My Glass is not empty Marmited. If these guys pull of a 29 extension and Total make a discovery then I’ll take a punt. CHAR is going OK, oil could be $70 by next Easter who knows,, so if 29s in the bag then the Peters will be geniuses and all will be forgotten. Let’s see. A braver man would take a punt before Total spud ?? Have a good weekend
94 has no chance for all the reasons previously mentioned They need to get the 2 year extension on 29 to retain any hope. And if 29 is relinquished I suspect Panmures clients will be asking terse questions about the note.
AO, Another day closer to December and still no news of an extension. If 29 is relinquished will the new investors get their money back? I just don’t get it, who would put money into a company that’s about to loose 80% of its booked resources. 94 is a complete no hoper so there must be something going on with 29. I see the CEO actually reduced his stake so clearly he’s not convinced. Problem is if they do now announce 29 extension the existing heavily diluted shareholders will be a bit miffed I suspect. What a mess.
0029 is finished, one can tell by reading the RNS This just gets worse. At some point soon they will be forced to RNS that 29 has been relinquished and 94, which is 1/4 of the size of 29, is all that’s left. Dead duck.
I do feel sorry for the existing shareholders tbh We did try to warn them to be fair but even I didn’t think it could be as bad as this. What happens if they don’t secure a 29 extension? It’s not looking likely if you read the rns.
So you are saying that a Major Oil Company will farm in to a permit knowing that a) there’s only 2 months left on the licence and b) the operator only has 3 months cash before going belly up ..and its drivel to think otherwise.And of course this is a block GBP couldn’t farm out over a period of 8 years when oil prices were double present levels and there was no global pandemic raging? Oh and they had several million in the bank.I’m not sure Jim.. really not sure.
It’s a shame the old duffers didn’t bring in the Lady a couple of years ago she could have told them then their model was bs and saved everyone a pile of grief. No governance no technical credibility for so long just a geek dreamer surrounded by bewildered old coggers. Not a recipe for success but most AIM Oiler’s are run this way.
These are the production numbers after a few days of testing. What do you think the water cut will be after 6 months on production...it ain’t going to go down it never does. So when 70% becomes 90% water cut the oil and gas becomes essentially zero. To even attempt to present this as I viable way to get rich is comical. This will not work, period. Their only option is to stop the bs, raise some more CAPEX and have a go at the Schlumb asset.
Leg ache one would hope Panmure are aware of the significance of getting the PEL29 extension. Who knows. What work program will NAMCOR insist on though. 3D? 3D would be $10mm so that increases the raise massively.
RE: ACTION GROUP AGAINST BLOCK ENERGY10 Sep 2020 15:17
Where does it say the gas plan will work and here is the CPR. to prove it..? 1mmscf of gas produced with 70- 90 percent water is Never going to work anywhere. It’s nonsense. Bloe now needs to present a credible plan and a sensible raise which we can all decide on. At the moment there isn’t one. What we do know is the cash is running low so dilution will be inevitable.
Is settle for a 2 bagger but the upgrade in gas reserves will help a farmout for sure. It was always marginal before but now may attract a major. She’ll have shown west Africa is still on their radar maybe they will take a look
RE: ACTION GROUP AGAINST BLOCK ENERGY10 Sep 2020 13:05
This really is turning into a complete shambles Does anyone really believe a word on either side. It’s ideas conjecture due to the lack of communication from the Board. Facts are as follows the gas plan won’t work as it’s not commercial and they don’t have the cash to bring it on stream in any case. I estimate about $2mm left in the kitty but obviously this is going to be saved for salaries. So, if they ever close the Schlum deal they will need to raise $10mm at least to drill it up. Any takers ? And at what price?
Give it a rest Investoil this is not a private board/club where you have to buy shares to join. Maybe for once answer the question, if not for me for yourselves. Q: Does 29 term run out in 2 months or have they an extension we don’t know about? And what’s the chance of raising $ and surviving into next year without 29? I’d say zero but hey I’m not a member.
Jim there is no value in Shell showing interest in Namibia if GBP are going to lose their main asset by Christmas. Why is there no information on this extension or have we all got it wrong and the end of the 29 term is next year? Panmure mention nothing about the remaining time on 29 and as ever there is no information from the company.
Obviously they can’t raise without 29 so whats happening ?