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Zag …I think you need to read the company RNS properly. You’re very out of touch what’s going on. All there in black and white.
Jasper
No, I have not misread.
Oex have missed deadline after deadline so why is this any different, I recall them saying refrac Q1!!!
Blimey Zag . You trying to get a lower entry point.. give it a break..
You have not read the posts correctly, he’s merely pointing out what Oilex have already told us. There is no delay for the commencement of the refrac. Equipment is secured and rig will be on site mid June.
There will be an announcement when it's delayed for sure.
The rate your boy Quint is going on about global delays in equipment is a pre curser
The refrac work over rig will be on site mid June. All the equipment has been sourced. Refrac commences around first week July.
There will be an announcement of commencement date and work programme.
https://www.naturalgasworld.com/reliance-expects-further-increase-in-indian-gas-prices-98081
Thats a 35% increase on the current deal of $7.32mm/BTU and equates to $9,882 per 1 mmscfd. Successful refrac targets 2 mmscfd per well, so thats $20k per day per well PLUS the condensate. Wow!! Game changer
Gordon......my bad and typo. That should have read £170k yes, not £120k.
Sorry, that should obviously read March 2022 quarterly report.
Jasper. Please feel free to correct me if I have missed something but I make the monthly cash burn considerably more than you imply.
From December 2021 quarterly report cash including Tranche 3 placement funds received post quarter end was £1.82 million.
From January 2022 quarterly report cash at period end was £1.31 million. That comes out at around £170k cash burn per month. That figure would, of course, be expected to increase a fair bit, due to additional costs of production.
I don't regard that as negative, as they always said that they amount produced would just cover costs. The cash flow, for the first time in years, is very welcome. It just emphasises how all important a successful refrac is. Looking forward to that outcome in a few months. Gla.
A pivotal period for the company over the next 3-4 months, as it continues its transformation into a mid tier producer, aiming to monetise 1TCF of gas and 61m barrels of condensate.
Workover rig for the refrac programme is due on site mid June and refrac commencement first week July. The work plan is to perforate and refrac two new zones and make significant changes to the last refrac exercise. The company has stated CHANCE OF SUCCESS for the programme is greater than 75%. Now that shows some confidence.
Recent placing seems to have gone to mainly large institutional investors with Republic taking 60%. There is also NEW institutional investors onboarded, which bodes very well in making the issued shares placed in 'sticky' hands. Plus they'll have all have no doubt been taken "inside" and divulged further details and plans from the company.
C73 continues to produce, and C77 switch over will no doubt follow soon, as its intended that both wells are put on cyclical production.
Looking at some numbers, and based upon public details provided by the company ballpark revenue streams for April production should be around $82k for the period 8/4 to 30/4. If we assumed C77 came on stream say mid May, the production number from this well should be greater than C73 and in the region of 0.5mmscfd. The resultant effect of this number with increased condensate could generate revenue in the region of $148k or £120k.
Based upon the above potential May numbers, this would practically cover the monthly cash burn for operational and running costs expenses (based upon last quarterly report). This is great and means we are conserving cash from the recent raise.
I am not alone and am frustrated as many at the current share price. It has no baring or reflection on the correct NAV of the Cambay asset and its current market capital compared to some of its peers is quite frankly a joke.
I do, however, think a wider community of investors are waking up to where the company are at, and we do appear to have large buyer/buyers over the previous trading sessions. This bodes well.
Not long now until the much anticipated refrac commences and if successful, you won't see the price at these levels. AIMHO and DYOR.
....we are in for a good day.
July not that far away, I'm guessing people will be taking their positions in the intervening time including the £60k of buys this morning
A lot of margin calls today it seems. Maybe that’s why?
£100k disposal by someone, jinx
We agree on that mr investor. Certainly 50% by end june
It is not insider information if a any would be investor is introduced to any team member of a multinational in the background looking at coming on board . Not saying this is the case of course and we will not find out until after refrac.
Regardless I think it common sense that this is a buy and hold for most large investor now - famous last words
Unless you live in countries like Lebanon, then it’s anywhere but the bank pretty much
Of course, at the moment, even bank deposits aren't safe, with inflation at 8% and interest rates at 1%.
Agree Mannan. Even ftse100 shares aren't safe. For many years my biggest holding has been Lloyd's. What could be safer than a bank? Lol. Been beset by one disaster after another since 2009. We had the financial crisis, the PPI scandal, Covid, Brexit and now the psychopath in the Kremlin.
any share you invest that will be high risk .only safe place in your bank
is definitely a buy
Yes, it always makes me laugh this definitive talk of churn. Obviously it's impossible to know who is behind any buy or sell and what the motivation is for buying or selling. Equally laughable are those who claim any large grey trade is define a buy. Thr reason it's grey, is it's not possible to tell.
As gor the motivationd of thr likes of Republic, who knows? They have increased their holdings previously and later there has been an announcement via rns that they have sold them back down. Could be different this time if they " have been taken inside" and are more confident. Time will tell. Presumably, it can't actually be legal to give insider info to those above a certain = holding, but it's bound to happen. Gka.
The recent placing went into the hands of some large institutional investors. RIM took 60%. The placing was oversubscribed and capped.
Certain people are starting to spout "churn." This is rubbish. Why?
All the institutional investors will have been taken inside. What does this mean? They will have been privy to confidential information about the company's plans, strategy and probably discussions that have not yet been announced. They may also have had to agree not to sell their placing shares for a period of time. Now I know that as I was offered the opportunity but decided not to participate.
There is no way placing shares are being churned to make what in effect would be a zero return. Placing price 0.20p, todays sell price 0.20p.
It also looks as though from recent days trading we have a large buyer/buyers. Look at the block trades in excess of 10m last week and today. Maybe a further institutional investor who didn't get what they wanted from the placing.
And more churning, not going to be pretty until it finishes.
I think in the next few weeks we’ll get much better production numbers from C77, as it’ll be on cyclical production with C73.
“Initial production rate on C-77H was > 2 mmscfd and the well can still produce > 0.5 mmsfd albeit not on a sustained basis.”
Will give us better cashflow generation than C73.