Ann: Half Yearly Report and Accounts, page-49

I'm not acting up and thanks pottermore, I do have a life. That's why I hardly ever post on NWE, as you seem to imply.

I like the Arrowsmith shales.
As I have posted previously, there's a big difference between having prospective shales and having the resources to develop them. Even if you can do that, how much dilution and waiting can an investor stomach?

I see the risks on the financial side. Their ability to raise capital is limited, which means any ongoing capital requirements will result in further dilution. I think this is highly likely in due course unless the energy market changes significantly, which looks unlikely....but I can't predict its behaviour.


This is such a tight wire walk and even if they get it all right, if the general market conditions don't change, they're not going very far.

There's simply too much out of the control of management.
That's why I have changed my mind.

3 years since A-2, they have less cash and a market cap 90% lower.
That's progress for some, but not me.