Buccaneer Energy Ltd. (fka BCGFQ)

[idontgetit]

If u can unlock the Meridian and A Stein to EOS and Gem issue then please let us know .
My view is EOS never had any money and was relying on Gem to fund them for off shore but it was only an option to participate not a definite here is the cash scenario .
We have wondered / even schemed if EOS and Gem would have any part into the future but I don't know .

Buccaneer has been digging themselves into a hole for some time now .
They couldn't pay the contractors on Kl hence the new loan from Victory park and very un favourable terms which we only found out about recently .

The JUR has been a major burden/disaster to the balance sheet and was poorly managed hence the reason costs of renovation blew out by 10's of millions and now they are stuck with an increased bare boat charter which they can't afford because they have also blown money on dud wells and law suites with ARCHER, sacked employee and the big one in CIRI . No one can know the outcome of those until they are resolved but if bcc is broke then they can't even afford the lawyers to fight them . The fact they are still suspended means they have no money or minimal .

The way I read it is that Meridian came on board then had to put their hand in their own pocket as bcc was having cash issues . Alan came on board when the 3 new directors walked after only being on the board a few weeks . Meridian always had the right to appoint someone and now they have . The previous 2 companies who loaned bcc 10 mill also had the right to appoint someone and had the right to force a cash raising if they couldn't repay the loan . BCC instead sold cosmo and KOV but it still wasn't enough to pay for the dud West eagle well , the bare boat thing , the current legal issues and managements wages . They made it quite clear after the sales more cash would be needed in the short term .

Now they have no or minimal cash so what is KL worth ?
and can CIRI issues be resolved quickly to get the most out of KL ?
and then is it that enough to pay out meridian ?

It's all very very tricky and I can't answer many things but it is fun speculating as many old shareholders believe this company has been dieing a slow depth for 12 months ish . So here we are .

U guys who have the opportunity to sell on pink and have a major advantage if u can find a buyer .Aussies have no such joy .

I also find it bizzare A.S came up with the cash for the shares when the others didn't but maybe just maybe the others knew what was happening and A.S didn't . Me thinks he has lots of problems just look at NEN and another share price tanking big time .

cheers