Member Info for dai2belts

..................................................................
Mmmmm. I dont know, have you checked out its debt,...
Seen an Oil share guru say it was not a good investment, due to the way its structured....
Current market capitalisation is £394m, with no production..
So
MC £394m, 0 boepd

NOG
MC £5m, 12,524 boepd.(sales)
just for extremes......debt issues I believe

................................................
Short memory, they held a March AGM last year with no rig, that was late to be letting that cat of the bag,,
So Feb, to announce no rig, is a little easier to take... lol
They obviously want to have those fund raise shares agreed as early as possible..
Whats concerning, they seem to like raising £10m at a time, so if they are thinking the next 10m raise requires 275m shares, then they see little upside in sp...

That kind of supports my curve ball theory...

Georgina, one that No1 has been watching,
sounds too good to be true, $100billion resource valuation......
I am in,

Whats questionable is Mosman, giving away 70% of so much potential
https://www.oilfieldtechnology.com/drilling-and-production/12052020/mosman-oil-and-gas-enters-farm-out-agreement-for-australia-permit/

typo,
So for sure by June without that $10m raise, He1 would have been out of money..

So if Cluff had just a few thousand, and also had the rig up for sale, I doubt they were in a position to get that it sorted..
Add to that after the latest raise, £10m, I dont recall He1 mentioning, or adding anything significant from existing cash to that balance ??
I can only guess who paid...

Also He1 were only adding £450k from existing cash, to the original £7m, leaving just enough cash to last until June 2023..
So for sure by June that $10m, He1 would have been out of money

I question this expense, as thats 40% of the funds(5m) for the original Phase1 exploration drilling, 3 well..
Or 20% of the funds(10m) raised to complete 3-4 well appraisals, which including drilling fresh appraisal wells..
So seems steep, for 1 well,

· Formation evaluation: £2.05m

@Skittish, Court Order, knackered engine & injectors,
Tricky lot that Cluff, sounds like they are holding GRD's awarded settlement...
I wonder if they got He1 to part with plenty of cash during that audit ;)

Void, its expired ....mmmmmmm

Preferred ........

https://video.fbrs1-1.fna.fbcdn.net/v/t42.1790-2/107231688_907452426404548_8593597774915608608_n.mp4?_nc_cat=103&ccb=1-7&_nc_sid=985c63&efg=eyJ2ZW5jb2RlX3RhZyI6InN2ZV9zZCJ9&_nc_ohc=yyRGgLfdCcwAX9oNo5V&_nc_ht=video.fbrs1-1.fna&oh=00_AfAYTDP_DI5F6rxlz_WU02Pq0O1xLENOgF-PdeISlR7TFQ&oe=63D53E76

backup...............

https://www.facebook.com/sixties.timemachine/videos/alf-garnett-leaps-out-of-his-wheelchair-when-west-ham-score-/299172191263714/

...................................................................
@KevR, great news, but lucky the Kenyan court decided they were not going to rule on the case..
Sounds like the dispute is not over...
DM, has been caught telling porkies,........

@Tro, only watched a few minutes, will watch all later

.....................................
@KevR, you might have timed buying back into He1 well...

"The judge also lifted orders barring Cluff from removing or shifting its drilling rig from Kenya until the battle between it and GRD is over."

Thank Blun for the news..
https://www.standardmedia.co.ke/business/article/2001466051/geothermal-drilling-firm-faces-sh186m-costs-after-losing-case

Void, DM might have scored

https://video.fbrs1-1.fna.fbcdn.net/v/t42.1790-2/107231688_907452426404548_8593597774915608608_n.mp4?_nc_cat=103&ccb=1-7&_nc_sid=985c63&efg=eyJ2ZW5jb2RlX3RhZyI6InN2ZV9zZCJ9&_nc_ohc=yyRGgLfdCcwAX9oNo5V&_nc_ht=video.fbrs1-1.fna&oh=00_AfCKi68pDGZNy3RQWADVgMl1JqIA6FNes2kE1rVyzBOzgQ&oe=63D4A3C6

@KeithOz, tuff job, so pays to be honest ;)

@Blun91, thats great news lets hope there is not another twist in the story,

@Prae.....
Nothing that He1 could influence..

"The judge also lifted orders barring Cluff from removing or shifting its drilling rig from Kenya until the battle between it and GRD is over."

@Prae...
Amongst other things, DM claimed He1 would have a team on the ground to speed up the export paper issue, suggesting the issue was getting all signatures... How could he speed up a court case.. ?

Thats why he gets ribbed..

Anyway we dont need the Predator his phone is hot with rig operators calling....lol

......................................
tip.. from video
"Goldman because they they tend to be grand manipulators, so if they tell you one thing they're doing the exact opposite"

...........................................................
They have MOU-1 and MOU-2 in this phase..
So Plan was
Drill MOU-2

Then Rigless Testing
Test MOU-1(drilled 2021)
Test MOU-2

MOU-2 has been pushed as almost a certain thing, so Drill and then run an extended well test for as long as permitted so they can sell the gas to market, something like that.. Compress and truck..revenue..

Then its MOU-Another, excess gas for export...sometime 2023

Something along those lines,

Update said they are progressing MOU-1 test "program"
So what does progressing actually mean, is it a paper exercise, planning, rather than doing?
Where is the test equipment ?

"The MOU-1 testing programe is being progressed and revised to gather as much information as possible on connectivity of potential gas sands over a wide area."

There also mention perforating, do they need a rig for that ?
" Extended MOU-1 perforating and testing programme to proceed."

Rigs at MOU-2
The Star Valley rig will remain in place over the well head."

Initially I thought they were proceeding with testing MOU-1, but now its sounds to me it could on stop, have a read

https://www.lse.co.uk/rns/PRD/mou-2-drilling-update-f241mhv45qamtio.html

..............................................................
I thought 3p was a bit harsh,

There was a lot riding on that drill, even more so now on MOU-1..if that turns out non commercial then they will need to dress it up as confirming the potential suggested in their report,

Then the question is do they have whats needed to deal with the sticky mud at MOU-2, while the rig is on site, could be they need long lead items..?

Also that excuse "looking for a more cost effective rate of penetration" suggests money is an issue rather than speed..

You can never tell...
But at least you know with funding that they can get a rig

@HappyDazes, I would'nt buy on that,.....

@HappyDazes, DM did say his phone is hot with rig operators calling...
So looking good for this year,.....

..............................................
PRD. might be worth watching for Bad news,,,
MOU-2 complications, so duster for now
MOU-1 also had complications 2021, testing anytime now, no timeline though in last update?
MOU-Another was to follow on this year, some long lead items ordered..

So I guess they probably need to be raising money before any chance of another duster, while the share price is reasonable... Trouble is all the share allocation has been used up as the directors loaned some of theirs to raise funds

So will that testing be dragged out, if a new allocation of shares becomes available soonish??