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I find it strange why anyone would want to take up the open offer when you could have purchased as many as you wanted for less on the open market
What is the use of selling/buying 5 or 8 shares ?
I doubt there will be any positive news from QFI in the next 6 to 9 months so we should see the SP drift to around 2p.
The 250k was a sell at 15.125 - beware of payed rampers on LSE and iii - desparation time !
the work on the well is being done by Uniserve (using no doubt a lot of the credits shareholders here took a beating over in dilution in 2016!). They have not said who is doing the testing/perforation but we know Weatherford are their current favoured specialist service provider and they designed the tests for UD2 in 2015/16 so for me Weatherford would be the most likely (go on bugsy get searching for any Weatherford Georgia links!). I'm not sure they will move the plug lower especially if they have started perforating - someone who works in the industry would be better placed to comment as I tend to apply common sense and risk assessment when I look at things like this. We know they have to be very careful with these wells UD1 which was 10m away seemed to have severe problems controlling the well and while the first 2000m of the soviet wells tends to be Ok the lower you go the more trouble they had drilling and cementing. They have been careful to cover both the deeper Gareji and Oligocene formations ("extended testing of three target gas bearing intervals of Oligocene-aged, Lower Miocene-aged and Middle Miocene-aged reservoirs, located between 2620m - 3320m"). So I would be surprised if they went beyond the 700m section they have available to test in 15m runs and went lower as I suspect they will learn enough from this large section already without the risk, cost and complications of retrieving the plugs on a well they have just perforated and which we hope is already building up multi zone flows. All it would do is introduce more delays in monetising. If they want to do that they could shift over to V18 or v10 which seems to be the plan in 2018 anyway. Also that depth is also where in Dino the comingling on the oil became problematic due to pressure differentials and that may be a factor here as well.
Larry has been very clever with the use of an outside analyst on the last presentation ; this allows Chariot to distance themselves from his calculations on Chariots cash postion - he has stated Chariot has US $22M at this time when really this figure is much less as US $22M is from June 30th - This figure also doesn't take into account bank Guarantees which stand at US$ 7.62M !! This money can be used but other securitys must be found to tkae it's place. It's hard to see how Larry can go into this drill without raising new capital as a failure would make any new placement a much harder task.
I am just so annoyed that we still have no movement or a solid plan for DCM platinum and PlatCro. Are we going to see the same with BMR? This company should stop over promising and rather start delivering.
With G&A stated as US$5m it's more plausable the figure is nearer US19M if you then take away from the US$7.6M tied up in bank guarentees the figure of US $22M looks to be well off.