Member Info for Cjm83

Realistically now we need to wait for the winter until end of fiscal year March 24 to see what that brings.

You would think there would be some buoyancy to 10p at least with the bond. But we hope and see.

The good thing is with all those i am in profit apart from duster. So here is hoping. :-)

Which is why H1 has to be shut in as it does cost over half the revenue to de water H1. But yes a gas H2 has little cost.

Yeah i would think we would get an RNS to say the Rig is away from location and on Tow.

With a few lines on operations H1 shut in H2 flow increase. The only way to get rid of the water is to stop H1 production.

But then the markets may just latch on H1 shut in. We will see.

If we get high gas prices then H1 can still be opened up if that is possible after extended shut in, as it can pay its way even with the water. Just not in low gas prices.

Lets see what happens tomorrow or Monday more realistically.

It will take them time to shut down H1 and then built back H2 to purge the pipeline of water ( from H1). That water costs a lot to sort out onshore. Plus remember that when rig contracts are ending sometimes operations suddenly take a little longer. A lot of those rig guys are agency (60%) so will be out of a job until they fond a new contract.

But yes we will continued to get battered.

Thanks for that, me buying in is simply that whilst the bond is a big question mark. At the current Sp price below 5p there is wiggle room. I also agree that people need to forget anything above high teens for now.

You are right about H2, i would even go as far as saying without the elevated gas prices the last Q 2022 performance would have meant H2 maybe would have been to late.

As i said when o was on the rig, H2 steadies the ship enough that we can repair the issues and build, but was not the silver bullet. IOGs performance over this winter will be interesting.

It always makes me laugh when people say about employees not buying in like CEOs. Their jobs are on the line bonuses are share based. They have plenty of skin in the game.

What i learnt was they are very competent, some clients give me alarm bells.

So finger crossed.

@ coldspy. You talking to me? Yes i dont post much, but considering i drilled H2 i know more than you. There was a reason i could not post or buy in until the contract was suspended.

1: We are in low gas prices (summer) that is one part. 2: the bit of news the media picked up on from the last RNS was IOG cancels rig contract.

3: these markets expect perfect outcomes and anything less is a big drop. Anyone who works in the southern north sea knows IOGs delays and issues are quite normal ( i.e well control)

We need the following:

1: winter prices to maximise potential.

2: early next yeah we need the optimism of a rig and back to drilling.

3: end of fiscal year march 24 to actually see an improved balance sheet.

This is a slow burn, it needs a winter of production to boost the Sp, then early optimism of drilling Kelham.

When you looks at the last RNS news in the media, the increased production is small print the headlines are IOG cancels rig contract or does not drill kelham. Very negative.

We need actual money in the bank. The decision to wait a bit and steady the ship is the right one.

Rises will always be up and down as people take profit .

Staff members have their bonuses in shares and they did a great job drilling the most difficult sector in the world, their issues were standard southern north sea. H2 is positioned well and will do its job.