Member Info for V111JAS

It`s easy to comprehend the motivation behind the dishonest derampers who are really transparent .
Understanding the behaviour of people who come to these threads moaning , whinging and whimpering about their positions like a child who has had its pocket money suspended , reflects so badly on their strength of character , I wonder how they survive intelling us they are going to and the like a

Good posts today Guys .
(With the exception of one !) Stay safe .
GL .

Unregulated News Release :
"time tto qquittt posttinngg on thee inndivviduaal sharee bbs
totaal wasstee off ttiime"

It`s unusual to receive two Positive News Releases on the same day .
If we could just have the third , announcing the demise of the `Shady Car Spiv `, the BB would have a good chance of returning to the excellent medium for information interaction that was once enjoyed .

~~~ Having said that , the First RNS was seriously encouraging , and we`ve had some great posts on here today :)
I get the impression that we should have some real excitement next week !
GL .

Cautious : You need to read Thordon `s post at 13.23 , and do a little more research into Block Energy .
You might even want to consider making a serious investment here .
( ~~~ probably not .)

~ " But this news added to the fundamentals we know about already only makes this level look ridiculously cheap valuing the company at less than asset value. " ~
Absolutely right Tony .
The Spivs , The Traders , The Naive and The Gamblers will win some and lose some (I suspect most will lose) , Those who invest for the longer term rewards will , I am sure , be the ultimate beneficiaries . It`s the same for any investment , except in special circumstances such as this the gains are likely to be spectacular because : the current value is irrational and the future value is likely to be dramatically enhanced .
Product readily and geographically available to home market enthusiastically seeking independence and self sufficiency .

~~~ I`ll just keep buying the opportunity dips when I can .
GLA

Scoobyrex ~~~ Exactly , don`t give THAT individual any any air time .
I wonder just how many people were scared out of their positions , and have now lost out financially as a result of his dishonourable twittering . Shame on him .

Baby steps moving forward are always encouraging .
I`ve been watching PET with interest , but haven`t bought as yet . BUT ~~~
GIANT steps moving forward are really exciting . BLOE have been a real tonic today . ( Their focus is on Gas .)
LEK and PET are likely to be big movers once the Global issues stabilise and more specifically when the oil price recovers and demand begins to increase .
GL.

Yep ! Can`t argue with that , fingers crossed that you`re right .
As mentioned earlier ; 2 is probably dependent on 7 , but why 7 was so late , is a mystery .

Danker ; which one ? ~ The $7M , or The $2M !
Let`s hope it`s BOTH .
Volume is most certainly the key , just imagine how the sp might increase if they flicked the `Caution Orange` spread light to `Green ` by closing the spread to c. 5% /7.5% ;)

AJW ~~~ Many thanks , again , for your ongoing encouraging , enlightening commentary .
Very professional and very insightful you`re proven correct yet again .
I`m sure we will now start to get increased news flow and a seriously improving sp as the year unfolds .
Regards . V

ADG89 : Agreed !
We will find out ~ one day :)
GL

longtermholder14: ~~~ " So what isn't clear about this? "

IF , you are prepared to take statements from a CEO who is not entirely respected by the financial community , in an AIM quoted Company , operating out of Nigeria , that has recently been victim of fraudulent activity , whose share price has been decimated , which is unable to meet deadlines , communicate clearly , respond to shareholder requests for information and is currently regarded by the market as high risk , as demonstrated with a ridiculous sp spread ~~~ etc ~~~
Then good luck .
I have no idea if you are a trader , an opportunist , or a short term gambler , but , for those of us who have been invested here for somewhat longer than perhaps a few weeks , this less than clear RNS is just another example of the fog engulfing the Company . Reading in between the lines without rose tints I remain extremely cautious about the machinations which are most definitely in play behind closed doors .
If you have a contribution to make about the health , direction and current activities in this Company , i would be very pleased. to read your assessment .
Regarding my personal position ; I believe this Company is in an excellent position to derive substantial gain from its assets , its location and its contacts , I have been averaging down , I am still underwater , I believe it will recover (perhaps not in its current format) , I do not rate the CEO , I would like to see him replaced , I will continue to add as circumstances evolve ~~~
And ~~~ I wish all genuine investors good fortune .

Scoobyrex ; Correct !
I imagine they are no able to do so at the moment .
But ~ post news , etc ..... I think they certainly should be buying .

"Shame there is nothing positive from you lot."
Just skimmed through your recent posts to see if there was anything of consequence there .

Shame .

