Member Info for DrPatience

Thanks for sharing Getafgrip!

I personally feel this is a minor issue, although technically there is always a risk of Shell pulling out of a project. Shell is shifting a lot of attention to upstream projects. The losers are the projects or indeed operational assets in the "green basket". Several divestments have already taken place.

Shell is actively working on both Selene and Pensacola and invested a fair bit of efforts/money so far, so would a need a very compelling reason to pull of a core target area.

For me, I feel the drifting share price has been underpinned by 1) political uncertainty and hence fear; 2) lack of news, in particular wrt monetisation (with the inherent perceived risk of a big fundraise if this fails)

Just my take, not trying to talk up it. Waiting for news. If good news, you can no longer buy at this level.

The announcement is not delayed because of Greenpeace.

Currently, the licence round is following the pattern of the 32nd round. Appropriate Assessment closed mid Sept, then expect 2-3 months to wrap things up before an announcement,

If you read the ruling, I personally see little scope for an appeal being allowed/being successful. Greenpeace would say that of course and may try to make a point, if nothing else, but it's game over for them in my view.

Greenpeace has lost its court case. Whoo-hoo!

33rd round here we come!!

https://caselaw.nationalarchives.gov.uk/judgments/search?per_page=10&order=relevance&query=greenpeace&from_day=19&from_month=10&from_year=2023&to_day=19&to_month=10&to_year=2023&party=&judge=

Reply: "The Administrative Court List Office are currently experiencing a high volume of emails, however will endeavour to respond to your email within 5 working days" ....

Maybe in the National Archives in due course or if they win, I am sure Greenpeace et al will make their own announcements very quickly!!

BadA: digged around a bit...founds this - by an incredible coincidence the ruling is today it seems - on the Adminstrative courts daily list https://www.gov.uk/government/publications/royal-courts-of-justice-cause-list/royal-courts-of-justice-daily-cause-list#administrative-court-daily-cause-list:

BEFORE MR JUSTICE HOLGATE 11:30am AC-2022-LON-003477 The King (on the application of GREENPEACE LIMITED) v OIL AND GAS AUTHORITY (T/A THE NORTH SEA TRANSITIO and another FOR JUDGMENT HAND DOWN

BEFORE MR JUSTICE HOLGATE 11:30am AC-2022-LON-003663 The King (on the application of UPLIFT) v SECRETARY OF STATE FOR ENERGY SECURITY AND NET ZER FOR JUDGMENT HAND DOWN This judgment was handed down by the judge remotely by circulation to the parties’ representatives by email and release to The National Archives. The date and time for hand-down will be deemed to be at 11.30am 19/10/2023. A copy of the judgment in final form as handed down can be made available after that time, on request by email to the listoffice@administrativecourtoffice.justice.gov.uk;

Nice to get some more licences, but it will not do anything for DELT short term. The value is in Selene and Pensacola combined with monetisation...:-)

BadA, according to https://www.brickcourt.co.uk/news/detail/environmental-challenge-to-new-oil-and-gas-extraction-in-the-north-sea , a hearing took place on 25-26 July 2023, but I have been unable to find any updates on that. Either it will be followed by more hearings etc or maybe just died out. Greenpeace and others have tried multiple times before and I am doubtful it will impact the process. There is certainly no indication that the process has been stopped.

The Apppropriate Assessment ran until mid Sept. As I recall from the 32nd round (in public domain, but I have no rechecked) it took a couple of months after the closing date of the Apprpriate Assessment for an announcement to made. Various articles have suggested it is imminent/soon, I suspect it may be pre Xmas (good time to slip it in)

Cookoo, I think where we disagree is that I look at the current assets and look forward. I am not so interested in what you paid 9 years ago and the past management under Cluff resources. There is a before and after + we have a hell of a lot more data on the size of the assets. They have have been derisked a fair bit in recent years through promising data and having Shell involved.

I am well aware of the risks. Currently it is trading on thin air, until we have tangible news. If the news are good, it will fly. If the news are not good, which could be a bad drill(s) or an inability to monetise/farm-down, then it could go to close to nothing, as I am not sure they can borrow or even fundraise around $30 million with the current market cap. We need them to deliver on the published monetisation strategy/farm-down or it could end badly in terms of the share price (it may not end the business though). I don't feel that's ramping in any shape or form. It's called investing in high risk, high (potentially) reward shares!

End 2024 your shares will hopefully come good!

Pookoo, a broken record.

Sell and buy back at 15p, that's a logical move!!

Others here try to add real information so each person can make his/her own judgement of risk/reward, how about you add something of substance rather than the 15p broken record? Why not 5p? See, I can outperform you ;-)

Getafgrip, my take:

- Delt cannot get loans. Small outfit with no real/sure assets (seen from a banker's perspective, we all know here we potentially sit on a very large pot of gold)

- Delt is negotiating - ACTIVELY, as confirmed by the CEO in the message to BadA - monetisation/farm-down events for both Selene and Pensacola. Ideally that should fully fund the next 2 drills and the cash in bank will probably keep the ops going until end 2024.

