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Well I for one am happy they have not posted any "new" timelines, it removes some of the fast buck players from any news and ultimately if they give new timelines then it just gives ground to all the whining about not meeting supposed deadlines.

Very happy about that, and hopefully we will see some uplift in news flow pretty soon.

For those that treat timelines as something rigid and whingable when they come and go then maybe stick to investing in something far more predictable, because the hydrocarbon industry is likely one of the least predictable of ALL stocks.

KB,

I am not really predicting, just sharing the realities of business processes within the industry in North Africa, and taking that into account, then hopefully the middle ground of Char timelines and Moroccan timelines should merge pretty soon.

I very much doubt Char are sitting on their hands doing nothing, the team will want progress as much as those invested.

KB,

I hear you, but I have seen this first hand more times than I would like, and much of it is not the "company".

It is simply that as said before, we may have the keys but we don't own the door, and generally what usually transpires is that western companies and their associated teams come up with solid plans, programs, demonstrate funding capacity etc etc and with the best will in the world those that own the door run on a totally different framework and timeline, and there is almost zero you can do about that, and it doesn't matter what the size of project or value is, it is just the way of the world out there.

We used to work on the basis of whatever we came up with, double it, and anything less is a bonus, and that was pretty realistic, it will come, they are all back to their desks over there, fresh and I would expect any blockages to find a clear path fairly quickly now.

Probably better to wait until after the AGM before the whinging !!

OK they obviously cannot reveal anything price sensitive, but they are very likely to have far more refined and definitive timelines and info on what is already out there, so the minimum may well be very much enhanced projections.

We know what they are working on, on all fronts and I fully expect the remainder of this year is going to see developments moving forward at a decent pace.

Looks like someone just sold 50m shares - who can blame them? We have nothing to go on!

Goldbar2, who would ever have believed 50 million shares are worth a chunk less than £20k today. It demonstrates the level of internal destruction that has occurred since the heady peak of 14p a few years back.

50 million shares for £18k, laughable, a disgrace and an embarrassment all in one.

Flow "should" return to pre maintenance levels fairly quickly, though surface pressure monitoring to establish a possible field extension is unlikely to show anything of worth, they would need to install long duration, or permanent down hole gauges in at least 2 of the wells and keep everything at a constant to have any chance of micro detecting such extension.

It is also likely they would need to have the potential to side track from an existing well and run the bit out to the anticipated area to be viable, as if there is any extension to the field then it is likely just a small accumulation which is in part isolated from the main reservoir through faulting or variation in permeability, otherwise it would already be partially drained as it would already be fully or partially in communication to the main field and current drainage.

They may have a plan to target any potential remaining when & if they try to look at the deeper Namurian, but I cannot see anything like that happening for some time to come, if they do work over A4 in the next year or so, then they "may" opt to use the same rig while in the field to explore those avenues, but they will need a chunk of change to do that too.

It was a sensible & valid question Malvolio,

And as said, they "could" play with production between the peak a low demand months, but almost certainly they would need to keep the taps running and carefully managed to do that, and it likely would pay off well for them to do that once they can afford that luxury.

It would also allow them to do the summer maintenance in a structured way, meaning you only need one compressor, so you can do maintenance on one then switch to the other, along with annual pipe work from the wells, shutting one well to do that, then switch it back on and do the next etc etc. Though it would still require a total shut down to do the "to grid" pipeline, and a couple of other single elements of the plant, but that would be likely significantly reduced in shut down time as you have done a chunk of the maintenance already, while running at 50%.

Malvolio,

It probably isn't practical to shut the field down for low demand months to benefit from high demand months, mainly because of the infield plant the field now requires to process gas to grid quality.

If it was still able to produce as in its past, where it was super basic field to a main flow manifold and simply send it all to Theddlethorpe refinery, then you "could" manage your flowing periods this way.

The current field plant has a number of significant components to achieve and produce the gas to grid quality and pressure, shutting down for an extended period alters the dynamics when you reopen the wells to flow, as the reservoir pressure and banked condensates/liquids get breathing space to recover/build a bit.

Then when you restart production the parameters all need to be micro managed and adjusted to compensate for the variation.

They "could" simply reduce production during the low demand months, to say 50%, which gives some cash flow, gives the reservoir a light amount of breathing space, in readiness to flow maybe at 110% in the high demand months.

Ocelot,

Sometimes it can be a case of the "eyes being bigger than the belly".

Producing "record" levels of production from a depleted gas field generally isn't smart, the one thing you don't do is over produce at what is a VERY delicate time in a gas fields life. You have to carefully work WITH the reservoir to get that last remaining reserves out.

Record production and possible over producing has a very good chance of reducing the end game significantly, along with the possibility they are producing this hard to try and keep up with the debt servicing that has undermined the asset.

Modest, steady, well controlled production wins the day, EVERY day in this game.

Sammy,

Nope not invested, I voiced super strong support for angus when they started SLBY, but slowly & surely they managed to undermine the asset and its potential with poor management decisions, bad debt, poor & desperate deals, they have had over £48 million through their hands to date since the initiation of SLBY, with little evidence of where a chunk of revenue is or has been dispersed.

This should have & could have been completed and close to debt free if they had kept to the game plan.

I find it uninvestable at the moment, and barely even worth the risk of a trade.

