Not only debt taken care of a 5Th large investor just ploughed approximately £520,000 of working capital in With quarterlies due I decided 2.36p /share was good enough for me to buy some STA shares back . Quarterlies will take any unknown off the table and since production was increased previous quarter there’s no reason not to expect good results this quarter especially with W.T.I. futures putting a barrel of oil in high US$50’s during quarter . With the Market Makers working hard to keep the Market Cap below £3 m with their multitude of minuscule trades it’s worth remember Star Phoenix Group is soon to be debt free with cash in the bank along with many other assets that appear to have no fundamental value according to the MM’s … oh aye , drill rigs , service rigs , etc …
Not only debt taken care of a 5Th large investor just ploughed approximately £520,000 of working capital in placing shares taken up by our 5th large investor at 2.21p /share and Market Makers take the Market Cap off at a gallop . Well I couldn’t resist cashing in 2 of my 3 tranches , one tranche sold at 3.055p /share the other at 2.6675p /share . Nice to see a 40% clear profit on one of my tranches with the belief Market Makers will do what they always do ( drop the ASK approx 5% below the last placing price ) . Could have sold all three tranches but held on to the third since there can always be an exception to the rule . There’s no cause of alarm to trade these spikes on low volumes since Star Phoenix is a cash positive shell of a company or soon will after STA’s Trinidad - LandOcean deal has been signed off . The placing shares add capital to the cash reserves STA already have , the sale of the 4 drill rigs has yet to happen and that LandOcean deal to be sign off has a US$2.5m cash part to it . Further bolstering STA finances which makes me hope selling 2 of my 3 tranches was a good move . … hum … fundamentals look much better than current Market Cap . Lets just hope STA is still off peoples radar until I get those trading tranches back … hey .
Not only debt taken care of a 5Th large investor just ploughed approximately £520,000 of working capital in Subscription of 5th large investor taken up at 2.21p / ordinary share equal to 20% of the company shares in issue . The BOD did say they were excited for the future of Star Phoenix , clearing debt , acquiring working capital opens a lot of doors . Would like to have seen the shares issued at a higher price but then the sale of 4 drilling rigs was held around longer than anticipated before being pulled . More news to come no doubt . [link]
LandOcean shareholders approve sale of Range Resources Trinidad Limited ("RRTL") Great news … for STA share holders DEBT RESTRUCTURE AND RRTL SALE UPDATE Star Phoenix (AIM: STA), an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, is pleased to advise that shareholders of LandOcean Energy Services Co., Ltd. (“LandOcean”) have approved transaction relating to the sale of Range Resources Trinidad Limited (“RRTL”) by the Company to LandOcean (the “Transaction”).As all key conditions for the Transaction have been successfully satisfied, the Company and LandOcean will now proceed with completion of the Transaction. [link]
Debt Restructuring and License extension Update , today's STA " RNS " With debt restructuring progressing and of course continued high WTI Futures bringing in ever increasing revenue streams in the mean time . Appears to me STA or RRL as previously known is on a fairly strong footing . Obviously the four main shareholders are happy to see today’s RNS the same as Pi’s but I notice it’s the main shareholders who’ve added most in recent times whilst the Pi’s have literally disappeared apart from one or two who advocate strong sell , steer clear , etc … seen same type of posts on SOLG , XTR , etc … before they turned from basket case to must have stock . [link]
Market Makers making it hard for buyers With a barrage of negative posts of L.S.E. it’s plain to see Market Makers don’t want people to buy STA shares . With a spread the width of Sydney harbour bridge and max amount of shares available before N/T ( Negotiated Trading ) kicks in being 7,000 shares or less at 2.41p/share . I’ve seen it so many times before but what a load of drivel they post . My technique of share trading is buy low / sell high . The Market Makers would have you sell low and go away until the share price is high again . yep , laughable I know but with news due with regards to the four drill rigs and future buyer / buyers dependent upon oil price and requirements to maximise others prospects . It’ll be an interesting couple of weeks / months to come . I’ve topped up at these crazy low prices but noticed as soon as I did the real time ASK rose . Those MM sell trades are designed and done to unsettle but looking good for those who like myself are quietly building a position now not 10 years ago when like many AIM listed companies the market cost many investors a lot of money . Anyone remember Lloys Bank shares drop from £6 / share down to 39p /share hence that’s not referring just to AIM but all exchanges were a mine field back then .
