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Jack; Why have we not had the promised further updates on B2, VG4, VG6 and IM-1?
Any ideas Jack? Anybody? Why the secrecy around well data across the California assets?
I see you have decided to hang on to your phantom 17 mil.
Fair play, considering you don’t rate the Strategy and Management.
I have seen your type many times before and you comments are irrelevant to my investment setup.
“Full of it”......well summed up
Jack
The business model has been abandoned FYOZ. The business model touted was to invest in a range of assets to provide a rich flow of news, a news rich period as they put it. They haven’t done that. My point is that they have failed to update the markets on several and many key assets and have failed to deliver on their own strategy and business model.
Hence why the sp is where it is.
We need firm well data figures and production figures for B2, VG4 and updates on flowxtezting progress and numbers for VG6 and IM1 and we need production bopd numbers for all wells across the California asset. We need to know where we are up to with Parta, when will IM1 be tested and what is the forward plan.
I don’t know why investors seem so excited about WN because of their performance on the other assets is any indication then we are going to get no well data whatsoever.
Why do you think they are suddenly going to start giving the market numbers for WN when they haven’t done so for any of their other assets? I don’t get the logic. We can only judge them on their past performance as far as value accretive news flow is concerned and I’m afraid it is very far from satisfactory.
"Fyoz The excuse of majors sniffing round and data rooms and NDAs is wheeled out on every stock on AIM by dreamers and tampers."
But is it the stated strategy of every company on AIM to find undervalued assets needing investment, firm them up, then sell them on?
I think not. Also, another reason why I'm not griping about our SP, it's irrelevant to the business model unless we need to fund-raise, which is unlikely at this time
Jack; If you want to buy another 17 million shares at the current ask then go ahead and post your trades. It won’t take you long. I don’t have to sell mine to enable you to buy, there’s plenty of free float here, plenty of confetti. Ring your broker, place your order and post your trade if you’re so keen. I won’t hold my breath to read your confirmation though. Full of it.
Fyoz The excuse of majors sniffing round and data rooms and NDAs is wheeled out on every stock on AIM by dreamers and tampers.
The bod need to start delivering news here on performance of existing assets and start keeping promises to update the market.
I will continue to hold a negative view here and post accordingly until they start delivering on their promises of newsflow across a diversified portfolio.
Don’t care who doesn’t like it. Don’t care who disagrees. This is the fault of the bod, not me. The sp is down here because of the inaction of our directors. Get used to negative opinion until they up their game.
Where is the promised update on Burnett 2B after production facilities were upgraded to supposedly cope with its output. That was last year. They said the market would be updated in due course, since then nothing. No flow data, no production figures, nothing. Failed to deliver on that promise.
Where is the update on VG4 after they finished to tie in to the gas line to deal with an oil and unexpected gas discovery there. We were promised an update when the tie in was completed. Since then nothing, no well data, no flow data, no production figures for either oil or gas.
VG6 was supposedly drilled successfully to TD with another discovery, since then nothing despite being promised an update in due course. More silence.
Parta IM1 more of the same. No volumetrics, no update on flow testing, nothing.
This shows a total disdain for shareholders in my opinion. That’s four promises of future updates just off the top of my head, none of which have been delivered on. Disgraceful. Sentiment is destroyed. The market doesn’t like silence and broken promises will have investors running for the hills and failing to trust anything they say in future. Just another pair of lying AIM spivs obviously.
"They have not attempted to deliver anything they promised for the last 6 months and counting. Not even tried."
OK, I'm not wearing rose tinted glasses, I'm disappointed by the SP but I'm here for the long game. Not saying this IS the case, but a possible scenario is that they're in discussions with other parties to sell any or all of the assets, and those discussions are subject to NDA's. I have been in other shares before where this was the case
Sometimes the radio silence is either for a good reason or beyond their control?
This is my second cycling of rbd. Was in before from 0.6p for a double, then exited. Buying it back on a pure value basis, plus the attraction of the WN enhanced asset, whenever it gets going again. The radio silence from the dynamic duo has set this opportunity up wonderfully.
I agree. You only need to look at the appalling posting history to get an understanding of this character.
£50k under, lol.
RRE x 18 in 4 years. Think about what you are posting mate.
Everyone is entitled to their view as long as it is consistent with the facts. A change of view can also be supported, as can a punt at potential possibilities.
The SP today is academic. Less than 4 months ago we raised £24M and you are upset it has not multi bagged yet.
I’ll take your 17M at .6 if you are not happy !!
My strategy is to take as many of these as possible due to the fact that many parts of the puzzle are missing. Maybe the change in Corporate Broker at the fund raise, has resulted in a change of how news flow is delivered.
We had three updates in Dec 19 across all projects and that was ok for me. Clearly we are coming around to an asset update again. What’s happened to Humber, how is the IPO of Corallian proceeding, what about the FCA issue preventing stock purchases, what about the share swap with Rathlin Shareholders, who took the £24M......to name a few.
PIs were blocked out of the fund raise and bleated at the .9 give away. Now it’s at .6 some are bleating about lack of news flow.
Wait another 2 years for any RRE comparison!
Jack
Fyoz, The fact that a better opportunity presented itself on WN does not explain why operations and newsflow from both Cali and Parta has also virtually ground to a halt.
If they had provided the promised updates from B2, VG4 and VG6 and the share price had failed to respond I wouldn’t have been half as annoyed.
They haven’t provided the promised well data on Cali or Parta. No attempt made. Hold ups on WN does not justify radio silence on everything throughout the portfolio. Isn’t that why we invest in diversified portfolios so there’s always news. They have not attempted to deliver anything they promised for the last 6 months and counting. Not even tried.
