Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
My take on this..... Firstly, it appears the recompletions are taking shape and production here seem to be such that we will soon be able to post increased reserves. I believe we will get more wells on stream during the year with the subsequent increase in production. As a result a RBL should follow. It seems those who do not believe this whole thing to be a scam are broadly of this belief. However as far as I am concerned, more contention and frustration lies with the progress of the JV. Most have assumed our JVP is with a major like Exxon or Continental. The announcement that we were approached by a 'large' oiler and one with whom we have worked before, gave people the idea that it must be Exxon, and if not Exxon then some other company of similar size. This assumption has always bugged me. For all I know, it could well be Exxon, but the way things are developing makes me think it is not a 'major' at all. If it were a major, then, as so many have said, why the hold up and why now request a consolidation? I am beginning to think our prospective JVP is a large company but not in the same ball park as Exxon or Continental. This company would not have anywhere near the amount of money to throw at this venture as a 'major'. A 'minnow' (if I can put it like that) would possibly suit AM more because he would retain more control and even remain the boss man. He would not have the concern that the 'major' would take over and steal his baby. Having a 'minnow' as a JVP would mean things take longer to finalise and there would be delays you would not get with a 'major' . They would be more circumspect about flashing the cash. They (including AM) would have to be extra tight lipped to protect each other from 'major' interference. If it is indeed a 'minnow', for all we know, everything may well be falling into place and who knows, we might get an announcement shortly. With a minnow on board, we will have to accept terms that would be commensurate with their size and capabilities as an organisation. Things would be more low key and take longer to be completed. The rise in the sp would reflect this and those looking for a multi bagger upon the announcement of the JV may be disappointed but we should get there'in the end'. My apologies for such a long winded post but It would not surprise me at all to find that Art has been negotiating with an oiler much smaller than Exxon and the like. Time will tell.
Adnauseam, if only. However we both know this is not how it will end unfortunately. It should end like this, but the last RNS, where such a huge consolidation is sought, would imply we are a long way from that scenario. Who knows when it will all end and where we will all end up? Good luck to us all.
Well. to be honest, I don't know what to think. Not for sure. After a days reading, I go to bed and am totally confused. Trying to take a dispassionate view (hard to do when so much money is involved), I ask myself why AM would lie about this? Why would he deliberately mislead us? Why dilute the sp 'to oblivion'? To me that makes no sense. I've no doubt he will stretch the truth to buy some time, and almost certainly has done. It appears many have bought (and big) based on his assertions and are now standing b*lls deep underwater. I've no doubt the sp will be much less than we all hoped it would be just a few months ago, perhaps because of decisions by AM and our BOD. However, when you do look closely at all our assets, all cannot be lost. I really feel for those who are hundreds of thousands down atm. It is not a good place to be. But, for what very little this is worth, I don't think AM is a crook and I do believe we will come out of this, in profit, eventually. I am nervously holding but when I do eventually sell, I will not get involved in this financial circus ever again.
It's been said many times before but what I can't get my head around is we have the biggest onshore find in decades, wells that are producing and others coming on stream, huge gas gathering potential, a JV just around the corner and we have a mc of £22m!!! We have shareholders on the verge of revolt and fearful of losing a huge chunk of their potential!! How is that possible??
Having spent a bit of time going through the posts since Friday, I am none the wiser as to the reasons behind the consolidation announcement, and haven't a clue as to whether the proposed moves are a good thing or not for us pi's. I briefly expressed my concern after the RNS but felt my gut feelings were misplaced because many were belittling those who thought it was another misguided move by AM. Many saw this as important for the JV and a potential listing in the states. A necessary move to align our sp more favourably with the proposed JVP. All of this might be the case, but my concern, as with so many others is, once again we are left to find an interpretation of what is going on behind the scenes. For so long we have all been scratching our heads trying to work out where this company is going whilst our investment diminishes by the day. I am concerned because like everyone, I have no answers, just guesswork and conjecture. The proposals in the RNS could be the making of the company, as some have suggested, but equally stas could be right. We shouldn't be in this situation with some investors holding millions of shares in some cases and life savings in jeopardy. For everyone's sake I hope this all ends soon with profit for all. I would now be over the moon if we got 50p per share and I could move on with my life never to do this sort of stuff ever again. GLALTH
GuessWho, you have been a member for just a few days (apparently). You post as though you have some inside information and you have made some very bold statements. Your moniker suggests that you have been here before and we might be able to work out who you are. Well, I think we should take your 'bold' statements with a lorry load of salt. I haven't filtered you yet but I have a feeling it will be just a matter of time. The only folk who know what will happen 'soon' is the board and the potential JVP. As for telling us what AM intentions are once this has gone through smacks of arrogance. We all know you know no more than the rest of us so please stop with the nonsense.
