Member Info for DugWalker

LlamaFarmer.

Viura didn't 'go kaput' it's a temporary halt to productìon whilst they do a workover to replace a leaking liner pipe on one of the wells. The well is currently scheduled to be back online in a few weeks. The original development plan to drill another well this year has been pushed back by several months giving PXEN more time to accumulate funds from other producing assets before they need to invest in further wells. That reduces the likelihood of bank loans or farm out which is the positive consequence of the delay.

I agree the SP is ridiculously cheap at this level and if a couple of other investments mature in time I'll be adding too.

The relevant quote from the Chairman's report reflects the fact that the company is cash generative and it supports Routh"s statements that no further raises are envisaged. He thanks investors for supporting previous cash raises and in the context of future investments he goes on to say

"The Company will actively seek other sources of funding to grow the production asset base which may include debt finance, farm-out activity or portfolio rationalisation"

In other words should cash in hand be insufficient cash will be raised through debt (bank loans are now feasible due to existing and ongoing profits), or by farms outs or asset sales. In other words , and contrary to your suggestion, the 27 May RNS explicitly explains how future raises are to be avoided.

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Mark Routh has made it clear on several occasions that future (near term) growth will be organic and financed from revenues so it would be a very major surprise if he did a U turn on that.

The SP is being held back by a lack of buyers and some persistent selling. Neither of those will last forever.

Still no sign of trials at scale and until that is done there is no way the NhS adopt any of these tests.

Would be a convenient price drop for anyone contemplating a low ball takeover bid.

As for drilling schedules, no reason why El Romeral couldn't be drilled this year if the Spanish Ministry issues permits sooner than previously anticipated. Viura is a weeks long workover so income streams only temporarily reduced.

When not if P.I.

Seems to be a significant confidence around and a 15% profit from current SP seems decent in exchange for a little patience.

https://www.tipranks.com/news/company-announcements/hsbc-increases-stake-in-spirent-communications-acquiring-5-779-voting-rights

https://www.stocktitan.net/news/KEYS/keysight-technologies-announces-pricing-of-public-offering-of-senior-c6r9ss2rfub3.html

According to the Prostate Cancer UK spokesman on the BBC news, this new saliva swab test has already been incorporated the ongoing Transform Prostate National Screening Trial.

Why has the new management team at OBD failed to prioritisè inclusion of the PSE test? Access to tens of thousands of voluntary participants and potential to have internal costs reimbursed should surely make this the no1 priority of a competent management team. With Trumps 10% tarrifs and threats to impose further tarrifs on the pharma industries surely we are not still focused on US sales? A strategy update and progress report seems overdue in light of recent external developments.

Amidst the chaos of Trump's tariffs, an onshore European gas producer with proven domestic supplies and profitable customer contracts, should look like one of the few safe havens from the madness.

A good overview of progess at our Selva concession. Seixmics to be completed in July and no issues envisaged getting subsequent permits.

https://x.com/KevinBaileyCFP/status/1906668369606328669

Isn't this simply a case of an asset only being worth what someone is willing to pay? The fact that the 'huge potential' is contingent upon the granting of permits will have been a major consideration.

By mentioning huge 'potential' I think you answered your own question. Needless to say as and when that potential is realised it's worth would be orders of magnitude higher. For now the most immediate growth potential is at El Rom and we are still awaiting the permits even though they appear to be progressing.

Our partners for the Selva production concession (Italy) have just published their annual report for 2024. It is downloadable from their website. The directors report indicates that revenues and profits were up by a factor of 5 on the previous year!

Expect we may get an RNS later today or Monday confirming this highly encouraging news.

I'd expect significantly larger volumes if TR1's were selling, but it's AIM and bizarre things can happen (like an absurdly low SP for a company with no debt, very low overheads and rapidly growing revenues!).

@LlamaFarmer

It's not large volumes so I suspect some retail holders reacting to the 'risk off' market sentiment post Trump.

The market will eventually waken up to the opportunity here. Mcap of £23 m is absurdly low for a company generating profits of circa £12m per annum and with growth projects on the slate likely to double those profits in the near term. A takeover target if the SP doesn't start reflecting the broker valuation of 20p soon.

Hi Oilboy,

The permits and drilling schedules at Selva are the only unknown here, but it does seen they are taking longer to land than anticipated. I also expect them to be drilled sequentially rather than simultaneously when drilling does take place. Viura revenues will be substantially higher from mid this year so my sense is we are comfortably covering costs short of Mark buying Heyco out (unlikely I think you'll agree. ;)

The official public consultation period mentioned in the Feb RNS is almost over but the timeline for permit issuance by the government means drilling will be q4 2025 through q1 2026 at the earliest. Heyco has pushed the drilling schedule for the next Viura well into May giving another 6-8 weeks of revenue generation ahead of that. In the meantime TTF is still in the 40's. All of these new wells should be comfortably self financed.

The departure of a Chairman who did little to curtail the excesses and Iineptitude of the Burrows regime can only be seen as a positive. It is unlikely that it has been done in isolation to the need to raise more cash in the foreseeable future. If this was to be followed up with the departure of many of the numerous, overpaid and underperforming vice presidents appointed by Burrows it might indicate that the compan̈y is at last being managed for the benefit of shareholders and that it is no longer a lifestyle company.

Will that avoid the inevitable? I fear not.

@wibblewobble.

The ongoing National Screening Trial is the perfect vehicle to validate the PSE test and had OBd participated in it they could have validated the test by end of this year and at negligible cost tonthe company. In fact, the trial is still open to providers of promising new screening tests so why isn't the new CEO pursuing that once in a lifetime opportunity?

As for commercial arrangements with the likes of BUPA being the route to future fortunes, is that not the same commercialisation route promoted by Burrows ? (Private sales and peer to peer selling by 3rd party medics). It was a spectacular failure then and it will continue to disappoint.

Doctors have patients and reputations to protect. They don't do that by taking a punt on unvalidated tests for life threatening diseases.