Member Info for CaptainSwag

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i think if there has been an increase in production - it would have been announced in the last rns. maybe taking advantage of high oil prices in case price drops?

joe - my expectation is a large resource figure in the sandstone - which will presumably be more of a conventional play than fractured basement

thank you.

presumably they were told prior to the newspaper article on 7th - maybe 5th?..so it should have been released by now. very poor show

"The government is required to publish the details of any contract award within 20 or 30 days of that contract award being made. It is not dependent on any conditional aspects of the contract itself being met."

regulator - so does this mean the contract should be published by 12/3/21? assuming contract was signed on 10th for rns the next day ?

from memory wasnt maris a free agent at the time - in other words not employed?

i wonder if the board were just happy going to the odd meeting ,signing stuff off and taking a salary - and that was why trice got away with whatever he wanted. the only one who questioned governance ended up departing...Maybe they have just operated the same way with maris and unfortunately he is not up the job . something is clearly wrong

i agree he hasnt stamped himself on the role - it is a role that maris hasnt done before - and so far not impressed with his step up.

it was a bad rns - full of flannel in my opinion. All they had to do was give an indication that hur will still be producing and profitable by the time drilling can start - unless it wont and then that should have been indicated, as it is we are left in no mans land yet again

personally i dont think CPR will be until the end of the month - things always get delayed on AIM.

I don't know how much the CPR is really going to help in the short term. right now the issue is production v water cut. the bubble point was due H2. POO will have helped enormously as production can be reduced and still create profit - but will it delay long enough now that any forward plan wont start until next year at earliest?

the CPR will presumably have been commissioned to improve the picture and attract possible partners - however i am not sure that this board is really going to attract anybody.

I can imagine resignations are being prepared as no one would stick around after this. They do nothing this lot, why start now.

whilst they can still collect a salary - I doubt it. I gave the new guy the benefit of the doubt until december rns. the fact that after 3 months they hadnt made a decision or started talks with stakeholders - was red flag for me. as i said i found the last rns deceitful and although was criticised for this (and lots of recommends on that post ) - it seems CA agree

i have long suspected that CA are in contact with a certain gardener. the fact that they invested more when things were kitchen sinked and their stance on still continuing with FB. I certainly would not be surprised if there was a play to get him back and rid of current board.

would i prefer him to be in charge?....well i think he obviously has a passion for his baby that the current jobsworth lot dont. he clearly was a lot better at getting funding than this lot are
however i dont think he was the right person to run the "business" side of things

the question is how wrong was he on the geology? interesting times as always with hur

keepwell - good question on what do they do? they seemingly find it difficult to make decisions!

i really doubt the current bod read these forums.

halifax was always considered the big one.it was why i first got involved

I always suspected that selling off lincoln (50% spirit) and monetising lancaster (production / sell off )was always going to be a means of funding the drill there.

in hindsight they would have been better concentrating on halifax rather than lincoln where the results were never going to be as good. but clearly they wanted to try and keep halifax for themselves. however the disappointing results from lincoln/lancaster i suspect may mean that it never get drills. i am not sure the appetite will be there - especially now that trice has gone

i still think that the CPR will be improved but the focus will be on conventional plays - sandstone. if the company can see through the bubble point in lancaster and drill sidetrack/water injection and sort out the bonds - then maybe...but it looks a much more distant dot on the horizon at the moment in my opinion

Havent seen malcy that barbed since some stole one of his pies!

very good post rns translator - thats how i now see it. the question was always whether the stakeholders (bond holders) wanted to sink more money in - and there is always the risk of it not working as hoped. using existing cash would also mean that they could not get their money back if the company gets wound up

unfortunately the PI need the company to have a future to hope to regain losses or make profit

AWK - i meant november 2019 - i cant remember exact date - anyway November isn't winter(*wink*)

this is what some of us have been saying / alluding to for awhile. hur said they would be announcing plans in december 2020....the delay in decision was a huge red flag for me at that time and it was quite clear that there were finance issues to then delay by another 2 months this year

awk - lincoln was finished by November 19 - if my memory is correct - i cant be bothered to trawl through rns. it looked timed to be completed before the weather got worse
I dont remember when halifax was drilled..

the company have talked about the weather window on several occasions.

scott - i do wonder if their seemingly lack of decision did go against being able to raise the funds. they might have done better to decide earlier - be firm - and then see how to fund it. if the stakeholders werent interested explore other avenues.

fevertree - i agree it was a badly worded rns and the things left out ask more questions than answers given. my only worry was that it was a damage limitation rns - in as much as more detail would have only been more detrimental. anyway the market likes the rns better than i expected so wtfdik??!!!

fevertree - they had to release that there was to be no drilling this year. The weather window dictates when the rig and plans have to be made by. the deadline obviously passed. tbh the delay in announcing has been pretty ominous in recent weeks .
The CPR should be due by the end of the month - though delays are always possible.

regardless i think they did the best thing to issue them separately as this type of rns was always going to drop SP and the CPR raise sp. i am sure i am not the only one surprised by the relatively small drop today. the CPR will hopefully give a boost to SP so it was always good to have in reserve.

the interesting rns will be an operational update giving production and water cut figures - all eyes will be on this now