Bradda Head Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.
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LSE,
The RNS said so, they're looking at ways to utilise those wells:
"While initial results in Angola have not allowed immediate reactivation of the Tobias Field as originally hoped, the block partners are undertaking a detailed review of how to best utilize and exploit the two wells recently completed and further develop the full potential of the block. The Company and its block partners believe KON-11 continues to offer significant developmental potential and that these early testing results are by no means a definitive outcome."
They're now going to spend some time looking to see why the two wells didn't flow and also collecting eFTG on all the blocks and both Tobias and Galinda. The eFTG will be used to define the targets better and its fairly cheap and fast compared to shooting 2D or 3D seismic. They do have large targets on all three blocks, KON-11, KON-12 and KON-16 so still working to define those.
Hopefully they'll be able to finance Brazil like AET, I3E, SQZ and SRSP have done, all acquired production and reserves using RBL. So I'm hoping that is what today's update is hinting at. We may hear more about their plans on the update on the current financing by the 14th June.
Regards,
Ed.
The Company is also looking at further sources of capital which it will require to continue these developments. More dilution to come ?
It is what I said the other day before various posters argued that the company was either going to go into administration or Karam would take the company private. To repeat:
"Corcel will stay afloat all right. Karam and his Italian partner at EXT will make sure of that as they both have very deep pockets (as they have shown so far). But there won't be a buyout as they will just get an exemption from having to make an offer when their holding exceeds the limit, which is I think 30%. There are many companies on AIM where the Chairman or even other companies own up to 60% or 70% or more of the shares and have no obligation to take ownership."
I can't see much point in continuing to chuck good money at KUN-11 and KUN-12 though KUN-16 looks hugely exciting but will need quite a lot of funding. As for new prospects, they will cost money as well and CRCL does not have a lot of that and they can be a bit iffy as KUN-12 has shown.
"Meanwhile, the Company intends to host an investor event covering its current plans and strategy in the near term, with further details to be provided."
had a week to update on this?
The Company is also looking at further sources of capital which it will require to continue these developments.
Hmmmm…
Just an observation ... alot of posters over the past few months ...myself included perhaps were of the opinio that the big guys AK ...and co ...had more information than we did ... but perhaps we were wrong ... fools rush in where .... you know the rest ...
I agree that it looked like they were going to take this private, but perhaps they didn't know the flow test results were going to be bad then?
Also, I think it was Ed. who mentioned that the RNS implied that both wells aren't being plugged yet and the partners were thinking of going back to them?
"If they announce that they intend to delist then the share price will immediately sink by up to 80%" You are stating that as a fact, I've been investing for close to 20 years and been involved with a few delisting's, most of which have been at a premium. You are talking absolute BS.
There have been loads of companies delisting from AIM over the last year or two. If they announce that they intend to delist then the share price will immediately sink by up to 80% and they will then hold a GM at which shareholders can vote yes or no. Every vote gets passed, usually on a show of hands when the only people who bother to turn up are the BOD and their staunchest supporters.
I'll have some of what ART is smoking. Give us some examples or is that a made up figure?
Well, these days if the management decides to delist and take a company private they do not do it at a premium. It is usually done at an unspecified share price which usually turns out to be about an 80% discount to the share price at the time of the announcement.
This will be taken private in one way or another. It is very clear that the board have never had to deal with shareholder nor want to, they have absolutely no regard for them. Here is one question to consider... why would Extraction buy RJ's holding off market at a fixed price of 0.75 (100% premium) when they could have taken more at 0.5 in the placing? Did they want rid of RJ's voting rights? I would expect the next RNS to state that either this will be delisting or Extraction are to make an offer for the company.
Sienna - thanks
I don't agree - AK may keep the next drill project alive if they consider it worthwhile, but they he has no need to and no obligation to assist other shareholders by keeping the AIM listing alive. Maintaining a listed company is expensive and time-consuming and when wealthy individuals put their own money on the line it is often better done in private vehicles. Anything to do with the old Regency company structure seems to have a bad luck charm attached to it so I cannot see any compelling reason to continue with it as a listed company.
Corcel will stay afloat all right. Karam and his Italian partner at EXT will make sure of that as they both have very deep pockets (as they have shown so far). But there won't be a buyout as they will just get an exemption from having to make an offer when their holding exceeds the limit, which is I think 30%. There are many companies on AIM where the Chairman or even other companies own up to 60% or 70% or more of the shares and have no obligation to take ownership.
I didn't finish that.
1958M shares at 0.11p = £2.15M m/cap. 1958M shares at 0.12p = £2.34M m/cap. So every 0.01p movement equals £190,000.
12 million buys is about £15,000. To move the share price from 0.11p to 0.12p would equal a sum of £190,000. Not so crazy after all.
(My sums are: 1958M shares at 0.11p = £2.25M m/cap. 1956
Yes I agree with that comment .....and today we have 12m of buys and 1m of sales and they dont move .... crazy ...
Be interested to hear from the couple of experts on here who appeared like insiders .
Always talking up and keeping everyone calm
Plumbs.
It's come from when Extract took their holdings to 29% of the company after they agreed to buy 99m shares from 1 shareholder at 0.76p when the price was already languishing at 0.32p. That was in April just gone. They said once 30% was exceeded they would have to make a bid under the rules.
I think even with the sale of one of their assets, what happened with that deal? What money came back in? This was months ago they should have told shareholders
Where did this management buyout stuff come from....
won't be many AIM rescue toddlers doing management buyouts :)
Sniper. I am very inexperienced with shares and I think you are right about no buyout at 1p or 0.8p or even 0.2p where I would now break even.
I'm on the telegram chat too. Not sure if you are but the feelings are mixed about the future here. The general opinion is that there may be assets left that can come the company going but funding is needed. But there are many questions as to what's gone wrong. I think it's bad management. I just hope that Scott Gilbert who is new to the company will not jump ship before he is properly appointed otherwise I feel we are screwed. I've only got 1.6m shares which is very low compared to many but only a few months ago when we were above 1p everything looked so exciting. Now all our shares are worth peanuts compared to what they were a few months ago and what they could or should have beeb worth. Management has gone astray here and at the moment good opportunities have been thrown away. If Scott Gilbert remains I think we have a chance of recovery.
Guess we shall soon know this company's destiny but imo its pointless selling now .
GLA