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@didnthavetopost
Paul has already mentioned why we needed more headroom to put us in a better negotiating position with gas off takers. They tried to lowball us knowing we dont have the headroom to go it ourselves. Now we do and have already raised.
Loan shares also need to be repaid.
Shares for brokers is standard practice.
Mou3 drilling to start and here you are trying to spook people. We're funded to drill and test mou3 after raising already.
6p is cheap mate, there's no need try get others to panic sell so you can save yourself a penny.
Go read the old presentations and listen to older interviews. Cng is and always was a quick side hustle. The purpose is to gain funding to further explore the giant field we have.
We now have an exit strategy for cng only.
40bcf is guaranteed and what the buyer believes mou1/2/3 can deliver. Paul is confident that it can deliver more so has agreed to a 10% royalty.
Then onto proving up the larger reserves that can supply the maghreb pipeline to Europe as always planned. Without any further risk of dilution to shareholders.
It requires a decent ammout of money and wells to prove up the size of reserves that we're targeting.
I've been here since ipo, low pennies. This wasn't simply drill and prove up mou 2 and we're at tcfs. It takes time and money, we have both now.
Grh was right. "Most won't make real money here"
Finally we'll get our first special divi.
Terrence
He could mean sale of "predator cng" that has use of the existing wells we have drilled. For the first 40bcf they pay 200mil upfront then royalty thereafter. Sort of a lease agreement. License remains ours and morrocon government. The gov gets 25% so decent payout for them to help facilitate the deal.
I'm 100% for selling the cng project for 200mil. Been here since 100mil share float. It would mean we no longer have to raise and can finally be fully funded.
No worries of future placings makes the share more attractive to many. It also speeds up the rate of further drills.
Agree with mem, Paul wouldn't casually discredit the cpr.
Cng project was always a side project to quick monetisation. 200mil for 40bcf.
Provides plenty of equity for us to target further Wells. Also a special dividend at say 40p a share would appease all shareholders including Paul himself.
4x payout from current sp and continue to hold our shares for a bigger hit. Goal was always to supply maghreb pipeline, cng a side hustle.
@Lochnez
It's not David vs Goliath anymore.
Look at our partners in the proposed FSRU project.
Each company makes a proposal, the Irish government then picks the best soloution.
It's unrealistic to then go back to the losing bidders and let them come up with a similar soloution to the winning propsoal.
That would indicate bias and favouritism on the governments part which results in timely legal challenges in the courts.
This is finally the year the pieces fall into place. It has been a long ride.
Approaching 10mil shares volume.
Mms have plenty of shares to sell. As usual novum placings are forward sold right away.
At least we will clear the placing shares quickly but the ability to sell shares you don't yet own doesn't sit well with me.