- If the above fails (e.g. basically if the interested parties are too greedy), then they should raise cash from investors; $30 million or whatever it is. From a finciancial perspective, this offers the highest financial gain, as we keep the current share of the pies, but value uplifted through derisking. It's clearly not what the strategy is, so I expect we hear something in due course re the deals they have made. It could take months! Until then, I would say we should not expect to hear anything. Silence is good, one could argue, as it means they are working (negotiating) behind closed doors.

In my view, those who hold their nerves, will benefit from future events. That's why I keep adding. Clearly some people are nervous and selling. It's a subjective choice.

Maybe write to the CEO? I somehow doubt he will say more than what he said to BadA, although it may help to keep the pressure up and get some RNS out in the interim. As mentioned in my post yesterday 15:52, perhaps he already said too much! :-)

Me too!! Hanging in there, patiently, for both at GBP 6+ ... :-)

However, it's funny how good news often doesn't do much for the GLEN shareprice...ref CNBC headline today:

"China’s third-quarter growth exceeds forecast, consumer spending and industrial production offer hope"

I guess it is short term volatility, but the future is bright!

And this is also worth a read:

https://www.theguardian.com/business/2020/feb/25/gina-miller-andrew-bailey-bank-england-governor-fca

A complete clown. Being allowed to showcase his incompetence twice with no consequences. Feels pretty corrupt the whole system, tbh.

WeirdPal, I agree US will try, but I don't see Israel yielding. They have for many years happily been breaking UN resolutions in the West Bank with their settlements and US not doing anything. They could very easy resolve those issues, just as they could resolve the current situation (huge flows of money and weapoins from US every year), but the Jewish lobby is super strong in US and we have several layers of geopolitics at play, including Iran.

The best one can hope for is some sort of deal helping the many innocent people inside Gaza. Sadly. Good for oil, but surely with mixed emotions for most of us to benefit from conflict!

Spights, thanks...

Ref: "NY Rejects Majors’ Request for Higher Prices. The regulator of New York state NYPSC denied requests from oil majors BP (NYSE:BP), Equinor (NYSE:EQNR), and Orsted to renegotiate power supply contracts to include inflation and other cost increases on new wind power plants."

That's exactly why BP should stay out of solar, wind etc. They have no skills whatsoever in those fields. They should stick to their core competences. If moving into green stuff, it needs to be in green chems, fuels, gases etc. i.e. areas where they have core competencies and can add value. + have returns on par with oil and gas as far as possible.

Plenty of solar/wind funds around for us to invest in OUTSIDE BP.

Not sure what they were thinking to be honest.

BadA, I agree.

There are some important clues in there for those who read the past statements carefully. He may even have said a bit too much!

Namely, "active", "ongoing" and "both Pensacola and Selene"

Everything is on the table and it is ongoing. It is pretty important info, actually.

I am happy for the share price to fall more, probably the same for you...so actually not sure why we are sharing this :-)

Getafgrip, it's a frustrating wait, I share the pain, but selfishly, it also gives me time to move cash from elsewhere (sales and divs) whenever possible to top up.

I really don't think we will hear anything until a deal(s) has been made. Anything else would breach the highly confidential nature of such negotiations and could indeed cause damage to the process. I think the statement BAdA got is the maximum one will get at this point. We need to trust this is in safe hands with the CEO and his team. Still frustrating though!!

I don't think the large shareholders are concerned to be honest, they can see direction we are going in and are not short term traders. The current sp issue is small investor issue.

BadA, same happened to me recently when I bought through my ISA.

I think it is great value at this level, good luck !

Gasatapeep, in my view it's caused by nothing:-)

Thin trades most days. MM may be playing around plus any balance in favour of buyers or sellers will shift the share price up or down, mainly down because there is nothing to work with. At some stage people were nervous about Labour's position, but that's been clarified. It must merely be the wait and general nervousness. Nothing has changed and whenever we had news on Selene and Pensacola, is has been positive, derisking news.

Wrt sp good in an way, as I am adding when I can, as I believe in the future value whether the price is 15p or 30p.

We have not had a new RNS for nearly two months. It means they are working on monetisation, negotiating etc. Not a small task especially if they have multiple parties interested, so we can only wait with patience.

Difficult to say, could also reach 10p until we start seeing financial progress tbh. Almost random until we have more news. Having said that, most investors, including the large investors, are holding on to their shares; very thin trading.

I am also very optimistic.

The large investors are no doubt waiting patiently for a corporate takeover/exit. They paid a lot more for their shares than the current price, so lowball offers should be rejected.

Thanks SE18! On the same note, there is a video worth watching: https://www.youtube.com/watch?v=qXpm6EAzIZ8

Everything will be revealed soon or at least before Xmas.

I can't say I really care about the 33rd round at this point, I want monetisation news, nothing more, nothing less!!

I agree, everything sounds very sensible. If they are at 20-30% capacity then I would be more than happy, as I think they have been running at a lot less during the first half of the financial year.

I like the clarity and focus. This is all about ramping up the numbers.

The proof is in the pudding - let's see the numbers.

It may be another year before we see real, significant progress, but that's OK! The share price will then follow suit!!