The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
If there’s no production and there’s no money how is this still a going concern?
What price will this be if on May 1st there is still no news of a) farmout deal or b) Namcor granting another extension?
It’s now a binary punt and imo it firstly needs an extension signed up as at the moment it’s got nothing. If they get the extension and oil stays $100 + then maybe ? But a 200 mmbo prospect doesn’t sound big enough for a Major?
No farmout and no extension come May 1st and this is at 0.1p in a blink so waiting is probably best.
Pre tax ..
100 bopd - $4.2 mm
200 bopd - $8.4 mm
300 bopd - $12.6 mm
Plus as far as I recall they have full cost recovery under the contract. It’s difficult to be too negative at these prices. If oil hits $175 this management team will be top performers :-).
There’s only one false narrative on this board
Let’s stick to facts:
Firstly, as it stands the licence ends in September.
Secondly, there’s no farmin offer on the table hence the extension.
Surprised it wasn’t RNS’d though.
Obviously this needs a firm extension agreement to attract a partner at this late stage.
Lol Very funny madman I do have a bit more than that
At some point if the price is low enough almost everything becomes worth a punt. You could say the BOD have set it up nicely for newbie investors.
Let’s see what comes in Q2. Farmout to competent outfit will be best option.
Im not saying it’s lies, that would assume they actually know the truth? ..but I’m not sure they know what they are doing and neither does the market hence sub 1p price. ..So, do you really want them to spend the last bit of cash in bank on a side track given track record to date?
A financial statement would help and obviously an independent CPR .. but they don’t seem to want a tech audit..go figure..
0.9 p from 12 p = great job?? Not sure many would agree on that. Let’s see what April brings.
Demand for production rigs will be on the up. Maybe it’s upd anchor and is heading to the US. If there’s no revenue then what’s the plan?
Ticking up slowly or at a standstill
It’s not as risky as some on AIM but I can’t see any point in increasing holding unless they are willing to actually do something?
Who needs dividends from a rinky dink one horse AIM oily when EXXON are back to 10pct per annum. And there is always a risk production starts to go down forcing a big spend.
Could be worse I suppose but no ambition.
There’s non of the management on the shareholder register either, at least not at any level. They’d rather take the cash.
What’s that tell you about the level of confidence in house??
Cliff edge approaching here
The oil production is declining and they’ve run out of cash for new wells. That’s why the SP is where it is. Oil at $120 doesn’t help if they are producing mainly water. It has been a shambles from the start I’m afraid.
So we are now accepting that the Licence extension beyond September is important. Good that’s progress.
I do think Italy may progress quicker now that they are desperate for gas ..that’s a positive. Maybe they should focus on that.
How likely this is delisted?
Surely can’t go on like this. The market cap is less than a 4 bedroom semi in Acton. There’s no way that they can afford pay for legal representation
That is precisely what I have been saying. Apart, that is, from extension being a ‘dead cert’. If you’d believe IO the extension to GBPs last block 029 was a ‘dead cert’ right to the point when Namcor took it back. Point is governments want investment, seismic, drilling and GBP have done nothing in 10 years and have no $..So I don’t think extension is a dead cert. However it’s the only thing that’s important at the mo. Nobody farms into a licence with 6 months on the clock.
How are they even affording all the legal costs.
It should move up on the announcement of an extension. If it’s offered. Nobody is farm-in in to a block with 6 months of contract remaining. There would not be time to plan and shoot the contractual 3D. Negotiate extension first then farmout imo.
A lot of ifs
First thing is to agree an extension. They didn’t manage to do that with their last permit so not sure how they achieve it now with no funds. For sure nobody will be interested in a farm in until they have an extension.