Member Info for Elegance

Pmcgra

The existing well has been switched back on, we should hear very soon what the flow rates are regarding gas.

The well will not be re-fracked for 10 weeks or so as it has taken time to book the contractor in.

You can read this in the last 4 RNS's which is likely why no one else has responded, you would do well to have a read as it starts to lock the dates and information in the more you read it.

Jesus wept Alan.... Mr Investment has mentioned it several times on today that he expects it to be in the high 20's ... please do keep up Sir.

Sorry to go over old ground but if you type in Schlumberger JV in google there is pages and pages where they have done JV in oil and gas. Now I am not saying its them, but Jasper might be right, it could just be one investor raising the cash, if it were a placing that would have been done immediately IMO and not waiting a month to do it.

at .19...and they immediately raise the share price to .20 buy, hopfully they didnt do that to make it look like a sell as that would be naughty of the mms.

Gordon

Considering we raised 2 million in December, 1.4 million would leave approximately 600k, so whats the cash burn been for OEX from January to April 3 - 4 month presuming gas production might cover mid April onwards?

Further working capital is likely to be minimal with the refrac costing $1.8 million...
Sums raised in December will have been reduced by delay on gas production but presume that's minimal? Possibly 3-4 months cash burn?

What would success look like on all fronts 12 months from now?
A successful C-77H re-frac, a successful new (C-78H) well drilled and on production, a farmout agreement on Cambay, and the award of a CCS licence for the Medway Hub with FEED underway.

Don't worry Jasper... Ill be right behind him and holding on tight...

To state "Damn not what I wanted" when the last 3 trading days have shown higher highs and higher lows is all I need to read to know what some are trying to do.
Lets avoid the "Damn" subject thread shall we..

Written down as a buy from LSE as well.. that's £20k... someones is keen... I think it's Zag, he found the buy button ;)

Zag, not sure why you cant sell, perhaps your trading platform?

I just did a dummy sell for 15 million shares and could sell the lot at 0.184p, only got a NT when I tried 16 million.

You sure you clicked on the sell button or the buy button.. wink...wink..

Wonder if that'll be written as a sell.

SSC, when previous funding was secured on the 14th of December 2021 for the re-frac, the shares were issued at .14p, based primarily on the unknown for OEX, I say the unknown due to the uncertainty surrounding GSPC sale of 50% and the Indian government ratification as well as many other things such as lead times and delays. We must also remember that the share price was lower at that time leading a lower figure for the shares at the time of the raise. Now... whilst I do not wish to be miss quoted by anyone else reading the thread, I am not sure what the price will be for any potential shares issued at this time (we may get a loan instead - we are now a producer) but I would certainly suggest that we have removed many of the unknowns, the share price is higher, schlumberger are now booked in, gas is flowing providing a revenue stream, the additional finance cannot be as much as previously requested in December and so I do expect the shares to be issued at a higher rate than .14p how much higher... well ... that would be conjecture would it.

I just look forward to seeing the share price creep up on gas flow/revenue expectations prior to any smaller raise.

I do not expect the re-frac to take that long once its started in July and so look even further ahead to what the results will be from that.

Conjecture on timescales indeed, but the point I was making is that flow rates.. regardless of depletion times will come before any raise and so I suspect we will see a higher share price in the next week or so than we do currently.

Sss, I’m not sure that you can look at it as a potential loss of pressure over the next three months, I think you should concentrate more on the fact that if we get three months of high-pressure that will be more than enough as we are looking to re-frac within that time period anyway so with respect I feel to see your point?

The fact that Roland has chosen to advise in the previous RNS that flow rates will be stated within the next week or so prior to any news about a potential raIse (within the next month) gives me confidence that Roland is looking to lift the share price to get the best value for shareholders

Oiler87, I think some may call it over sold when regardless of fundraising its only the difference between what OEX already had in for Re-frac compared to whats now required. Its unlikely to be the same figured doubled.
Flow rates are a valid point and hopefully we will get an update in the next two weeks on that front.

Toomuchshine, If you listened to the most recent interview you will hear Roland mention that we should hear some flow rates in the next couple of weeks (at the time of the interview it was three weeks) they can only give practical flow rates once it settles down. I do hope this little nugget of information clearly available to all members of public will stop those asking "is something wrong".. No, its likely gushing gas at the moment and Roland wants to wait a couple of weeks to provide relavant info. Have topped up again this morning.

Very strong buying pressure, easy 10p if not 13p today on its own and that should hold base on previous 14p estimates prior to being given the go ahead with the FDA.

Well done LTH, personally I think this will settle around 10 - 13p prior to next trial.

If the FDA give approval for this stage, whats next?