Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Stephen on Vox, starts 1.50
https://audioboom.com/posts/7354632-reabold-resources-horizonte-minerals-live-company-group-wey-education
David Bramhill interview on Proactive Investors:
https://www.proactiveinvestors.co.uk/companies/news/901709/union-jack-oil-confirms-major-oil-discovery-at-west-newton-901709.html
Simon - all RBD's economics across both wells are based on 49.9bcf, as per the P50 figs on the page 6 table (ERC assessment)
https://adx-energy.com/documents/iecea-mica-1-well---drilling-update-no.-4-corrected.pdf
The deeper exploration gas/oil (hopefully both) is additional
Sachin on Vox, starts 12:05
https://audioboom.com/posts/7352551-live-company-group-and-reabold-resources
Barking, its a multi interval drill across a number of potential pay zones - individually each zone is not large, collectively pretty decent. ADX's RNS' over the past year or more have been very detailed and clear on what the expectations are in each of the previously drilled zones + the potential deeper exploration upside (which isn't in RBD's financial projections) , so its already very easy to map progress without the need for a dummies guide. We can see how it all looks in aggregate and whether its good or average when they've completed the drill, quantified and tested it (only interval IV was flow tested back in the 80's)
trytryandagain has already covered the multi-well potential across the acreage
myfirstmillion - yes it sounds very promising and looking forward to the Re-admission Shareholder Pack so that we can see more of the details. An NPV10 of c.$30m on June's production means there's some pretty decent free cash flow each year.
Finally appeared on the website for those who weren't on the call or want to re-listen
https://soundcloud.com/info-291888419/shareholdercalljuly2019
One for a quiet day
PDFs now appeared on Companies House. Rathlin are going about their capital reduction in a different way to Reabold. Rather than cancelling the share premium account, they have reduced the nominal value of their shares from £1 to 10p which explains why the Statement of Capital had reduced massively and will release c.£8.9m. They are also cancelling the requirement for any unpaid sums for shares to be paid c.£1.3m which will offset. So a net £7.6m added to their distributable reserves.
Don't believe there is any advantage/disadvantage to taking this route as opposed to cancelling the share premium account (which for Rathlin is c.£12m). Same end, different route and cleans up the balance sheet.
Clearly a comfortable 20+ shareholders to see that on paper their shares are now nominally worth a 1/10th!
Been offline a couple of days and just reading through the board posts
Genghis - I have a similar view to yours in your Friday posts re the capital reduction exercise and next steps after WN-A.
Capital reduction - Both here and at Rathlin - I see as balance sheet tidying and getting the house in order for the future only. I don't read anything more into it.
WN - Assuming the Kirkham Abbey formation flows successfully in WN-A, they'll move to Well-B to appraise the extent of the gas/liquids in the Kirkham and test the Cadeby. They'll then hopefully have a very large, hugely derisked asset + with updated models / CPRs etc for a major(s) to do their DD.
Whether the partners look to do some 3D over the other PEDL183 targets - Springhills, Ellerby - in the meantime and look to sell the lot or do something more slow and phased is a nice 'problem' to have
Looks like Rathlin are following the RBD lead and going through their own share capital reduction process - Statement of Directors / Solvency Statement / Special Resolution - filed today at Companies House.
Will add to this thread if anything of note in the PDF's when they appear
(Looks like someone at Companies House has got the decimal point in the wrong place on the Statement of Capital - should be the same as at 08/05/19)
https://beta.companieshouse.gov.uk/company/06478035/filing-history
S&S interview:
https://www.brrmedia.co.uk/broadcasts/5d4af23aa98d141c9d04b2a3/reabold-resources-romania-update
Al Jahraa 7 (Development Well) - Pay across a number of intervals, now on test
Al Jahraa 12 (Development Well) - Spud 4/8/19, c.55 days to drill, test, complete
https://www.investegate.co.uk/rockhopper-exp-plc--rkh-/rns/egypt-update/201908070700041623I/
Rambo23 - RBD is currently prohibited under the Companies Act from paying any dividends, buying back shares etc because it has losses on its balance sheet ie. it has no distributable reserves. What the Companies Act does allow a PLC to do, subject to shareholder and court approvals is re-classify your Share Premium account as a distributable reserve to enable the company to pay dividends, buy back shares etc far sooner than it would be able to do so otherwise. The Court hearing is part of the process within the Companies Act and they will need to be assured that RBD's solvency will be unaffected and the changes won't weaken its position to pay its bills going forwards
Good posts SEA7 re the PSC
Figs marry up with my quick spreadsheet after last wks RNS
- Historic cost recovery pool c. $6m, add Well16az costs c. $1.5m = $7.5m
-50% of revenue allocated to cost recovery pool, so total revenue earned has to be $15m before the pool is zero
- 295bopd @ $60 = $17.7k
- $15m / $17.7k = 847 days
(Ignoring operating costs for simplicity)