Member Info for CRB14

We were trying to change the subject

Quite right. £5 tomorrow. Who’s with me???

I think its the UK population that wants to take a long hard look at themselves. Every day you read about people making unnecessary trips and acting as if nothing is going on.

People should be ashamed of themselves.

The fact that Brent is heading south would suggest the market disagrees

Negligable effect in my opinion. It's small fry stuff but a welcome addition to reserves.

Yep - Unrestricted cash is worth £239.99m. Current Mcap is £242m.

2020 looks like a big year for drills and increased production. Forecast average output puts us as 7.665m barrels for 2020 (at 21k bopd). At a conservative $35m/barrel (incl costs) that should put profit at approx (at least) $270m for the next year. $70m nett, before tax, accounting for the Capex spend.

Hold for gold imo!

The only problem with Tain now is that there will likely have to include i3e into the FDP. I don't think it will be possible to completely exclude them.

I was a lth of i3e until their last drill. Serenity is at a discovery stage only and needs a lot more work during the appraisal process to prove those resources. Likewise with the alleged link to Tain. It's only a theory at the moment.

The big question will be who pays for the appraisal and what happens if, as i3e assume, the oil column thickness does not expand out to the west. It would be too early for RRE to go anywhere near Serenity until a few appraisal drills are done. And in i3's current state, i can't see any chance of that happening any time soon. They will likely go under with their debt burden before those drills happen.

I keep seeing the 11m barrel number being referenced as if it's a matter of fact. That number will be revised in all likelihood. It was based on 2P (which means proven and probable). 1P (proven) is much lower than that at circa 4m. The probable element of the 2P needs to be announced following the last two drills.

Could be on the cards

Yes the company has already said they need $100m which will be obtained through RBL. With 23m barrels expected from Phase 1 that's worth $1.38bn in revenue.

They were targetting circa 20k bopd in 2020. I'm expecting this to be maintained (albeit delayed).

Next acquisition??

1P (proven) resources are 4m. We do need confirmation on this number though.

Is 4m barrels at (lets say) $50/barrel commercially viable? That's the question. It's hard not to think that a $200m revenue would not be viable given the infrastructure already in place.

In my view its not a case that the market thinks this isn't commercially viable - it's that they've seen the pilot well results and knee jerked "duster". Which it isn't.

I'd suggest the Liberator 1 recoverable resources are somewhat less than 15m. The 2p resource is 10m oil. 1p is 4m oil.

Purely speculation on my part but i'd think that given the pilot drill result we're at the lower end. I'd like to know though at what amount is this field commercially viable. Would 4m be sufficient? Because if so the market has completely got this wrong. It is a fact that there is oil in Liberator 1.

Worth looking at just to see what a bit of oil strike news can do for a share price. Astonishing increase given the small output rates.

Maybe he's actually Jeremy Corbyn

It's toxic. I don't know why people waste their time on there. Actually I do, and it's because of the multiple accounts they set up to ramp / de-ramp for their own personal gain.

The oil discharge permit is still outstanding but this may have been approved today. We'll know tomorrow morning now.

Why would they call off the third drill? It's the most important one.

Many seem to have completely missed the key phrase on the 'material asset' and would prefer to simply believe its a 'duster'.