Member Info for Appiamma

Yes Southmead - there still are plenty of positives. It certainly read like a 'clear the air and start-over' RNS - I think I said FFS about 5 times while reading it. However, there remains a huge amount of potential and opportunity here and a BS free approach from the board, with a realistic outlook will be refreshing. Hopefully a new CEO is appointed soon - any suggestions? One name that occurred to me, if it was better project development experience they were looking for SD and Morocco, was David Clarkson who just resigned as NED from Sound - timing would be about right. Just a thought.

https://bit.ly/2w1g3UK Shortened link for the interview

The staff B Robotics are providing may well be experts in assembling and operating the rig and that's a relief, however are they experts in drilling and completing wells in these challenging conditions? Who is providing this expertise? We know who it isn't! This is my biggest concern.

Nope - there was a concerted effort on Twitter, and here, by the usual crew to ramp the stock on nothing - if people fall for that nonsense then more fool them . I'm not shy of critising AC but for the right reasons. To be fair to him, he's never stopped adding stock at any price - little good it's done - but most of his holding has been bought in the open market with his own cash - credit where credit's due.

It seems to me that they probably couldn't afford the top drive initially and AC thinks spreading out the raises into smaller chunks will get less attention - however you cant hide the fact that he has tripled the issued number of shares since the listing. The wells we are working on are deep and tripping pipe as we have been was frankly ludicrous. This rig will be able to handle triples (90foot) and the top drive will make this process much quicker and safer and in the long run cheaper but it is not an essential component - power tongs could have been used and the rig will have a Kelly drive but ultimately not as efficient. If we ever get to drill a new well, big if, it will also make running the casing strings far quicker and safer too. All that said I'm still worried about technical competency issues and the constant cash bleed which until we significantly increase production will continue on a regular basis. All well and good having the kit but do they know what the hell they are doing? Very frustrating.

No it shows what the Novum (ex Beaufort probably) people are capable of in order to make a turn. Still optimistic here but I'll never underestimate ACs potential of snatching defeat from the jaws of victory, nor the reprehensible behaviour of certain elements of the market.

And folk fall for it every time. AC making it up as he goes along as usual. The only thing we need to see here is a demonstration of competency and we are still a long way from that novel experience.

Erm...looking at the posts definitely the latter. It's like there's a ramper's manual or something. No logical reason for the rise and until they can demonstrate they know how to operate that new toy and produce something the situation is unlikely to change. Still, better than watching it go the other way. 5 weeks to get it up and hoping it's not an anticlimax.

Time is relative AJ, Ezhik meant more quickly than the oil was formed!

Quite Ezhik. I've asked him before how they plan to deal with the sand production. His reply of 'we'll just flow it out' didn't fill me with confidence and is rarely successful. Considering how important this well is, hopefully they will not cut corners and complete with a liner and gravelpack.

Rocket if you are a shareholder you have the right to attend the AGM - you do not need permission from the company. However if your shares are held in a nominee account, as with most PIs, you will need a letter of representation from your broker/s. This allows you to attend and vote.

Well that's a bit of a straw-man isn't it. You have to have the cash to pay someone of calibre - clearly we haven't currently and only raising funds would secure somebody. I see little choice at the moment than to hope the operational team are competent and can get a success at this well; if not there will be some hard choices to be made by him and investors alike.

AJ - I agree with a need for more urgency (nearly a month to rig-up is ridiculous) and your thoughts on AC's competency as an O&G CEO are valid. However currently who could feasibly replace him? Whatever our thoughts are on his technical knowledge and his historical operational decision making, you can't really fault his commitment to the company. If another CEO had made the levels of investment he has made in the open market I'm pretty sure they would have been lauded for their show of faith. Also his forgoing his salary for stock reduce cash burn significantly. Clearly he has belief in his venture no matter what the eventual outcome. Eventually I think a position of chairman would suit better - but for the time being a suitable replacement would come dearly and your concern about salaries would be exacerbated. If he keeps buying stock in a short while he'd be entitled to a place on the BoD anyway. GLA

They held the OGIF approval EGM there - I'd suggest it's more to do with expected attendance than grandstanding this time

Joe, hope you are well. Ultimately it's identifying where the gas is trapped and the best quality reservoir to extract it. There is little point in exploiting the Paleo here if there are no specific candidate reservoir locations. That said at the DD Brian was effusing about the Paleo - indicating this where the big numbers are for a massive payday for shareholders, surely if the are that excited they'd want to unlock that potential in order to facilitate that outcome? Nevertheless, they have a gas-down-to marker and are hoping that it has migrated up-dip in to the strat play and is trapped there. There seems to be high spot there that would be a likely candidate for a further drill to see if this is the case.

