Member Info for Adw198

Hi Gravy

I’m sure you are disappointed I still hold and thus meet your imposed rules that only holders can post.

So we should have fun some tomoz, or certainly those of with a 0.7611p average will.

@badprophet I strongly suspect we’ll get a 7am Ops update.

If that doesn’t come the presentation will be fairly uneventful and I’ll probably be content to hold.

I intended to dump mine this arvo because it’s risky holding going into an update with this lot but got distracted with work.

So I’m locked in now till the news. Bit of excitement I suppose!

“What missing money?”

Well, after literally years of discussions and months of negotiating the specifics of a sales deal with PC (approved by the authorities) it then took 3 months for PC to physically sign the contract. Then, a week or so before payment was due PC decided they weren’t sure if extra tax was payable. They therefore refused to let us anything initially before relenting and paying 70%.

So they owe us 9months worth of backdated payment for the remaining 30%.

So that missing money. Unless of course they are right and more tax is applicable, making Heron 1 even less appealing.

I’m also expecting an Ops update at 7am, presumably covering the missing money / tax dispute and Heron1s latest performance.

So what happened between May (when it wasnt winter) and they were thinking about using it for something else and July when they seemingly finally figured it all out?

I’ve bought some shares because i expect a bounce.

It doesn’t mean I need to fall in love with the share and I certainly don’t need to believe a fake man called Abzzba who pretends he’s from Aberdeen telling me it’s obvious the company are very confident when they do share the same lanaguage, having gone back and forth for 9months.

Well in November they said

“Pressure data recorded during the test and the details of the stimulation operation will be reviewed to determine if the flow rate is an indication of low reservoir permeability or some other down-hole issue. Heron-2 is now being suspended and once the data evaluation is complete, the forward programme for the well will be determined.”

In March

“Analyses of the Heron 2 well continue in order to evaluate the potential for remedial work that may help deliver a commercial flow rate. That the nearby Heron 1 well has yet to see any pressure impact of a boundary, that might reflect a degradation in reservoir quality (that is suspected as the reason for low production in Heron 2), gives reason to believe that a workover and further stimulation of Heron 2 may be worthwhile. A workover at Heron 2 could be combined in a cost-effective manner with well testing of the nearby Gazelle 1 oil discovery.”

By May it was

“we are reviewing the merits of converting the Heron 2 well into a water injector.”

And now we’ve ended up on the new fix of acidized, which apparently it’s obvious they’re very confident about despite them not saying this and clearly going back and forth over the 9months post suspension due to its poor performance.

“H2 will be acidized prior to testing, its quite obvious MATAD are very confident the issue with H2 relates to the oil not flowing into the wellbore”

It’s not quite obvious they’re very confident because they have said that. They’ve spent circa 9months going back and forth on what to do with Heron2.

Well my answer to then question of why the work hasn’t started yet is they only raised the money a couple of weeks ago and they’ll be a lead time to arrange the work.

Do you disagree with that and if so what’s your alternative answer?

“Why have they not started work.. latest satellite images show nothing at H2 Gobi or at Gazelle”

They only raised the money just over 2 weeks ago.

Presumably they’ll need to goto tender to get the work done and at the very least ascertain the availability of the contractors.

Hence me not being surprised if the above gets delayed for various reasons / excuses and it gets kicked into next year

The issue is whether anyone can get the oil of the ground in a commercially viable way. We know we can’t, because despite what WOS and lads tried claiming, we don’t have the resources.

I doubt this week will reveal a great deal. It’ll be interesting to know the logic for returning to previously suspends wells, the cost of doing so and the likelihood of success. But I don’t see anything that material. Similarly one can infer the tax dispute hasn’t been resolved which might be received negatively.

Fascinating share / link that Margs - awful to see people opining about how 11.50p was undervalued and a re rate was coming.

Painful to think how those people (including Dozzawba) must have lost. 7 years and we now just a 15bagger to back to those levels.

Tragic!

Abzzba, you keep telling g me because $1.5m worth of work was done it only costs another 900k to bring it production.

My question is a simple one - why did Buck tell us it costs $4m to bring a well to production?

Do you think he’s a a liar and commuting fraud by by misrepresentation . That’s not my opinion.

Or in the answer he over estimated because Gobo is cheaper being shallower? That might sense to me - is that your answer? If so fine we can discuss how much extra is needed at Heron2, as obviously you’ve claimed all 2 will be.brought to production.

Abzzba, you might be right. Perhaps it would only cost another 900k to bring Gobi to production (in the unlikely event it’s commercial).

If that’s the case, and Gobi can be brought on stream for $1.5m (already spent) and only another 900k, ie a total of 2.4m, I’d want to ask MB why he told us all it cost $4m to bring a well on stream.

I don’t think he’s lying and guilty of fraud. Do you?

@ Abzzba

“I already gave you my estimates on how much cash we need to test and complete the wells @ 09:27.

reposted below.

H2, Gazelle and Gobi are already drilled, each of these wells have already undergone early stage completion which is running the casing, that includes associated rig costs, cementing costs, casing integrity tests etc etc, so to well test and complete Gazelle and Gobi around 900k each, H2 due to acidizing will cost a little more.

Should you wish to disagree thats fine, just give your reasons.“

I disagree because you appear to think it only costs $2.4m to bring a well to production.

The company told us $4m. Can we agree that as a fast before we continue?

@ftse aka WoS

“Abzzba, you have zero chance of getting your itemized costs just as i had zero chance of getting him to comment on your ONGC links.”

Not only did I comment, I commmeted positively calling it promising. And not only that, you then agreed.

Before disappearing when being asked to answer a question yourself.

But fair play Met, you’re doing your job there’s naive victims like TT1981, Thorn Carl Daslow out there so the work is paying off. Hopefully they buy more and I can exit with a short term easy win!

I don’t have a breakdown, I don’t even have e conviction Im right, I’m simply putting my logic based on what the company told us

I’m happy to hear other views, such as how much more you think it will cost to bring Gobi to production (if it defies the odds and proves commercial)?

“Adw, we are still waiting for your itemized well by well breakdown of costs to bring H2, Gazelle & Gobi into production”

Another one who barks questions but doesn’t answer any.

I’ve give my workings. We were told a producing well costs $4m. We were also told Gobis initial drill (not even well tested) cost $1.5m.

To me that leaves another give or take $2.5m needed. I might be wrong, imm happy to hear how they can do it for less.

Abzzba (who isn’t an accountant or good at basic logic) claiming the withheld 300k (tbf it’ll be more now) has stopped 3 wells being brought to production is HILARIOUS.

There are no plans to bring any wells to production this year because they can’t afford it. They’re simply testing.

A producing well costs $4m. We were told last years Gobi work cost ¥1.5m. So taking that Gobi as an example it’ll need $2.5m more spent and that’s underbaked by the massive IF of whether it’s commercial, noting the very low change of success.

The guy doesn’t understand comprehension as it’s all in the releases.