Member Info for blissful

Molatovkid. Let's see, going by their past record they will hit a snag, change course or come up with some excuse. It's good for CH if he can make nearly a million a year for delays and setbacks without having to produce a single drop of oil. I have lost faith in his judgement. Three years ago we were going to sell gas from 16-2 for bitcoin miners, or was it four years ago!!!

By the time we get to producing anything the sp will have dropped to nearer2p, maybe lower. If CH says production levels will be much higher with the lateral, who is going to believe him? And why didn't they drill the lateral properly when they had the rig there?

That's shocking that CH earns so much for losing so people money. What a bad decision not to produce oil. He has promised so much and delivered nothing but a loss for shareholders.

More pain today!

It's difficult to know what to do. Even if they drill the lateral another 5500m does that mean they will actually sell some oil and gas or will there be more delays, more excuses. I have believed them in the past but now I don't because what they say they will do differs from what they actually do. And so the sp goes lower and lower. Where is the bottom?

Most people thought we would be producing by now. We are not and winter is here - no rig, no dates, no farm in signed, no Saltwash, no 16-2, no sales, not even one oil can a day. What are they doing with the non ops money, spending it on Santa? Drip, drip, drip goes any investment here like a bucket with a hole in it.

It is clear why they needed someone with Stacey's expertise on board, I expect she will be working on this until it's completed.

Good, 'the time it takes is no reason to worry.'

Hundreds of pages and millions of dollars, gives the sp time to rise slowly without a big spike.

From Dicko on the other board:

'Costs for drilling Njoni at c$13.6m, $6m already spent by tower

Farm out update stated, an improved offer, funding in excess of $15m

Leaving $1.4m+/£1.12m+

Placings £1.18 + £0.275m

£1.45m

Total £1.45 + £1.12

£2.57m

If they conclude SA farmout with associated back costs c$13m ,cash levels will be current mkt cap

So on this basis absolutely nothing priced in.'

Yes, the mkt cap is a bit of joke when you realise there is not just one farm in partner but others waiting in the wings.

From 16th October2024 RNS.

'The updated proposal the Company has received is more detailed and would now provide in excess of US$15 million of funding for the Thali PSC work programme, including drilling the NJOM-3 well (which is already partly funded), in return for a minority interest in the PSC, and with Tower remaining as the Operator. It also provides for future production-based payments to the Company, a portion of which are committed to Pegasus Petroleum Limited ("Pegasus", wholly owned by a trust of which the Company's CEO and Chairman is a lifetime beneficiary) pursuant to agreements made in 2019 arising from the working capital facility that Pegasus had provided to the Company at that time and as announced on 4 March 2021 (the "Production Payment Agreements").

The proposal has normal conditions precedent, including the Cameroon Government's approval for the farm-out and drilling schedule, and the proposal would also require amending the Production Payment Agreements, which the Company believes can be agreed. Importantly, the proposal does not contain any financing contingency as the counterparty has available funds, and a portion of the funding would be secured by a bank guarantee.'

From 11th November 2024.

"Since our update of 16 October 2024, we have made a good deal of progress on the detailed points of the Cameroon farm-out that remain under negotiation, and the other various discussions we have underway, including future bank financing. We are very happy that both existing and new investors wish to support the Company at this crucial time and to participate in our future success."

I note JA refers to participation, 'in our future success.'

Yes, mkt cap is very low for this one now everything is coming together. It says £6.71m here. The other one says £5.12m. Once the partner is announced and there is a drilling date on the horizon it has to triple, quadruple, more....

Originally, the non ops were supposed to be funding Paradox but this is just another, 'this does not seem to be the case'. More slippage in sp today. Maybe it's time to put it in the bottom drawer and hope there will be some positive news in the next few years.

I sold out yesterday. I hope things improve for holders but the uncertainty created by the RNS has to be addressed or the sp will fall further. I topped up on TRP which may be worth checking out as a much better alternative but do lots of your own research first to understand it.

What is actually new news in today's RNS? The fact is that saying one thing (we will be producing this year) and then changing their minds has cost shareholders a lot of money. Why did they only decide to drill 130 ft lateral in the first place, why not 5000? That would have saved the bulk of the $7m this change of mind has caused. Now we to wait until 2025 to even drill the lateral, then test, then faff about, interviews with Malcy, pats on back etc.

If the the selection for a drilling company was at an advanced stage why are the saying 'subject to rig availability'? Surely, they ask the rig suppliers when they will have a rig available before they get to the advanced stage of negotiations?

Complete silence again on 16-2 and Saltwash.

There is nothing in the RNS that we didn't already know or assume except the extra broker.

