Member Info for TheMadStork

Forward selling is not illegal.

As I said, SOLO have done a very nice bit of business to realise a 50% paper profit on their HH stake, and now they should be in prime position to use that to fund the well costs of CH-1

There's been no TR-1 full stop. Although it has been pointed out to me that there wouldn't be a TR1 either way as they haven't actually received the shares yet. Doesn't mean they aren't forward selling them, which I hope they are.

HH is just a big spoof to sell shares to gullible punters IMO. SOLO have done well out of it but have done well to get out when they have.

That's completely wrong. SOLO have done very well to monetise their HHDL stake for as much as they got. They are clearly going to concentrate on Ruvuma and liquidate their UKOG shares to do it. They are liquidating one overvalued asset to fund progress on another that is currently massively undervalued by the market. Makes perfect sense.

UKOG is already hugely overvalued. Hopefully SOLO are already selling, though they may want to wait until the ramp into Kimmeridge testing increases liquidity.

I now have a large position here. Cannot see the downside from this level given the value disconnect and the catalyst of CH-1 drilling.

2.3 trades are buys.

TW "Stagged" -as in took part in- the IPO at 16p. he's since admitted he didn't actually read the prospectus.

CB did not take part, *did* read the prospectus and wrote an article about the heist. This article did include one incorrect assertion; that Beeston's shares were not locked in, which has been corrected

CB did get it wrong about the lock in. That does not change the fact that the founders (Including serial sharks Beeston and Frangos) got £90k worth of shares totally free, which were worth ***£15m*** on IPO. If I had taken part in the IPO I would be absolutely outraged by this amazingly blatant cash grab.

Winnifrith actually participated in the IPO at 16, for the same reason as the IIs took so much: He knows bugger all about crypto and didn't actually read the prospectus.

Cynical Bear is a different writer, one who actually *did* read the prospectus, hence his article about the remarkable heist pulled off by Beeston and pals.

Actually the shares were effectively paid for by the company. Beeston and his fellow bandits became overnight millionaires for 6 months 'work', Cannot believe this was allowed by the exchange and broker.

No probs. First time I'd actually seen Andrew speak; came across like an excited schoolboy (in a good way!). Clearly extremely positive about, and secure in, the potential of Verbier. Looking forward to the drill.

My position is the same everywhere: I have taken a large amount in the placing but won't be buying on the market pre GM. I think the risk of it being voted down is very small, but it is still a risk. Post successful GM, as long as they announce the r1/2 and mengo hits mid drill, this will do 100%+.

Not if they can't actually pay for their placing stock when it settles. Also, there are always people happy with a small gain on every placing no matter what the future prospects are. Eg MATD recently, loads were dumped for 5-10% only for it to shoot up 80% over the next few weeks. Not worried about placing sellers at all. The only major risks are 1) placing vote, 2) actually announcing the oil hits and 3) workovers. Had assurances on all 3 but as I say nothing is 100% guaranteed.

Only other risk I can see pre Djeno results is issues with the workovers. I was assured by Sefton and Berwick that nothing could go wrong there, but one never knows.

They are likely to vote against the placing as Gerard had a tantrum about being diluted. However, Miton + Shard clients + other PIs is enough to force the placing through regardless.

Looks like a buy to me; probably the reason the price didn't immediately crater on all the sells.

Ah, I see. Yeah I don�t see how anyone could have bought sub .10 pre placing.

To be fair it was possible to buy large amounts sub .09 post placing. My own avg is about .09; most of my shares are placing stock but I have bought more post placing, most recently at .117 on Thursday.

I think the disagreement here basically comes down to strategy and outlook. I have never viewed any AIM explorer as a solid long term investment. A few will pay off but most will end up heavily diluted or bust. However, there is still regular, almost risk free money to be made on medium term pre drill swing trades. The idea is to buy well in advance of funded drills and ride the almost inevitable rise as spud approaches, then sell out before any risk is taken on result. Sometimes it can go wrong (eg AAOG last year), but I have done 20+ of these trades over the last 5 years and made a lot of money in the process, including on CHAR from avg 13 to avg 20 in advance of RD 1. I think a similar opportunity presents in advance of Prospect S. There is some risk of a raise as I think it is unlikely they will manage to farm out, but I don�t see that until much closer to drill, by which point price should be 50-75% higher. So I feel for those long termers who have lost money but at the end of the day my approach is different and I see gains from this level.

Prob best to discuss CHAR on the CHAR board

Yeah might well be wise to be out a month or so before spud if they don't farm out.