Member Info for Desmond45

Not to mention the exorbitant costs listed in the report.. Things like 987k employee expense benefit ? Now PIs will be paying through the nose for DW to fly over first class and serve us up a capital raise? Was looking through old presentations and there’s talk of farm outs back in 2016. Talk about dangling the carrot. Gonna be seriously peed off if nothing of substance is revealed before this presentation.

I was wondering if it took from March 28th to August to post results for a 480km 3D survey on the conventional, then surely the 96km 3D survey for Yukon completed in April will have yielded some kind of results by now. Perhaps that’s the news DW will be bringing to the prezzo. Not a chance of a farm out being announced IMO. Happy to be proved wrong though. GLA

Why’s that Kat?

George, thanks for your response. If we attained a representative hydrocarbon flow from IW2 we would be talking about a much greater price per acre for any IW2 farm out negotiations, that is the top and bottom of it. You are correct in stating that shale plays do not necessarily give up the goods on first attempt, however as a prospective partner the fact that only C6+ hydrocarbons were extracted along with water in an unproven formation add considerable risk and therefore any offers we receive will be lower. I’m not going to dig the knife in but it could be argued that our approach to getting the oil out was laboured (shut ins / soaks) and too simplistic, which reflects detrimentally on us, although hindsight is a wonderful thing. I was focusing on unconventional in my original post as this is the primary objective of our BoD and has been reiterated recently.

However the conventional prospectivity paints a very good picture and for me, the conventional is the bread and butter here although we haven’t physically proven it yet with oil to surface. 3D surveys are great but it’s never going to be 100% guaranteed. If we were offered 1-2$ per barrel right now before a well is drilled, for the whole lot parcelled up via accumulate energy etc I would happily bite your hand off. But it is worth considering although we have such a large potential resource, only a handful of the leads identified look hugely promising (e.g stellar multi stacks, bravo) identified in the last presentation. Are huge majors really that interested in 5 mbboe here, 20mbboe there? Constructing ice roads and general pain in the arse conditions? What happens if the two drills through stacked resources don’t deliver the jackpot we are expecting? Where is the £1 party then? The rest of that 1.5bn looks a lot less attractive. Having said that, Add into the mix a hopefully successful drill at horseshoe and a JV at yukon gold and we could do very well. We will be OK here, this is where DW makes his money (and hopefully ours).

I’m really really tired of constant ramping by certain individuals, spreading of misinformation about the movements of our managing director and referring to anyone who has an opinion which differs to theirs as a naysayer. FILTERED. Glad at least the rest of posters on here can participate in good debate which is to be applauded.

George,

Oil companies do indeed need oil, however we have currently extracted a few thousand barrels of water, not oil - which is why some people are concerned about our bargaining position, especially with an actual cash position that is dwindling every day and will last us until approximately Q2 next year before cash raises.. This lack of is extraction is the difference between what any prospective partner is willing to offer on a per barrel basis - people banding around figures such as 3-5 bucks per barrel is quite outrageous in my opinion at this early stage. Yes we have rejected unsolicited (low ball) approaches previously because until oil is at the surface we cannot demand a premium for our product, And we can’t get oil to the surface with out further funding. That’s the catch 22. BHP had massive proven reserves (albeit in decline). No beano here just sensible thinking. Cheers

Phrontist. I admire your perspective and experience on the matter. Although conversely the lack of NDA contract could imply that negotiations are not progressing past the first stage of entering an agreement? I’m going purely from the Bahamas company as an anologue who announced such a deal and then extended it. With regards to DWs confidence, this is a given as managing director of a junior explorer trying to sell their assets. There is absolutely no way DW would show his hand or imply we are struggling to make a deal as this would destroy the SP. I do however envisage something encouraging could be announced sooner rather than later (Otherwise we wouldnt be here!)

Hello Brom, how was the fishing? Yes indeed we do not know what we do not know, but in my experience with this company there is no point reading in between, above, around and below the lines as until something is signed, sealed delivered the price is 1.2p and generally/historically nothing particularly groundbreaking has occurred behind the scenes in my opinion.. Hopefuly as Phron speculates 2018 could be our year. We certainly have the foundations to be successful it’s just whether we can execute the plan and if there are partners willing to take a punt. Having seen the demise of Bahamas oil mid NDA it reaffirms that nothing can be taken for granted and it could t!ts up at any time! Hope everyone gambles responsibly.

Phrontist. Engaging posts. However you appear to be referring to a farm out being confirmed by the end of 2018 as a 100% certainty. It may or may not materialise (at least with the favourable terms we all anticipate). Keep our feet on the ground. If oil is going to soar towards 100$ a barrel, and vultures are circling around the hottest oil play in the USA - why hasn’t a major steamed in already activating a non disclosure agreement in the process? My interpretation according to ASX rules is that we would have to announce this via RNS as it is of benefit to shareholders. However we may be in a stronger position once IW2 has been evaluated by the niche data analyst who specialise in early stage shale plays. Good luck.

Can’t see any sells over 216k, am I missing some Kohinoor??

We will get there... eventually. Think we might get an RNS soon regarding rig confirmation for upcoming drill at least. Question - could we be have majors in our data room this very moment? Or would an RNS be necessary to indicate the non disclosure agreement like the Bahamas lot? Or does silence mean there is nothing underway? Did Armstrong have a dataroom when OSH came in?

Jiddy I believe you were spreading misinformation to shareholders regarding DW visiting the UK. That’s also NOT allowed.

Fake news from Mr Ramp as per usual

Nah next CR will be just before the horseshoe drill when the price is about 1.6p

Mr P - How is SL being a duster already priced in? Surely it will continue to slide until news which is weeks away?

He’s probably still here because he’s 50% down and doesn’t want to sell up and lose a tonne of money, isn’t that obvious?

It’s obviously a duster, do you really think the share price would be plummeting if oil was ******* out everywhere? Wait til 5p for the duster RNS! Then il be buying in!

Upgrade to conventional prospective. ANN

Well said Guz. Although in fairness to DW he couldn’t exactly reveal they were gonna shut the well to a PI!

I believe I posted factual content referring to option conversion prices, after Brom kindly posted the updates link - What’s up with that? And also asked Reaper what he thought was excellent about the RNS, given in my opinion we essentially already knew about all the points listed. It’s called discussion people :-) but where’s the 3D results from ‘mid year’ is what I’m wondering