Member Info for zumore

"Have to admire Bell - he's stuck at through the hard times and looks like it's all coming together now" ..... I wouldn't exactly say that. (1) This year through numerous RGM placings + $1 YA loan + around �1.3 million to RGM from selling their UKOG shares: all those have meant RGM and Andrew Bell has had over �3 million in RGMs piggy bank this year. (2) The RGM chairman Andrew Bell's ambitions for RGM earlier in the year was for RGM numerous coal investments to now be generating millions of pounds of income for RGM: RGM is now meant to be a self supportive company. ..... (1) Out of that �3 million + money RGM probably now only have a few hundred thousand left. (2) NO MONEY FROM COAL. Apparently Andrew Bell now thinks Stephen Moscicki is pretty incompetent with the coal. It's a pity he didn't learn that before he handed Stephen Moscicki all that money. Honestly Haroo where you see it's all coming together then i cannot see that: because in my opinion Bell's doing atrociously this year.

when companies do deals to be paid in part cash and part shares. For example when RRR bought into Elephant oil Andrew Bell paid part cash + part RRR shares, likewise when RGM bought back into horsehill they paid ANGS part cash + part RGM shares, likewise this possible Congo Cobalt Copper asset RRR may be possibly buying into, RRR have paid $50,000 upfront and they will pay the rest of the deal in �490,000 in RRR shares if they decide to proceed and buy into the asset. So when on 10th July UKOG announced they' might buy a 1.9% stake in HHDL from RGM and in the UKOG rns they said: " For a total consideration of �323,000, the Company will receive a further 1.235% beneficial interest in the Licences via the purchase of Regency's 1.9% shareholding in HHDL. The total Consideration, with an effective date of 28 June 2017, is comprised of �54,498 payable in cash and �268,502 in the form of the issue of new ordinary shares in UKOG ("Consideration Shares"). The Consideration Shares are calculated on the 30-day volume weighted average price prior to 29 June 2017. Completion of the acquisition is conditional on the consent of HHDL. A further announcement will be made on completion." .......... That above ^^^ was completely standard that UKOG paid for part of the deal in UKOG shares. Yes Bell in the 10th July RNS suggests that the �268,502 was a REINVESTMENT back into UKOG (which made out UKOG paid RGM and then Bell reinvested back �268,502 into UKOG) but every UKOG RNS that mentions this deal makes clear that this deal was done part cash + part UKOG shares. UKOG called it "Consideration Shares" which basically means paying for something (asset) by shares. So that UKOG paid RGM in UKOG shares and then those shares subsequently multiplied is pure luck for Andrew Bell and not skill or genius that some PI's are trying to make out. And selling them at around 7p was a pretty obvious thing to do. I can't recall any PIs criticising Bell when he sold those UKOG shares at around 7p . On the otherhand Andrew Bell's coal investments with Stephen Moscicki were showing his management skills. He thought about it, he must've done due dilligence on Moscicki and he eventually decided that he would do numerous fundraises (be it placings or YA loan) to invest into Stephen Moscicki's coal projects. At this stage his coal investments with Stephen Moscicki look absolutely shambolic. And that was Bell showing his RGM management skills. And so those who want people to heap praise on Bell for UKOG. Are you kidding? It was pure LUCK Overall at RGM this year (in my opinion) Andrew Bell has done dismally.

Obviously i don't mean every sell but the more bigger rounded sells.

it states "b) If the price of Shares is below the Fixed Conversion Price the Lender may elect to convert at the Variable Conversion Price, but if it does so it is restricted to Conversion of a maximum of $200,000 in any one month;" ...................... So we are now in the 7th month of this YA loan and i say RGM still owe YA around $770,000 (not including this months interest). So because YA can only convert $200,000 in any month then you obviously time is running out in this 12 month loan and that means YA will soon have to start converting this loan into RGM shares. So i wouldn't be surprised if these sells today are from YA.

