Member Info for BarkingCrazy

There must be some chunky sells in the background as reported trades are mostly buys and SP is marked down. Come on Rampers do your job!

If I had to guess I think it's going to be a 2.25p placing. It will really need some meat on the bones to go with it and not just we need the money to keep the company going.

F458 your clearly not in the construction industry, there are ways of making concrete cure to max load potential quickly.

Probably a roll over as if it had been 2 x purchases then theres no way the SP would be down on the day.

O2B@C it will be more like 40 days. It's 25 days to move and respud (probably 22 now) then they have another 15 days or so to get to where they were before, assuming no problems.
Still worth the wait IMO but lets stop thinking it's only a 25 day delay.

If there is a funding issue this is more likely to affect the planned 104 well not this one. If they get a good result with 103 then no problem.

I think folk need to realise it's not a 25 day delay. They were already 21 days into this drill so it's 25 days to move rig plus the 21 days they have already been drilling to get to where they are now. So with a bit of luck and drilling operations being unproblematic I estimate they probably reach R1/R2 in about 40 - 45 days from now.

Sorry meant to say 101 & 102

The ground will almost certainly be OK in new location as i think they would be ultra cautious not to make same mistake. Remember wells 102 &103 are on the same plot and were drilled without any issues.

I'm going to take a stab in the dark here. I reckon it could be that the rig is shifting during drilling due to the sands it sits on. The solution will be to exit the hole and plug it, dismantle the rig, move it to one side then build a stable platform. Move rig back in place then restart drilling. Time frame 1 month cost £1.5 - 2 mill.

My bottom got hit when I read the RNS this morning!!

It's the unknown thats the problem. Each way bet now, if the problem with the rig is solved reasonably quickly (2 - 3 weeks) then the SP is going back to 12p until drill results. If the problem is much more serious (long lead time parts or worse still rig not fit for purpose) then its 4p ish until things get back on track and that could take many months.
It's obviously a problem that on site engineers can't sort out so some folk are bailing as they fear the worst.
Lets just hope we great a update next week that states things aren't that bad.

They're flying a specialist in according to an email reply

In a message to a shareholder

‘We don’t know how serious yet. It should be fixable and various solutions being discussed, but honestly we need more definitive info which the specialist en route can provide.

For clarity, we had not yet reached R1 / R2.’

David

Yeah right. Come on guys face up to reality this is a serious problem that is not going to be sorted in short order. I've lost £15k on paper this morning and really should be posting ramp fest messages to try and recover my losses but I'm a realist and have excepted it's going to be a while before things are back on track.
Still hop full of a positive outcome eventually so holding!

Could do with Licence extension being announced now to distract from this delay.

Well what a shocker, not. Had to be a problem having not had any updates way past expected time frame. This RNS is deliberately vague but there are enough subtle hints to give you a clue. In my opinion this is a serious rig issue which is going to take many weeks if not months to fix, may even be so serious as to need total rig replacement. They sure as hell can't just nip down to Screwfix and get a tube of silicone and a box of bolts to put things right.<br />On a positive thank God it is a topside issue and not a duster RNS as that would really be a downer.<br />Oh well it's back to the P word so many like to use but I suspect it may be quite a wait and another RNS in a couple of weeks with a bit more info we would rather not have.<br />Still holding but gutted for now.

I said don't mention the P word!!

If we don't get a positive update soon the SP is going to drift as folk will assume no news is bad. No one mention the P word as I'm fast running out of it.!

It's all a bit quiet at the mo, volume is dismal so no leaks, which is a surprise. Come on AAOG turn the drill bit a bit quicker will you we have all been waiting since last year for this.

mediocre,