Member Info for steve58

Does look a much better outlook than 4 months ago.

Could be some extra bits in the agm schedule with regard future strategy.

Just received an update.

They have been granted multiple patents in the us.

Looks like an ipo soon.

As company is expanding could be priced at a much higher price than Leed acquired them for.

Hopefully not too much longer to wait.

Annual returns have to be done promptly every year more so for a plc.

So I'm not sure there is anything to be concerned by.

Topped up a couple of million this morning.

Only £100.

If I had the available funds I would buy more.

Any sort of update would be welcome.

Quarterly output income figures maybe.

The deal with the creditors is no 1 priority.

The second is to get the level of income up.

A farm out with a free carry would be ideal.

If the 900 barrels a day could be achieved with say a 25% free carry that would certainly do for starters.

A farm in paying all drilling costs for say 75% share.

I think we would settle for a 25% free carry.

At 900 barrels a day that would be 225 barrels a day about £5 million a year income.

Basically in the same situation as millions of us at the moment.

Still not fantastic reading this morning.

50 to 55 stabilised flow rate plus existing 30 to 40 so about 90 a day.

Just under £2 million income a year.

Should be interesting when trading resumes.

Just looked on Beacon website.

Trading resumes at 8.00.

Probably leaving late just in case they have additional information on flow rate etc.

I thought monies were still being received from any oil being extracted and sold.

Same as its predecessor.

No or low risk.

Someone obviously has not done their job properly.

Money spent on the drill would have been taken to the balance sheet as an asset.

It will now be written off.

We do of course still have the licences and any production.

Not sure about debt as not guaranteed to cover all of them.

Should make interesting reading anyway.

If there is a way that this oil can be extracted

then I'm sure all avenues are being looked at.

Maybe even a farm in?

It would seem that beacon will just end up as a shell company with maybe a small sum in the bank.

The only real hope is that we are bought out for our tax losses which must be in excess of £20 million.

So nearly another two years of spending millions and having nothing to show for it.

Figures for oil actually extracted should make interesting albeit short reading.

We do of course have the 30 barrels a day from the producing well about 10000 barrels a year about £600k income.

Pleased to would be great.

Haven't come across one from them yet.

With the oil price falling and gold rising maybe the board should have invested the millions spent on a gold mining company.

The big problem is the oil price is over $10 a barrel lower since we were suspended.

What needs to happen and I believe it will as the company will require many millions to expand the company.

They will have an IPO in effect taking the private company and having it listed on the Australian Stock Exchange.

The Leed investment (about 900,000 shares) can then be sold into the market and funds generated can then be distributed to shareholders in the proportion of shares held at suspension.

For every £100,000 raised I calculate a return of about £30 for every million shares held.

Hopefully an IPO will be sooner than later.

Maybe they could offer creditors the balance at a future date once income is more forthcoming.

The annoying thing about the RNS is that in two months nothing has really changed except a rod pump is to be installed.

I thought that happened months ago.

Def a share consolidation on the cards and a mega raise to sort this mess out.

We can then get out of Germany and move closer to home.

Why don't they just buy into an already producing well.

Not sure what they were thinking when paying over £5 million for 30 barrels a day output.