Lol we are all coming to different figures of how much RGM still owe YA: I say they still owe YA $770,000. :) The original YA $1million loan rns says the loan was subject to 12% interest and so 1% interest a month would be $10,000 a month on a $1 million loan. So 5 months since the loan so $50,000 interest: so the $1million loan went up to $1,050,000 after 5 month. Now in the original YA loan rns point (d) is very important: "d) If the price of Shares is below the Fixed Conversion Price Regency may prepay subject to a pre-payment fee equal to 20 per cent. of any amount prepaid." .... Now to me that point (d) means if RGM prepay $350,000 then they have to pay a $70,000 20% pre-payment fee. So after 5 months I say RGM owed YA $1,050,000. They prepaid $350,000, so that leaves $700,000 debt. But prepaying $350,000 incurred a 20% $70,000 pre-payment fee. So because of that I say RGM still owe YA $770,000

The more i read about Curzon the less optimistic i am. From what i've read Curzon are basically a one asset company and if phase 1 doesn't go well then highly likely the whole asset would be abandoned and then Curzon would essentially be assetless. So if phase 1 isn't a success then i could easily see this price falling to around 2p. On the other hand if phase 1 is successful then the company would be looking to raise $21.5 million to move onto phase 2: so even with success in phase 1 then still not good for shareholders because Curzon would then be looking to do massive dilution for phase 2. So to me it doesn't look good either way for early entrants in this share.

From the short RGM presentation the chairman did say that these unnamed new coal partners (i'm assuming Legacy hill) are not interested in the Rosa coal mine. So i think we could now safely say Rosa production will not be happening; especially so when this chairman recently said in a Zac Mir/ Steffi interview that RGM had been offered terms to buy the whole of the Rosa asset (Bell said they would need to do due dilligence before deciding on that). In older interview this chairman has stated he doesn't have expertise in coal mining and on top of that he's stated Legacy hill are not interested in partnering at Rosa then i think it's a near certainty that RGM will not be buying the whole of the Rosa asset. Yes i know we are always told to take responsibility for your own investment decisions but those who invested in RGM because the RGM chairman stated time and time again (around 6 months ago) that Rosa production was imminently going to happen: well of course those PI's should feel aggrieved because Andrew Bell chairman of RGM totally misled them. In my opinion totally disgraceful how RGM PIs were misled over Rosa. This share price rise these past couple of days obviously isn't rising because of RGMs investment in Curzon energy. So i assume it's rising because PIs are believing what the RGM chairman hinted in his 27th September presentation above coal news shortly? Remember that presentation is almost 2 weeks old so again i'm not totally believing this RGM chairman.

http://www.curzonenergy.com/investor-relations/admission-materials Being 209 pages i've only skimmed through it but what a miserable downbeat read it is. After skimming through the prospectus last night i can certainly understand why many PI's are not keen on this share. So before investing here i encourage all PIs to have a good read of the Curzon prospectus (the prospectus can be found in the link above) For me personally it doesn't fill my heart with glee when i know YA global own shares in a company. Page 69 of the prospectus says: "Shareholders should also note that, following completion of the Acquisition and the Placing, YA will control 44.72 per cent. of the voting rights of the Company and that this will increase the percentage of the Ordinary Shares that are not in public hands. This may in turn have the effect of reducing the liquidity of trading in the Ordinary Shares. YA Global�s stake in the voting rights of the Company will also mean that YA Global will be able, if it so wishes, to exert significant influence over resolutions proposed at future general meetings of the company" .................... In regards to the �2,326,500 placing the prospectus says: "The Company has raised gross proceeds of �2,326,500 through the Placing conditional upon Admission. The total expenses incurred (or to be incurred) by the Company in connection with the Placing and Admission are approximately �709,708. The total Net Proceeds available to the Company are therefore �1,616,792." ........................... With the Curzon prospectus being 209 pages long i've only highlighted two above points from the prospectus. So again i encourage PIs to read the Curzon prospectus thoroughly to get a more balanced picture about the company

because who knows i could be completely wrong about Curzon and in 5 years time people could be having a great laugh at my early posts because who knows this share price could then be 200p and Curzon an incredibly profitable company. :) So certainly don't listen to me and decide for yourself if Curzon is a great investment opportunity.

Of course i was jumping the gun about the cost of phase two because of course phase one might not go too well and then if that happened we might not get to phase 2.

