Member Info for DelBoi

JH you have turned a bit bitter my old friend, not sure what exactly I’ve done to upset you.

The Currency is a good background read on SpotOn Energy. Highly recommend it.

My background is subsea engineering, worked with a Norwegian company called Aker solutions a few year back. I expect we will hear who are partners are before the end of the month.

GLA

Headline of the RNS reads “Proposed conditional fundraising to raise approximately US$3.0 million”

The farmout negotiations have been completed missed by the market. Mark my words when the title reads “ Farm out Completely” in a week or two, these prices will gone forever IMO. £15m Mcap vs 40% of 1b bbl + oil filed. GLA

Sorry Longwait I was speaking to Pheobus, I think this a fantastic opportunity. I used to work with a Norwegian O&G service company called Aker Solutions who adopted this strategy in the 2014 -2015 oil downturn successfully. I wouldn’t be surprised if they were in the mix.

These services companies are coming under increasing pressure now to retain skilled staff and manage capacity. BR being one of the last remaining elephants to be developed provides full lifecycle development opportunity.

Early days but very encouraging!

Market disagrees with you sir!

LOGP RNS SpotOn Energy Limited ("SpotOn").
SpotOn is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development, working with a consortium of western and world leading services providers to deliver development projects.

SpotOn Energy Limited ("SpotOn").
SpotOn is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development, working with a consortium of western and world leading services providers to deliver development projects.

SpotOn Energy Limited ("SpotOn").
SpotOn is a Norwegian company, registered in the UK, which takes a progressive approach to cost effective offshore oil and gas field development, working with a consortium of western and world leading services providers to deliver development projects.

Humble, astute and full focus on Barryroe... process well underway, Naturally he’s not going to put himself under time constraints..imo

https://twitter.com/providencereso/status/1235154030604832768?s=21

Good interview, Im impressed by Alan, previous experience suggests he’s done this many times before. Obviously seeing some interest from reputable oil and gas companies too.

Knock your socks off, all there in black and white, hardly comes as a great surprise given BHC (and Directors), who did the Placing, effectively subscribed for £180K via debt conversion and direct subscription, clearly they are going to be putting people in they think are long term.

For anyone concerned, I’ve been advised that Brandan Hill have a personal relationship with the individual who took 7% of the company. They are a HNW who bought in the Placing. It's obvious it is Placing stock given went from 0 to 7% in one go. Individuals buy shares via spread bets as any profits are CGT exempt. Obviously any losses can't be used to offset tax liabilities so if anything shows more confidence that profits rather than losses will be made at this level. This person has long term outlook matched with BH who own 20%+ of the company.

I have taken the opportunity to add to my holding over the past few trading days, I can also account for the person who has been buying some of the 1m blocks. We already know there is significant interest in BR. With old and new parties in the data room. PVR funding will come next IMO, being funded this will open us up to the next stage, exclusivity commercial negotiations and planning ...etc. nothing like a bit of competition tension to push a process along...GLA

https://twitter.com/delboiaim/status/1232406718837121028?s=21

Hi Piper, From what I understand the next drill is a development well, so COS likely to be very high.
I expect the positive result from ASH-2 result will have influenced the remaining drills in some form, the partners will probably be analysing those results. So we should be hearing back on that soon.

Not quite £1m, but closer to $1m a month (based on $16-$20 net backs) Id image the company will be re investing those cash flows further improving production.

Fast Money, it sits at the same level as 80% of the prospects on that chart. The Red colour indicates the size and depth, in this case it’s the AEB formation, now derisked as a result of Ash-2, so the COS will actually have increased.

You have posted some really insightful articles on Egypt of late, and all relevant to UOG. So thanks for that, I’ve found them useful. I empathise with yours frustration but United are busier now then ever with plenty for us SH to look forward to. I’d appreciate it if you didn't target my posts and kept the tone decent.

FWIW, Nothing wrong with constructive debate. GLA

https://twitter.com/delboiaim/status/1225744020879691776?s=21

https://twitter.com/delboiaim/status/1224445916909670400?s=21

Hi GH, it’s in the re admission documents on the UOG website

“ Cost Recovery Depreciation: exploration and development costs to be recovered at a rate of 20% p.a. Operating cost to be recovered in the year incurred. Unrecovered costs can be carried forward until fully recovered.”

https://twitter.com/delboiaim/status/1224257159338307587?s=21

Badger- Given the latest result, It wouldn’t surprise me if one of those planned development wells became a new exploration well into the AEB. Good point re the 0.5m barrels gross for Ash, it will likely be closer to 5mmboe if the Pmean prospect map is anything to go by. If so, 1.1mmboe net to UOG, that effectively pays for the entire acquisition.

FWIW, Updip GPSE is only 2km from the Ash-2 discovery, in the same AEB formation, and significantly is 3 or 4 times larger.

That’s larger then the entire Abu Sennan licence. You can start to understand why Shell are next door.