Mx Oil Share Discussion Threads

[zengas] 28/4/2016 22:03

You don't half spend a lot of time reading it. Have you got nothing better to do?

[keya5000] 27/4/2016 12:37

PEN and its Norwegian listed.

[bishopawn] 27/4/2016 11:37

what's Panoro's epic code?

[keya5000] 27/4/2016 11:27

Panoro up 10% on decent volume, they now have a £20m mcap.

[toolsmoker] 27/4/2016 10:36

He will only lie to you socktrade I think Cornhill are inside on some news from Mxo it's either placing or first oil rns is my guess I'm thinking it's not the latter

[socktrade1] 27/4/2016 10:26

just called Stefan, was told by his receptionist that he's not in today. need to get hold of him anyone got his mobile?

[socktrade1] 27/4/2016 10:06

No sale.. what concerns me is not so much the placing but why....... only thing that i can think of is there are issued with the aje field.... its not flowing and needs some work... hence the buyers have backed off or there was never such buyer.. whatever it is it stinks

[zengas] 27/4/2016 09:16

I didn't say there was a placing dlg13 - i'm questioning why there there would be justification for one.

If the Aje sale has fallen through or keeping it thus needing cash and/or if partners moving to AJE phase 2.

By the way, I don't hold. I'm out from earlier in the year at an average 1.3p and averaged down heavily when the share price collapsed to under .7p

To save you the question of asking why I post if I don't hold -I post because I want to see how this pans out and my reservations about the AJE sale and associated placings at the time.

[dlg3] 27/4/2016 09:16

socktrade1 then sell and make money somewhere else....stop wasting your time here....time is money...

[dlg3] 27/4/2016 09:15

ZENGAS i think you feel fu..ed over because you made your investment at the wrong time...investing is about timing ........get that right and you are a winner...

[socktrade1] 27/4/2016 09:13

DlG why would i buy back into a company whose directors are liars and have no credibility? only a stupid person would do that. Only a person with rose tints would see what was going on and just ignore it as their own peril

[dlg3] 27/4/2016 09:12

I think I smell a load of bull!!! things must be desperate for you 2 or you have just got the greed bug......

[dlg3] 27/4/2016 09:10

both ZENGAS and socktrade1 are so sure and advising of a placing but continue to hold themselves.....now does that make sense those advising others to sell are not selling.....????????????????

[islam1] 27/4/2016 09:05

Wheres the money gone?

obviously into the pockets of the few at the top and their funding friends

And the PIs are paying for it, knowing full well that they are being fed with fairy stories

[dlg3] 27/4/2016 09:05

socktrade1 then sell and buy back cheaper in the placing, good luck...

[zengas] 27/4/2016 08:55

If there's another placing surely it will be either for phase 2 of Aje if the sale has fallen through or making a start on Tecoluta ?.

They have gotten through a lot of cash and mass dilution already .

31/3/14 - Raised £1m (134.66m shares in issue).

22/4/14 - Invested £650k in listed Natural Resource Companies.

1/8/14 - Raised £2m @ 3p (201.33m shares in issue).

12/9/14 - Disposed of certain investments made in 22/4/14 for £400k to reinvest in Mexico. I'd like to know what they invested in and did they make a £250k loss ? or do they still have an investment somewhere and if so where ?

13/7/15 - Raised £6.5m @ 4.5p and also issues 43.38m shares to Jacka Resources re AJE @ 4.5p. (378M shares in issue).

17/12/15 - Raised £1.3m in one year secured convertible loan notes @ 12% interest.

2/2/16 - Raised £560k @ 1.25p (424.09m shares in issue)
9/2/16 - Raised £175k @ 1.25p (438.09m shares in issue).

19/2/16 - Raised £600k in one year convertible loan notes (Total debt £1.86m).

1/3/16 - 23.247m shares issued for loan note conversion equal to £290k (Total debt £1.576m and 466m shares in issue).

14/3/16 - Raised £2.5m @ 0.75p (799.94m shares in issue) . This was supposed to be final cash needed for Aje and money stated as due in as first tranche from Aje sale this same day.

Total cash raised since inception = £14.6m or at an average £1/ $1.50 for the period = $22m.

17/3/16 - Sale of 3 of the 4 Mexican fields to partner for $1.8m and $195k to be refunded from Mexican oil ministry.

When they bought AJE they said to get to first oil, it required additional expenditure of $11.5m.

Once commercial oil is produced MXO have to pay $1m to Cornhill so that becomes $23m total cost but don't forget to add on the 43.38m shares to Jacka @ 4.5p/6.75c = £1.95m/$2.92m which now becomes $25.92m in total costs for Aje/Mexico. Deduct the $2m paid back from their Mexican partner and ministry = $23.92m real costs that venturing into Aje and Mexico has cost.

Yet they said selling AJE for $18.5m spread over 3 years was a good deal ????? That was selling it at barely break even or at a loss - and for being involved with the asset for barely 9 months !

That means the other $5.42m was wasted on Mexico/farting about/jumping in and out of assets/salaries for such a small company to end up with 66% of the small Tecoluta field that Northcote can back into for 20% which can reduce MXOs share even more.

That isn't taking into account the cheap warrants that had to be given (about 100m out there).

The £1.5m loan debt has to be paid in December this year and Feb next year and the company won't make any profit in time to cover that so imo if converted at 1.25p = another possible 120m shares.

Another placing ? If so, where's all the money going and where's the value creation ?

[dlg3] 27/4/2016 08:25

Tool you are right on a couple of things though,
1. you sold last week...
2. you are now wanting in cheaper...
3. you still think this is a buy, otherwise you would not be here..

[toolsmoker] 27/4/2016 08:25

I'm awaiting response from Cornhill but I'm sure I'll be waiting all day

[dlg3] 27/4/2016 08:22

I suppose that is what Panoro posted last week then was rubbish...do some digging...