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Jim, nice revenue summary on twitter. Thanks

I don't think removing stefan would do much good for a number of reasons. Firstly panoro had a similar reaction to us to the increased reserves. Their shareholder communication is pretty good. What I don't know is whether mcap is trading below nav and it's complicated by a second asset. Most importantly he's doing nothing. I'm only interested in oml 113, I don't want him off spending our limited income on whatever takes his fancy. So he can sit back, collect his 200k and let our investment grow. Fact is, it's out of his control. We just need to sit on our hands.

Thanks guys. I've not been thorough with my homework

What's the presentation? Seems like I've missed something obvious here. Just been to the website and its down. Maybe we've been cutoff. Lol

Is that from panoro Philpot?

This is the statement I refer to... The encouraging production performance for the Aje-5ST2 well so far provides a strong incentive for further studies to better understand how the oil rim can be optimally developed

Philpot. I'm not in the o&g industry so I am trying to understand is the performance of aje5sst2 good? From my reading of rns it is. Does that mean Aje 5 now has a good flow rate?

Cash call is grating me. Interestingly I spoke to my colleague in accounting policy, the admin expenses should absolutely be disclosed. They are material to the p&l. She is surprised the auditors have signed off on the accounts.

Not such a long wait Philpot. We're due the Dec 17 results by end if June and the June 18 results by the end of September.

I don't know where 35 cost of production and lifting is from but it is short of the actual figure I am sure. I think we are looking around 47 per barrel, above that is profit. However I can't find my source and frankly I've been wrong on just about everything recently. However, if it is around 47 then our profit has tripled in the last 1.5 years.

7-8k bpd when we first hit oil. That was restricted

Cause we don't vote him out. Maybe we should be more active but that's not why I invest in a share. O want stefan to be active

I do keep forgetting those Philpot. It would hopefully explain a good million.

What ****ed me off is that we receive net income from the jv. That is after all jv costs and cost of production. We then load on 2m of our own operating costs, for what running a shell company with 1 investment that we don't manage. I can easily see how we rack up half a Mil of cost. That is the director group salaries. Office space and auditors don't cost another 1.5

06=16

Well we shouldn't have any finance costs like the 16 accounts because there is no longer debt on the balance sheet. Just been back to 06 accounts. We made 1.5 m net income from Aje. It's our company costs that dwarf the jv profit. What a crap year 2017 was. But 1.6m. That was decent for first 6m of operating. There is a comical statement from stefan labelled 'communication with shareholders ' that goes onto say its given a high priority. Page 8

Head in my hands. I'm way to optimistic with mxo. Never learn. I guess the Dec 17 accounts won't bring my fortunes

Well we did only have 24 k in the bank in June 17. But that isn't the whole story because discounted placement is a 8months later. So there must have been a payment from the jv in the last year since those accounts or we would not be here today.

Without figures we're shooting in the dark. Aje 5 was problematic and a real drain on resources that were initially for the drilling of Aje 6 as well as the remedial work.... Poo is 75usd. I would be surprised if there isn't enough income coming in to slowly fund further development. Surely we've made enough to drill a couple more Wells this year. Without any mention of what we used the recent placing for we can only assume the worst. But did we really not make enough to cover operating costs this year. A discounted placing would suggest not but I need to see the accounts on this one. Doesn't stack up.

Morning dandee. Fancy giving us a rundown of the state of the company and what you think is a realistic marketcap short term? Mxo in my mind is a solid company, it's easy to point to moments in time and historic activities that have led us to this position. But what are your overall thoughts, taking into account the large pool of overseas investors, the increase in reserves, the increase in poo, the increased flow rates (I hope), no debt, plans to develop gas field, potential claim on neighbouring field that runs into our licence area. I see a lot of positives, my mind is that we are undervalued. But I also don't get how the market puts this low mcap on us. Are we valued based on revenue (would explain the low mcap) are we valued based on reserves (undervalued)?