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Let’s not forget that PG will have had 3months + by then to work on what they were recruited to deliver upon:

Synergia's Chief Executive Officer, Roland Wessel, said:

"The appointment of Panmure Gordon as Joint Broker will provide the Company with an enhanced reach towards institutional investors in line with the Company's strategy.

Yes, and there was some mention of a work over rig

Re other costs, we know they mentioned they’ll need to connect eventually to high pressure grid. Not sure how much that will cost right enough. If was very substantial one would like to think it was spelled out under key assumptions.

Perhaps need to correct below comment. If looking at revenue graph, which shows half-yearly intervals, it seems combined gas/condensate revenue would bro g in enough to do further drills within ‘24 itself.

I did too Gordon. It does however seem they have generally become more active on Twitter last few weeks/months. Still valid question though.

Re capex spend call-out, we certainly k ow that any capex in ‘24 won’t come from Syn. We do however k ow they mentioned “a to be defined” number of wells to be funded by potential new Operator (or along those lines). Perhaps they want to move faster, speculations only I know. Most interesting mind you.

I just noticed the actual charts still show annual decline of 40%, whereas commentary indeed says 30%. One i suppose is a typo.

Agree Gordon

So based upon that one could perhaps summarise it as:

- actually the technical assumptions have improved vs previous presentation (at least in terms of what is spelled out clearly in deck) - c77-h flow rates, decline rate

- and actually more sensible/reasonable sales rates have been applied

Didn’t spot that yet Gordon. Only had a quick glance on the phone, will read a bit closer tomorrow. Hopefully that adjustment is rather based on c-77h Actual performance post frack, rather than a compensating measure due to reduced gas price (got no reason not to believe it’s because better knowledge). I agree, I thought previous presentation was a bit optimistic when it came to the assumed price.

Npv10 is valuation calculation method, therefore will be based upon a number of assumptions. Key will therefore be to understand the changes applied. Based upon a quick glance, one that is clearly spelled out in the presentation is the difference in price of the gas (assumed). Previous presentation was published when “the gas prices was a lot higher than the norm”, because of all the volatility at the time.

Gordon, you want to be the commentator (or whatever it’s called in the horse riding world) for the run in?

Agree caddy, one probably could say that to be more of a reasonable wording.

Let’s hope when jv gets announced it will say “extremely pleased”, and we all are in harmony that being an accurate description.

I guess it was inevitable, knowing when and what they last raised, coupled with the cash burn. Good to have it over with. Now onto focusing on the detailed plan to prove up the two wells, and associated pump.

Agree Gordon, although I do actually welcome the stability, and the logic as it does protect us from bottom falling out vs previous pricing policy. Obviously it all depends now on future price of oil, but even if was to drop there’s a protection on how low it can go.

I assume the below, new pricing applies to Syn - surely Roland can confirm.

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/lng/041023-india-approves-revised-gas-pricing-regime-to-protect-consumers-from-volatility

Where did you get that gas price from for Indian market?

Agree Gordon, we really are due some proper production data over the coming weeks. I’ve done some reading on de-vaxing, hopefully we will see some solid improvements as a result of this. If positive, they probably want do on the other wells you’ve mentioned. I supppse we can expect an update first on c-19z, followed by c-77h. Should be some busy days/weeks coming up.

Must admit I’m equally intrigued to see what rates 19-z will produce post de-waxing. Based on historical data it was producing 0.8 MMscfd/200bpd. It’s not only the six zones in 77-h.

Seems Vedanta is a big customer, coincidence?

Https://panmure.com/insights/appointed-as-joint-corporate-broker/