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My personal opinion following today’s update:

Leadership concerns: It seems increasingly clear that the CEO is not truly in control of this company. His attempts to maintain visibility feel more like a bid to stay relevant rather than lead with authority. There's little evidence of strategic leadership or transparent accountability.

Timing of payments and insider awareness: The payments long overdue apparently started arriving in February, yet investors were only informed in June. It’s highly likely that RAB Capital were aware of this earlier, possibly explaining their increased holdings. Whats that called?

Lack of production transparency: Why are production updates not being issued quarterly as standard? The delay in updates, coupled with the timing of other corporate announcements, raises red flags. The decision to replace auditors particularly ones with expertise in uncovering mining fraud only adds to the suspicion. Are they trying to avoid scrutiny?

Questionable financial integrity: The tone of the update suggests we should be grateful payments are being made at all. This is meant to be a multi-million-pound operation, backed by an extremely wealthy partner. Yet the payment pattern resembles someone offloading a used car to a mate and waiting for them to pay in dribs and drabs. That’s not how serious companies operate. Something feels seriously off here.

Three years ago.

Over the longer-term, the Company expects to tie its gas production into the nearby gas export infrastructure recently purchased by Dominion Energy, Inc. ("Dominion") a Fortune 500 Company which currently services over seven million customers in the U.S. Dominion has made public its plans to refurbish and expand the natural gas infrastructure running across Zephyr's acreage, and is expected to be available to accept gas volumes from Zephyr's wells in 2023.

Why are we still waiting?

In the meantime, I would like to express my sincere thanks in particular to the team on site at Muchesu

for their incredible contributions to the business over the period. Once again, I would also like to extend

my sincere thanks to our shareholders for their trust, support and patience in bringing Contango to this

phase of its journey, and for their continued vision as we build a fully integrated high margin producer

of coke over the next 12-18 months.

Roy Pitchford - 29 September 2023

What a useless d8ck_ead.

I think it's simple.

As someone said earlier, we have now drilled three wells, found oil three times and still not been told the plan to turn these discoveries into money. Eg start producing from them.

But then again why rush on their salaries, just keep the gravy train chugging along.

Maybe an update from the BOD tellign us what is going on with the company we all own a little bit in would be the sensible and grown up thing for them to do.

Thanks for your insight appreaciate it

When we tested the well with just a 130-foot lateral, it delivered a peak production of 2,100 barrels of oil equivalent per day (boepd).

Following a £7.5 million investment to extend the lateral to 5,500 feet — with 97% of that length reportedly within the "sweet spot," perforated and acidised — the peak production increased to 2,848 boepd.

That’s an increase of just 748 additional barrels.

To put it in perspective:

The initial 130 feet produced 16 barrels per foot.

The remaining 5,370 feet added only 0.13 barrels per foot.

That means it took an extra 123 feet of drilling to produce just one more barrel.

Am I missing something here? Or are we not being given the full picture?

I view the company under three headings

The resource

I have confidence that is going to be very strong.

The Drilling Operations

These are being run by Halliburton – Industry professionals often recognize Halliburton for their technical expertise and innovative solutions in drilling and well construction.

The Board

This is the weak link in the chain. After all the missed, self-imposed deadlines, Colin has gone and missed yet another one. No one made him say, results due by the end of the month, other than Colin. No mention of these delays with the X post on the 14th, and no point was he open and honest with us. This first rule of business I was taught was “under promise then over deliver”. He could have easy said, test results by the 15th May and then released them earlier. No one made him say by the end of April.

Happy with the top two, the bottom however shapes my thinking and investment strategy.

Why is it so difficult for them to provide us an update?

Well we find out tomorrow dont we.

If they stick to the schedule, we should know within two days if our gut instincts were right.

Here’s why I’m confident. On the first drilling attempt, we hit a high-pressure oil reservoir so strong it overwhelmed the safety equipment and caused oil to gush uncontrollably, like something out of the Beverly Hillbillies, for four days before it was brought under control. After that, the long wait began.

Now, we’ve redrilled almost exactly the same location and completed a 5,500-foot (1.7 km) lateral, with 97% of the drilling staying inside the Cane Creek reservoir. Along that 1.7 km lateral, 98 cuts were made across 16 stages, each carefully targeting the most productive parts of the reservoir. The well has also been treated with an acid wash, a method that previously showed improved recovery rates.

Colin has recorded that the pressure response during the cutting operations suggests the wellbore has strong connectivity to the highly pressured Cane Creek reservoir — the same one that overwhelmed us at the start.

Fingers crossed.

I think we have more chance of seeing Maddie Mccann by the end of this quarter than the money we are owed.

Do you find it a bit odd, that this amazing company, just about to blow the doors and make Millions a year, is only going to pay daddy daughter just £18k a year? I do.

What we have lots of.

So much more research and testing left and no end point in site, with constantly moving goal posts.

So many more mouths to fill at a corporate level - but some are supposed to be really busy!

So much more to pay out in London offices space

So many more shares to come, to pay for the disastrous CLNs used to just waste money on a vanity project of the ex CEO.

More funding rounds to come at some point in the future

What we have little off

Confidence that the trails are going to plan.

Confidence in a company that has been going for 23 years will ever make a commercially successful product.

Confidence we will not be diluted into oblivion and our support and patience will generate a return.

But what makes me most aggrieved here is, if the results are as good as they claim they are, remember we were told, a paradigm shift in treatment back in September2023

Why are so few people suffering from cancer being treated, just 42 patients to date, since Aug 2021, an average of just 10 a year!

You can start to understand why X is full of people talking about BIG Pharm not interested in curing cancer, just interested in stretching treatment out for as long as possible.

Would explain why they got rid of the auditors who were experts in mining fraud.

I think the contempt the board has always shown to its shareholders needs no explanation.

They don’t care about us, and they would happily sell us down the river if it meant personally, they made more.

You're making the mistake of assuming this company operates with logic and sound business decisions—when in reality, both are as foreign to them as hitting deadlines

Beyond embarrassing

Has the other £800k turn up yet?

And why has the cap still not been filled with the 7m?