"they can’t do a large raise at 2:05 and say their good for cash...

"they can’t do a large raise at 2:05 and say their good for cash then do another one a month later way lower, management would lose all credibility"

Actually, I'm inclined to agree with kris. Shaw & Partners are specifically for raising Company funds.

I recall watching the AGM on 23Nov23 as the BOD defended the GOM CR. Scotty gave me this impression (my post on 24Nov23):

"The only Director I was impressed by yesterday was Dr Julian Fowles. Knowledgable and well spoken. Yet he seemed somewhat p!ssed for some reason"

The production data has a 7 day lag and it was noticeable later that production had dropped off on 19Nov23. It was partly resolved but 2 wells continued to misfire.

Xmas Day was like they wished for a production miracle and achieved 29kbpd ... but that was it.


Company liquidity is fine to meet the Petrobras payment on 30Jan24.

Maintenance has been planned for Mar24 but again liquidity appears more than fine to deal with that production outage.

Scotty mentioned on 23Aug23 that he was particularly mindful of protecting the Company's investment in pipes and wells of over US$130m. The only possible reason for a CR now is that a major problem has occurred and piping needs to be replaced and a production outage will occur for an extended period of time.

As it stands, the SP has been smashed for some reason and we shareholders always seem to be the last to find out. Even given this bad news scenario, the Company's Enterprise Value has more than compensated, considering it is a low cost oil producer of 40kbpd (in theory).

The current SP seems like sell on rumour, buy on fact.

Sh!t happens. Its a high reward for high risk industry. I hope I'm wrong.