Member Info for Urraca

Seav, if you look at the Petronas website, you will see that the acronym DRO literally stands for 'discovered resources opportunities'.

https://www.petronas.com/media/media-releases/petronas-signs-new-discovered-resource-opportunities-production-sharing

DRO and CPR news next week. With thanks to Zengas for this link:

https://www.upstreamonline.com/exploration/malaysia-to-unveil-2024-licensing-round/2-1-1587111

And Zen's great detective work strongly suggesting LBE have secured the DEWA complex and Kepatu clusters, together with OilDtR's speculation that the size of these alone will make the Norway resources look like chump change.

There must be a significant amount of data about Kertang on Petronas's myPROdata platform, whoch all the majors mist have access to, and the CPR should put the final capstone into place for the farm-out process to begin. Starting in H2, which kicks in the week after next. So, much to look forward to.

Don't forget though, CPRs are always ultra-conservative. All the companies considering participating in a farm-out will well understand that - AIM punters sometimes don't.

At £4.40? Let's see if that's available tomorrow. Always dangerous trying to catch a falling knife - wait for GLG partners to start closing their short to try and gauge where the bottom might be.

They are waiting for the Kertang CPR (and hopefully news on DROs) before issuing updated coverage. So earlyish July.

Only disappointing because of late reported trades from much earlier in the day, RPC69. Even the closing UT was anomalous at 17p - but it means we're almost certain to open blue tomorrow. The last printed trade before the bell was 18.13p, and that was a sell (what a loon). Seemed good to me.

I attempted to register with Petronas's MyProData platform, which appears to have a vast amount of data on all Petronas activities, including the bid rounds. I fell at the first hurdle when it refused to take a gmail address. Just have to wait until next week for the Company to reveal all I guess.

For poor old Alastair Bruce. I could well sympathise if he came on here to vent, he must be apoplectic with fury now. Still, it's an ill wind, and I picked up around 10% of his epic dump at under 7p - bargain of the year. Thanks Alastair, I'll buy you a beer if we ever meet up. I'm now back in the black on my entire LBE holding, after that savage averaging down.

Much better than being diluted to oblivion anyway

Savv, I'm underwater here - who isn't? But venting and raging accomplishes nothing - it's a waste of time. And I'm too busy doing other stuff to be bothered wasting my time. Happy to hold here because I think it'll come good. If not, I'll move on.

If only there was a bulletin board solely for the purpose of allowing AIM investors who are sitting on big losses and want to vent their rage incessantly. I think there'd be quite some demand. How about starting something like that, Ash? I'm sure you could generate some advertising revenue.

They said in their last RNS "It is anticipated that Longboat will give a further update to the market around the time of its AGM at the end of June.". So news is coming shortly. The price fell today on apparently strong buying. All players can fold whenever they wish, but we already know we'll get updated before the end of the month.

Here's hoping. But if they can recover 21 nuggets from Sing Six just by wandering around with a metal detector for a day or two, why not get someone out there full time.

In considering options to cover the working capital shortfall, as I mentioned before, the actual amount of shortfall is unknown to us, but as far as we can estimate, does not appear to be huge. A massively dilutive raise at these levels would be 'for want of a nail' territory imo. And while the major shareholders and directors (who together own a very significant proportion of lbe shares) might shore up their percentage holdings by shelling out for new shares, a placing would essentially write off their current investment. It does feel to me that its the least palatable option. Although I'm prepared to admit that it's most certainly the least palatable option for me, which might be colouring my thinking.

I kind if think that RNS and the tanking of the SP was deliberate to get Helge and the old guard out the door. The JV will be a comfy billet, but HH had clearly got much too complacent.

what exactly is the quantum of the additional working capital shortfall? my back of *** packet calcs suggest not that much. i must be wrong, but this is how i've done it.

the rns says the working cap budget has almost doubled to approx £64m. so let's say its increased by £30m. the lbe jv owns 4.8%, so £1.44m extra, of which lbe plc owes half. £720,000. yes, under 3/4 of a million. can this be right? is the company going to go down the tubes for that?

please explain where i've gone wrong here.

I don't want to get into a tit-for-tat exchange Ash. They have not lost money until and unless they dilute their shareholding to oblivion, or wreck the company such that there is no coming back for the share price. If and when either of those happen, I'll donate £50 to a charity of your choice. But I don't think they will, because rich people can also be very patient. Getting rich slowly is a lot easier than getting rich quick.

I have never met a rich person who is happy to just lose a large amount of money, Ash.

I think they missed the bit about pay cuts to unsustainable and unjustifiably high salaries.

Haggis, how about the JV cracking on with some decent acquisitions of producing assets, to boost cashflow? Can't help feeling that if they'd already done that we wouldn't be in quite such a parlous situation. A fumble there. I'm still invested here, now nursing a big loss and pretty grumpy. I'm mulling averaging down, but I'm going to wait in case one of the big holders decides to sell out. Should know in a few weeks.

Smorris - they are making a profit in difficult times. If you want high margins, look for the latest fad. But watch out for bubbles bursting.