There will be money to be made going forward, and that is why I am still hanging around, but it will almost certainly be nothing more than a short term trade op.

Ocelot,

I don't generally look to include what we don't know, thus as it stands today they cannot do anything, as for the Global financing, well that seems to be taking a lot longer than expected, so possibly they are struggling to find anything beneficial when you consider the arrangement fees, closing fees, possible limited gain on interest etc.

As for gas futures, well much of any real uplift will depend on any disruptors, it is likely to be over a quid in the winter months anyway, but that alone won't make enough of a difference, a major disruption would, but that's simply too much of an unknown on duration, value or a non event.

Ocelot,

All they can do is "evaluate" they have NO excess funds as it is all swallowed up for the foreseeable in debt servicing, and even the GF financing, if granted, will not give room for utilizing revenue funds for some time, likely at best 12 months before they can even think about doing anything, which by that time, I fully expect they will need to work over A4 with high velocity production string etc.

They "may" try and place for funds to do other things, but I doubt anything can be done if they wanted to yet.

Just light hearted jestin Gooner ;-))

We are all here to hopefully make something on what we are invested in, be it trading or LTH, share some views and experience to boost and give a hopeful small advantage to the big guns that always seem to have the nod in advance to the little retail guy.

Here's hoping we start to hear from next week onwards, there is plenty in the pipeline (not literally yet, but hopefully in the future).

GLA

Gonner,

I can assure you summer breaks, especially during the school holidays does affect business out there, and the value of any deal really has little influence, it is a totally different way and mindset to anything you would see or experience in any western country, and I speak from seeing this first hand more times than I care to count.

Each to their own mind, your welcome to your views as is everyone. have a good W/E.

Ocelot,

Obviously they are much better placed now, they have gotten 3 wells flowing to the grid, whereas when GL was looking for dosh they only had a sort of plan.

I don't see the number of potential financiers they are talking to as something to note, it could be that they have had to look at other possible offerings as the initial ones were not on board with it etc etc.

You cannot sugar coat it, it is what it is right now, some will see it as a tvrd, flies will see it as a meal.

Ocelot,

There is nothing wrong with what they are generating revenue wise, it is what they are doing with it all that matters, and unfortunately to-date they have failed to be even remotely transparent in where it is being dispersed too, and more importantly, to what effect !!

The new pipework will save on rental and manning of the temporary system, but it isn't company changing, and if it is, meaning they have been paying 10k a day instead of what should be no more than 2-3k a day, then they have been shafted either willingly or stupidly. It will not change the flow rate capability much if at all, as that is dictated by surface to reservoir pressure, and it is almost certainly at the optimum against dew point effect.

Will there be price movements in the SP ?? well of course there will be, but that will be measured in what they do next, meaning how they sort the finance & debt debacle out, "if they can".

Without the GF they will almost certainly have their hands tied behind their backs for well into the foreseeable, as it will likely take most of what they generate to service all the fragmented debt & IOU to PF etc, along with OPEX, Capex & general inter company costs & salaries, & the likely work over needs of A4 well and installation of a high velocity production string.

Add to that, without the GF, then they would also struggle to do anything else outside of SLBY, unless they do more raises/dilution to separately finance those opportunities.

As it stands for me, it isn't investible until there is much, much more clarity on ALL fronts, which I simply feel they will not give, just more carefully worded crack covering sentences that hint of positivity but actually answer little to nothing.

Until that changes, it remains just a trading op outfit, but even with that said, I wouldn't even touch it at 0.65p with what we know and can derive.

It could suddenly start swinging up again to 1.2p, but I still wouldn't risk my own dosh on a trade without it having some backbone to support it.

Garwood,

It is your mistake to filter out reality, put your blinkered rose tints on, but then that is why so many Pi end up putting stocks in the bottom drawer after missing the realities and living in dreamland, each to their own and all that Jazzzz

HITS,

They still have the ermmmmm last option to them if they cannot get GF sorted and those underlying agreements to close off the current debts.

As per financing RNS:

The proceeds of a proposed Global Refinancing, as referenced in the RNS of 14 July 2023, are expected to repay both the current outstanding of £7.3 million under the senior facility and the combined £9 million bridge facilities. Alternatively, the Company and the Lenders, by mutual consent, may either agree to extend the bridge facilities until the Saltfleetby Field cashflows can be utilized for debt service or, convert part or whole of the Bridge Facility into shares at a 25% discount to the 30 day VWAP, subject to a floor of 0.4p/share, including in an event of default, in which case it will be at the Lender's option, if neither cure nor other remedy can be agreed between the parties.

WG, it was "tongue in cheek" comment, and I agree it is likely well covered by Mercuria, they are not fools and know how to squeeze the baws when they have them in their hand. They proved that with the outlines of that deal.

I don't defend any BOD, Char may hold the keys, but they don't own any doors, and the "owners" will always dictate the pace, regardless of how fast companies may want to move forwards.

As said previously, you can try forcing the hand to move faster, sign off on things, but if they are not ready, or simply not there in their own heads then you go back a week later and hope that the mood has swung a little.

They did the raise, so at least they can fully demonstrate they have the capital to carry out the works, box ticked, and likely needed to be done as part of getting any sign off.

Angry or irritated Pi's won't move it any faster than the heads in Morocco want it to move, they don't care about shareholders in the background of ANY company operating out there, not in the slightest.