Member Info for Adw198

@investor

“One question for the presentation might be what action they are intending to take on this front after consulting their legal people.”

The moment I should have ran away with this company was when someone asked MB if he was WOS. Comical!

I would have sworn blind nobody could be as stupid as Investor and therefore assumed he was just a(nother) character.

However I’ve come to realise I’m not always rights.

Sometimes there are 62yr olds called David who went to school in Allerton and call John Dad.

“Meanwhile we continue to follow up on leads with two other potentially interested parties”.

Following up on leads with POTENTIALLY interested parties sounds a bit like an outbound call centre :)

Adw "The entire oil investment case is now dependent on a deal and he won’t give details on the (unacceptable) offer they’ve received."

Obviously he cannot give details away, seriously you "cannot" be that stupid (can you ?)”

Abzzba, if I followed correctly your saying obviously he can’t give details away. Which was exactly what I said. So you’re blinding punting on what a deal might look like and as per you lot expect unicorns and rainbows, disregarding the commercial reality and see through value.

I wonder whether they made the offer before, during or after the quarter of a year we’ve spent trying to polish the H2 turd?!

It’ll definitely be interesting!

I suspect as with the RNS, they’ll be a heavy Renewables slant.

“Just knowing what they're planning and timescales”.

What plans and timeframes are you expecting Thorn? There’s not much chat about an extensive 2026 work programme!

The entire oil investment case is now dependent on a deal and he won’t give details on the (unacceptable) offer they’ve received. I suppose he could talk us through the broad principle as to how it might work - I’ve not found an AIM farm in to understand more tbh.

Fair enough Thorn, although I don’t think they’ll be anything material (price sensitive) in a presentation as that would be against the rules.

If they get almost any deal I see it as positive as it removes the Capex and Opex and they just sit back and let someone send a cheque at some point. But none of us know what that deal will look like and if it was that good why wouldn’t a partner take the entire company instead, given the tiny MCAP. We’ll see, but atm it’s a blind bet on the deal completing and not knowing what it looks like.

It’s gone up 33% this week and the news is H2 is non commercial, Gazelle has has some teething issues and PC still have t agreed to reword the deal yet.

The other news is we’ve received an offer for a farm in that isn’t currently acceptable. This is definitely progress / positive but 33% feels very frothy to me.

Bed down for winter on 300bopd ish and 70% payment (if they pay on time).

A deal will take ages to get over the line and any income received from a partners drill even longer - especially if it’s our Chinese friends

Ha how we’ve missed these mindless price ramps Thorn!

You weee touting it getting to 2p AHEAD of the news. In fact the news has led to a drop.

I can’t wait for the farm in offer to be shared / announced. All the talk of $150-200m values will finally be exposed / put to bed.

“Yet Gazelle is providing approximately 200 bopd of free cash each and every day.”

Ha is it Investor. Except no production figures have been given, no money has been received for what has been produced and if / when the money does come it’ll be 30% light.

Feel free to screenshot this one lads :)

“Even a distressed deal forced on us would make us rich.”

Do any of us have any idea what a farm in deal might look like? Any precedents?

“Adw & Doc (neither any oil experience) want us to believe MATADs block XX is worthless”

The lies have started. Neither of us has said that.

As for oil experience my god Abzzba nobody has been more wrong than you in terms of production expectations and “no news is good news”.

I mean I’d have the thought the guy who is apparently taking his complaints around message board abuse to the FCA might have more of an interest in the multi alias activities of WOS. But it’s ok if it’s ramping it seems

Exactly Doc

Heron 1 apparently produced 200-300bopd when first brought on so the figure to beat will be let’s say 250bopd.

Fair enough to have initial teething problems but basically the November 25 production figure will be not much more than the November 24 one.

A farm in offer will recognise this and bid accordingly.

Has he ever said whether PC are one of the parties

Oh and whoever Investor hasn’t filtered - can you let him know we’ve all read his news about contacting the company etc etc. He doesn’t need to tell us 3 times a day.

I can email him directly if not.

I’m surprised the price is holding tbh.

The company is now a sitting duck - one bidder for a farm in that will probably take an age to come to fruition.

The lack of production numbers says it all.

“perhaps they want to tell us the good news 'face to face'?“

Or perhaps there is no good news?

Abzzba

We have a deal with PC already. They just choose not to honour it.

The renegotiated deal still needs tonne agreed, then signed (3months last time) and then crucially honoured.

“Tax on processing fees is not the same as tax on export.

It’ll be a far smaller figure.”

Agreed. But it’s not resolved ie there’s not agreement on the tax figure in a tax dispute.

“only the relatively minor matter of tax payable on processing fees remains to be agree”

Given the ‘dispute’ was only around tax, what has been agreed / amended / renegotiated?!

“So the only negative is H2 which has been shut in for winter the rest is broadly positive with H1 & Gazelle delivering record production rates.”

Ha ok. Parking the fact you were most adamant H2 would be a success, surely you regard the lack of a renegotiated PC deal as a negative given you told us to expect it all to be resolved in November?

H1 and Gazelle no production figures but quoted problems .