"but the rest of your post is reasonable"
Come on O&W, you've just bought 3m shares yet you think his post severely criticising the BoD is reasonable?
A better opportunity presented itself, a much bigger slice of the WN pie. In my opinion they're obligated to pursue that for our benefit. The plan hasn't been abandoned, it's adapted to the latest opportunity
What's a 'legacy' shareholder? Were you in RBD before S & S took over? I was, and had the option of bailing out or staying when they were appointed as joint CEO's. I reckon I'm a 'legacy' shareholder then, are you?
If your blood pressure is going through the roof I suggest you're either 'over exposed' or perhaps risky shares are not for you
RRE is/was the one shining success story on AIM for O&G minnows. Not really fair to compare without lambasting every other one in the same breath, but the rest of your post is reasonable.
Don’t try to tell legacy shareholders that the boy wonders are doing a great job because that’s just going to send blood pressure levels through the roof.
They have totally abandoned their duty of care to shareholders, destroyed sentiment and failed to deliver on any of their promises, timescales or promised “news rich period”. Mcap 4 bagged, sp back down near all time lows meanwhile RRE management delivered an 18x increase in share price for shareholders in 4 years. That’s the type of performance that was expected here. That’s what they sold us. They have over promised and massively under delivered.
Don’t quote their past statements at me like I’m supposed to be reassured and placated. They have lost all credibility in my eyes.
A little patience is needed here that’s all or transfer your wealth the the more patient. My strategy is up and chill! JB
The share price tells you everything you need to know about what the market thinks about their strategy.
The share price is where it is because they have deviated massively from their planned strategy, not because they have stuck to it.
Their strategy is to have a diversified portfolio of assets so we have an almost constant flow of news and if one asset is quiet, like WN, then we have action, news and value accretive events in play on the others.
They have failed to implement that strategy by switching to radio silence on all assets, reducing news to a virtually non existent trickle and failing to follow through with promised further updates from previously issued RNS as with VG6, VG4, B2 and IM1.
They have failed to even attempt to deliver their strategy. Far from sticking to their strategy they have totally abandoned it. This 6 months of virtual silence is not what shareholders were sold. This was not their advertised strategy.
"Their job is to prop up the SP."
No it's not, it's to protect the interests of shareholders by running the company to the best of their ability. I for one don't want them deviating from the planned strategy just to find ways to prop up the SP
Their job is to prop up the SP. That’s their entire function. Their only job is to act with a duty of care to protect the interests of shareholders.
They have not only failed to protect the interests of shareholders, it’s worse than that. They have failed to even try.
They have displayed a total dereliction of duty and gone missing when they should have been updating us with bullish news on all the other assets away from WN.
No flow rates or numbers for VG4 after gas tie in. No flow rates for Burnet 2B after production facility upgrade. No further update on VG6 after drilling. No further update on Parta IM1 after drilling. Nothing.
The share price is where it is because of their total disdain for shareholders and lack of care in acting to protect our interests.
I’m £50k underwater here now with not a care in the world from the boy wonders. As if anybody is going to believe any of their spaff going forward. Having a laugh.
"and watching the share price drop to this level while taking no action to support it."
Their job is not to prop up the SP. I hope they're working hard on managing our current assets, negotiating deals and generally running the company. They're shareholders too so they'll be acutely aware of the current SP, but I'd like to think they have the foresight to realise it's the long game that counts
Stop being so negative Piper, the fundamentals haven't changed
Don’t insult the intelligence of shareholders by posting rubbish that these two spi s have said while ramping their fundraise then going into 6 months of silence on all assets and watching the share price drop to this level while taking no action to support it. Legacy shareholders must be furious and quoting the bull that they have said is just taking the **** in my opinion.
Yeah sure. They were looking forward to drilling two wells, looking forward to entering a news rich period, looking forward to delivering near term value for shareholders. The reality has been nothing of the sort. Stunned that anybody has the lack of awareness to post anything that these pair of bullsh177ers has said as though it carries any legitimacy or credibility. Amazing how naive some mugs are. Just amazing.
Harry
On the 18th Dec, the Directors had a completely different view.
“ Once the test is complete, we look forward to drilling the additional two wells”?
Notwithstanding above, RBD is now valued less than cash invested and Project progress counts for zip. Excellent for LTHs picking these up at .6. IIs buying at .9 must be kicking themselves unless the plan all along was to batter the price down to loosen up stock. ruffer have played a blinder for their discretionary holders, whoever they are. If I was a major, I would be ripping this up and taking a position pre CPR etc.
Happy days and waiting to see who blinks first
Jack
Stephen Williams, Co-CEO of Reabold, commented:
"Reabold is delighted with the progress that continues at the West Newton A-2 well to further our understanding of the discovery and welcomes the near-term resumption of the well test.
Reabold's recently increased interest in Rathlin provides us further exposure to what continues to develop into a very exciting, large-scale asset. Once the test is complete, we look forward to drilling the additional two wells to test the Kirkham Abbey formation and the potential of the Cadeby formation, which is considered a highly important and valued target."
AToday 21:34
If I were re-engineering an extended well test at the A location, knowing that it was predominately an oil reservoir rather than a gas reservoir, I would wait for a well to be drilled at the B location before starting the test. Why ? So that I could put pressure gauges down the B well to measure pressure communication and drawdown between the two wells during flow, and so confirm the size of of recoverable reserves more accurately.
Perhaps Piper has a valid argument. It suggests that the end game is to sell proven oil rather than pursue a production route.
Copied & Pasted from UJO board from a poster whom I respect, SB.
Harry