Member Info for Bridgedogg1

So as part of the 1% sold to African oil the immediately receive 17% of the $10m payment we were due in August. Not bad at all. For them.

How did the management cause the shutdown? Wasn’t it a coup?

We need more fouke type well at 100% interest. That’s the target and will nearly double production in one go. Payback is around 3 months and once we’ve drilled one we can just keep knocked them out self funded. They’ve decided to play it safe (maybe the only way they could get the cash) and go for the guaranteed returns on existing wells before drilling. The potential is huge but the timescale has been pushed back.

I’ve always been cautious here simply because the mcap doesn’t offer much speculative upside for exploration assets. As a producer it will look cheap but we are in the transition with the risk still there.

I was already disappointed with how much we gave away on 3B/4B, now we’ve lost another 17% of it. None of our current assets come anywhere near the value represented by the farm out deal. Giving away the golden goose.

Yes completely agree. From the last results we seem to be cash flow neutral so full cash raise can go towards operations.

I note the flow rate was only ever mentioned once, never to be talked of again

Things had stalled and with the new ceo fubdrause was inevitable. They want to add small cash flow with cheap work overs and reinjection wells, aiming to pay down the debt. Then new larger wells. Asset sale might bring in extra cash and accelerate.

They aren’t just shareholders, African Oil exec has been negotiating farm out deals on our behalf. They actually did much better than us in the last one, losing much less acreage for their free carry. I also believe this means a farm out isn’t imminent

Good timing on the MDA. End of Q1 there was £500k cash and £2.8m short term payables.

In the Glibe example the MDA didn’t lead to an increase in share price. Why is it so important here?

Got in on the first dip and I cant believe my tiny punt has moved from the hundreds into the thousands! Looking forward to repeating on WBI next week.

This and WBI are my recovery stocks that should make a very nice summer. Cheers!

A large background sell by the looks of it. Without that this would have been motoring. Next week should be interesting, looks like the bottom has been hit.

Think it might still be in auction.

Its not THE RNS but it does help. Still have over half the bond holders not signed up which is way in excess of cash/mcap if the move against us.

Someone is picking up as much as they can without moving the Ask

Has anyone worked out the cash position? Its been a while since the last raise and the bank guarentee was $1m more than expected. Just hoping we dont see another raise before farm in is secured.

Hopefully this mornings sell was the last of the MCM holding which may have been the selling over the past few days, offsetting what has actually been solid buying volume. Fingers crossed for some blue days.

Drift...

At £22m mcap this isn’t even priced to fail yet, even though it’s already failed.