Member Info for Brombarb

08:52

what is just as important as $per barrel is how many recoverable barrels the field is valued at in negotiations by the other party, see how OSL actually valued the Armstrong/Repsol resources when they did their deal.

https://announcements.asx.com.au/asxpdf/20180123/pdf/43qzpc616f58vg.pdf

15:26

See page 10 of latest presentation and or page 5 RNS 18/09.

In short its one route to advancement of project Phoenix.

13:19

re. Bex had a look on London Stock Exchange and found nout!

13:49

Not really, the discovery is classified as "contingent reserves" for a reason.

"Contingent resources are less certain than reserves. These are resources that are potentially recoverable

but not yet considered mature enough for commercial development due to technological or business

hurdles. For contingent resources to move into the reserves category, the key conditions, or contingencies,

that prevented commercial development must be clarified and removed"

We need some definite news regarding a farm in that would enable the next stage (lateral drill) to go ahead and hopefully prove up commerciality, at the moment we are just kicking our heels.

Unsure if the new presentation says anything we didn't already know and confirms anything new.

I note that gas volumes have been converted to oil equivalents to reach the resource figure on page 3, not sure if that reflects true reality.

Interesting to see the reference to to the OSL/Armstrong deal on page 9, that US$3.1 BBL was based on a very very conservative resource estimate, see link.

https://announcements.asx.com.au/asxpdf/20180123/pdf/43qzpc616f58vg.pdf

As for ASX the method of calculation used means that rises / falls of 25% or even 50% do not mean much at our current low SP.

11:21

I have long felt that the remuneration policy of the company has been over generous and have voted against at AGM time for a number of years ago, how the directors have earnt any bonus (on top of generous salaries) based on company performance over the last three years is amazing but I suppose when you look at how the incentives scheme is formulated and in particular STI (short term incentives) the answer becomes clearer.

https://clients3.weblink.com.au/pdf/88E/02790279.pdf

page 28

13:48

Still depends on farm in unfortunately.

10:50

You are asking the same questions that I am asking :-)

Nothing looks to be happening in Alaska and the faint hope that Bex can suddenly find cash enough to continue operations (albeit at the cost to us of working interest) does not inspire me.

As for Namibia next hurdle mid 25 US$7500 seems beyond our reach at current SP and very much a wildcat with only 2D seismic shot.

Longhorn continues to fall short of early predictions.

Based on the wholesale loss of leases in Alaska over the last 6m just seems like preparation for a greatly slimmed operation.

Not good!

07:57

I wish I could say its a pleasure :-)

Further to recent RNS & Financials, details of leases relinquished on link below.

https://dog.dnr.alaska.gov/Documents/Leasing/PeriodicReports/Lease_LeaseAdministrationTransactionActivity202409.pdf

pages 4-6.

Its the nearest activity to our licence, admittedly some ~200KM away but on the same Damara play so in this time of paucity of information direct from 88E it may be be the best we will get for a while.

We are PEL93 Recon PEL73.

https://www.mme.gov.na/files/publications/02d_License%20Map%20-%20September%202022.pdf

Latest bulletin form Recon Africa, still drilling to target depth after experiencing some delays.

https://reconafrica.com/news-media/news-releases/reconafrica-announces-an-operations-update-and-executive-appointment

19:04 seemed quite interesting :-)

In the absence of any activity here keep looking at the Recon Africa website to see if any news on their Namibian drill, but they obviously do not bother with blow by blow updates!

15:07

IF working to rules then notification should not be unduly delayed.

"You should send your positions by 3.30pm on the trading day after the day the position was reached. All calculations should be made as at midnight on the trading day the position was reached."

https://www.fca.org.uk/markets/short-selling/notification-disclosure-net-short-positions

15:09

Like you I find it very difficult as a p.i. to know what is actually happening, if I recall the big trades looked to be sells and where assumed to be sales by the bond holder to Mangrove, my thoughts are that surely the bond holder would not be in a position to sell directly to Mangrove but would have to deal via an authorised market maker, perhaps this not the case does anyone actually know for sure?

20:07

Agreed :-)

Logic says it is going to be very difficult from here on, aside from Alaska we have ongoing obligations in respect of Namibia (mid-2025) that will need resolving one way or the other.

Ashley will need to pull a rabbit out of the hat and not sure if he is capable of that.

Unfortunately what we really need is some confirmation that we have ongoing farm in interest for Phoenix and Leonis , whether that involves Bex or not.

Without that Alaska is likely a none event for us in 2025.

20:40

"markets closed" not OTC.

19:01 Any news that could be deemed to be price sensitive would need to be announced to the market first via RNS, hence the RNS today.

Should still be some interesting stuff particularly regarding progess at Megrez-1.