Member Info for Tytusaduxas

They say:-
".......converting the total of its existing share premium account to preference shares by way of a a bonus issue."

So by the sounds of it, they will swap/convert the ordinary shares into a consolidated preference shareholding and cancel the ordinary shares. These new perf shares would attract 10% yield until maturity. I've no idea what the swap ratio would be.

The thing that concerns me with this latest announcement is they haven't mentioned the interest that will be due on the loan or the deferral of payments to the pension.

Probably nothing in the grand scheme of things, but as always the devil is in the detail (or lack of).

I'm surprised no one has mentioned the 1.19m buy after hours just!

If you look at the price action today, it's been blatantly obvious that someone has been dropping this / holding it back on purpose. Whether it's been to facilitate a buy or whether it's traders taking advantage of an overall soft market, who knows.

The crap that some people post is amazing at times.

This latest RNS is all about legalities.
When Glen left they agreed to cancel the lock-in of his shares, hoping that he would sell his entire holding and leave them alone.
As they have done that for one director, they have to do it for all of the other directors who are also subject to the same lock-in agreement.
As someone has already said, it doesn't mean they will sell. I mean, why would you sell down at this level!

Personally, with one of the directors buying in, I think they are expecting good news down the line. Maybe its the restart of operations next month, or maybe the fact Glen hasn't sold up means he & JB haven't given up on Amigo just yet.

I wouldn't be surprised if the two joined up with an external investment company (3i springs to mind) and took the lot.

Easily back to £2 in the coming weeks. Solid company with a great management approach.

As someone has already said, now storage is sorted this shouldn't happen to Well 38. There are multiple wells planned including the gas one, which could still make the company the big success we all hope it will be.

The good thing about this ****up (if there is one) is that the company will have & will continue to learn a lot about the Georgian geology.

I'm off down the pub.

Relax guys, as another well-informed poster put, It's still all to play for.

Yet again PH has misled us.

He said it flowed under its own pressure at 1100bopd during test. How long for? 10 minutes??

Then he went out to the media and said they are looking at putting it on production at about 800-1000bopd. Clearly a Lie! As the RNS states 295bopd. This doesn't even meet the current CPR figures, so maybe when he said they were going to review the CPR, he meant they were going to lower the figures.

It's a shame, but he clearly can't be trusted now.

Under promise, Over deliver.....Try the other way around Paul!!!!

I'll tell you what's stopping us, and that is the fact they still waiting on the drilling tubes to commence well 38.
Look how long Zen had to wait.

All of that whilst we are paying for a rig to sit idle.

Then there is the gas off take, where is the bago contract? Don't forget it was just a MOA that they agreed to. So PH is probably desperately looking for someone else to take the gas before they can open 16az. Bago probably know that, so are probably playing hard ball with the price.

Whilst we have just raised £12m, I wouldn't be so sure that we don't have to start using that cash just to keep the lights on. And before people start saying the company is break even on Norio etc, that statement was made before they signed up to expensive rigs and employed a lot more poeple. Also I suspect there is a cost to 'reserve' the storage whether we use it or not.

This SP is only going to drift further imho.

5. Where is your beer?

Selling of the gas is a major bonus!! The Gas company will build and install the infrastructure AT NO COST to BLOE.

That follows on from what Paul has continued to say.....there will be no new share issue any time soon.

This company has currently (at time of writing) a MCAP of only £21m. With these assets currently producing we should be at least over the £100m

Yes that is nearly 5X our current price!!!

Thanks Jay_P your advice is really helpful and what makes a discussion board really work!

:-/

No RNS again. Concerns me somewhat!

I’m trying to figure out what the problem is and a few things are starting to worry me!

Does anyone have an idea of how much it would cost to put the infrastructure in place to flow 1100bopd?

I know they can tanker it out, but with each tanker carrying only 200 barrels, that’s a lot of movement of trucks, which I’m not sure the site would cope with, after all, it is in the middle of a field.
Heavy trucks don’t work well on mud.

Do we have enough cash reserves to build new storage tanks & the infrastructure?

Or is the delay because we are seeking another cash raise?

Difficult to understand what’s going on.

Personally, I would prefer a rights issue rather than us go to a lender on stupid locked in terms.

Just look at FRR on that one.

Some nice coverage from Malcy

https://www.malcysblog.com/2019/01/oil-price-genel-igas-block-zenith-petro-matad-and-finally/

Yeah a nice overview of BLOE

For those who haven't seen it:- https://youtu.be/gR95eA03yag
38mins into the vid

So there are a couple of quotes from past RNS which make this look incredibly tasty.

The biggest (for me) is:-

"In tandem with this, our fully funded work programme, following our recent £5million raise, which is targeting a ramp-up in oil production to 900bopd, is also commencing in July. As with the gas at West Rustavi, oil production on our fields offers excellent netbacks, with the current cost of production of c.US$25 per barrel providing net backs of c. US$30-35 per barrel. Even if we operate at half our 900 bopd initial production target, our annual revenue potential would be approximately US$6 million, a level equivalent to a significant proportion of our existing enterprise value.  With this in mind, we are looking forward to a highly active period across all three licences commencing immediately. I believe we have the foundation, work programme and news flow to support a significant rerating of our share price."

So even if they achieve half of their initial oil production target, their 'annual' revenue would be $6m. And that's coming from a company with a current market cap of around $8m

Not only do they have money in the bank, which will be used to fund their next growth, but they are profitable at their current production rate. I've no idea why you think this is a short.....other than you wishing for a lower buy-in price yourself.

For those that haven't seen the Oil Captial Conference video from last week:-

https://www.youtube.com/watch?v=jUw8Z2zY-Kk

Some impressive figures given.

I've just bought some more of these and will continue to accumulate them.

If you have a look at their RNS on the 27th Jun 18 there is a nice little quote:-

"Even if we operate at half our 900 bopd initial production target, our annual revenue potential would be approximately US$6 million"

That's coming from a company with a current market cap of £8.5m