Member Info for DrPatience

Nice one :-)

PS: I would say the CEO is more than just an accountant. Check his profile. Andrew Nunn is pretty critical in the Delt setup.

From RNS:

"Qualified Person. Andrew Nunn, a Chartered Geologist and Chief Operating Officer of Deltic, is a "Qualified Person" in accordance with the Guidance Note for Mining, Oil and Gas Companies, June 2009 as updated 21 July 2019, of the London Stock Exchange. Andrew has reviewed and approved the information contained within this announcement."

Summary from Linkedin

Geology, Oil and Gas Exploration, Geology of Unconventional Gas Resources, Mineral Exploration, Natural Resource & Environmental Management

https://www.linkedin.com/in/andrewnunn?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app

FD, as I understand it, Delt's in house technical expertise is the foundation for getting assets monetised or farmed out in the first place. Over time, the likes of Shell will effectively run the operation, but in close cooperation. In parallel, no doubt lots of things are subcontracted. For me the setup is OK, but this discussion is really a side show.

COP is always a concern, but mainly psychological in my books, at this point of time.

If we can just get Delt to dealmake for Selene and Pensacola now plus probably have some bigger monetisation events after the 2 drills in 2024 (hopefully successful), then I would be happy.

BadA? Because if you want to behave like a listed company, look professional and play with the grownups (like we do), then you need presence. Inevitability you need someone to look after the office, administration, IT, etc.

Let's keep our eyes on the bigger prize!

If they cannot monetize and/or farm down, then we will be in a seriously sticky situation. I am the first to accept the risks, but on balance worth it. Even more so when adding at this price.

Cookoo, best wishes for a Merry Christmas, hopefully Santa will indeed come!!

FD, not sure.

The confirmed people adds up to 9, I am just assuming it's more.

Annual report says 5 directors, that's the 3 non-execs plus CEO and COO. CFO is officer, but not director (listed as company secretary). Office manager and 2 more technical people listed on linkedin, so that's 9 in total.

I assumed they would also have more technical, admin and bookkeeping staff, but could also be outsourced.

BadA:

What I can piece together...

Board

Non-execs: chairman + 2 independent directors

Executive team

CEO, COO(technical), CFO

The above 6 are listed as officers in Companies House.

Staff

Technical team lead and team members to support COO (I know of 2, both on Linkedin)

Finance team to support CFO

Office manager (on Linkedin)

Full time team probably around 10, max 15 people.

Probably also using a number of specialist subcontractors and no doubt working closely with the Shell teams.

I don't see an issue. To be on Aim you need to have an appropriate governance setup.

Small companies will typically appear top heavy. As long as they have enough staff to support both commercial and technical activities, then everything looks sensible to me.

For anybody in doubt: get your hands on the recent presentation at the geological society and one will be reassured what kind of work the Deltic scientists are doing. For me the work is credible.

However, they need to conclude a deal (monetisation/farmdown) to maintain commercial credibility. They say they are working on it. I am just waiting for news, preferably before Christmas!!

Connexion, it is well discussed in various articles.

A new metals business will attract better multiples due to renewed institutional interest. A pure coal company will trade better in US vs lse (more acceptable). We will get shares in both, then each of us can decide what to keep.

So in my view this creates real value. The thing is, however, that many institutional investors will only jump in AFTER the split, so we have an arbitrage opportunity, but it's a game of when to enter...as close as possible to the split, but at that point it may well be too late, as the uplift may have been baked in.

I am just waiting and will reap the rewards later while benefitting ongoing from good returns.

Probably totally against best practice for portfolio diversification, but I am really pleased with having shares in both Shell and Delt!!

Https://finance.yahoo.com/news/shell-shel-plans-two-well-121000503.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAACkod1TrQXTtEJiM4ssNslL0sJgjVLPju4yEqhAkyiqhGaQNxLaFlJEYiXwR4kS_QU7mFaF7nrDM668wHmE5u1FohsRriKVKRerZOhGRPHg45BpsSjxwFYwbI31uHyQqvfzzNVgi4E40TZHUvrBYndQ2rVu9wN_qReGiFJ4l9-pl

Well, we clearly have 2 camps.

We are not going to agree, ever...or at least not until we have news (good or bad)

One camp will be right, one will be wrong. Probably as simple as that.

I would agree, that if a shareholder is fundamentally unhappy with the company and its management, then it's entirely logical to cut the losses and put in something else. I dumped VOD at a nasty loss just below 100p for the same reason; but tough luck that's investing!

