Member Info for F458

Charts poised at15p next level then 20p not long now
Even at 20p still only £32M M/C
5000 BOPD = $127M less 44% ( as they own 56% ) = $71.5 M
SP NAV 41p

Announced by CEO 90% success rate
Incredible low risk here we massive potential
At last we are starting to move forward

We are already producing small amounts here as we are drilling to uplift the flow rates.
The current adjusted M/C the city has already factored in these flow rates.
Whats needed here is the drill to commence and confirm these Two drills will bring us in 800 - 1000 barrels per day.
Then we will see sp fly back to 20p's
Not a gamble here at these prices so excellent entry with huge plus on the uptrend. FLOW RATES TBC
This can happening time from drill ....

Angola 78% wet, humid.

As expected and mention previously drill won't happen before mid Oct if no further delays, and results won't be in till Jan 2019
I wish those that slated my previous posts (cperkin) can learn that some on here have on site experience on the actual ground than sit behind a desk without any knowledge what really goes on

CEO was giving an update regarding the issues and progress when question. The fact he was already discussing details that were in the RNS, means any further update doesn't constitute an official RNS. But I thought you would know that.
Reason the CEO made an interview was to answer questions and so he did.
His interview is the most current time scale ..... FACT

There's that Seller again 100K, we have seen many large sells last 5 days. Unless this big seller bought part of the original 8p placing then he/she must be making a lost. Why Sell at this level ?

SUFCESSEX
Totally agree

11th Sept 2018 is the latest info from the CEO, Are you telling me you don't agree with the CEO.
These are not my timescales either, these are what I have heard from the interview.
Why are you constantly deviating from the facts.
It clearly states what I am saying. I really do suggest you listen to the latest interview which supersedes all RNS's

cperkin
I disagree with your timescale, I suggest you listen carefully to the 11th Sept. VOX interview. Clearly states 25 days getting to the site. When he was asked 25 days plus 64 days, listen to his reply .
Even if they got there today, need to prepare for shoe and allow 100 Mts of casing to support drill.
I make that 25 days plus 64 days plus 14-21 days for casing and shoe = 103 - 110 days = End of year or even Jan 2019 if no further delays

So after just listening again to CEO Vox chat on 11th Sept.
Its going to take at least 25 days going to the new site. They are going to shoe and increase 100 Mts of casing into the ground.The Geologist ground report had not identified the wet soft upper layer of the ground conditions.
The Engineers are looking in resolving this issue where the new pad is place to prevent this happening again.
This will take time and I can't see any results at least the very earliest end of year or Jan 2019.
Listen to to VOX markets interview. It clearly says 25 days getting to site then heavy casing required for the first 100 Mts depth before drilling. Whats not been mention is this casing of 100 mts is in addition to the 64 days drill time.

Too early... Respud min mid Oct to end Oct.
Pad may be complete but needs signing off for inspection, Also to hammer the new conductor this could also delay the Respud.
Ground conditions at a deeper depth may prove another challenge so won't be disappointed if further delays.
I still believe end of year early Jan for full drill

something strange going on, large chucks 50 K 100,150,250K & 500K sells last 5 trading days, Each time the sp drops to @ 8 p - 8.8p ...UT trades are triggered off at 8.8p to support offer.
Can anyone see if we have a large seller ? Previous placing was 8p some time ago and the overhang had gone.
There was over 25M traded on day of the last RNS.

no doubt part of the same team where the original rig was agreed

Jonnyfro - Thanks for the link

I never stated I was an Rig Engineer, I am a chief construction Engineer and have built many rafters and pad to support all varies platforms and building.
The same principle applies to all.
Have you not questioned my last post or can't you face the facts ?

You still need a Rig to drill deep into the oil pockets and then the tubes are left in as part of the production flow,
and again I think you know that too :-)
This still doesn't change that we should have never placed the rig on its last location, this is whats being question.
How on earth can you have 100% assurance that the CEO know this time will be right.
You should be asking questions to your self in how this could of happen with so much time they had in preparing for the Rig in the first place.
All I see on here are post deviating from the truth. Why are you all so concern about my credibility when you should be questioning the CEO.
How long did it take to get a rig in the first place ?
How did it ever get placed on unsuitable ground ?
How did the the SP fall from 30"s to 6.5p last week
As I stated unless we get 5000 bpd or more, the markets place the sp of drill 1 & 2 are already factored in around 6p
We can not allow to fail with further delays and we need an RNS showing clear facts data sheet supporting the new ground conditions are suitable and assurance this won't happen again.

Very simple, they have had 12 months to sort out the location and test the ground conditions prior to the Rig being assembled in the first place. Its a very simple exercise to test for the right conditions. Why on earth would you place a Rig that would be intended to stay for production on ground not suitable.
The Sp has fallen from 30's down to 6.5p and even till last week all we get move the rig 100 Mts away. Lets hope they have tested the ground this time. I fear they haven't.
The worst part now is that the MM's have dropped this to such a level that unless we get 5000 bpd plus the sp will hover at this level and will get traded daily.
They is no confidence in the CEO other than lets all hope the Rig will be ready for spun as he suggested. But he knows very little about on site infrastructure and what possible further delays can happen.
They are many long term investors here that would agree with me

more like end of Oct before Rig is assembled on new pad so can;'t see drill complete end of year

25 days + 64 Days Drill = 89 Days min which is almost end NOV
Thats if Rig is in place in 25 days