Member Info for steve58

Im sure the finance has been arranged by EAG and is not coming out of our sale proceeds whatever is left after costs.
The board should at least only pay gneiss fees as they receive the sale proceeds.
It's the least JF could do to help out his old chums.

Didn't they say that EAG had millions of available finance in place that is just awaiting acquisitions

Gets more embarrassing for our board every day.

Scirocco £2 million
Aminex £46 million.
Speaks for itself.

In effect

On effect gives them another year to disclose.
All done for a reason.

£180k for fees and due diligence.

I could have spent 30 seconds looked at the balance sheet due diligence done.

I assumed the directors with all their experience would have done this themselves.

Seems everything is sourced out.

Probably get a subcontractor to change the light bulb in the office.

Definitely worth a try.
Still can't fathom out why all the money has been spent when they knew that they may have to fund the drill.

Why would they bother spending money anyway ad I'm sure they take 16% tax at the well head so the government gets its share by spending nothing.

More annoying that is was solo oil that discovered it in the first place.

Talking in a constructive manner.
Maybe they want the deal sweetened in some way.
The only way imo us if they just let us have the whole $16 million up front.

We get all the money and they get their 25%.
That way at least we have about $14 million in the bank.

$16 million and not even a small free carry.
Gas prices are much higher than when Aminex farmed out their 50% for up to $40 million expenditure and som cash.

Our board could have done much better.

If this deal does go to ARA they are well aware that we are basically skint and can’t meet the cash calls so have us over a barrel so to speak. Take it or leave the paltry offer as if cash calls are not met we could end up with nothing and probably millions in fees still to pay.

If this asset is so good why can’t they just give us the $16 million up front and that will be the end of it.

$16 million to a multi billion dollar company is petty cash.

The only flying done here is probably between London and Scotland business class I presume.

Should read farting around.

Would have been great if our experienced board could have actually done something with the company instead of spending millions on fees and basically farming around the last four years without a clue as to what direction to take.
They will be blaming the drought next.
AD plants need a constant water supply.

Even if you take off their free carry amount they are still worth £9 million more than us.

All the more reason to keep the asset.

Our bod seem to do what they want.
Anything possible.
To think we had $30 million finance sorted.
Now we can't raise a bean.

Just to cheer everyone up.
The North Sea gas is now up 450% since we aborted the one dyas deal.

Probably been paid up now with £100 million plus income a year.

At least we have our half share of a leased pig swill plant to look forward to

If relinquished would we not be entitled to our expenditure to date refunded to us.

Interesting point anyway.

Afternoon Chris.

Some interesting developments here.

I think if we pulled out of the deal the sp would react positively.

Would still be dilution but less so.

Think our costs to drill were only about $6 million.
It's the development bit that is expensive.

If we took to drill I'm sure we would have more interest in farming out or divesting at this stage.