Member Info for Flombo10

They hope to have EG deal wrapped up by Xmas.

But they will notify us before Oct 5th re extension to EG licence .

My view is that he seems very confident about EG deal

We have agreed commercial head of terms in EG, now working through legal documentation. We want to close this as soon as possible

Also said , they can’t reveal the investor in the RSA yet but when revealed ,people will realised the reason for that secrecy.

Is there a link to EG investor?

Agree No need for fundraise at moment but everything does depend on good EG deal.

A 50/50/20 split deal with a major -with drill & test, including a cash back costs proportion will rocket these shares from 2p-4p , opening up multiple financing options and solutions .

But what I find most interesting and encouraging is have applied for inishkea extension( jan 26) , PEDL , and extension to production contract in EG ( Dec 25) but not yet for extension to EG -08 licence , expires in 3 weeks .

From what I can see, this is not an automatic rollover , just a guarantee you can apply , no guarantee it will be granted.

Quote:

“In making this assessment the directors considered the expiry of the initial 2-year sub-period licence phase in October 2025 including the progress made with the of the farm out process, considerations in respect of potentially seeking an extension to the initial 2-year sub-period phase 1 term and commitments that would be required to progress to the additional 1 year sub-period of the initial phase of the licence”

For me ,this shows there is real meaning full negotiations taking place right now .

They want to present the best case . As we are dealing with a major , who don’t normally skin smaller o&g companies to the bone as it’s destroys their reputation for future details , I would not be surprised if we have a signed deal with the next 2 weeks .

Also , it’s madness for pi to be selling now at these prices . It’s incomprehensible , unless there are some with Machiavelli intentions.

Very surprised no comments from Vernelets

Nigelh..Re placing

Read up on the company re placings and previous AGM resolutions.

Am open to correction but having gone through the report, I can see that

they have definitely applied for an extension of the production period (the December 2025 deadline) for the EG-08 licence.

However, there is no definite statement that they have already submitted the extension application for the initial 2-year drill or drop element of deal .

Might imply confidence that they can do a deal acceptable to the EG government by Oct 5th .

I never mentioned a fund raise. No need for one in the near future. But imo, future of company does depend on good EG deal.

These figures can’t continue:

Gross profit and Whisby Gain at about £600k.

Admin and wages at 1.4 m

The £498k part of loss is an accounting entry for the rsa revenue

But take away the Whisby gain, and we have a real cash structural loss of £1m. This can’t continue without the inevitable

So yes, we have about £1m in bank and have about 9 months to get that transformative EG deal and/or get something from inishkea.

And I think we will but it’s squeaky time on that EG deal

Cash and revenue basically in line with what most were expecting. They have done very well on costs .

But the next 6 months is make or break and all depends on getting a good deal on EG.

A good EG will be transformative for the company but we might have to wait for a few more months .

Ireland , not dead either with interest shown.

Also of interest, is they are seeking extension to inishkea , and also production period extension for EG which expires in Dec 25. No doubt, also will apply for 1 year extension for EG “ drop or drill” licence period.

 “expiry date of the current phase of this licence is 31 January 2026 and it has a carrying value of £2.5 million at the reporting date. …the Group completed the agreed work programme for this extension period and continued working towards securing a partner to advance to the next phase of the licence. The Group is currently in the process of preparing an application for a further extension of the current phase this licence. It is the judgement of the directors that the Group has a reasonable chance of being granted an extension and therefore no impairment charge in relation to this licence has been recognised”

 

EG licence

“In making this assessment the directors considered the expiry of the initial 2-year sub-period licence phase in October 2025 including the progress made with the of the farm out process, considerations in respect of potentially seeking an extension to the initial 2-year sub-period phase 1 term and commitments that would be required to progress to the additional 1 year sub-period of the initial phase of the licence.

Very interesting comment from Micheal Martin today.

Next week they are bringing in general legislation to deal with objectors to infrastructural projects but they also want to bring through legislation for specific projects as they arise . Interesting thst he emphasised energy.

Quote:

“Water is fundamental. Energy is now fundamental as well, in terms of independence and security around energy supply into the future, and competitiveness.”

Very interesting comment from Micheal Martin today.

Next week they are bringing in general legislation to deal with objectors to infrastructural projects but they also want to bring through legislation for specific projects as they arise . Interesting thst he emphasised energy.

Quote:

“Water is fundamental. Energy is now fundamental as well, in terms of independence and security around energy supply into the future, and competitiveness.”

Very interesting comment from Micheal

Martin today.

Next week they are bringing in general legislation to deal with objectors to infrastructural projects but they also want to bring in legislation for specific projects as they arise . Interesting that he emphasised energy.

Quote:

“Water is fundamental. Energy is now fundamental as well, in terms of independence and security around energy supply into the future, and competitiveness.”

Yes , I would say rev about £1m. Cash flow should be very positive but artificially inflated in this period by RSA. Won’t be so pretty year end without good EG deal.

Would imagine this needs to be signed with money on the table by Oct 5th for extension to drill or drop element of the licence.

But it’s looks like a soft positive sign that he is having presentation as it’s difficult to discuss future financials without discussing EG deal, but will probably just give different scenarios .

Somebody is pulling your leg. He is odds on favourite to finish Last if he is a candidate , which is highly unlikely.

Lol, oops ,No Placing “

Good , the first step to recovery is recognising your problem.

Directors hold 7.93% of the stock, that about 76m shares. You are entitled to make up your own opinions but not to make up your own facts . So, there will placing here in near future but I am sure that’s won’t stop you trying to mention it , in your “ nice reasonable innocent “manner .

Sweetie, I’m just worried about you when you start responding to yourself .

So it’s cash flow , then a placing . You can’t back anything up . You are just a bad deramper

Are you now replying to your own comment.

“perhaps a higher sp will facilitate a placing?”

That’s a No, then

He didn’t in the past , when I gave my predictions and workings .

Itsawrap, Do you want to give us your basis workings on eog cash position

Aceofaces, what did today’s escapade achieve.

Yes it make a few dodgy people a few hundreds quid and a few gullible people who sold lost money ( no sympathy for them if they take investment advice from such people on X).

The liquidity it can provide to long term investor is irrelevant at these prices .

No doubt , we will have a lot more of these in the next few weeks .