After watching the interview and also reading Gary's article this to me looks a bit iffy for early entrants into this share. In the interview the Curzon technical director Thomas Wagenhofer says he expects phase 1 to be completed maybe in the first or second quarter of 2018. Maybe if phase 1 goes well then that could bring $1 million cashflow but as Gary says in his article even with this $1 million cashflow (or around �750,000) Curzon would still be loss making because working capital for general and admin expenses at Curzon would be running at around �1 million a year . Phase 2 is the stage when Curzon could become cashflow positive but the huge problem is that the 58 wells in phase 2 would cost around $350,000 to drill each well. 58 x $350,000 = $20,300,000 (or around �15.5 million) ................. So to me not an enticing share at this early stage because phase two would cost around �15 million and you would expect Curzon shareholders to be diluted into oblivion to raise that amount of money.

interview: https://www.youtube.com/watch?v=MWnEKu6ccqQ

Written by Gary newman for Sh*rephro**ts "Any new IPO in the natural resources sector tends to grab my attention, and whilst there are plenty of them where I wouldn�t even consider investing my money, occasionally one comes along which looks to have a bit more potential. That would appear to be the case with Curzon Energy (CZN). This is about to be listed on the LSE with a standard listing, and rather than having some exploration asset which could take a long time to drill, not to mention costing a fortune even if it gets to that stage, this company reckons that it has the potential to be producing gas within the next six months. Having had a read of the investor presentation and prospectus, it would certainly appear that it has the ability to achieve that at the 45,000 acre field which it now owns at Coos Bay, Oregon, in the US. This prospect revolves around coalbed methane gas, and although this type of play is already producing large amounts of commercial gas elsewhere, it would be the first CBM project in this area. Coos Bay was initially drilled over a decade ago, with five existing wells having produced decent flows of gas at up to 500mmscf/d during the original testing phase between 2004 and 2006. But back then even though gas prices were higher no further developments were made � and that could well be down to a combination of factors, including a lack of infrastructure (which has since been addressed), as well technology having improved in leaps and bounds since then, especially with regards to less conventional plays. The plans for Phase 1 to get to production and prove up the concept, all being well, include re-entering the existing wells as well as drilling two new ones, and the �2.33 million which the company is raising will more than cover that � with $1.33 million (roughly �980,000) budgeted for the drilling plus any additional infrastructure. At current market prices a well can be drilled for under $350,000. Currently the underground gathering system extends to within 15 metres of the regional pipeline, and that connects to the NW Natural interstate system, so the company is also looking to get a gas sales agreement in place at an early stage � there is already a letter-of-intent. Phase 1 looks interesting on paper, but nothing earth-shattering as the first year after it goes into production would yield net operating cash flows of an estimated �675,000, and given that working capital for general and admin expenses is expected to run at around �1 million per annum, the company would be loss-making at that stage"

Written by Gary Newman for Sh*rephro**ts "Where things get far more interesting is if and when Curzon is able to prove that the concept works, at which point it would move onto Phase 2 which would involve drilling 58 new wells. That is where the serious revenue would start to flow in, with an NPV(10) of over $34 million and the initial capital investment being repaid in less than five years. The one concern though that I can see with this phase for any investor getting in at this stage, is that in order to fund the estimated $21.5 million capex needed, there is likely to be sizeable dilution at some point down the line. As long as the company has performed well up until that point though, any fundraising could well be done at a higher share price anyway and this may not be as big a negative as it could appear to be. The initial amounts of gas being targeted may well sound quite small, but gas-in-place is potentially in excess of 1tcf, and the company already has contingent resources on a 2C basis of over 270bcf. It is also worth considering, although a fair way in the future if it ever happened, that Phase III, if reached would drill a further 400 wells and at that point the revenue figures would start to get very serious, as would the amount of profit that would be being made. A lot is going to come down to the next few drills and testing results though, as all that potentially follows is dependent on Phase I being a success and proving the concept, so that is really where the risk lies. Gas prices moving forwards will also play a part, and NW Natural has historically fetched higher prices than other parts of the US, as has Oregon itself, for premium natural gas. I�m always very wary of getting too excited about resources in the ground which may or may not be unlocked in the future, and currently that is certainly the case with the more advanced development of Coos Bay, but I also think there is enough of interest � both for those already invested in the IPO and which will get the attention of the wider market, as any type of drilling activity amongst the smaller companies does � in the short term to make this worth considering at this stage. There is little point in going into the financials of the company as they were prior to listing, as a lot is going to change once operations get underway, plus the equity issue will be enough to cover everything, possibly for as long as 18 months. One name on the shareholder register which did concern me slightly was that of YA Global, which held nearly 66% of the pre-IPO stock, as I did wonder if it would take this opportunity to cash in, but it is subject to a 12 month �hard� lock-in. I�ve yet to see exact details of the IPO price and a specific date for when trading in the stock will commence, but I will certainly keep an eye out for it when it does as I think it could get a fair bit of attention"

RGM have a 8% stake in Curzon. Though I believe they can't sell most of their shares for a year. So in a year will this price be around 50p or 1p? Who knows.

