so maybe one day i will see my money back again! i do agree though - this time the idiot better start drilling and no frittering the money away...
druid and drombeg have purportedly got 5billion barrels of oil. even if we recover 10% that is 500million barrels of oil. at 20 dollars a barrel profit that gives us 10 billion
Hi Sharemate, yes - my own average is 2 pounds. and i can't afford to participate in this round to average it down. so i am stuck at 2 pounds. but still - we were talking about going into administration. but we haven't. instead we have raised another 68 mill. we had 11 mill in cash that melody could have taken. instead they have converted their debt into equity. cenkos as well have taken their salaries as shares. neither of these institutions are charities.
Im surprised by negativity. I thought we would go bust. Instead he raised 68 mil. Im sure which well to drill would have been dictated by our new shareholders. And since its backed by schulemberg i think it is a good idea. At least we didnt hear a barryroe farm out is imminent.
we'll find out long after the news is priced in.
i'm sure all the people who matter are in the loop i.e not you nor me..
I thought they were only going to issue equity if another deal didnt happen?
after all this bad news maybe some good news is on the way? I hope! remember if pvr were successful then they could always do a share buyback. also it is actually a relief that the share price will not be at the whim of someone who sells 20K worth before. the shares in issue were so small that it affected the price. and liquidity was tight. anyway i am sure i won't feel so chipper when the true effect of the dilution is felt! 
"The purpose of the placing is to raise proceeds sufficient to fund the company's existing liabilities, including the company's share of the above-mentioned Transocean settlement costs, and on-going working capital requirements to mid-2017, during which time it is hopeful of concluding the SEL 1/11 Barryroe farm-out process," said the company.