Leyshon Energy Share Discussion Threads

[sos100] 10/12/2014 11:56

they have just wasted the whole year and minus $8m
absolute rubbish

but obviously a good deal for the chinese!

[propunter23red] 10/12/2014 11:52

Agree ProB, they have totally ballsed investor relations, and that is one of the big reasons we are at 50% of net cash backing

[captain james t kirk] 10/12/2014 11:49

I trust that wasn't Tesco :)

[rvsy38] 10/12/2014 11:39

The latest RNS confirms what I have believed all along , namely that far from wasting money the company has managed it in our best interests.

It committed to an initial exploration programme which has not been a success and now isn't prepared to go ahead with the US$ 17 million main exploration programme without being able to share the cost and risks with another party.

Anyone who invested thinking that there was no chance of the initial exploration programme being unsuccessful is living in cloud cuckoo land.

The company may have spent more on testing and studying the results of wells ZJS 5,6 and 7 than budgeted but I would rather they did so than commit to drilling more wells in the hope of success.

The statement in the RNS about directors fees and cutting other costs counters the oft repeated claims that PA and other directors are living high off the hog.
PA has more to lose than any of us with his 13% holding including his last large purchase of shares at 15p.

If the company is going to offer a return of cash there is no point in starting a buy back and people should disregard the uninformed statements about the likely future monthly cash burn.

I am very disappointed that we are where we are but as the founder of a large supermarket chain used to say " what was was but what is is".

[pro_better] 10/12/2014 11:24

Pro,

no one accuses Paul for the operational failure.

But he massively failed on the communication front and on the overall budget imo. for his experience and past success he failed miserably IMHO...

If not for the huge salaries, bonuses and all those extra costs, which I personally cannot understand, could have saved us c.$10m more and now we could be expecting around 6p-7p instead IMHO...

IMHO if the tungsten project of LRL is really good and worthy it then LEN could just be their financing partner...no dilution for LRL shareholders and some interest/shares to be received for LEN's $15m capital injection...

aimho

[pro_better] 10/12/2014 11:15

so lets say that after all costs for distributing back the cash left and final salaries until the day of the final transaction, the overall cash left for shareholders will be c. $15m...that is c.4p...

[propunter23red] 10/12/2014 11:12

Cant knock a bloke for trying or for failure. The real key to judge on is what does Paul do now? In my opinion, it must start with a buyback, there is no excuse for not buying back at less than 50% of cash.

[pro_better] 10/12/2014 11:11

there you go! cheers captain.

[captain james t kirk] 10/12/2014 11:00

Excerpt from 4th October 2012 rns:

The first two wells are expected to be completed by the end of November with completion of the third expected early in the new year. The total cost for drilling, logging, casing, fracking and flow testing the three wells is estimated at around US$ 5 million.

[pro_better] 10/12/2014 10:35

imo and from what I see from other companies in the area they normally should have spent around $15m on the three wells...they spent $28m!!!

if you add the seismics and salaries there are still some $10m overspent....where are those money gone? anyone any ideas?

[socktrade1] 10/12/2014 10:27

just read it again $17m so thats 4p plus costs e.t.c and any further spending..

[socktrade1] 10/12/2014 10:21

Does anyone know much that works out to be per share? its around 6p right? but there will be costs involved e.t.c?

[pro_better] 10/12/2014 10:20

$17m cash left!

what a disaster!

$28m spent in 2 and half years on 3 wells! three times more than the neighbor companies in the area imo...!!!

nice milking!

[horndean eagle] 10/12/2014 09:44

nilla159 - Why did you sell?

[nilla159] 10/12/2014 09:29

Sold out finally, you have to take a loss on the chin which is why it hurts so much. But you can always try again with your reduced funds and new found experience. What is the old saying ,the first cut is the cheapest.You only need 1 great winner to cancel out all your losses, quite difficult to find though.
I think I will try bcn to bail me out.
GLA.

[sirraman] 10/12/2014 09:27

At last the reality from PA and Co....and they have no plans for the future ...so best if they wind up and return the money to the shareholders (approx 4p/share?) so we can all go our way...let's not waste any more cash..!...

[rcturner2] 10/12/2014 09:16

Burning $1.5m cash per month.

[edward3] 10/12/2014 09:02

The Company has US$25 million cash on hand; this does not however take into account outstanding liabilities for the work in hand and previous creditors estimated around US$8 million


$17m = £10.8m

Shares in issue (m)
249.46 = 0.0433p per share

Amongst the options being considered is a cash return to shareholders....

lets not be wasting any more money

[rcturner2] 10/12/2014 08:50

So there you go, the field is a failure, there will be no deal and cash is now $17m, which means that $4m was burnt since the last statement (less than 3 months ago).

Unreal.

[rcturner2] 09/12/2014 13:32

sock, you have become fixated with the price that you bought at, again a classic investor mistake, the only thing that matters is where the price goes from here.

[socktrade1] 09/12/2014 09:34

Its not lost unless i sell there is a chance that we get good news that could take us back to double digits . You cant make statements like that as you dont know anymore about whats going on behind the scenes than any of us

[rcturner2] 09/12/2014 08:33

There could be institutional selling as many will have to do end of year reckoning and the will not want the massive loss on LEN showing.

Sock, an example of a mistake you are making is talking about getting your 60k back. That money is lost, the only thing that matters is what will give you the best return from this moment forward. AIM, especially oil and gas is a massive graveyard for small investors.

[trade75] 08/12/2014 23:58

@useless:whose selling?
People who want to claim their End of FY capital losses are selling. Obvious. I expected a bit of fall in DEC and followed by a bit of rise in January.

Even if the cash is less than what Socktrade says, still cash backing is much higher than current share price which makes selling for me ridiculous.

I have a large holding already otherwise would be buying.

DYOR and GLTAH