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Richard Slape, Oil consultant - Avoiding Losers and Picking Winners, his personal strategy


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Member Since: Sun, 30th Sep 2018

Number of Share Chat Posts (all time): 478
Number of Share Chat Posts (last 30 days): 32

Last Posted: 10 Mar '19


Post Distribution over the last 30 days




10 Mar '19

Well they announced they drilled south of a fault. Then they discovered there was no fault when they sidetracked! The operator and the partners clearly donít understand the reservoir model or the local geology in the area. So I suppose that could be bad news or great news!!! We probably wonít be around long enough to find out :(
Having got it so wrong how can they all say 15million barrels with such certainty ??
10 Mar '19

In todayís Sunday Telegraph. Recommendation - SELL. Comment ďMargins are falling and too many of its products make no moneyĒ. Jeez.
7 Mar '19

Letís hope for a similar outcome here!!
7 Mar '19

What is the guy saying? The black crude oil has leaked from the Colter well bore and floated across the English Channel on to the beach at Bournemouth?
7 Mar '19

Free cash flow after capital expenditure is all investors should look at here. Itís not a lot and the dividend level tells the tale. Thank goodness they donít have any corporate taxes to pay!! Only Ocado is rated higher and Ocado doesnít generate any free cash flow and probably never will. Both companies are great stories though.
6 Mar '19

Nothing flagged pre-close and their new CEO will certainly know his way around the numbers and risks in the business. Iíd expect a solid set of figures. Hope for a divi increase...
5 Mar '19

It always seems to be a huge spread. I assume (donít know) the market makers donít want to be left holding any BOIL stock. Plus BOIL seem to have a large number of Price Monitoring Extensions for some reason. Perhaps these two reason are linked? Who knows. Not long now to have a well result from the sidetrack. GLAH.
4 Mar '19

Av share price will be down tomorrow if the US markets finish in negative territory today. Solid but uninspiring appointment, a bit like the company. Iím hoping the stand in CEO will be on the next stagecoach to his country estate.
4 Mar '19

Agreed. Drifting aimlessly is what they seemingly do best at Aviva. However at least Maurice will remember the NU share price when it was in double figures £s! I wonder why it took them over 25 years of him working at Aviva and predecessor companies to appoint Maurice to the Main Board? This Board of Directors takes the biscuit and probably the coffee as well. Poor stuff.
4 Mar '19

Have to say Iím disappointed that shareholders wait for 5 months to have a Norwich Union ďliferĒ appointed as the CEO and he has to spend two years relocating from Canada. Presumably no external candidate was interested. Iím sure Maurice is a nice bloke and tbh I donít know many people who would wor, away i t he same company for 26 years.
3 Mar '19

Thatís why Iíd be speaking to Perenco! They are the obvious buyer of Colter as they control Wytch Farm oil field and the export pipeline to Fawley Refinery. Sell our 8% interest to Perenco and use our tax losses. Job done for Malcolm!
3 Mar '19

I was just trying to explain why I didnít think there had been any upward share price movement yet amongst the Colter partners. After this sidetrack is complete, they will have four well penetrations into the field plus the 3D seismic data plus they are only two kilometres south of the 450m barrel Wytch Farm oilfield. Surely they will have enough info to understand what oil reserves they have here and a meeting with Perenco booked in the diary!!!
2 Mar '19

I think the reason that neither BOIL or the other listed partners/investors in the Colter well didnít respond with a share price jump is that 15million barrels of recoverable oil in Colter ďSouthĒ is probably in itself not a clearly commercial development? (Guessing tbh). If the sidetrack hits a good reservoir and proves up a decent structure in Colter ďnorthĒ and the whole is interpreted as the best part of 40million barrels of recoverable oil, then hopefully some value will be recognised.
Who knows in these markets, but fingers crossed.
27 Feb '19

I think Perenco will be watching the Colter well results with great interest. Wytch Farm desperately needs additional oil volumes and to be able to extract the Colter oil reservoir from onshore wells into an existing field system with an export pipeline in place etc is about as good as it gets in the oil world!!!
27 Feb '19

Premier Oil sold their Wytch Farm 15% interest in a lower oil price environment for over $18 per barrel. So your figure would be quite conservative. Oil prices are significantly higher today and WF needs more barrels to push back decommissioning....
27 Feb '19

If the sidetrack they are drilling now is successful then yes I would agree with you. Not long to wait...
26 Feb '19

8% of potentially 38million undeveloped barrels? Net 3 million barrels next to Wytch Farm must be worth £20-25million at current oil prices and exchange rates. But as I said the only way to get a share price anywhere near reflecting this value is to sell the Colter interest to someone like Perrenco and distribute any cash to shareholders.
26 Feb '19

I agree with you. Lots of big sellers who have been in here since the Gold Oil days. I would have thought the best strategy for BOIL is to use all available cash to maximise the Colter asset value and then announce they are auctioning their 8% of Colter and any capital gain generated would be more than covered by the £20million plus of tax losses. This seems to me the only way that shareholders can exit in size in an orderly fashion.
25 Feb '19

So how would you value 8% of 15 million barrels right next to Wytch Farm? Would you a) look at their net assets on the balance sheet or b) carry out an NPV on 8% of their Colter asset? Duh. Whatís UJO got to do with BOIL or Colter?
25 Feb '19

Are we meant to read into his comments today on their RNS that greater Colter could be "significantly" larger than the pre-drill estimates of 23 million barrels of oil? Any ideas?


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