See below ~
" * We are having difficulties because we haven`t been paid .
We will be paid ~ soon ? "
Clearly we haven`t been paid , otherwise they would have been required to advise ~ and ~ they would have paid the $2m that they have now " advised their Bank to pay" .
Of course that means nowt if the funds are not there , so , why have they not been paid ?
Could it be that SWST are negotiating some arrangement ?
Seems to be the most plausible explantation ~ imho .
From 27/1 RNS :
"The Otakikpo JV, on 25 January 2020, completed the first crude oil lifting of this year by the nominated offtaker, Shell Western Supply and Trading Limited ("SWST") (a member of the Royal Dutch Shell plc group of companies). LOGL expects to receive cash proceeds from this crude oil lifting of c. US$7.0 million. The next lifting, of a similar quantity, is expected to occur within the next four to six weeks."

OOoops ! Been rambling on too long !
Last sentence should read ~~~
`~~~Anyway , just a few thoughts , I still firmly believe (hope!) that we will exit this turmoil as a much stronger , viable Company and trust the unanswered questions will be addressed ~~~ hopefully soon !
GLA .

Well , at least we had a statement from the BoD today albeit somewhat unclear .
There`s definitely a message in there somewhere , but I`ve been trying to translate (inconclusively) exactly what it might mean . Some thoughts :
* We haven`t got the cash at the moment but we WILL get it ;
Asset sale being negotiated , not concluded .
Alternative fund raise / Loan / JV .
* We are having difficulties because we haven`t been paid .
We will be paid ~ soon ?
* Our relationship with Optimum is intact and robust .
We are jointly committed to each other , but will review timescales .
OPL 310 may be delayed (Ref ; current global issues / oil , demand, price .)
* We are involved with T/O , or acquisition :
Confident that negotiations will facilitate payments now due and in May .
* We are considering / suspension until such time that market conditions improve .
Negotiations ongoing with our partners .
I certainly do not know what`s going on .
Clearly the Market doesn`t know exactly what`s going on , they don`t like these situations , hence the c. 7 Million mkt cap .

I do think this exposes the outrageous $ ! m salary being enjoyed by a CEO with a track record now under the microscope .
ALSO ,~ despite the apparent clean bill of health from Kroll , who do have a first class reputation , That Fraud has not really been satisfactorily explained . We do not know what Kroll found or said . Kroll did NOT publish their specific findings . ie :
Kroll did a forensic review , Kroll reported to the `Committee` , The `Committee` reported to the BOARD.
Note these EXTRACT comments from the RNS :
~ " The Committee was SUPPORTED in its review by Kroll Associates UK Limited ("Kroll") acting as THIRD-PARTY forensic investigators. Advice was taken from Herbert Smith Freehills LLP, legal counsel engaged at the time of the Investigation, on discreet issues arising from Kroll's work.
The Committee has REPORTED TO THE BOARD the following results of the Investigation:
-- The Facility Agreement was a part of a fraud perpetrated against the Company. The Facility Agreement, and the sums to be received by LEKOIL pursuant to it, are not legally binding.
-- There is no evidence of any complicity of any Lekoil Director or employee in the fraud.
-- The Chief Executive Officer ("CEO") LED THE INTERACTION and negotiations with the individuals falsely purporting to represent the QIA, on behalf of the Company, prior to ultimate approval being given by the Board to enter into the Facility Agreement.
-- The BOARD only approved the execution of the Facility Agreement after a third-party global risk consultant engaged to undertake the due diligence investigation on Seawave, provided a report, based on public record search, that did not identify any "red flags" on Seawave ~~"
I suspect all this is still a drag on the Company and its valuation .
Anyway , just a few thoughts , I still firmly believe (hope!) that we will exit this turmoil as a much stronger , viab

The usual : ~ Dip ~ Spread ~Rise , during the course of the day .
At least there would seem to be an identifiable pedantic rise on the longer term chart .

Ah ! ~ 15.02 .
The voice of balance and reason !
Well said AJW .

Very few trades all day (c. 1.1m )and then 1m pops up after the close with another odd identification ~~~
" OILQ which allows amendments to trade reports based on flag-changes "
The machinations surrounding this Company`s shares is really curious .
Certainly I have never witnessed anything like it !
7M Mkt Cap surely indicates that we are in the basement , but I keep seeing little `Twitches` suggesting that it wants to go higher . Today is an example , Mr Market must have known that 1M was coming which `Pinged ` the sp at the end of the day .
Even though we seem to be feeling our way through the fog ~ Never a dull moment here !
GLA