Member Info for CRB14

Completely agree. We must keep in mind though that there is a production well for the first Liberator phase. Appraisal drills are for Liberator phase 2 and Serenity. But yes, there are still risks which is why I think we are sat at the current SP.

There is this and also the viewpoint from people that "if i3e's assets were so good how comes they haven't had a JV partner by now" (see the RRE board).

North Sea oil is clearly going through a resurgence of late and both RRE and I3e (there will likely be others too) seemingly have picked up niche assets which the big players wanted off the books. The value proposition here is second to none.

20k BOPD (which would nett us around $500k after tax per day) is just the start of production. If you read the presentation the future target is well up from that (in excess of 50k to 60k bopd in the next 4 or 5 years). Obviously these numbers are speculative but it just shows the huge potential here.

The upcoming drills will be transformation for this company. I hope all goes to plan. GLA

I'm still waiting for mine but the message I received with the open offer said they'd be issued on 5th April.

What are you on about? It’s a simple play. 500m+ barrels for Liberator and targeting 20k from the first well.

I3e is a much better prospect as far as farm-in opportunities go

Can't think why not. It's a (minimum) 40p share according to their BB. Very unfortunate for them. This does kind of strengthen our position though.

They’re pursuing senior debt facilities themselves and I would expect waiting for the first drill to confirm oil after which there will be a much greater chance of drawing in a partner on better terms. A partner at this stage is totally unnecessary.

Yes I knew this regarding the 20%. It’s a terrible thing to have happened and you do have to feel for those people. You would think in this day these sort of scams would be better managed by the regulatory bodies.

In regard to RRE though, I do think they were just being hugely opportunistic. Who knows how serious they really are. If there is a deal to be done I’m sure it will be worked out but, even though I think something could be done, I would envisage we would just walk away if the terms aren’t right. There will be no humiliation though as has been suggested. Just simple business.

I don’t think it’s dead. Given then scandal and the higher risk nature involved with gas fields that must surely rule out a significant number of potential debt purchasers. The guys over on IOG seem to believe that once Tuesday passes AA is gone forever. They’re also placing a huge amount of faith in administrators that have already admitted that the LCF bond holders would be lucky to get back 20% of the investment. Money talks at the end of the day. I still think something might happen.

I've read some bad boards before but the IOG one is another level. Apparently RRE are going to be 'humiliated' by IOG. I don't know what they're smoking but I wouldn't mind some.

How is it vague? They've spelled this out THREE times now and it has been discussed in interview.

There are two options being pursued. 1) JV partner and 2) senior debt facility. The 16m equity required comes from either the new JV partner or through a placing.

Some bloke on twitter has it "on good authority" or whatever phrase he used that it's basically a dead cert that a placing at 34p is a done deal. IT IS NOT a done deal. It is pure speculation for the purpose of getting people to pay 5.99 to listen to their drivel. They're expecting bids to come in any time soon and no decision has been made.

A JV with i3e would be lovely

The bid is creeping up. Looks like they tried to hold it down yesterday

You could look at it like that. On the other hand, the corporate presentation made several references to "drilling targeted by summer 2019" and "oil by mid 2020 / summer 2020".

The minor movements don't matter at this stage. What really matters now is getting that funding locked in.

We now have news

If they get the JV signed up quickly I don’t honestly care

All I know is I wouldn’t want to be out of this over the weekend

I’ve read it. At worst I see a 4 week delay between the announcement of the 30th and the announcement of the exclusivity period. There’s plenty of words within that RNS indicating that the deals were far from finalized. Discussions at an advanced stage, multiple partners, indicative commercial interest, multiple funding options. None of that says to me they were ready to press the button with any one partner. Regardless, I guess this does nothing but provide a talking point for us at this stage. I’m not selling as there’s a solid asset there that multiple partners were bidding on. Something will happen at some point.

Are you forgetting that the 30th round was awarded nearly 8 weeks after that "6 to 8 week" period?

You think a JV partner is going to start talking hard numbers with a company who may or may not be awarded the 30th? Multiple partners were obviously being talked to and then following the award (which we all know was very very late) they will have proceeded to nail the numbers down with the preferred partner. This will have taken weeks.

Believe what you want at the end of the day though. It's clear you're not happy with the company so why not just walk away?