Member Info for Ddraig

10.24
Whilst the CGT proposal is something to very much be aware of, I highly doubt there’s time for an agreed bill to make it into law before spring ‘22 and that’s assuming it gets to the finish line. Rightly or wrongly, it’ll certainly receive tough opposition along the way IMO

16.38 Garrym79
totally agree - where the cost to drill the wells has been indicated as not hugely different to the cost of acquiring 3D seismic then you'd always go for the drill and the benefit of core data
I'd ask people...what would you feel more comfortable doing, buying a car by physically going to see it...or just look at a picture of it! ;-)

15.12 Nail on the head.
It's painful but a necessity, has been since the start and will be until the end. The question is really the relative value and opportunity for the operational costs. In recent history have we had value for the money spent? Well, that's for each person to decide for themselves...
- We continue to be able to pay the leases (unlike a Great Bear - RIP) - albeit COVID-19 concessions
- likely to complete the farmout for 2 drill opportunities in '21 (even in the event its not a fully successful drill it's likely to provide value with data to either derisk the opportunity for future drills or worst case walk away with minimal drill costs albeit the cost of purchase for XCD)
- We have an independent volumetric analysis through re-interpretation of the 3D inversion for Charlie-1 to attract a new farm out partner for a '22 drill, arguably on better terms than PMO given a degree of derisking
- Negotiation for Charlie-1 allowed a test of the modified HRZ theory for further inclusion in the portfolio without any WI sacrefice. Whilst the market conditions aren't where they need to be for significant progress I'd argue it's still better be have further data to use at a more suitable time than either the theory have been disproved or just not know.

I tend to segregate how the company is being run versus the actual results. Operational the company looks to ensure continuation as prudently and efficiently as possible (will never be zero cost which appears some believe it should be) to enable activity and create results (which we all hoped would have been more fruitful by now but doesn't mean they won't be in the future)
We remain independent and active unlike some of our peers. In my view we only fail if we cease operating and generating opportunities - I see plenty of opportunity so we have to sustain the company to operationally investigate them.
My philosophy is the more viable lines you have in the water the more likely you are to catch a fish, arguably we only need one decent fish to materially change our trajectory.

Diolch un fawr

I’ve sat here for many years happily unregistered and just soaking up opinions...now I’m on the books ;-)