The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Here, here. Well said Mack so if Sascha or Dai are reading this board, please take note we deserve better.
I see the 'Investor' Presentation has gone down like a 'house on fire'
Ok tks Selfish, I hold ujo shares so I guess I'll try that route or maybe Rathlin.
Uggy, I used to get replies via Camarco. Then there was a change of personnel at Camarco, and although I initially got acknowledgements of my emails, I never got replies. So I complained, and now I don't even get acknowledgements. I've always had replies from directors of other companies I've invested in or met - Mark Abbot from Egdon, David Bramhill from Union Jack, Simon Oddie (and his predecessors) from Europa, John Hodgins from Rathlin, even David Lenigas when he was at Doriemus, and loads of others, but I find Camarco to be an unnecessary irritation and barrier in getting to the Reabold directors. I think that not being able to speak to the directors has done huge damage as far as private investors is concerned.
It's not that pi's can get inside information because of course they shouldn't - it's that situations can be clarified and the multitude of misinformation that's on these boards can be corrected.
Well that's my first and only rant about the company, but they probably don't even know how shlt Camarco are at doing their job.
RNST, when you say there is no oil leg I do reasoning however the fact remains that original gas in place has always been around the 200 bcf mark. They have however always insisted there were underlying liquids. If it was condensate estimated to turn to gas on extraction then the gas figure should be higher. As I said earlier I would loke to see some clarification on this. I've e mailed them but I never get a reply so not hopeful this time will be any different.
Smythery they really need to qualify the oul situation & it was very disengenuous not to do so at the presentation. I'm not surprised considering their behaviour to date.
Totally agree Mack, this will be be sold as per their modus operandi, best guess 12 to 18 months and i am going to top up as much as i can.
I just wish like many other's they would get a rocket up their arse in Romania and across the pond. So we can all rinse as much as possible out of this investment we bloody deserve it after staying the course. ATB.
WNB-2 will be drilled within 6 to 12 months. West Newton will then be sold. None of this rubbish about 2025 persimmon, as you well know.
The West Newton 'discovery' was hailed by Reabold Resources as the biggest Oil & Gas field since the UKOG Wytch Farm.
This of course is a complete misnomer and the word Oil before Gas should not be presented in that way.
Their latest effort at a Presentation earlier this week stated 'First gas modelled as early as H1 2025' Note the 'as early as', no doubt on past performances it will be later and if used to generate electric on site a lot later.
So even if West Newton's gas turns out to be commercially viable, the time to production and profit is a long term prospect. Until the viability is assured there will be no buyers queuing up outside RBD's door.
The WN presentation which post dates the AR.
What is wrong with you two (one??)? It literally says oil multiple time in the annual report, there is not one mention of condensate anywhere in the whole document, let alone related to WN. Where are you getting this from?
If you read the WN project update they say
“predominantly natural gas with associated hydrocarbon liquids”
They also state modelled recoverable sales gas of 203bcf with total hydrocarbon recovery of 35mm boe.
203bcf is 33.8 mm boe. So the liquid component of Total recoverable hydrocarbons is 1.2mm bbls.
Their figures, there is no additional “oil” leg to be produced in addition to this.
“but they’re not the initial focus of the development. It’s not difficult to understand.”
Clearly you don’t understand., WN is principally a gas accumulation there is no oil just gas and condensate, which becomes gas and NGLs as it’s produced.
'More often than not it's not commercially worth recovering'
Rubbish.
I have lost count over decades (yes decades) of the number of times when I have seen the word condensate used by those inexperienced with oil and gas. A company mentions condensate and 'newbies' jump all over it as if it's oil. If it was Oil they would use that word (it's shorter as well ffs). I suggest those who jump headlong into investing just because the word condensate is used take great care. More often than not it's not commercially worth recovering.
Or you can just read the annual report, where there are multiple references to the oil column at West Newton (page 8 and 9 for example). My point was merely that the liquids are still there, but they’re not the initial focus of the development. It’s not difficult to understand.
RE: AGM Resolutions first posted today (part redacted to appease those with a feeble stomach)
Selfish, I have never had a post removed in my life. I an not someone who is unable to stand up for himself, unlike many others who frequent these boards. My only contact with the Moderators was last week when someone without any base made me out to be something I am not which as all who know me would testify that.
I still await your response SelfishMcNimby to my enquiry as to why the voting figures from the AGM Resolutions have not been published..
Now I await for some person to have this removed.
RNST "a year away"
Some hope more like 2024, and then it will take another year for the dynamic duo to figure out how the poor news can be best sold to those who finance their inflated salaries.
OMO and don't blame the provider of real news.
“The oil is still there, but this is going to be a gas development, at least at first.”
No that’s not correct. If you read the report carefully and compare the in place numbers with previous ones they published , it’s self evident that the “oil” is in fact a condensate which produces primarily gas with some associated liquids.
The last figs they put out was 50bcf of gas, it’s now gone back to the original 200bcf or so.
So the potted history is this:
1: it’s gas
2: it’s gas and oil
3: it’s mainly oil with some gas
4: it’s mainly gas
Hardly confidence inspiring .
Until they demonstrate it can actually flow at commercial rather than theoretically or conceptually flow there is no value here to anyone else. That’s a year away…
Smythery I accept what you say but the wonderkids did mention oil in the past & to get better value for the asset need to proove that. They remain an utter shambles. I guess the presentation yesterday evening was also a damp squib, they remain truly hopeless & an utter disgrace. Their reputation seems to be in tatters whilst still maintaining unjustifiable salaries.
The oil is still there, but this is going to be a gas development, at least at first. Subsequent development/wells can target the oil. If all goes to plan though that won’t be a matter for RBD, as will be sold out by then
I'm hoping somebody asked whats happening with the oil zone at WN
Ok tks greg
It may go up on the share magazine youtube/own website in the end. Fully expect a hash of previous interviews though, although it would be interesting if they waved 'The Deal' around. Problem is it's one thing to be invested with an undisclosed deal, quite another for someone fresh to pile in. It does make us look a bit sketchy on the surface. I think what rubs a bit is, a separate board of Directors have known for nearly 2 months how big the deal is. I would prefer volatility, even if the deal is way lower that expected. But the SP is where they want it imo so, suck it up :D.
That's pretty novel, persimmon. You realized your maths were so bad, you got your own post removed! lol