Member Info for Dan1605

Approx 30 days but would allow for 40 as the shipping lines are slowing vessels down to save money, again. It's not like they haven't made enough over the last few years. A very smart move indeed, shipping costs are considerably lower than they were 12 months ago.

He saw an opportunity and went for it, can't say I was happy about it when they first announced going g for it. We're still early in our growth and these large projects can kill a company overnight should they go wrong, personally I think this is too large for us at the moment and is the reason for I3E only dropped 10% opposed to our 40%. The fact that we've had to borrow money from a partner tells you we shouldn't be touching it just yet albeit we can now return that cash.

Good post Bladey.

They've been holding us back for weeks and lets be honest we'd still be stuck around 2p going nowhere had we still be waiting for the drill result, volume had dropped off. The uncertainty of the drill was also killing momentum, true value. Nobody wants to be 40% down but see this is an opportunity to clear the decks, flush the dead wood and remove uncertainty. These markets won't allow true value to be reflected in the sp but we can get closer before Oddie starts talking about the Eastern block again.

We've just recorded the highest volume ever, roughly 10 times the average volume. Hopefully this has flushed out a few sellers.

I'm not sure if they get it back as cash Stas, his email seems to suggest it's offset against Wressle revenues.

A quick fag packet check suggests we've had 35m sells ( in large qty's) at least so I would expect a TR1 tomorrow. With BGF gone that will be one less think to worry about about.

Incredible, and just about sums up the markets at the moment. Wressle is currently worth £7 alone and with the upgrades due over the winter this could become £12m if they can get it to 1300bopd. In the email, Simon also states that they will be looking to progress with the resource in the East.

I've had the same email and can confirm it is correct.

I don't think you'll be too far off. Let's be honest the reason this wasn't shifting was uncertainty, not body wanted to hold this result and the timeline caught a lot out, including myself. They have a cracking resource in Wressle and they don't need to go risking it with 50/50 punts. Pay UJO their money back and forget about Serenity. My only concern here now is what will Oddie do next, the guy is reckless.

Stras20 - Absolutely not. Oddie cannot be trusted, can you imagine how much damage he would do with the cash? The only saving grace here is that EOG are not the operator because he'd be back next month to do the side-track. The bloke is incompetent, and reckless and if he's got any respect from shareholders he'll resign. Serenity should be binned as it should have years ago and attention to the given to the asset that brings in cash, we shouldn't be gambling with it.

Oh dear, not looking good here. Sp dropping, no liquidity and huge spread. Rampers working overtime on Twitter.

That was exactly my point Edwood and Mirasol is a perfect example of somebody who has spent years posting drivel about UK onshore O&G yet achieved absolutely nothing. With regards to the sp performance Mirasol, that's our problem. Your problem is stopping these projects which you clearly can't do.

Anyway, another good flow rate yesterday so onwards and upwards.

Gooe Morning Mirasol,

You're up bright and early, giving your age away there somewhat. We've not had much dialoge so I'd thought take this quiet period to try and understand your position. Some say you're an activist but then that being the case you've not had much luck over the years. We have UJO who've developed the Wressle field and currently pumping healthly levels of oil and Angus who have developed a sucessful gas field, all on your watch, all whilst you have been persistently clogging these boards with garbage. I'd say you were a "poor" activist.

Absolutely. He's not a distressed seller, inivisble warrant holder or in for a quick flip. He'll want the best for the business just as much as his own pocket. Will he sell more? Yes he will and that's already well known.

WOW, well that RNS really got the vermin scurrying. The guy owns 20% of the company, with shares he didn't buy. I'm far from happy with yet another delay with the TR1 but I absolutely expect him to sell some, he's around 50% in profit and GL has made it very clear in recent interviews that he would be taking some off. The guy also owns Forum energy, a private company which won't have the same access to capital as a listed company.

Mirasol - We're all well aware of who you are, so you can drop the act.

Hi Ragnar, have a listen to the recent interviews and look at who is invested/pouring money into this venture and you'll have your answer re a placing.

WG8181 - Your making yourself look a prat. " Are you suggesting they got the brig wrong" Nobody is saying that, nor is anybody saying it will run at 12mmscf but this is the target most likely based on the opinion and experience of the technical team. There will be tolerance built into the system, as you well know.

Spot on SL, there's a very good chance the cash will come from Aleph either through a loan or placing but either way the shares end up in sticky hands. There's not a chance their investors will want diluting.

HITS - "But if it can't increase production above current levels, then those already incurred liabilities are going to prove very problematic" GL made it very clear - even if the side-track wasn't successful the hedge would still be met albeit it will be tight going into early next year. Let's stop with the deliberate negative spin.

Melville, I tend to say things as I see them and that may upset some. The way I see it the current BOD have done very little ramping, in fact quite the opposite. Craig Brown was a great bloke but he could spin a tale. Let's not get the past and present mixed up. A great rise today, long may it continue.