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The placings were not just for the Wilson drill but were for working capital as well. Directors bought in at 0.1p I don’t think another placing is imminent IMO

Skippy, that’s great but what about the debt which keeps increasing while Mako is neither sold nor operational

Wish I waited but I thought they had it sorted after the last heavily discounted placing. So now we are told they need sufficient working capital to fund bulk orders etc - why on earth didn’t they address this before? Is this gross mis-management or am I missing something? Can’t they get a line of credit from a bank? Actually, they say that the strategic review is not for the purpose of soliciting offers - I’m now wondering if this might be the best outcome for shareholders as the board don’t seem capable of understanding the basics to run a business. Also, you can’t blame this on Trump tariffs.

No, it was the last Stockbox interview around 3 to 4 weeks ago. Well worth a re listen as the current oil price drop isn’t all bad given NTOG low cost base etc

It’s mightily ambitious that’s for sure. As long as we are going in the right direction the MCap of circa £1m is ridiculously low IMO. PE - no more placings please; if current oil price is slowing expansion plans then slow down and be patient rather than further diluting shareholders.

Next news later this month should be trading update with loan facility redetermination- this will determine whether Fouke 3 drill can be done without recourse to shareholders; if not, please delay until oil price recovers

The RNS refers to “further cost realisation measures”. People on this board have been noting the excessive costs (mainly high salaries) for ages and only now does the company realise the directors having been over milking a cow that produces little milk. Awful analogy but you get my drift. Who in their right mind would invest in this now given that over the last 3 years they’ve achieved virtually nothing and there is nothing on the horizon. This RNS might give hope but as they say, it’s the hope that kills you.

The oil price (WTI) needs to be above $60 a barrel to fund expansion. It’s dipped a little below that from time to time since so called ‘Liberation Day”. The company is profitable above $30 a barrel - most countries cannot sustain lower oil prices than where they currently are. Patience needed. This should come back.

Value will out but not in the foreseeable future IMO. Retail stocks have continued to bomb and a lot of this is purely down to sentiment. Then you have the cost of living crisis, Trump tariffs, brink of recession and the shortest exploiting all of the above to crash the SP. When the cash flow improves as the shackles of Ingenuity (the cash hoover) become a distant memory the recovery will come, and fast. This isn’t a distressed business and the MCap is no reflection on true value.

AP, how about going for compensation for the excessive delays which forced the company to do multiple placings it shouldn’t have had to and nearer put the future in doubt. Thank God the lenders were most accommodating and didn’t take action

I hate CLNs too as a rule, but in this case if 0.025p price is paid on conversion it means the whole project has gone tits up, if the project is a success the conversion price will be far higher than the current SP IMO and shareholders as well as CLN holders should prosper nicely. IMO the SP dip today is nothing more than a Pavlovian reaction to the words Convertible Loan Notes. Just remember, the fund raise is to cover costs to expand an asset not merely to keep the lights on as is the case for most AIM companies.

Paul Welch has told us that the oil price (WTI) needs to be above $60 a barrel to fund expansion (the company is still profitable at a much lower price than this). Despite the tariffs news and market turmoil the WTI oil price only briefly dipped below $60. The next news should be completion of stage 2 work overs at Pine Mills and then (next month) a redetermination of the amount that may be drawn on the loan to fund the Foulke drilling in Q3.

If the worst comes to the worst will it be that bad to have a 20% tariff to pass on (in whole or in part) to the US consumer (Medicare)? When the original announcement of 34% was made and now 145% I thought it might be game over, but 20%, surely they can work with or around that? If so, the SP drop in April is looking very much overdone- yes, it’s risky but there is a lot of smart money that has come in at 2p in the last raise.

Let’s be sensible, they didn’t raise money simply to leave it sat in the bank - they’ve spent it on the things they raised it for such as inventory. This might not be as bad as thought when Trump imposed tariffs. Also there is a credit facility available to draw on, increasing sales create a cash stream too.

China tariffs on US goods don’t really matter, it’s the US tariffs that are the problem. This is escalating at a fast pace and to such a ridiculous level that eventually common sense should prevail.

There will be 2 main markets (initially), being US and China. The Chinese production will serve the Chinese market but they’ll either have to move the US supply to the US or to a jurisdiction where the tariffs are 20% or less and the production costs are at a level similar to that in China. There will probably need to be another fundraise to accommodate a relocation and delays. The UK might be an opportunity (10% tariff but hopefully negated to a future trade deal). Big money has been invested in this company so they’re not going to let it go without a fight

Good RNS, everything is going to plan. As previously stated, provided the oil price remains above $60 a barrel then Fouke 3 (scheduled for Q3 subject to rig availability) should either be funded out of cash flow or a draw down on the debt facility following the 6 month review in May. IMO this company is significantly undervalued, not helped by sentiment due to the last unexpected placing. Hopefully that was it and provided the oil price holds up there shouldn’t be another.

Someone transacted at 14.54 where the payment was circa £10k. This was probably a buy as the Engage Investor webinar went very well. It was confirmed Premier Miton participated in the last raise and maintained the % shareholding, hence no TR1.

A much better Stockbox interview compared to the last one. A tightening of costs, Roland to cut his salary by 50%. He said no more fundraising for the foreseeable future (I’ll take that to mean not in H1 2025), and blue chip interest re farm out of Medway. Also SYN has identified a suitable rig for next drill though I do wonder if Selan is deliberately dragging its heals. Mark Fairburn of Stockbox is a good interviewer and he reads chat forums so he directly addresses shareholder concerns. In summary, we have a more hopeful picture although of course nothing is certain.

Even if it’s a duster we’ve got Mako to fall back on.

I’m not one to refer to other shares on a different board, but as us SYNers are getting hammered, perhaps EME worth a look - will spud this weekend. DYOR

As for SYN, like a convicted criminal we just have to do the time. I believe the opportunity is there but I do worry about the quality of the team leading the company. I’m too invested and underwater to bail so have to see it through.