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I wouldn't get overly excited about multiple drills in the short term. When they renewed the exploration licence (to Mid 2021) recently the phase 1 work programme was for 2 wells + a chunk of 2D/3D seismic. IM-2 qualifies as one of the 2 wells (even though its in the Sole Risk area), so it will potentially be IM-1/2 + 1 well by mid'21. Seismic shoot scheduled to start in Nov, so once that's been undertaken, processed, targets identified, permitting (which took ages for IM-1/2), PO's raised etc it'll be well into H2'20 .. plenty to do with IM-1/2 in the meantime to keep them busy
On the exploration licence, I believe ADX have about a dozen targets based on limited 2D seismic. Reading back through some old ADX RNS', a number of these leads are close to a number of old oil/gas fields that were in the licence block - so probably more appraisal'y in nature than pure exploration. Common geology, potential pay zones reading across to IM-1/2.
Its a chunky licence block (1200 sq km) and many times the size of the Sole Risk area containing the 2x appraisal wells
You were bloomin' close without the benefit of MS excel !
WN/Parta looking very promising and looking forward to the wobbly mobile phone camera footage from the hedge dwellers to let us know when the EWT kit is arriving at WN
On Parta, found this interview with ADX's Chairman (and SW's fellow Danube board member) at the weekend - he refers to $1.5m to tie into the local gas infra.
https://thewest.com.au/business/public-companies/adx-looks-to-early-cashflows-from-european-gas-assets-c-446877
Gil Holzman on Vox, starts 1.35
https://audioboom.com/posts/7370013-eco-atlantic-oil-gas-savannah-petroleum-oilex
Hi Mike, we'll have a bit more than 47% of Danube post the IM-2 option:
Today - 3,066,450 / 7,366,391 = 41.6% (as per RNS)
Post option - (3,066,450 + 1,627,604) / (7,366,391 + 2,278,646)= 48.7%. So a lot more than the original 25% that was envisaged when RBD bought into Danube a couple of yrs ago !
On Rathlin, I posted the approx. shareholding % a couple of weeks ago - extract below, hope it helps.. (I say approx. as the share price has yet to be set).. obviously its a moving feast with a further Rathlin raise for WN-B not too far way assuming a successful EWT at WN-A (fingers x'd)
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Some maths... (i'm ignoring the v small % in PEDL183 owned indirectly via RBD's minor shareholding in Connaught)
1. Pre Rathlin raise : RBD held 3,560,000 shares out of a total of 9,897,528 = 36% in Rathlin (24% in PEDL183)
2. The 22/8 RNS : RBD contributed £1m of the £1,793k. The SP to be the higher of 80% of the price achieved at the next Rathlin fundraise or £0.8427. If no funding round in the next 2yrs, shares to be at £0.8427
So.. If the shares are issued at £0.8427 - the lowest possible conversion price, RBD would receive 1,186,662 new shares out of a total of 2,127,685 issued
3. Revised RBD % (3,560,000 + 1,186,662)/ (9,897,528 + 2,127,685) = 39.5% in Rathlin (26.3% in PEDL183) - an increase of c.2.3% in PEDL183
If the next fundraise is at > £0.8427, which you'd expect to be the case given the discovery, then £1,793k will translate into fewer new shares and the RBD % increase in Rathlin/PEDL183 will be less than the figs above.
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Greg - I don't see dividends for a good while yet, cash is only going in one direction for the foreseeable future
Approval recommended by Director of Planning & Economic Regeneration - uploaded to the East Riding planning portal today.
Doesn't appear to be proposing any onerous conditions either.
https://newplanningaccess.eastriding.gov.uk/newplanningaccess/files/D2CFE6C382055400B553F54010158C70/pdf/19_02519_PHAZ-COMMITTEE_REPORT-3480513.pdf
Genghis - cheers for the link from the local rag
Perenco's Purbeck seismic survey gets a mention in BOIL's AGM presentation (end of June'19) - Page 5
https://www.baronoilplc.com/wp-content/uploads/2019/07/Baron-Oil-2019-AGM-presentation.pdf
'The operator of the onshore acreage to the West (Perenco) intends to acquire a 3D seismic survey later in 2019 and this is expected to extend over parts of Baron’s blocks. We hope this will help to evaluate Sherwood Sandstone leads identified in our onshore acreage on 2D data'... so hopefully of benefit for PEDL330/345
On a slight tangent, Danube's 50% partner in the Parta exploration licence Parta Energy is being acquired by Tamaska Oil and Gas Ltd - shareholder general meeting on the 19th to approve
Slidedeck about the exploration licence is on their website, uploaded today. Gives some useful background
http://tamaska.com.au/media/articles/ASX-Announcements/20190904-Acquisition-of-50--of-the-Parta-Project--Romania-353/TMK-Presentation-September-2019.pdf
Simon - ADX have mentioned successful basement plays in the area with high flow rates on interview. From about 3.10 on the link below..
https://www.boardroom.media/broadcast-single/5d11c2ab1160886198366b3f
ATB
A bit belated given the RNS was a while ago..
Catching up on the board and can see a few posts here in recent days saying that we now have '30% or more in West Newton' after the recent Rathlin fundraise RNS - that's incorrect.
Some maths... (i'm ignoring the v small % in PEDL183 owned indirectly via RBD's minor shareholding in Connaught)
1. Pre Rathlin raise : RBD held 3,560,000 shares out of a total of 9,897,528 = 36% in Rathlin (24% in PEDL183), which everyone should be familiar with
2. The 22/8 RNS : RBD contributed £1m of the £1,793k. The SP to be the higher of 80% of the price achieved at the next Rathlin fundraise or £0.8427. If no funding round in the next 2yrs, shares to be at £0.8427
So.. If the shares are issued at £0.8427 - the lowest possible conversion price, RBD would receive 1,186,662 new shares out of a total of 2,127,685 issued
3. Revised RBD % (3,560,000 + 1,186,662)/ (9,897,528 + 2,127,685) = 39.5% in Rathlin (26.3% in PEDL183) - an increase of c.2.3% in PEDL183
If the next fundraise is at > £0.8427, which you'd expect to be the case given the discovery, then £1,793k will translate into fewer new shares and the RBD % increase in Rathlin/PEDL183 will be less than the figs above.
Its always a bit of a moving feast with these prepayment subscription agreements as at the next fundraise - for WN-B(?) - RBD would presumably subscribe more as would the other s/holders and the %'s above would alter. It would take a big swing for RBD to get over 30% in PEDL183.
DYOR and don't just parrot everything you read on twitter