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I see lots of chat going on and speculation etc but has there been any information/statements at all from FRR since delisting?

Coltrane offer has too many conditions so cant be taken seriously. New offer from lenders is more reasonable for shareholders and we can participate fully if we want. If we vote it down then we have been warned that the lenders could pull the plug and end we up with nothing. The lenders will get their money back in any prepack or liquidation as I am sure it will be secured on the business and assets of the group or end up owning the business. How hollow the threat is difficult to say but you cant announce those things without actually doing something like talk with insolvency people. For me the decision is simple, is it worth subscribing to the new shares or can I buy them cheaper later. I am confident this business has a good future, I am worried that management have declined to participate but perhaps they have done a deal with the lenders to receive share options, I am worried that lenders will be queueing up to sell their shares and drive the price below 15p. For me I think it is worth waiting a few months.

So Adler will win, let us hope they live up to their promises.

The issue with this share is soil plant being moth balled until regulators are happy and the level of debt

Hope, not the person, but an expectation of a good outcome. I refer to ATC which delisted a couple of years ago and is about to relist having transformed itself and will be a very positive outcome for many shareholders. Lets hope FRR can follow the same course.

I have not seen any communications from FRR since the delisting. There is no section on their website for communication with shareholders. They mentioned still using the RNS process so do we know if these will show up on this website?

Good to have some verbal fisticuffs but please don't go too far. Takeachance1 you are overly optimistic and not understanding the RNS well enough as the shipment proceeds are not profit, all the production costs and overheads have to be deducted first. The good point is that its $14 per barrel more than last time. Gambier you don't need to be rude you have the ability to explain these things better and should do so and don't be so pessimistic try to balance your arguments with possible reasons that you might be being overly pessimistic.

For the long haul this one with all that debt and pension deficit.

Gambier, thank you for your views which I understand. I look at it slightly differently in that the value is currently 1 times EBITDA, they are strongly cash generative and now paying a decent dividend. The current management appear to be honest and capable (famous last words) and have a plan. The risk for me is what sort of state the refinery is in and will drilling new holes be worth it or not. For me the punt is a huge upside if they drill good wells but limited downside compared to other small oil explorers if they only find rock. I personally think the company is worth at least 3 times its current market cap even now.

Gambier at what price do you think these are worth buying?

They need to raise funds so I am expecting some kind of share issue, possibly rights issue to raise up to �5m. This is just my view and could be totally wrong

Good job that they are trying to take the company forward. The loan however is relatively short term so it looks to me that alternative funding options are being organised. I think we will see a share issue to more likely a rights issue to raise circa £5m to £10m in the next 2 months.

The dividend at £42m is only half what DEBs generate each year after over £100m of capex. They can afford to spend £150m or so per year without reducing dividend or increasing borrowings much if they can keep profits and cash flow at last years levels. In my view the shares are worth 80p and upwards on standalone performance and more if the strategy works. Place your bets. The uncertainty over the strategy, new management, Ashley involvement etc creates a problem. However time will resolve these questions, hopefully positively, and Brandes has already decided where to put their money.

Brandes issue research about UK destination/experience shopping. Much in line with Debs strategy hence their clients purchases. Do we believe Debs can execute their strategy?

This is just another step towards the negotiated solution. The reduction in activity and the impact on employees, contractors and communities will put pressure on the Government. ACA should have done this months ago to preserve cash and it is now just a bet on if the company goes bust or not before the Govt makes a deal. It is not in the interests of the Govt to let ACA fail but sometimes Govts do crazy things. It is in the interests of ACA to do a deal so a reasonable outcome should be achievable.

This appears to be great value. It is as if the market has already decided the new strategy will fail, the dividend will be halved and profits will drop through the floor. Place your bets please.

The Govt have made their demands public but the historical under declaring claim is the most ridiculous and the biggest risk. The Govt has a lot to lose in terms of future investment if it is seen to be an unreliable partner, however it is also probably true they gave away the concession originally too cheaply. I would agree to invest in smelting capacity, issue shares to Govt up to 15% over 5 years, agree to the higher royalty rate in exchange for cancellation of the historical claim, lifting of the export ban, special deal on any future concessions. Soon ACA will have to start laying off miners at which time the Govt will come under big pressure.

Once target depth is reached they might decide to go a bit further, they have to case, perforate, install pumps, measure flow rate over a period of time to get stability etc. They may have so much oil they cant handle it or no oil at all. Personally I can wait until they want to tell us with real facts. Too many oil companies rush information out only to find problems later. If something has gone differently to plan I want them to have had enough time to tell us the solution not just the problem.

Thanks for responding Gerry. Please would you check your facts to see which of us is correct. Net Debt has fallen steadily but we have to consider seasonality in Debs. I do believe the Net Debt will rise due to seasonality towards the end of 2017 but remain below the opening position for the year. The overall level of Net Debt is low compared to earnings and the balance sheet in general or it could easily be got rid of with a 40% rights issue or not paying dividends, cutting back on investment for just a couple of years. Debs is very lowly valued at £500m for something that is earning a decent return. There are risks around pensions, new strategy, internet but there will be a turning point and I would most welcome comments on when people think that will be?

When to buy this share? Very lowly valued in terms of historic profits, low debt and good dividend. Market appears to be assuming large reduction in profits and dividend. This implies the strategy outlined in the interim results is not going well?