NM. End of Q1 2025, that would be brilliant but a miracle in my opinion. Getting a partner to sign and finding a rig, drilling in icy, snowy weather, testing (this is very lengthy process with lots of umms and aahs and could take months), then finally selling some oil and gas. Gas? They have been quiet on that subject. Saltwash was originally supposed to have been drilled ages ago but they wanted to concentrate on one well at a time, what happened there and to all the talk of helium. 16-2 was supposed to be producing by this winter (this was another priority earlier this year) but I presume there is another indefinite delay there as well. CH pops up every so often with some 'good news' and that's the last we hear of him for a few months. Meanwhile the goalposts are being changed.

Good luck to all, I was hoping for some Xmas cheer from Zephyr but instead it's clinging on to keep above 3p.

I've been on board for ages, years actually, but this ship is still tied up at the dock. Many people even bought in or topped up because CH was adamant we would be producing from at least 2 wells this winter so need for facetious remarks. Not everyone says, 'Oh how wonderful, more delays until production, just the sort of investment I love.'

Why on earth didn't they drill a longer lateral when they had the rig instead of all this faffing about and allowing the sp to slowly drop on an almost daily basis? Now they have to go through all the expensive and hassle of getting a rig/partner to get the job done with no news. The last update on this was a month ago and still no movement. He who dares wins, he who dithers loses!' Come on CH get a move on please.

Mkt size is 200,000 shares so unless this has suddenly changed there should be no problem buying.

Another little tick up!

But the bigger picture is that we have millions of barrels of oil with wells very cheap to drill and this time next year we are likely to have Heron 1,2,3,4,5... maybe more, all pumping away.

Not to forget green side of the business which I expect to kick in next year as well.

What a vile country we have become where righteous citizens become informants and report each other, they encourage this in Russia, China, N Korea, Iran etc. This bb is about MATD not the angst inside someone's head that jumps at every word to examine it's legality, LSE delete unsuitable posts. The police don't bother with most shoplifters or robbers as their time is taken up with righteous people reporting everything but important crimes.

Can we now get back to Mongolia, thank you!

The Tories have been dreadful and with a trigger snappy mouth Badenoch will be amusing to watch as a comedy act with fellow alleged bully Patel. The man who wanted the Israel flag at every port Jokerick lost out but is now justice secretary, some justice. I used to vote Tory but never again after their scandalous 14 years. Who is there now Screaming Lord Such has died, he couldn't have done worse? Every day we switch on the news we see massacred civilians, mainly kids and women and not one politician has made anything more that empty gestures. This will continue and because nothing was done about Crimea, Russia will take over vast swathes of Ukraine. So many governments seem to be at odds with those they govern who only want peace, security and a decent lifestyle.

The US will not drill and drill because so much of their oil is shale oil that needs to be fracked and is too expensive to produce when the oil price drops. A lot of Canadian oil is similarly expensive to produce.

Trump is a windbag plus he's been charged with four criminal counts, including conspiracy to defraud the US and conspiracy against the rights of citizens. All good qualities for President it appears. Harris is a smiley, waving, nodding plastic thing you sometimes see in the back of cars. Farage is a yes-man full of self importance but little substance. Starmer likes to blame everyone and con people by not telling them the entire story until it's too late, just as lawyers do. 'If it's legal, I can do it', is his mantra, while Reeves has a similar mantra, 'if you've got it I can tax it comrade.' Noses in troughs springs to mind with those two.

By the way I am buying a piece of land in Portugal, no inheritance tax there if it's left to the kids or family. Watch the sensible money leave this country.

It's the same in many western countries. For instance, will I be better off after Labour over here in 5 years time.

No, prices will be a lot higher, houses just as unaffordable, more money thrown away on hotels for migrants, - £300 X5 winter fuel for pensioners = £1500, could face jail for a slip of the tongue as free speech is a thing of the past, exorbitant electric bills while China builds 2 coal fired power stations a week... I could go on and on. Instead of singing, 'Our green and pleasant land', it will be, 'Our grey pylons, potholes and filthy rivers'. That's what our governments have ended up giving us. Pensioners, farmers, investors, the well off have been given a kicking already by Labour, Border Force collect migrants miles out to sea and prioritise their health over British citizens. No wonder the US has 'woken' up to the hug a migrant policy. Oh yes, we have oil and gas but most it will stay where it is, what company wants to pay 78% tax after all the risk and then get branded as evil. To cap it all the Labour party have been over in States to back a loser, humble for lunch today Lammy, Starmer and the rest of you. Go and shop at M&S with all the sexless 'pretty things'.

Come on Zephyr, let's get a move on please, it's nearly Christmas.