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Hats off to Corallion for this farm-out (also to RBD as well).

To see any upward sp movement imo.

Quality, experienced management and well connected in Malaysia.
Should do well over time.

Tbh I think the “new low” comes when the Board eventually tell the shareholders what has happened to the reported £40m cash shortfall.

5 more drills are definitely possible before Christmas. The onshore Californian wells are taking the operator only 10-12 days to drill apparently. Might take a little longer to get the nodding donkeys hooked up on site for oil production. The gas prospect is a different story, and will take longer to hook up if it logs hydrocarbons.
Not sure the two U.K. offshore wells will be drilled by Christmas. They are a different level of logistical difficulty. Fingers crossed though.

Another day another revelation from Pat Val, Times saying that top two execs actually sold share options that were not recorded/disclosed in the accounts! Dear oh dear what a complete joke and total breakdown of internal & external Corporate Governance. AGM next week will be interesting, wonder if they will serve cake & coffee?
No doubt there is another book coming from Mr Tim Steer on this disaster! Perhaps they will rename the company Titanic Cakes.

I’d like to buy more shares but I can’t convince myself we have a competent Board of Directors tbh. I think the markets have a lot further to fall in the next few months and better companies than Aviva will be available to buy at lower prices.

Owners will always do better than managers. Owners will do even better than bad managers. Change needed here.

Hotel California for Xmas.

MDC. Don’t understand the severity of the drop from their recent trading statement. Ok the market knows there is a massive write down on their Spire investment but that should have been priced in already. The Swiss market looks shaky with current structural problems but Middle East amd SA look strong.

Spire’s new FD can renegotiate their covenants if they think there is any danger of breaching the interest:ebitda covenant. Plenty market liquidity. I doubt whether Mediclinic would support a Rights Issue tbh.
Mediclinic bid aside it’s hard to see what gets the share price rising by much in the short term and they may well drift lower in this volatile market...

An update would be welcome. It looks like everything is now in place for drilling both wells but it would be good to get clarity on why there is no action yet...

Good to see them all buying large amounts to give a vote of confidence in “their” company.
They must all be sitting laughing at the shareholder’s expense.

I wonder what particularly genie the new “Executive” Chairman will pull out of the hat for the new CEO? Or perhaps he thinks his non-Exec credentials will allow him to continue to run the show for the foreseeable.....depressing. Plus he has a number of other external directorships - disgraceful.

Ok sorry I perhaps should have said “monopolistic position”as the NOC. Of course other companies operate and invest in the Malaysian oil & gas sector. However the arguments over 20% Royalty rates for Sarawak production will rumble on plus the undoubted “political” haggling of separation and control of oil laws, tax terms (who gets what) etc will drag on imo. This is a very prospective region but I’d be surprised if it became “active” for Upland any time soon....

California is mainly work-over drilling so it’s basically reworking prior producing zones, opening up previously logged zones and draining updip reserves from existing production etc etc. Hardly wildcat stuff but exactly the sort of low risk, value add drilling activity the guys promised when they describe their strategy. Personally I don’t buy the “$100m NPV” per well argument as the locals (and there are an awful lot of them) would never overlook that size of prospects for companies like Gaelic to snaffle. However I do buy the value added per well and am slightly surprised Gaelic/RBD haven’t kicked on, however please bear in mind with the recovery in oil prices there is a lot more onshore drilling today and they may be having to wait for kit and people a little longer than they had initially anticipated.
Corallion drilling is the game changer here I believe. DYOR.
PS Reabold IR is superb and better than most of the Main Market companies.

Wow nice upgrade to ebitda. Well done again. Hopefully they will issue a transcript of today’s meeting and that someone will ask the question about group cash flow. I’m still a little concerned about their receivables which are growing rather quickly. Debtors days will undoubtedly rise as they operate in more and more foreign climes but they have to keep it under control.

Did I read their RNS correctly that they & Gaelic only earn-in to the California acreage AFTER drilling 5 well by the end of 2019?

must Be the North Sea well - as meaningful Sarawak activity is, I imagine, a long way down the line. Can’t imagine Petronas giving up their monopoly position too readily.

More group photos welcome however :))

Persimmon. Pease don’t even suggest this as I got shot down in flames for suggesting this.

I think credit markets are still ok. For a fee they “should” be able to improve on 4X ebitda covenants, perhaps up to 5X for a period if they run a bank process & involve debt funds etc who are still keen to lend. Yes the lenders will hold primary security over every Spire freehold hospital plus they will also have security over any surplus cash generated after rent by the leasehold hospitals. However the issue here is direction of travel and the absolute level of ebitda.