Post by
Suppe11 on Jan 31, 2023 8:00pm
Not so nice...
Some people here need a reality check.
1) There's no bottom in, nor does the placement price mean anything. The underwriter is not Goldman Sachs. Of course they shorted the shares before and will get their fill with the offering.
2) Deal close ? Yeah, of course...the instant 100m in the bank...but a few days before do an offering for meager $10m ? In my world this doesn't add up or is totally stupid cashflow management.
And for the sniffer dogs here...didn't I say last year, they'll need money and I smell a placement ? I'm too lazy, to look it up. Of course, I took a beating of some die hard clowns, then.
Comment by
bfw on Jan 31, 2023 8:12pm
"Drilling an offshore (even though shallow waters) well for 3.5m ? Isn't it more like 30m ? Anyway, no matter how this plays out, they don't have enough money. I expect a placement before any production." There you go. I guess they'll drill 1/3 of a well with the cash raised ;) bfw
Comment by
Suppe11 on Jan 31, 2023 8:56pm
I already admitted, that I was wrong on the well costs. They seem to be in the 4-6m range. I'm sure, you''re able, to dig that out too ;-)
Comment by
firstworld on Jan 31, 2023 9:49pm
Yes very shallow water its low cost and a dream until there's a storm then its a nightmare of 20' chop. I will put a 2.30 bid 50K shares for tomorrow open just for fun.
Comment by
tineta on Jan 31, 2023 9:43pm
Agree. They could wait and do the finiancial at $5 level, which doubles the current one.