EXR (ASX) News: EXR Elixir Petroleum says AWE not to proceed with Cliff Head oil-field interest sale

Originally posted by pumper ↑

Oia I don't know about the AWE comment. They had 500K in the bank ready to go on the deal.
Dougal even says in the last qtly that the financial position in the company would change dramatically if the deal was to go ahead as I am sure they were going to assign most of those funds in signing of contracts then the remaining was to be raised immediately. I know for a fact they had the broker all lined up ready to go.
Once again I am just gob smacked that this deal was not done considering all the factors.
There is an absolute reason why AWE went behind the backs of our Management and did the deal with another party. At some stage somebody needs to tell the truth.
I also know for a fact there were other offers for CH once POO had started to get to and stay over the $45 because it had started to make good coin again. That would only make sense.
This was a no brainer. CH is already flowing and operating above expectations. The only perceived risk here is the price of POO. No wildcat drilling or guess work. Drilled, Success,Built, Done, Operating = Cash Flow. Positive or Negative simple as that. Yeah Yeah what about 10 years down the track.
That's 10 years away for stuffs sake with an excellent cash flow well in hand.
As I have stated earlier in a post my call is that there were better cash offers on the table for CH and I can only assume that our team relied more on the relationships to win deal than the actual asking deal price in negotiations. I just don't think asking price wise we came close to do this deal in the end.

Yes I have no doubt that when this agreement was originally signed late last year this deal would have been concluded quickly given the price of POO. EXR puts in some extra legal clauses to cover the loss area should POO go sub $40 which it did. CH then for a short period operated at a loss. All sweet if signed but they didn't. Obviously they AWE did not like the deal we came up with originally.
So in the end it was a big gamble and HINDSIGHT as we all know in this game is a the ultimate powerful tool. It was Cheap, it was ready to go. Buy it now - we did not.
Had it have been me personally I would have arranged a meeting with AWE once POO had hit and risen back over the $40. Immediately. Stick the relationships stuff up your backside.
Got in the room with these guys locked the door or put a chair up against it, taken along the chq book, had a Barrister sitting on call around the corner so once the deal was actuated in principal verbally the Legal expert would then do an outline of the whole deal on paper with commitments same day subject to formal legals but deal done with both parties committed. All due diligence was already completed by this stage.
Everybody signed, happy my shout for the Grange.
All of EXR shareholder ecstatic bar one that I know of as we know have great Cash Flow, a great future and can really start to build and buy some junior projects without borrowing mega amounts of money and the SP well that would more that likely be 20 times what it is now my guess.
Happy Happy times. Happy Happy SH.
This thing just dragged on for too long as we all know. Bottom line is I think AWE just got sick and tired of the whole damn process.
They wanted to get rid of CH. Will you just BUY it. But But But But.
As many of us have all said here it was all a good fit for many reasons.
Anyway as large SH I am super pissed off about all this. Pretty sure I am not the only one.

But I will also add right now something fishy is going on because somebody wants this stock and has already bought a lot of stock for a reason. What?
This stock for a lengthy period sat on the ASX with not a single buyer and with a possible deal in hand.
Perhaps Santorini has given us some clues.
As Burjo said just do something, create some action.

We are as Specy as they come just roll the dice. I would rather do my money going down trying.

All of the above written by me is all of my opinion only as always please DYOR.

Expand

I am also mystified as you mentioned at the end of your post re the large volume of trades in large parcels at 0.001 since the announcement that the deal with AWE was not going ahead. What's going on?

No.	Vol.	Price($)
5	309772	4.6¢

No.

Vol.

Price($)

309772

4.6¢

Price($)	Vol.	No.
4.7¢	211813	1

Price($)

Vol.

No.

4.7¢

211813

No.	Vol.	Price($)
2	195000	0.029
1	773584	0.028
1	200000	0.027
1	100000	0.026
2	333959	0.025

No.

Vol.

Price($)

195000

0.029

773584

0.028

200000

0.027

100000

0.026

333959

0.025

Price($)	Vol.	No.
0.030	200000	1
0.031	171180	1
0.032	247946	1
0.036	150000	1
0.040	216666	2

Price($)

Vol.

No.

0.030

200000

0.031

171180

0.032

247946

0.036

150000

0.040

216666

(20min delay)
Last 4.7¢		Change 0.001(2.17%)		Mkt cap ! $173.5M

Open	High	Low	Value	Volume
4.6¢	4.7¢	4.6¢	$10.36K	223.3K

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