Member Info for 3cardbrag

Completely forgot to mention Westmed earlier.
"The Company has identified a number of potential buyers for the West Med Asset in Russia. Negotiations are ongoing targeting a sale in 2019."
28th cut and paste of the same bullcaca. Can we afford to keep on paying 1 million pa just to save face for Kev and Co for their continuing dream that Putin will allow this to be sold to anyone. It will be taken from us and given to one of the oligarchs that are still alive.

re "in full force this morning! Pathetic really!"
You just carry on being a div there's a good lad.
SP says it all really. Unless of course the few negative posts on here are actually responsible for the SP continuing it's inexorable slide

Nothing financial. Nothing about our cash position. Nothing about whether costs are being covered.
Share price continuing to fall reflecting the carp way this company and our expectations are being managed.
That's me done. Get it all out the way in one go as on DIY today

Insurance claim - The Company has now received a full independent technical analysis, by an internationally respected group, of the drilling operations on the Logbaba La-108 well in the aftermath of a drill string washout on 7th March 2017. On the basis of this work, the Company will continue to pursue the insurance claim to recover the costs associated with the event. The Company has now received a full independent technical analysis, by an internationally respected group, of the drilling operations on the Logbaba La-108 well in the aftermath of a drill string washout on 7th March 2017. On the basis of this work, the Company will continue to pursue the insurance claim to recover the costs associated with the event. As is normal in these situations, the outcome of the claim is not certain. The gross amount of the claim submitted is $24.5 million. The gross amount of the claim submitted is $24.5 millionurance claim -
When was this claim first submitted? Painfully slow progress.The only thing certain here is "The Company has now received a full independent technical analysis, by an internationally respected group, of the drilling operations on the Logbaba La-108 well in the aftermath of a drill string washout on 7th March 2017. On the basis of this work, the Company will continue to pursue the insurance claim to recover the costs associated with the event. As is normal in these situations, the outcome of the claim is not certain. The gross amount of the claim submitted is $24.5 million
When was this claim submitted? Painfully slow progress to date. The only thing certain here is "As is normal in these situations, the outcome of the claim is not certain"

Energy wells - The Company is working with Blocksyte, Altaaqa and others to start field tests this year on the key components of the business.
Look in again in 12 months. to see if any progress.

CNG - To date, 20 customers have expressed interest in CNG within a 60 km radius of Douala.
Design, engineering and cost estimation has now been completed which demonstrates feasibility for an initial project to build a 2mmscfd CNG plant in Douala for CNG distribution. Negotiations with customers on offtake agreements are in progress which, on signature will enable the project to kick off.
How long have they been talking about this? And still we are only at the "expressed an interest" stage.
At least this time they want signatures before they commit to expenditure. Question is, will they get them?

Industrial power - latest figures not exactly showing strong performance to date.

Matanda - A minimum work programme obligation of one exploration well, plus seismic reprocessing is to be completed in the first 2 years of the assignment following the Presidential Decree.
We almost certainly can't afford to do the work required. No-one else wants it. As a minimum we should negotiate a longer backburner period.

Logbaba grid - The parties are committed to executing Fully Termed Agreements and providing appropriate payment guarantees during Q1 19.
More fluff and delay. You can be as committed as you like but just sign the feckin' thing

As predicted, yet another poor set of results crammed full of excuses, compared with positive results again at ABF.
Regarding new CEO, looks as if at the moment, no-one is beating a path to our door and who can blame them. Who wants to be a zombie CEO in a zombie company.

Lol. You're priceless mate

re "They have not got the big contract back they have a smaller cheaper longer one back"
Correction. They have part of a smaller cheaper longer one back. Let's not forget Bassa

re "Into the new project, one would hope."
If AB's past comments are to be believed, it will be used by"the Directors and CFO to (sic) continue to work tirelessly in the best interests of the Company and its shareholders for a successful 2019 "
Yet to see any evidence of that but hoping to be pleasantly surprised.

If FIF's update is anything to go by today, then we can expect a rough ride. Would be very surprised if our figures were better but then we are coming from a much lower base mark

re "yup. think everyone has accepted that."
Speak for yourself matey

Like I said in a recent post, I was saying it long before you graced this board, that is the first part of your post anyway.

......that last vile rant from Vig got deleted. Reckon he's losing it.

Yet another useful contribution from Banjostring

Definition of quantum meruit - a reasonable sum of money to be paid for services rendered or work done when the amount due is not stipulated in a legally enforceable contract.
Breaking that down. Firstly there was never a scintilla of a suggestion prior to the announcement, that BMR had had such a substantial amount of work done that would require a payment worth 15-20% of the MC of BMR, a truly staggering figure in that context.
The only reasonable explanation one can reasonably assume for there being no contract in place when the work was being done, is that neither party wanted anything in writing. Let's face it we are not talking petty cash here and shareholders would have had serious questions to ask if this had been in the public domain.
As to whether or not the sum is reasonable, one might argue that a total sum of $800,000 would be pretty small beer in relation to a project up and running with on ground assets of c2 billion. But as BMR no longer owns most of the asset and will only receive a longer term small royalty if it ever gets off the ground, then the burden imposed on the BMR shareholders, when JLP have had to pay nothing but will benefit most, is truly disgusting.
We all know that brown envelopes are a fact of life in most of Africa and, whilst there is no suggestion of brown envelopes here, it would doubtless have been impossible for us to get the licence back without, Blue Square's involvement, however great or small. But it does all seem rather unfair on the long suffering BMR shareholders.

Calm before the storm??