First of all though they need to demonstrate that the gas trapped in the TAGI will flow to surface at commercial rates- something that obviously didn't occur conventionally else I'm sure we'd have been told. Most importantly for the LE is that they can prove up the larger volumes of the strat play - a small amount of flow from the structural closer will not be received well imo, however they spin it and precondition us with low rate viability figures.

The reservoir quality is very poor. The average porosity of 8% was comparable to TE-% structure we were told. I checked the notes I made on the the trip there and had 12-14% average, so some discrepancy. Crucially we have had no permeability figure, but it will be very tight. TE-6 was, again according to my notes, around 0.6Md with some reaching 2Md. However, even taking that into account they have shown that they can successfully stimulate it and the pressure build up data released recently was encouraging for sustainability.

They have been very circumspect about this well and that doesn't help nerves and the SP, but as I stated previously there is so much at stake here, and they are sensible to take every measure possible to get a positive result before presenting it to market. GLA

Agreed Pontcanna - As I've always said it's not what people say that's important it's why they're saying that folk should be cautious about.

That said this forum has never been very accepting of difficult questions and has easily lapped up positive spin. First time I've read the board in a while and I saw a prime example of this acceptance earlier in Maldini's highly supported post. In it they pose 3 questions to which I will provide the responses that sprung to mind as I read them:

'Would ONEE have otherwise gone public on their wish to buy all the gas available from the TE5 Horst?'

A quick review of SBK-1 saga will tell you what participants are prepared to do and say in this game. You could argue that they wouldn't make the same mistake again but never underestimate the power of desire over logic. The Moroccans want this more than anybody, but nevertheless their statement signifies only that there is a buyer for any potential commercial gas production. However that was a given from the start imo and it costs them nothing to make that statement. It is not some sort of verification of impending success.

'Would OGIF have continued to hold their sizeable stake in SOU if they believed that there would be no return on their investment?'

Do they really have a choice? I'm not sure their investment would be that sizable if they were to start selling. Moreover they have reiterated their commitment.

'Would the Enagas led consortium have committed to spending multiples of £ms on a pipeline and processing plant if they believed that there was little prospect of transporting commercial volumes of gas?'

Currently this is just a HoT agreement as far as I know. The FEED process and BOOT contract are not concluded and remain in the design stage, which admittedly is at cost to them, but as yet certainly not a firm commitment to build the project.The date for completion is the end April. Conveniently the same date everyone else is waiting for

The implications of the outcome of TE-10 stretch way beyond this individual well, the watchers are watching and the board are all to aware of that - and it shows imo. Many people want/need this to be a success - and despite the many setbacks maybe it still will be. However, never live in an echo chamber and never be frightened to acknowledge the facts in front of you - even the stubborn ones. GLA

Crude it really has nothing to do with that. Where this company is concerned you and I generally disagree on everything. However we are able to maintain civil discourse and I know you maintain that with others who do not share your opinion. People like Shaun and Jordan resort to mocking and patronising the posters they deem deficient because they are unable to challenge in an intelligent manner. Prime example is he just asked again who I was (I thought we'd been through all that btw), trying in the process to diminish what I say and and at the same time make himself look clever and important. He's too ignorant to see it just makes him look ridiculous. For you Shaun my comment alluded to you and Jordan's shared traits - none of them good by the way.

Crude - you and Joe particularly appear to get a lot of flack o here because you both generally post honestly and, if you will both will forgive me, somewhat naively at times in my opinion. I don't think that naivety stems from a lack of knowledge of the company nor f your investment, but possibly out of a trusting nature - something I certainly do not possess.

Characters like this pair are symptomatic of this anonymous online society, shallow individuals not worthy of even the short time it took to compose this response. More fool me I guess. Great to see you yesterday btw

Seems clear to me he is the love child of SG49 and Katie Price - same amount of bile just an extra 2

I once said to Jo Towers, Mr Parsons' highly effective and extremely amiable former PA, that if this goes tits up, at the very least I would have made some excellent friends - I'm attending because a couple of those people asked if I was going - certainly not because I thought I'd learn anything new. I think those stating that the lack of news has changed their plans are being a tad disingenuous. I look forward to seeing the others later.

https://www.youtube.com/watch?v=uAx3Frwb5Q4