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Velocette result disappointing. However JAPEX deal (£100 million finance) means that this still has potential to multibag in next 6 months. A small drop in share price inevitable. However today's price (23p) basically covers the small production deal and nothing more. Definitely a time to hold
It is a shame. It was worth a lot to the company if it came in.
Prepare for a lot of waffle from Helge now, it's the best thing since sliced bread etc etc etc
Look at the history of the other drills, same story unfortunately.
Been here a long time.
I feel sorry for those ramped in from the pay ‘for hindsight’ blog and their ramp/de-ramp crew. A lot more user names once that charlatan started a pump.
You’ll find ‘he’, likely, had sold out after telling the faithful to buy so ‘he’ can offload the shares. Correct me if i’m wrong. All the signs were there.
Still got the Japex deal.
Meh : not the result we hoped for. Though I would argue success at Vellocettte was not priced into share price. The £100 million finance facility remains good reason to remain invested (plus other irons in fire)
Real shame
C60 days, news v soon
Hi guys. Quick question, does anyone know how long its going to take to drill Velocette
Also a small benefit but 600 STB of production should be heading to LBE in due course.
10k for a top up. If Vellocett doesn't identify reservoir or commercial gas then I'll get a very good price to watch the story unfold here on acquisitions over the next 18 months. If we do find decent commercial gas play, then I'll top up on anticipation of development or an asset swap.
When has the market ever indicated anything correctly lol.
On Velocette though, no idea. Time will tell. But in the words of Peter lynch, if you have a company that you understand and can see the picture emerging, forget what the market thinks. $150 million financing and assets for sale means revenues will grow and there is a direct correlation between revenue and share price ;)
Is there an update on Velocette? Too early?
The market suggests its nothing special
Has LBE approached Kufpec r.e. They’re speculated asset sales. This sounds like the exact type of deal the board are looking for. Noting that last year Lime bought their YMC asset for $68 million which produces 5,000 STB a day. Interesting time to be at LBE
https://www.reuters.com/business/energy/equinor-submits-374-mln-eirin-gas-field-development-plan-2023-09-15/
They have pulled of a mega deal and this was well put over on the presentation
Well done LBE. That seismic was mega
Just catching up with presentation over lunch.
Essential viewing and very up beat.
Summary:
- Kertang has very promising seismic and potential giants.
- The 2 new recruits loo very well qualified with excellent local connections.
- Cost to drill will be ~£50million. Will likely require a partner by 52% holding means no dilution.
The plan for LBE seems to be to do a deal in Norway with JAPEX.
Then hopefully use the proceeds to fund something potentially even larger in SE Asia.
While patience will be required it is exciting to see the company has irons in so many different fires.
Fingers crossed for Velocette - however other potential routes to success clearly exist.
This transaction won’t have any relation to Velocette. Still early days there.
The two new recruits seem very competent though and good to have on board.
Let’s hope they have pressed the proceed button on this transaction in light of imminent good news from velocette !?!
Yes, these Sarawk licences look like they could have massive upside for LBE.
Also like the idea of LBE accelerating their ambitions to build a full cycle E&P business in SE Asia and their belif that the larger equity position will simplify the process of a positive well decision and introduction of an additional funding partner prior to drilling
Looks like another great move by LBE
Https://topaz-energy.co.uk/wp-content/uploads/2023/06/SEAPEX-2A-PSC-Malaysia-an-undrilled-giant-Edited-.pdf
https://www.lse.co.uk/ShareChat.html?ShareTicker=LBE&share=Longboat-Energy&thread=C818FED1-8CA0-47E0-8842-B2B9B01B7AF8&reply=true#posting-rules
Seismic is intriguing (from the original farm in in February)
Good move for very little outlay.....Nice
The consideration for the Acquisition will be satisfied in three tranches:
· an initial issue of new ordinary shares of 10 pence each in the Company ("Ordinary Shares") equivalent to US$100,000; upon completion of the Acquisition;
· an contingent amount of US$125,000 payable in cash or through a further issue of Ordinary Shares of an equivalent value, upon an exploration well being committed on Block 2A or a farm-out; and
· a contingent amount of up to US$3,000,000 payable in cash or through a further issue of Ordinary Shares of an equivalent value, upon a discovery being made on Block 2A, depending on the resource size and the growth in the price of the Ordinary Shares measured over a two year period.
We are pleased to have increased our interest in the extensive and prospective Block 2A in deep water Sarawak, which contains the giant Kertang prospect. Sarawak has seen significant exploration success in recent years, and we are excited to play a role in the quest for additional gas resources in the area.
I’m here for the $100 million financing for near term development acquisitions.
Exploration is a cherry for me.
Key takeaway - "up to" 61 days in case of a discovery.
News could land anytime from mid Sept IMO
Thanks, found it
https://www.omv.no/no-no/news/spud-of-the-velocette-exploration-well
OMV RNS gives the 61 days in the event of a discovery. 45-50 days seems like a good baseline for a dry hole. Half way through now :)
This was posted a while back, but I have not managed to find its source,so assumed it was behind a paywall
"The duration of the operation is estimated at 50.8 days if the well is dry, and at a maximum of 117 days if hydrocarbons are discovered, including well testing and drilling of the sidetrack".
So I guess 60 days is when we should know they will be testing ?