Can't say the same for the previous two posts of Breeze's henchmen Flambeau and Chubs. What a laugh. Don't hold the stock but are first on here to criticise those who don't think Breeze is the messiah. Couple that with Advent's failure to provide MMR the info it needs to do its distribution, the recent 249F motion, the legal attacks by Advent on MMR and you can quickly join the dots. Breeze wants MMR back and thinks he can pressure the MMR board to give it to him. Dirty dirty stuff. Looks from over here that he's squeezing MMR hard like not giving them the info they need, resulting in disgruntled shareholders, so it comes across to the lay-shareholder that he's the only one that can fix it. Big bucket of puke material.
It seems he also can't raise enough funds in Advent and/or BPH without also trying to use the MMR shell. Even though BPH did really well in their recent capital raising, that's not enough to drill an offshore well. According to the NEATS/NOPTA website, they were actually supposed to do that by February 2020, and they're now supposed to have done seismic by Feb 2021. It would be really easy for the Feds to say no to a renewal application because they haven't done their work yet.
It seems that Advent's most pressing obligation might actually be the abandonment of those two or three wells in their onshore Bonaparte Basin assets. EP386 all of a sudden disappeared from the announcements, is declared dead by the WA govt, and the "shareholder interest group" (remember them?) even told all us shareholders that there were two wells that needed abandoning. Can't find their letter right now but pretty sure they were saying it would cost over a million each to abandon. There goes most of BPH's capital raising!
Did I buy into MMR for PEP11? Yes and no. It was actually their PDF structure and that they looked like they were accumulating petroleum assets around the country, companies and joint ventures with Chinese groups. Got greedy over the first drilling of PEP11 like many others and didn't get out when I should have. Since then it's been court case after court case, and he's been getting handsomely paid the whole time. Now the whole left-wing greeny agenda is so big on the east coast that a little company like BPH/Advent will get slaughtered. Remember the bulk of the Fed politicians don't live in Perth, they live on the east coast. They're not scared of upsetting one WA small business if it saves their seats and their party's future.
So once this current tantrum blows over, I'm looking forward to seeing what other assets come into MMR.
MMR Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
(20min delay)