Progress with regards to the 4 drill rigs and related equipment sale With the announcement of 4 drill rigs and related equipment coming out of the blue back on 25th November 2019 it’s unsurprising after receiving no payment to date the deal had to be cancelled . There is however that nice line in today’s RNS : the Company has decided to terminate the transaction with the buyer and has commenced a new sale process for the drilling rigs and related equipment. The Company will provide further updates as and when appropriate.
Star Pheonix Group ( STA ) ..... creating quite a stir with MM's With continued Market Maker bashing still going on on other chat sites it’s interesting to see the huge spread they’ve created . Even for just a couple thousand shares they’re asking 2.45p /share and yet they shadow sell a few every time I do a dummy buy … this certainly has all the traits of a recovery stock just wish I’d topped up only the other day at 1.89p /share … Oh well will keep dummy buying until the MM’s twig it’s someone looking to top up cheaper rather than a large buyer loading up … lol …
Star Pheonix Group ( STA ) ..... creating quite a stir with MM's with little to no volume Market makers walking this down as they’ve done so may times before . Then for the slightest glimmer of light they gap it up hugely restricting buys to negotiated trading whilst allowing another main investor or even new large investor to load up . Aye . still no news released upon sale of the four rigs but then pi’s will be the last to hear hence I’m holding , holding off from buying more too until some sense comes of why the MM’s are taking the Market Cap down on no volume . Might take a few more if it goes low enough just to trade as I did with XTR in it’s early days .
Today's RRL " Company Update " RNS ... progress in the right direction Well pleased with today’s RNS Company Update leading RRL one step closer to being debt free with an additional US$0.5 million in the bank to boot . Line taken from today’s RNS : The Company is also pleased to advise that LandOcean has provided the first tranche of the cash consideration of US$0.5 million to Range (the “Deposit”) . The first paragraph was the main bit for me though since like XTR , RRL had a lot of debt and needed to clear that debt before transforming into a new venture : The Company is pleased to confirm that is has received required approvals from its shareholders at the Annual General Meeting of the Company held on 29 November 2019 (the “AGM”) for the sale of Range Resources Trinidad Limited (“RRTL”) to LandOcean (the “SPA”) in exchange for (i) offsetting all outstanding debt and payables (including the convertible note) due from Range and its subsidiaries to LandOcean and its subsidiaries, and (ii) a cash consideration of US$2.5 million (the “Transaction”). I wasn’t the only one happy with today’s news since my Halifax online account had every attempt of mine to purchase more RRL shares going straight to Negotiated / Trading ( N/T ) … weird really but then there are four main share holders who have plans for RRL . Must add soon to be renamed " Star Phoenix Group Ltd " ( STA ) following approval at the AGM .