I suspect there is a little hopeful cookoo hiding within cookoo though!!

In the meantime, Fugro Quest has turned up at the Selene site; latest position was 53.72110 N / 1.57734 E. Check it out!

Some may say it's for the Deltic Xmas extravaganza 2023 with caviar, bubbly and strippers...but no, they have the boring task of checking the foundation for the drill next year. To plan so far.

Actually, I don't disagree! These are the main options right now.

I just don't think a fundraise is feasible to this level (same or more than market cap).

Mr A, good read, thanks for sharing.

I am sure Qatar just wants to re-invest in other things. They probably just bored and I am sure a bit of rotation is going on.

They have made their money, including the funny money on the side for key individuals. Kept Barc private, but maybe it's better they move on; in a way it is drawing a line under the multiple historic scandals at Barc. Fingers crossed!

RBC raises BP to 'energy best ideas list' - 'outperform' - price target 625 pence

Will take time to come through in this current po*p show, still with no CEO. Happy to wait. The company is really lowly valued by the market vs peers.

And as I said that, someone placed one more good sized trade. No impact on sp, so I guess plenty of sell ready stock - the fear is still ruling this share !!!???

Good for the buyers in my view - good luck whoever you are!

BadA, I have made several buys recently and ALL came up as sells. I don't think any manipulation is going on, although it clearly is looking all wrong. In fairness, the whole thing is a bit odd as any transaction by default always includes a seller and a buyer!! :-)

I have noticed that some trades in ISAa come up delayed and as unknown. I am not sure why that is. Probably to do with how each trading platform transacts and reports deals.

If the agreed price is closer to the bid price than the ask price, it means it is a sell. It gives a sense of price weakness for whatever reason. It can also be the MM just wanting things in a certain way, I don't know. Manipulation is always a possibility on AIM, ha ha...

Interestingly, the spread is actually very narrow for such a thinly traded share. Must be the MM keeping it like that.

FD, yes I agree incl with the AIM issues and with the risks.

The investment decision is a formal gate in the process (probably Shell asked for this to be put in for that reason), but I read this as a formality, as everything else basically is being progressed under the assumption it will be approved. Otherwise they would surely just pause everything until approved. They are jointly on a mission and so far they are delivering as planned. It's not a get rich quick scheme, there are so many steps in this process.

Could it be stopped: yes, absolutely.

Get your hands on the recent presentation at the geological society and you will see the confidence they have in all the data collated so far. It could be all smoke and mirrors, fraud etc, but the reason I believe it is credible is the is the fact Shell is looking over their shoulders.

In my view low risk of a no-go, but this is the game.

Cookoo, apologies I did not mean you are trying to run Delt into the ground, I meant it's not in Shell et al's interest in doing so, but of course they are also business people!

If for the sake of argument, Shell is the only show in town and give a lowball offer, then in fact your suggestion may be the better option; ie to auction off in full one or both fields to the highest bidder.

In my view, recognizing the associated higher risk and anxiety, the best option is still selling off piecemeal, as the rest will be worth more in the future, ie by derisking over time through more work, drilling etc, the discount factors will come down.

It will all cone down to how many interested parties they have. If there is no collusion, it's most likely going to be ok. If I am wrong, I will be the first to acknowledge you were right! It's not black and white at this point, it's very subjective but I have done a lot of research and analysis of whatever I can get my hands on (including the new broker notes) and I still feel optimistic about the future. I cannot explain the sp, that's completely outside my control. However, the company is now in the strongest position ever snd we are close the 2 game changing drills in 2024.

Cookoo, depends on how many interested parties they have and what deal they make.

Nothing is free, but I suspect Shell and others can value the assets pretty well, appropriately discounted for the risk and there you go! It's in no-one's interest to run Delt into the ground, especially not reputable companies like Shell and One Dyas. They are already invested themselves.

Coming back to the RNS:

Selene on track basically. They can do farm down deal now.

However, it seems Pensacola is still subject to formal well investment decision, although it sounds like a formality (pushing ahead with all the planning stuff regardless). Unless farm down is done with existing partners, I guess any deal will only formally be done after that? Just wondering.

"The JV is expected to formalise a positive well investment decision in relation to the Pensacola appraisal well in December 2023. Planning for the appraisal of the Pensacola discovery is well advanced and, subject to regulatory approvals, the drilling of the appraisal well on Pensacola remains on track to be drilled after the Selene well in late 2024."

Glide, Bahamas? Did I miss something? I have not been in Delt that long, so maybe a past thing?