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Hi Uggy. IMO a better and cheaper option would be for Rathlin to re-enter the suspended WN-A1 discovery well. This apparently had high pressure gas (and maybe some oil) in the Zechstein KA formation. This well also seems to have had gas in the Rotliegend, as well as in the KA reservoir. A cheap work-over rig could perhaps be used to do this and it would mean that it shouldn't cost more than about £1 million gross. If the Zechstein KA still looks good, then they could perhaps consider a short horizontal kick-off, which would have the benefit of not being located too far away from what seems to be the best part of the KA reservoir. As to a possible EA permit for oil testing, I think the liklihood of getting oil to flow through this reservoir is pretty slim and there may not even be any significant oil present. But time will tell, of course!
So what is exactly happening now at CS, are we waiting for the Italian authorities to say 'si'?
This could take 12 to 24 mths!
Well we move into another week, I wonder what the two wrinkly sphincters are up to?
Daybreak and Parta are very interesting subjects, the money invested into them via the shell companies set up, what has happened to it and if any is still around can it be moved back into RBD?
Uggy, you mean like they can pay themselves massive salaries?...............................
Dodgy. Yes, illegal no.
So do people think that there is some criminal element going on with this IOM based outfit Gaelic Resources and Reabold shareholder's assets? 🤔
....Exit two villains in Ferraris followed by a mob of screaming shareholders... on foot as usual!
If the highly deviated well is used to target theRotliegend does that not mean it will. Pass through the mythical WN oil.reservoir ? I that is the case do we not need an EA permit to flow any oil recovered ? Just a thought.
Now that would have been a question to ask at Edinburgh.
Uggy, what a co-incidence isn't it. Reabold Resources started a new company in California call Reabold California.. They provided £6M to that company. Years later in a deal it became part of an American company called Daybreak Oil & Gas, that had never made a profit in over 50 years of trading. Part of the deal included a company called Gaelic Resources whose only two directors are Stephen Williams and Sachin Oza. That private company on the Isle of Man has limited exposure to investigation by private citizens.
Get my drift..........................
Persimmon, does it matter, Daybreak haven't got the money for a drill anyway. Money thrown into the bin by our 2 cretins imo.
Today's Market Cap down yet again to £6.3 million vs £9.0 million cash in bank, translates into RBD trading circa £3 million below cash in the bank. Therefore not only are 'ALL' of Reabold's assets worthless, the cash is viewed as almost worthless to. What can the Bozo's fan club say about that then Jack Diamonds and Co? The market knows the two Bozo's, Clowns, Cretins are an absolute liability with shareholder's funds. JMHO Adyor!!! 🤡 🤡
says it all really. The two clowns 🤡 🤡 are making this company a laughing stock of all AIM companies and they are still getting paid huge salaries from shareholder's funds... JMO!
"California Court Rules Kern County Oil, Gas Permitting Scheme Illegal
Victory — County’s environmental review again deemed unlawful, local permitting halte"
Beneath dated 7th March 2024
"FRESNO, CA — A California appeals court ruled unanimously today that Kern County violated the law by using a flawed environmental review for its local oil and gas ordinance designed to fast-track permitting. This is the second time the court has ruled that the county’s rubberstamping of oil and gas permits violates the state’s foundational environmental law.
As a result, Kern County has been directed to set aside its permitting ordinance, and county officials will remain prohibited from issuing local permits for oil and gas projects. If it tries to move forward a third time, Kern County will have to adopt a new ordinance and redo its environmental review to comply with the California Environmental Quality Act, or CEQA."
Henry, the alternative is that if they tell us we won't like it.
simon, after their latest screwup at wn, i decided like many others, to give up on the absolute gob****es and at least
pay for a holiday with the proceeds. i'd think you are thinking of doing similar before they have to revalue and become
a complete dogs dinner.
Henry, this may answer your question re CS.
https://va.mite.gov.it/it-IT/Oggetti/Info/10561
the deadline for public comments is 27.03.24 - it's not clear how long the process takes but this may shed some light
https://va.mite.gov.it/it-IT/ps/Procedure/InvioOsservazioni
Itsawrap..
They won't buy back any more shares, it was only being done previously to buy votes prior to the requestion meeting, they could use that £200k to pay themselves future salaries and bonuses imho. Adyor!
The next detail return of shares purchased up to 7th March 2024 will be published at Companies house within the next 2-3 days. By the detail already released in appears to me that the company is getting very close to the maximum value allowed under the last resolutions. regarding same.
Another meeting to allot more monies for treasury buys? A shortening of the the annual results period to hide very uncomfortable figures they wish delay, whilst gambling on some good news arriving in the intervening period?
Interesting period ahead me thinks.
For LTH like myself (invested in 2019) it’s hard to accept where this company is right now.
But to be objective; in my opinion there are now only two investments worth worrying about. They are CS and WN.
CS is reported as 65Bcf at 2P reserves. Possibly 50% recoverable. RBD monies paid £4.3 million and counting. The key issue for me is the approval to drill. In September last year RBD reported the regional governments agreement/willingness to approve. It’s now March and we really need an OFFICIAL update from RBD as to what stage the application is at, with the Abruzzo authorities. Because it is a lengthy and complicated process with many stages - I would like to know at what stage the application is at. And I believe only the applicant can officially request this from the Abruzzo authorities. So what is RBD doing about this?
As for WN (£9.5 million and counting) one of the Aberdeen presentation slides provided a statement that the single well will generate a cash flow within 12 months of drilling - this needs to be expanded and explained by RBD in terms of a issuing a clear level 4 plan with key dates that clearly explains - what will be done - when it will be done - why it will be done. To achieve their 12 month target.
Simon, I also believe there to be virtually no value on our non core assets. Williams is completely untrustworthy
I disagree with your statement about Daybreak. It was obviously a massive mistake by our 2 fools to get involved with them in the first place. If you think they were duped into it by KS then they're even more useless than I think they are & that's saying something !
Moniman they stated that they had allocated £750k for buy-backs of which they have spent about £550k.
currently £200k would buy over 300m shares, next week maybe 400m???
Why would the two 🤡 🤡 want to buy back shares for the benefit of shareholder's when they can use the cash to pay themselves?
And so apparently as the non core assets as far as the market is concerned although SW disagrees, but can't be bothered to argue as he believes they have value.
The mind boggles.
It is his job to convince the market of their value and to attract investment.
I will wait to see the ADX update on Parta later this month in their results as they haven't thrown the towel in according to last year's statement.
Kamrans Daybreak I would allow to fall into receivership just to screw him over for all he has done to this company and it's shareholders.
Dunrobin BOIL will do the legwork and are doing so doing the 3D seismic and attracting a farm in, so just sit back and wait.
I agree no more money to be spent on these assets, but they still have to attempt to extract value, either by farm in's or sell them.
P1D it's gone quiet because they've run out of lies to spin. They don't help the sp, only the truth & progress can help us now. Something they're not very good at.