Member Info for crushcutfluor2

Very funny. The point is any everyday CEO, especially one on £350k+, should be able to see the market needs an update, even a credible holding update, to prevent the steam running out of the share. Unless of course, you think a drift back down to previous levels will present a 'buying opportunity'

It make sense then for the delay in the execution of the farmout agreement to be the lack of signatures on the licence extension. Let's hope that is indeed the reason for the delay. Once the Minister signs off, hopefully things will move quickly

There is some kiddology at play here. 'these prospects when combined... 90% chance' is the key. Assuming the three prospects are not intrinsically linked , then if you have an average chance of success of 54% (ie each has a chance of failure of 46% and the overall chance of failure is .46^3 or 10%) you get that result. I hope he is being more transparent with the farminee! 54% still bloody good.

It has been over 3 months since the letter of intent was announced. Quite unusual for a farmout to have a letter of intent, normally going straight to a farmout agreement with some conditions precedent in there about the licences etc to protect the farminee. However, I can see that with the spectre of losing the licence hanging over the proceedings, I could see a case for a farminee to fix exclusivity until the licence was extended. Now it has been extended, a month ago, what is impediment to moving to an FOA? The share price has now run out of steam, so time to deliver, Will.

I'm afraid I was travelling then and couldn't participate. Most large companies are not agile enough to pick up acreage opportunistically, they have processes which delay investment decisions so much the opportunity is usually gone. And some of them just prefer to let smaller companies de-risk the project before deciding to invest.

So why has it not been snapped up by a farminee?

There's your insider

Ps I would watch the share price closely between now and 16.30. Any sign of selling and you know what's coming. GLA

They have to release updated guidance today. I know my Nomad would be pressurising in this situation. They will be holding highly price-sensitive information by the end of the day either way and need to tell the market. The outcomes are: Govt agrees to extend, farmin completed or licence terminated as per the PSC tomorrow. The licence is held under a formal PSC and any variations will need State approval, not just a handshake at a conference.

Indeed, brightfuture, this is the moment when we see if WH can deliver. The news of EG negotiating contracts with larger players should focus the minds of WH and PH that if smaller companies don't deliver, their licences will be at serious risk. EG are unlikely to agree an extension without a clear path to well funding. So there is likely to be some kind of FOA, probably peppered with conditions precedent, out by Friday. I certainly hope so.

Excellent

Only 6 working days to the drill or drop deadline in EG. Does anybody know wtf is going on??

Annual West Africa O& G conference season coming up - 15th in Accra and later in the month in CPT. Sounds like that may be an opportunity for WH to get it over the line. We can only hope.

You would have thought the long stop date on executing the farmout agreement would be relatively short, maybe to end September, considering they have a gun to their heads. Trouble is the counter-party know that. Long-stop date for completion of the farmout could be quite a bit longer, into next year, depending on the level of DD. Nobody can afford to hang around, esp WH if he wants his bonus this year!

Full disclosure, I am not invested here, but did have a meeting with a broker last week who was suggesting this concept. Although he said that people of our age see bitcoin as a Ponzi scheme, he was keen but I think I dissuaded him. The two directors are extracting the Mick - at least down the road at Europa there is only one £350k director. Sounds like 350 is the go-to salary regardless of performance! Good luck all

Unfortunately, it was a subscription for ordinary shares in Antler, rather than put it in as a loan, so no way that is coming back. No mention in the December 2023 RNS of them being able to claw back surplus proceeds if they fail to farm out and the license lapses. Another schoolboy error.

Pretty sure he will be on his yacht by now

I would prefer it not to get drilled. It is an unproven reservoir with deliverability and water influx concerns. If it responds as per a classic fracced well with 10X flow rate multiple, it will still be far short of 1mmscfpd. Much better to move on and get a Wressle well drilled then sell the company.

What they should have done is offered the RSA to shareholders. Very easily managed through a SPV subsidiary. Many would have put in a few quid if the returns look so healthy. But why would we expect the management to even think of shareholders?? What they have done instead is diluted shareholder value by offloading part of an asset. Continues to be poor.

Good news, Wraith! If only we could make this share well again.... As time goes on, it is clear the initial prognosis was accurate and whilst the management appear to be immune from everything we can throw at them, the company continues to suffer multiple organ failure.