Member Info for Adw198

Pack it in Tenbag.

Price holding up well, I’m a bit surprised tbh. I don’t think they’ll be anything meaty tomoz, but I’m very interested to know if the September and October invoices have been paid. Septembers was late as per the November 25, so we’re slightly in the dark

“ i doubt it will take long to hammer out and agree on the finer points of the proposal”

Based on what?

“offer could well be on the table within a month”.

I thought an offer was a proposal?!

An acceptable offer might land today, tomorrow, next week…or never.

The other 2 don’t seem that interested tbh

The one offer / proposal that has been received is good news. It’s also fair to note it’s a currently unacceptable offer for the best interests of the shareholders.

Fair enough ish - but it wasn’t me who floated the idea of $8m worth of capex that they quite clearly don’t have.

The oil business model is now tread water until a partner (hopefully) comes - unless they choose to dilute, which won’t be announced tomorrow.

If they get a deal it should be a great investment as it’ll presumably be a free ride one way or another. No deal is the big risk.

“Only the relatively minor matter of tax payable on processing fees remains to be agreed”

Abzzba - what parts have been ironed out then?

There’s an exiting contract that addresses tax - PC simply don’t want to pay it.

Hi Thorn

I’m being specific about the quote “One or two more Gazelle wells and a Heron Field deal and the rest will be history” and asking how one or two more Gazelles will be funded. I understood you to be saying that’s different from a field deal.

How do you expect 2 more producing Gazelle wells to be funded Thorn?

Assuming a VERY happy path of both being a success that’s $8m needed.

Apologies if this sounds like the same question I asked earlier this year when you repeatedly asserted there would

be 4-6 producing wells this year and I asked how. It’s the same question and given its company / invested related, hopefully you can engage constructively.

FWIW I don’t think for one minute they’ll tell us on Tuesday how they’ll do it.

Well I don’t know how you expected £5m - £10m winter revenue last year Tenbag.

And I also don’t know why, having expected that, you believe it’s been such a great success when they’ve done less than 10% of that.

If you scroll back through Investors history you’ll see a year or so ago he was telling me and Doc he’d filtered Abzzba and Tenbag. The former compared Investor to dog s h I t and Investor threatened to sue them.

So in some ways i suppose his behaviour is consistent

They deemed Gazelle less likely to succeed than H2, that’s largely why it wasn’t touched for a long time. Still a little odd to go for Gobi last year instead of gazelle but i suppose they saw gobo as low cost with potentially bigger upside.

Had the 50/50 gazelle coin toss landed the other way this company would be a dire position now imo, ie if that was also non commercial I suspect the SP would be nearer 0.50p.

I’m very keen to hear how they see the likelihood of further success around Gazelle as opposed to Heron.

They’re very good / valid questions but I suspect much too detailed to address them all. As you say though the categories help give some structure and he’ll perhaps address them in the round.

My experience on AIM generally is they cherry pick what to answer, but MB did take some unfavourable ones last time to be fair.

I still can’t believe someone asked him if he was WOS though!

Who said not was unproven and worthless Abzzba? I’d also like to correct anyone who said that.

News of an offer was indeed good news, Abzzba. It seems in this you agree with me that “no news is good news” is completely wrong.

@manx have you submitted these?

Realistically it’s just too much. Section 9 alone contains 5 questions!

“It's had to see that this won't result in a number of Heron wells next year with up-front cash and then a share of oil revenue.”

In the assumption they agree a deal, something that hasn’t happened in the 6 years since the discovery, is that how you see it working, ie upfront cash? I’d expect something more like a % of revenue gets divided from every well the partner drills. I suppose there’s the existing wells to divide too, so perhaps you’re right. Sounds a complex contract so one thing I’m pretty confident about is it won’t be agreed, drafted, signed, approved and in place for a 2026 work programme.

That’s great Margs and I’m sure they’ll be some middle aged mummy’s boys with their white privilege who will lap it up. But do you have anything to say about a farm in deal?

@front

At least you’re trying to understand / discuss what a farm in deal might look like - given it’s the s tire business model I’m surprised more aren’t interested.

But your figures look wildly optimistic. Based on the known performance of Heron so far the results are 2 drills, 1 well producing 164bopd year 1. That’s apparently one of the better results and 800m away there’s a non commercial well that’s had several months of time and money spent to deliver nothing.

$4m per producing well - the numbers aren’t brilliant are they?

I’ve left gazelle out of this for now as we don’t know a lot about it and I’ve not researched its physical location so don’t want to wrongly assert where it is

@thorn that’s a very good spot / pick up, I’d agree it appears not to be PC (which is probably a good thing)

“Up to two other offers expected“

Expected by who, WOS?

Imagine having an inbox that contains emails offering a farm out for the field you can’t afford to develop yourself, an email from the Monolgosn energy minister about the massive renewable opportunities…and a dozen emails from Investor complaining someone laughed at his charting skills. David should stick to his timber business :)

Lovely!