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JH

All thing that is desperate is the turkeys that are being asked to vote for Christmas on 23rd April ! 3 weeks remain quack quack

LMAO lol

Pmsl

All imo of course

Exactly flabby

It’s to allow mates to get out before they buy back at 10p!

That’s AIM for you

Nope! I can smell middle aged ex army bull shine though!

Shorts will close end April after market has been flooded with a quarter of a billion new shares!

All imo of course

She’s ruined people’s retirement plans !

Mug punter had plans leaving AIM this year

LOL LMAO

Tick tock

ALL IMO OF COURSE

Completely agree Flabby!

Also it’s inportba to note that it doesn’t need to be a “duster” in the sense that it is a completely dry well!

In order to get an economically viable accumulation 1 of 5 or 6 things needs to be substandard and it’s game over!

It’s an appraisal well so the HC are obviously there ! But there are questions about the hydrocarbon seals, the trapping mechanism, the reservoir porosity & permeability, the source rock and potential migration paths etc...

Many questions and risks!

How much of a gamble is worth taking ?

Do I trust the board ?

Is there technical nouse as good as their financial deal making skills ?

All imo of course

Mole

What an excellent post! Truly first class ! Some really searching questions!

“what sort of farm in is now envisaged. Share to fund the dev costs? If so how is the £7.1m principal pushed out by 1 year paid pre revenue?”

My answer: more raises ! Why break a winning formula? Why stop at 320 million shares when you can raise another 180 million and get to half a billion ! The G&A costs for this company are hideously expensive for a company their size !!!

You write “The winners here are clearly the new equity and LOG admin have done pretty well out of this”

I agree 100% but i would add that the useless bod get to keep slurping up the free 6 figure salaries and 6 figure bonuses ! Mug punters lose out !

“ Existing holders will struggle to get in on the open offer if it is limited to £2m and insiders also get to take up allocations.”

I doubt that will be a problem as I doubt that it will be fully subscribed!

All imo of course

Unity

I thought you didn’t want dividends? Or is that another unity on twitter?

Good point HS

IF Fiona doesn’t get to dilute the focaccia (bread) out of this , then it may be worth a look with 126m shares in issue! However with 300 m shares in issue the current equity is “dead meat”! I suppose you could call it “man down”

Good morning all

HS

RRE are Not “emphasising” this! This is a standard piece of verbiage re 2.8 that is written on every takeover scenario!

The company will soon have over 300 million shares !!!!!! RRE will be crazy to make another bid! Even a 20p bid will now be over £60 million ! Truly shocking the level of dilution

All imo of course;)

Margins have improved ! The discount to WTI is better than it was vs Petrotrin

Nope! Not true! Every time I requested a quote I was offered 7.15 through my broker! May be I need to buy in small tiny trades of £1000-2000... that would cost too much in trading charges !

Anyone know when the end of year accounts are due ?

I personally wouldn’t be opposed to a special dividend!

Then some PPC at 8P ! Far too cheap at the moment and they plan to increased production 50% YOY! Will add more if I can get lower than 7p!

Fully agree Breq

20p was a bad deal for current SH but issuing nearly 200 million new shares at 10p wasn’t! The only people who make money from today’s announcement are Administrators who get to spin this out for another year or 2, the BOD who hey to take their 6 figure salaries and 6 figure bonuses! LCF bonds will be getting less than the 20 odd percent they could have had !

Anyone waiting for 40p plus is now deluded IMO! Even the 20p boat has sailed!

Lots of companies in the NS seeking farmout and nobody able to secure ! Some companies don’t have bad debts or creditors who have been arrested for fraud !!

Examples include CLNR and I3E !!!

This dog has had its day

All imo of course

;)

Tier

I’d wait until this gets diluted into an oblivion later in the month ! Certainly wouldn’t invest above the placing price!

Good luck
All imo of course

Boulevard!!!

Condolences!

You certainly know how to “pickem”!

Fiona was a very well respected geologist and industry veteran! She helped discover and develop sea lion (one of the biggest discoveries in past 10 years)! Her time after RKH was disastrous! She ruined Echo taking their SP from around 20 p to 3p ! Could history repeat itself ? I’ll grab a coffee and watch

Fiona has ruined her reputation and RXDAV’s wealth all in the space of 6 hours !

We have a huge amount of cash, additional production and amazing assets to look forward to! Let’s let them bed in those assets before any more acquisitions!