Drilling Rig Update RNS ..... sounds good to me I noticed how few shares moved the share price ( Market Cap ) of Range Resources today . Did a dummy buy for 1.25m shares late in the day asked 0.035p /share . Must admit I was tempted since we have news due with regards to : The binding conditional agreements signed with LandOcean for the sale of RRTL in exchange for offsetting all outstanding debt due from Range to LandOcean (currently estimated at c. US$91 million) and cash consideration payable to Range of US$2.5 million Yep , that’s transformational news indeed and with all the negative posts on other chat sites such as L.S.E. . I’d say the Market Makers are shaking out as many novices as possible before that news hits the private investors ears . Like siting at a poker table with the dealer using a marked pack reading some of these bulletin boards but then that’s how ( L.S.E. ) XTR bulletin board was for years . We still have one posting using multiple usernames on L.S.E. chat site even today . He uses one username to ask novice questions like , " who would sell two huge amounts of shares like that with news due " . then answers with another username , " I’d ignore trades like that they’re either rollover trades , ISA transfer shares or not real trades at all " . Post history allows readers to easily check whether there’s a pattern or not hence not to hard to check since same usernames have done the same scare and pacify tango act numerous times before . Weird thing is when Xtract Resources eventually turned the corner ( L.S.E. ) banned the posters Lizardchipz and redbike deleting all post history . If they hadn’t the pattern of posting on RRL ( L.S.E. ) bulletin board would be clear for all to see had been used before . All in my own opinion of course but worth remembering when few shares move Market Caps of AIM listed shares in such a dramatic fashion , there’s always a reason for it . Whilst the likes of SOLG have dropped 50% over the last 6 months XTR have risen considerably and no doubt will rise much , much more . I like to get in as low to the recovery share price as possible with RRL that could be now or lower but one things for sure I’m happy with the few shares I have at present but will be adding using the same trading / long term hold positions I’ve used with XTR .
Drilling Rig Update RNS ..... sounds good to me Following request by Wilson Energy Services Inc. (the “Buyer”), RRDSL agreed to extend the closing date for the Transaction to 22 November 2019. In the event that closing is delayed beyond 22 November 2019, it will be subject to a late closing fee payable by the Buyer. www.ii.co.uk/news/drilling-rigs-sale-update-rnsLSE20191108083656_14300479
Halifax account has no RRL shares to sell I’m delighted with Range Resources transformation from debt driven to one of balancing the books by offloading assets to make the company debt free but disappointed with my Halifax , self select trading account in not being able to buy more RRL shares . There were 1.5 million shares on offer Friday which quickly disappeared when I clicked for a quote . Someone either bought them or MM’s thought hang on we can get much much more for these by hanging on to them . Oh well , with news due on many fronts including the sale of 4 drill rigs numbers 16, 17, 18, and 19 and related equipment by the 8th November 2019 . For a total cash consideration of US$3.6 million, payable in full on completion of the Transaction . I’ll just have to be patient until a few shares become available .
Quarterly Activities Report , today's RNS Just like Xtract Resources ( XTR ) a share consolidation for range resources ( RRL ) will attract more buyers . Whereas ( XTR ) had a consolidation of 200:1 ( RRL ) are opting for 100:1 which leads to the same effect I’m sure . With cost saving along with selling off equipment , 4 drill rigs , that aren’t paying their way the BOD are positioning ( RRL ) for a recovery much in line with what ( XTR ) experienced . Admittedly ( XTR ) was in an even worse financial , fundamental state than ( RRL ) but with the right people in charged pulled through what may have been the last throw of the dice . Like ( XTR ) ( RRL ) are having a name change which leads me to believe like ( XTR ) they want to leave company history in the past . With a new BOD soon to be debt free it’s quite understandable hence delighted with today’s RNS’s . I noticed the Market Makers are doing what most thought they’d do by dropping the BID to shake out the nervous share holder . Alas the real time ASK is the same as yesterday with Negotiated / Trading kicking in on anything that resembles a decent purchase . Love the comments moderation team employees post on L.S.E. ( BB ) yep , exactly the same kind of comments appeared for months , years on ( XTR ) ( BB ) but then they are employed to monitor others posts and since most investors never post they may as well steer the un-researched to fill their orders or steer others away in hope of filling orders by posting yards of negativity to shake out ( RRL ) share holders . All in my own opinion of course but the years of experience I have make share trading profitable for me hence I look forward to more RNS’s and news in coming day’s .
Quarterly Activities Report , today's RNS Read very good to me with cost savings being applied along with production increased by 12% from the previous quarter . Taking average production for the quarter of 563 barrels of oil per day (“bopd”); Yep , certainly full of positives with many more to come . Most immediate being sale of four drilling rigs and related equipment for a total cash consideration of US$3.6 million with the agreed long stop date for this transaction being 8th November 2019 . www.ii.co.uk/news/quarterly-activities-report-rnsLSE20191030070002_14285646