Member Info for bluemango

Split 50%, as you'd expect.

Clive emphasised the delay in accounts was due to a 'non-commercial' issue. And he repeated that later.

Therefore, unlikely to be for the reasons you suggest, imo. Hopefully all to be revealed within a few days and end the speculation about possible reasons.

Sorry somm, I think the topic of G70 rig was raised but I don't recall the outcome. Hopefully either a different person who was at the AGM can answer that one, or else they mention it in the accounts which should appear in next few days.

True, somm, spending $20 million in a single distribution to shareholders is probably the least likely of all, in that rather rose -tinted picture. But the rest? We wouldn't be here if we weren't at least occasionally looking at optimistic outcomes.

Given that someone raised this subject today, I recall that this question was raised yesterday at the AGM.

Clive was asked why he hadn't bought, he replied that he's got several directorships and I think he said he'd only ever bought shares in one, a while ago and that generally he didn't. In discussions after the main business, it seemed it was a matter of financial constraint for him.

Maybe he's counting on earning his 3million bonus instead?!!

To be fair to cc, none of that's impossible, especially if you stretch the last bit to 2024. Whether it's likely is another matter ..

Talking of Clive's 3m plus bonus if the shares hit 17p, I asked if he could look me straight in the eye and say that's achievable and without any hesitation, he did.

'from more than one well'

Think it was a combination of current year's contractual obligation plus wanting to prove areal extent of the North Yelemes deep reservoir. In a separate discussion, he made the point that potential bidders would probably only be interested if deep production was proved from now than one well, so it would obviously help satisfy that aim.

On the move without WiFi from now so won't be able to answer anything else, sorry.

An 'interesting' AGM.

Firstly, the thorny subject of poor comms. Clive was made very much aware what the strength of feeling was from PIs on the abysmal communications, particularly since the beginning of 2023. One shareholder, a youngish guy who had travelled down from Manchester, gave him both barrels, even mentioned the term 'Carverspeak'! Whether this gets taken on board remains to be seen, but the aim going forwards is to have as comprehensive updates as possible, quarterly at a bare minimum.

There was a fairly detailed operations presentation which should be on the company's website by Monday. Main priorities are 802, 803 and dealing with water ingress on 141/142. The question of why spares and consumables couldn't be sourced from Azerbaijan rather than China, was raised. Said the guys would almost certainly have looked into this already, but would pass on the feedback.

The accounts were pretty much ready, just held up on one 'non-commercial' issue and IF there was to be any suspension due to further delay then it would only be for a 'matter of days'. The CE monies are expected very soon, and the other party have been made aware there are other interested bidders - although the reason why the cash hasn't yet been received, appears legit. The other party are not part of the Concert Party or related in any way.

After the meeting, I raised the subject of the 17p bonus and Clive said 'his economic future depends on this coming good'. Can't remember the market cap required for his (and Kuat's) multi-million bonus, but it equates to around 17p. He said he and other directors had taken a voluntary 75% salary cut several years ago ('pre-Covid') and that this was still in place.

The Concert Party are committed and supportive. Main aim is to prove and quantify the deeps, conscious that he, Kuat and others are not getting any younger and want to see this to fruition.

Hanging on in there (obviously).

Broker note out from WH Ireland

Brief summary of today's RNS, concludes with this:

We believe the board has taken measures to preserve balance sheet

strength and the long-term potential of the company’s assets. We have a positive outlook for oil prices for 2H 2023, based on the supply demand fundamentals, and expect that to provide a considerably more supportive backdrop for the company than experienced in 1H 2023.

Arguably most (all?) of this is already priced in, given the massive drop from earlier in the year when 802 unexpectedly struck oil at a higher level. Market not always rational, though.

Want those CE monies coming in pronto, then they say dividends can resume.

My background is in Psychology, so I am interested in the psychology of investing, herd mentality, etc. Clearly, back in the first few months of 2023 the 'herd' was bullish, and that same herd (for obvious reasons) is now overwhelmingly negative and the share price has quickly halved since the highs of over 8p.

That is the background to the first detailed update the market is going to see in a long time. Fundamentally the company is the same, with the same promising resources, lack of debt and committed Concert Party of wealthy investors who are not going anywhere. A cash injection is due from 50% sale of CE.

The next couple of days should be interesting.

Oil price expected to jump Monday

https://www.wsj.com/livecoverage/russia-wagner-prigozhin-putin/card/oil-prices-expected-to-jump-on-conflict-in-russia-pmaAsAiMTRCfO3FVgiDP

Share price will recover when market has more info. Hates uncertainty.

And we'll know more literally within a few days.

Correct, North Yelemes = deep.

(The way to remember it is South Yelemes is shallow, S for shallow (so N for deep)

..or buy low and keep for a great yield at this price whilst waiting for the endgame - even if current quarterly is skipped.

"then it forces them to buy back their shares at a lower price"

I think they might be quite happy with that? A bit too much over-thinking, imo. Surely you should buy if you think it'll go up in a timescale you're comfortable with, don't worry about what anyone else may or may not be doing.

I could be wrong, but I would find it surprising if the nomad (WH Ireland) had published the following comment in their note just 4 days ago, if they thought this was in any doubt at all:

'For reference, Caspian Sunrise's oil production in Kazakhstan is supporting a dividend payment of 0.5329 pence per share per annum - yielding a generous 9.7% yield'

Sooner than that, at the very least we should know more at the AGM in a couple of weeks.

Not sure I see the logic of asking people not to buy, given the 14 day RSI is on its knees at 10 and heavily in oversold territory. If investors want to add, surely now is as good a time as any? Agree that volumes are small but movements either way are exaggerated with the limited free float.