Below is RGM announcements which showed the huge amount of money sunk into the USA coal projects. But in Harry's 4 Sep Bell interview https://mobile.twitter.com/SHARES_FTSE_AIM/status/904781837070999554?p=v (listen from around 10 min 45 secs) Bell tells Harry that they don't expect to be putting any more money into the already announced coal assets and he then went on to say they are looking for something bigger that could be US listed. Now the problem for me is if Bell announces a new coal project and all the others below have been dumped then after the amount of money that RGM sunk into those projects then i don't think that would go down well with PIs. From RNSes: (1) 20 Dec 2016: RGM did a placing to complete their £250,000 investment in Stephen Moscicki's coal company Carbon minerals corporation. This was to get a 20% stake in the Rosa coal mine. (2) 8 Feb 2017: RGM did a placing to complete their $150,000 investment in Stephen Moscicki's coal company Vali Carbon Corporation (20% stake) (3) 4 April 2017: RGM did a £320,204 placing. This placing money was given to Stephen Moscicki. The RNS says: "On 16th March, 2017 Regency announced an unincorporated Joint Venture ("JV") over a metallurgical coal property of approximately 6,500 acres in northeastern Alabama (the "Property") with a view to bringing it into early operation. The JV is in the proportions 25% Regency and 75% SM. A Supplementary Agreement has now been signed between the Company and SM pursuant to which Regency has contributed US$400,000 to the costs of acquisition, permitting, and preparation of the Property" .......................... (4) 5 April 2017: RGM took out a $1 million YA loan. The RNS says: "The purpose of the Placing is to enable the Company to develop its U.S. operations (so Bell means COAL) and to retire the entirety of its $381,625.21 existing debt." (5) 3 May 2017: RGM raised £306,000. The RNS said this placing money would be used to speed up Stephen Moscicki's second coal project. 3 May RNS says: ·"Acceleration of the second project is considered advantageous as it will lead to immediate significant revenue and margin generation, will clear faces for subsequent highwall mining, and will allow the crystallisation of substantial offtake agreements; · To achieve the above and other purposes the Company has secured £306,000 of additional working capital through a placing with a small group of high net worth investors"

"Mid 2016 total voting rights were 485m and SP was 0.35-0.4p which gives MC of �2m so please dont distort the facts." ....................... You are the one distorting the facts because 485m shares weren't in issue until 2017. 30th August 2016 RGM did a placing at 0.40p. Before the placing 252,384,571 shares in issue and after that placing 318,009,571 shares in issue. 30th Aug 2016 RNS: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=RGM&ArticleCode=s1kt4o0i&ArticleHeadline=Issue_of_Equity_and_TVR 20th Dec 2016 RGM did a placing at 0.40p to complete their investment in the Rosa coal mine. After that placing 379,884,571 shares in issue. So even at that time the RGM mcap was around �1.5 million. 20th Dec 2016 rns: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=RGM&ArticleCode=j5hljy4z&ArticleHeadline=Issue_of_Equity_and_TVR And if we go back further to Nov to Dec 2015 the RGM mcap was hovering around �400,000. So please don't try to tell me in mid 2016 this mcap was �2 million when it wasn't.

Mullins i think poster "Okenia" said the other week that because UKOG now own a 49.9% stake in HHDL then in his/her opinion UKOG are very unlikely (at this stage) to buy RGMs remaining 3.1% because they (UKOG) won't want to go over the 50% threshold.

"Cash in bank circa �1m. " ........ I don't like to pick you up on another point but out of the recent money RGM received from selling their UKOG shares they invested another �400k in the forthcoming Curzon IPO and they also repaid $350k towards their YA loan. So i very much doubt they have �1m remaining.

"HH stake worth �1.5m (extrapolated from previous sale)" ......... I'm sure you've made a mistake because based on the previous sale price RGMs remaining 31 HHDL shares (or 3.1% stake in HHDL) would be worth �527,000. I say that because RGM sold 19 HHDL shares to UKOG for �327,000, so UKOG paid �17,000 for each HHDL share, so if the remaining 31 HHDL shares were also sold for �17,000 each then that give RGM �527,000.