Corcel Share Discussion Threads

[dead duck resources] 29/2/2024 22:15

Exercising the option = cash to RJ not the company, how will that 'fund the business'?

It would take Extraction to 29.9% so they'll be restricted from any more convertibles. The only way for Extraction to fund the business now is if they sell down their stock to make room. This may explain the recent RNS saying the Chairman will recuse himself.

The con is there was never more than £1m-£2m, the rest was just for the going concern.

[chinahere] 29/2/2024 21:48

Yes and today's Options RNS is telling. A right for Extraction to buy 100m shares at 1.2p. They must like it.

If they then try and fund this going forward with 0.8p convertibles then it is a contrived con IMHO.

[dead duck resources] 29/2/2024 21:24

3 months ago:
The Company agreed with Extraction on drawdown of £1m in October 2023 with a further £1m by January 2024. A further £8m was to be made available over 3 years. Extraction has now agreed to allow for immediate drawdown of the balance of the remaining £9m.

Going Concern: agreed a £10m loan note facility to fund the business. The £9m balance of the loan notes has now been agreed to be made available to the Company immediately.


Jan 2nd 2024: conversion of £250k of initial £1m tranche. No sign of the further £1m

Feb 23rd 2024: The Company is in discussions with Extraction around the quantum and timing of the next drawdown and will update the market on these talks in due course.

Feb 29th 2024: conversion of remaining £750k
This retires the facility in full with remainder of the loan potentially available.

[helpfull] 29/2/2024 20:27

Are some shareholders more equal than others?

Congratulations to the lovely richie666 on the possibility of untold riches from the "Option Agreement".

But why is the "option" not open to all shareholders?

I can see many reasons to rid the share register of the lovely richie666 but why has he been given preference?

Be careful.

[highly geared] 29/2/2024 17:36

£69.11 UT at 0.8p. WTF ? MM shenanigans as lots of hefty trades this afternoon above 1p.

Hopefully sorts itself out in the morning.

The option agreement suggests a clear line of travel share price wise.

[smackeraim] 29/2/2024 15:45

interesting deal between Rich and co. nice one

[sigora] 29/2/2024 15:43

well thats a decent premium

[mayroad2] 29/2/2024 08:23

No extra cash at this point - the £1m was drawn down last year and Extraction have chosen to convert at this point. Agree a positive step though

[highly geared] 29/2/2024 08:19

Conversion of loan notes adds £750k to cash balances and is confirmation that the conversion is done on the basis of seeing a much higher share price in the coming months, as the current premium is only c 10%

[z1co] 29/2/2024 07:56

Blue opening suggests that Mr Market likes today's news or is it the flow news that's starting to leak.

[highly geared] 28/2/2024 17:20

Agreed, and they’ve two bites of the cherry. 2 wells and multiple zones per well that could flow and /or be commingled. 3-4x current market cap for an exceptional flow test result from both wells. The current share price barely has 1000BOPD net built into the price.

[z1co] 28/2/2024 15:24

If TO-14 flows any where as good as the historic well T0-4 which flowed 12,580 bbls/d peak then the share price will go crazy.

[z1co] 28/2/2024 15:01

Results from the flow testing of TO-14 could be announced at any time

[z1co] 27/2/2024 08:28

Testing had already started when they last updated on the 12/02/2024 , so hopefully news will be released very soon.

[smackeraim] 27/2/2024 08:18

Yes, well presented. Roll on flow test results

[highly geared] 27/2/2024 07:42

Excellent new corporate presentation that points to confirmation of commercial oil with great IRR.

[vipassana] 23/2/2024 18:54

https://africaoilgasreport.com/2024/02/oilpatch-sahara/will-the-current-drilling-on-tobias-oil-field-bring-new-life-to-angolas-onshore-kwanza-basin/

[smackeraim] 23/2/2024 08:12

He's not a seller at least. Let's see the flow rates.. can't be far away now

[smackeraim] 23/2/2024 08:10

He already owns 19% of company, he can't keep converting all this loan or he will go past 30% and need to make an offer for co. My guess is a mix of conversions and holding some loan as a loan.

[chinahere] 23/2/2024 08:02

I hope it means that he will offer a higher conversion price going forward.

[beatme1] 23/2/2024 07:56

So lots of equity to be converted into hares

[dicko80] 23/2/2024 07:54

Just re read the loan notes RNS

It was based on £1m in October and £1m in Jan

So today they’ve confirmed only £1m had been drawn down and speaking with the lender to find out when next monies is coming

Hmmm

[dicko80] 23/2/2024 07:47

Why release this , makes no sense

It’s neither telling us there is a problem with funds or not

Bizarre

[aberloon2] 22/2/2024 15:29

22,000,000 worth £208,000 bought... Very nice...has something seeped to the surface?

[kemche] 21/2/2024 19:20

1400 million barrels still left behind in the Colins. They are all gushers!