Member Info for cperkin

In other news, solo confirm 100% of OO shares have been allocated and taken up to add to their £4.5 million of UKOG share they purchased that they can cash in anytime.

:)

On reading further it seems 74% to existing holders - well done obone and others that got their additional allocation, and 26% to certain new investors.

I reckon the BOD have taken a fair chunk then?

GLA

Blimey 100%

Accordingly, the Company notes that the open offer to raise up to £1.2 million described in the announcement dated 15 August 2018 titled "Posting of Open Offer Circular" (the "Open Offer") closed for acceptances at 11.00 a.m. on 12 September 2018 in accordance with its terms. The Company reports that it has received valid applications, including those received under the Excess Application Facility, in respect of a total of 52,439,328 new ordinary shares of 0.2 pence each in the Company ("New Ordinary Shares"), representing a percentage take up of 100 per cent.

Well after all that I'm thirsty!

I think the report makes a strong statement by the new Management. No bull, no exaggeration, down the line and how it is. The report takes the current market valuation of the assets and applies a 37% discount to get the 3.5p So for example based on the Aminex/Zubair deal it values the asset @$20 million not the $100 million given by NR previously.

There is no upside, no Jam tomorrow just the asset value @ a 37% discount and does not include upside @ Horse Hill, Ruvuma, Kiliwani or Helium 1. So if there is any seen upside in these post this report then a new increased value can be ascribed.

Fair play to them, a line in the sand and more importantly I feel I can trust what they say.

GLA

The 3.5p takes into consideration all the risks with no upside and applies a 37% discount. Actual full value unrisked = 5p

Most welcome. Actualy one of the least ramptastic inhouse broker notes I have ever seen with a fair initial valuation of 3.5p

Here you go folks.

https://www.dropbox.com/s/nduuwx1qs9nlhft/SOLO_OIL_House_Stock_Monetisation_to_the_fore%20130918.pdf?dl=0

Please et me know if you have any issues with the link.

C

May well have been Tarry. Maybe Ola Fjeld reviewed the old seismic data?

He did start VoxelVision & the company was acquired by Schlumberger and the technologies from VoxelVision and GigaViz forms the seismic interpretation parts of the world leading G&G software package Petrel.

Guess he might have a wee bit of experiance.

No idea Tarry, you will have to ask him at the EGM....when it happens. There would have been a reason they did not perf it surely? Risk of water? is it gas? is it oil? - a very dry well in terms of water but very wet with condensate?

Not irrelevant at all and it looks the Omani's might disagree with you, well to the 100's of million, maybe not billions.

Actually I quite agree with that statement. “Natural resources should be exploited for the benefit Tanzanians."

It is their resources after all and no different from what happens in the UK, after all Tanzanian law is based on English law.

Maybe Tarry, like I said before JB was not even in the company when they drilled KN-1, since you like speculation, maybe they found the details in Brian Halls desk draw after he left?

good point obone, could well be, thanks :)

841,618 @2.25p I assume is placing shares being sold and the 841,618 @ 2.262 the buy?

Tarry, the valve has not been stuck for 20 months, the stuck valve is a result of the well being shut in for a long period of time, a symptom no less. However once freed/replaced then gas will flow and be sold whilst evaluating.

"The Company initially plans to repair a faulty valve during the current quarter, which is expected to allow for gas to flow from the well and evaluate operational parameters at the reservoir and gas processing facility".

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AEX&ArticleCode=aag5lj6o&ArticleHeadline=Kiliwani_North_Update

This first stage of the remediation is due to be complete this month.

Well good luck BDS-1 I think this looks like a recovery play from her on in myself ;)

GLA genuine holders

Tarry, read what it says please.

It's just a fact as per the RNS - licence merger

KN-1 "KILIWANI REMEDIATION WORK UNDERWAY" Here is the RNS

"As previously announced, pressure at the Kiliwani North-1 well has continued to build up and the Company has COMMENCED REMEDIATION work on the well. The Company initially plans to repair a faulty valve during the current quarter, which is expected to allow for gas to flow from the well and evaluate operational parameters at the reservoir and gas processing facility. Pending approvals, the Company will then proceed to perforate a lower untested and potentially gas bearing section of the reservoir system which is anticipated to occur during the fourth quarter with the intent to bring the well back to full time production."

"The Company initially plans to repair a faulty valve during the current quarter."

So 11 working days left to complete.

Still one of my favourite & well run companies on Aim, despite the still undervalued SP and this looks like another sensible step towards concentrating on the main assets.

GLA