Member Info for ART123

I see the RBL has finally bit the dust, or at least it is no longer being mentioned, after being promised for such a considerable time. I think the truth is that it was never going to happen but that the less than scrupulous ex-CEO Mr Milholland just used to keep mentioning it in an attempt to prop up the share price (he is a shareholder after all).

I think that after all this time the JV may be going the same way. Exactly how long does it take to get a RBL sorted and how long to get a JV sorted?

But then no JV might not be such a bad thing. To be honest, all the management here need to do is to leave the Barons Flat unit to produce what it is producing for now and to make a plan to drill a new well into the Deep Discovery using their own funds. They can frack it if they need to and locate it in a place across this large prospect that they believe will lead to flowing oil. I believe that this one drill alone could as much as ten bag the share price during the planning and drilling phase as has happened on many an oil discovery share. Then they can either drill more wells or go back for a JV from a much stronger position.

AJMHO

All I can see here are far too many posts by shareholders who are probably badly overstretched and who didn't get a chance to properly derisk before spud.

With no chance now, everyone might as well accept it and sit it out quietly until the drilling is resumed and TD is reached.

Then it will either be declared a find with Helium shows or declared a duster. In the first scenario the share price will probably open at about 5p/6p and climb steadily over the following month as further news is released. In the second scenario the share price will probably open at about 2p.

It's all very simple really and a perfect example of why it is not advisable to hold too many shares during what is basically a wildcat drill. When will people learn.

ATB

That's good to know that the Molopo Farms prospect is still getting attention from the new management here. There is definitely some high-grade nickel there somewhere - or so all the tech data leads us to believe.

Also I hope that FDR - First Development Resources - is still due to be spun off as that has some great prospects (all in Australia) and it would be good to hear some plans about that.

I am not holding here - except for a few shares I was stuck with from the SULA days - but I do believe there is still potential here and interest will soon return if the news is good.

ATB

That is inaccurate. At 4p with 942M shares in issue the m/cap is £37.5M.

And bang goes the credibility on hiring the rig out to other oil and gas explorers ......................

I only bought back in at the last placing price but I still derisked on spud. After the 2 previous failures at TAI this was far too risky, with as I have already said the added worry of HE1 using an old, second-hand, apparently cheap (I'm not surprised) rig.

Yeah, two weeks soon turns into a month...........seen it all before. HE1 seem fated. It will be interesting to see how Noble gets on. I hope they spud soon.

One of the main reasons that I almost completely derisked prior to spud was the risk of this old cheap rig failing or having issues which might slow down or even stop drilling and hey presto, that is exactly what has happened.

Who would trust an old rig from a Kenyan backyard? Looks like Noble has made the right decision with their Marriott Rig.

Too many posters are far too worried about the final outcome here. The next step is to get these gas shows tested. SOU went from 15p to £1 when they tested their gas drills over a month or two. Let's get a similar result here.

Great news. Back to conventional rigless testing and starting with MOU-3, which should flow much better than MOU-1 which has always been a bit iffy since the share price crash on the completion of drilling. Testing is to commence on or before 16th October, so less than 2 weeks from now.

The main target is the Moulouya Fan sand which was encountered from 1378 to 1437 metres TVD MD with approximately 50.5 metres of sand versus a pre-drill P50 forecast of 19 metres.

0.275p to buy which is 25% less than the placing price - I don't think I'll bother though!!

The share price will now need to go up by 5 times - 500% - just to get back to the placing price in February this year.

I repeat the only way to do a placing with the current market conditions is to bump up the share price by hook or by crook and then get the placing off at the highest share price possible. Otherwise there is the risk of tanking the share price for a tiny fundraise that won't last more than a few months, which is what is happening here time after time.

The CEO is completely incompetent. While not a nice habit, at least most AIM CEO's have mastered the art of bumping up the share price pre-placing so the share price doesn't crash stupidly. Before the last placing, just 3 months ago, the SP was around the 0.16p and the then placing at 0.10p dragged the share price down by nearly 50% and now this latest placing, at 0.035p, is 3 times less than the last one.

The dilution is ridiculous and the m/cap is now less than £2M. If the CEO was competent she would bump up the share price and do a placing to fund the company for a year or so. Instead we now have had 3 small placings this year - at 0.17p (Feb 2023), 0.10p (June 2023) and now at 0.035p. Pathetic.

Quick question please if you read this - where do you get your Share Risers list from? I expect you subscribe but where from? Mine all seem to be 15 minutes late which is as good as useless. Cheers

Is it this time???

One of these days the share price will go up and then keep going up!!!

Yeah, everything is good. I just wish that they would get a move on though!! The share price is languishing at or just below the placing price for no reason other than the slow rate of progress cleaning out the well and getting the oil to start to flow.

I like the tight spread - 3.67p to buy and 3.70p to sell. MM's want some shares maybe?

It says that the rig has been moved off location not necessarily released;

"The drilling rig will now be moved off location and the reservoir interval perforated to undergo a short testing period before being brought onto production to supply existing gas offtakers."

With this drill success they should be drawing down the $2M prepayment by 30th September - so that should be announced imminently.

Then the plan is to agree a much bigger prepayment sum which can be used to fund back-to-back drilling in early 2024:

"A further heads of terms for a larger prepayment amount is currently under negotiation and is expected to be agreed and funds drawn by early 2024. The Company plans to direct this second prepayment towards funding a further multi-well back-to-back drilling programme. As mentioned in the Company's announcement of 4 September 2023, this type of back-to-back drilling, which allows the development of gas behind pipe (booked reserves), further increases operational efficiency, reduces costs and ensures that immediate and future demand can be met."