Tiburn, fwiw I think you are very much on the right lines. I totally get why so many are really angry about the lack of communication and being left in the dark about progress. AM does have a tendency of letting his thoughts run away with themselves and in the eyes of the potential JVP he has probably said too much already, several months ago. It is perfectly possible that he has been informed 'that is all the information you can give'. He may even have had his knuckles wrapped. The alternative view is one that has AM as, to all intents and purposes, a CEO who misleads and purposely lies to his shareholders. I know some of the posters here are convinced that is the case, and when this is all finalised they might be proved to be right. Personally, I can't see it. AM has too much to lose if this were the case. He might be a lot of things but I don't see him as a crook. I might be naive but I go with Tiburn. This find has the potential to be so valuable, along with the gas gathering issue, the JVP will want to make sure they are the only game in town. Only time will tell here, and when we finally get to know is anyones guess. I am just sitting and waiting. GLALTH
Woke up as usual this morning and straight here just in case. I've green boxed this Edmund poster on the basis his so long winded and boring posts are completely irrelevant. I don't know if he is a subtle or obvious deramper but none of what he says has much relevance to anything. Anyone with the time could post any number of scenarios and predict a sp that simply fits their own narrative. The £1 by Christmas brigade are the same. The simple answer is we don't know. It is incredibly frustrating to have to wait but we are where we are. Fortunately we have enough excellent posters to post their own much more factual and considered (and therefore more accurate) opinions to keep my own spirits up and give me the patience to carry on waiting, hard as it is. GLALTH.
There are times when I allow some of the 'naysayers' to influence how I think about what is happening, the length of time things are taking, the lack of communication from the board etc etc. At these times I think aaah, I'd be happy to settle for 50p a share. This would enable me to recoup all my losses over the last, however many years it has been. I could then forget about all this stuff and concentrate on enjoying what is left of my retirement. I then read the well researched posters (you know who you are) (and for whom I give thanks) and I am reminded of the crazy potential that exists here. More than a billion barrels of oil, our work on improving output on our existing wells and then there is the carbon capture issue. I think I would be crazy to sell now for the sake of a little more patience. Folk do whatever they want, it's their perogative, but I'm waiting for the fat lady. GLALTH.
We can speculate all we like about the JV and RBL and how close they are or not. The company is going about it's business and I'm afraid we will have to be patient. One thing I am sure about is that I am not selling a bean.
Spot on both Stas and Tiburn. I am a very small minnow now due to previous heavy losses but I am now pretty confident I will be able to recoup most if not all my losses over the many years of disappointment. Everything very tightly crossed. Good luck to us all.
I don't think this is going to be conclude in the short term unfortunately, and I hope I am wrong. The refinancing package yesterday indicates to me we have some way to go. I admit I don't understand the intricacies of the bonds and warrants and their long term implications for us here. I simply am seeing them as a short term(ish) funding exercise to keep us growing and operational so I don't worry about all of that stuff. I am more interested in the JV/RBL relationship. I have never got a clear understanding about where these fit together in the scheme of things. The conclusion of one is bound (imo) to have an impact on the other. A JVP may want the whole shooting match thereby negating the need for a RBL. Any bank thinking of lending us funds will want to know what the role of the JVP will be when that deal is concluded. So, what will come first and how will that impact the other? Will we need both? AM seems to revel in this kind of situation, so we have his negotiating 'skills' thrown into the mix. We also need to demonstrate increased production/income to get better terms. I am not surprised we are where we are and I am intrigued as to how all of this will fall out in the fullness of time. As I have said still much to-ing and fro-ing to go before we see proper light at the end of this long and twisty tunnel. GLALTH.