The aborted one dyas deal was one. The board said that it was aborted due to lower gas prices and additional costs that came to light. Didn’t get a refund on the £500k plus in fees that were charged.

So £500k down the drain and I think another £300k not returned from our deposit with one dyas.

Just to finish.

This director is coo.

How can someone have two paid jobs and yet be coo of one.

I’m sure most directors that are coo’s are so full time for one company.

Shareholders need a few answers to an ever growing list here.

Maybe we will get some soon.

Agree with the that 100%.

I still think the problem is we have DR working for two companies in effect.

Can’t remember the last time he gave an interview.

Seem to recall him when we did the aborted one dyas deal. He couldn’t stop smiling and was so confident and enthusiastic about it.

The confidence and enthusiasm have gone completely.

We have gone from a talkative enthusiastic board of directors to this.

I think they realise the one dyas no deal was a big mistake.

Imo this so called new strategy is just as bad.

We were promised 20000 barrels of oil a day equivalent within five years.

That is nearly three years ago and we have £800 a day income a day from their latest venture and that’s before costs.

Morning Chris.

At least something is moving.

I thought 2022 expenditure had already been agreed.

Good to see kiliwani mentioned.

Doesn’t look like we have had any acceptable offers at the moment.

Only a week to seismic starts so cutting it very fine.

Hope all ok at your end.

The directors imo should have filed the accounts on time imo.

They have already written it down by 50%.

Nxt seem to have large projects on the go.

Very impressed by website but that’s about all.

Starting to think the whole thing stinks something rotten.

Why not file their accounts.

If I hear anything I will post on here.

Cash must be almost gone so we could do without paying out thousands in unnecessary fines.

Get Neil back.

I'm sure he's got your number.

I do apologise.

I suppose an 80% reduction in the share price has benefited no one.