Member Info for Glib

I have a feeling we won't hear anything about AR until their gran opening in September.

The only production data we got from our other assets was when we were informed that in May we produced 100bopd. No idea how long that was sustained for though and I don't believe we have had any other production news. I hope we don't need to wait until the end of September for the half-year report before we get those figures.

We seem to be heading in the right direction, but lack of solid data makes this an uneasy investment.

The only consolation for me is that it is undeveloped scrubland - with planning permission.
That will give the value a boost although it is very specific planning permission they have.

According to the results, we had 100bopd in May. Not sure if this was sustained and if so, for how long. I think a large chunk of the 3.8m costs came from Shoats Creek which we no longer have, so the costs associated with that site will not impact the company going forward. We have not had a detailed presentation for some time so cannot advise on the costs of each site but I am hoping the 100k is about right. We will soon be extracting and selling gas as well as a few more well workovers. I believe the target of 300bopd by year end is still in effect, so if this is met we should be able to consolidate our position before adding more wells or assets.

Once potential starts getting translated into actual delivery, the market will rerate us.

The commission testing of AR should be finishing this week if everything has gone okay.
Hoping for news soon.

So any theories on what is happening?
Are Pertamina going to ask Andalas if they want to purchase the field?
Are we going to be asked to go ahead with the project as it could generate them some much needed cash?
Are they selling the field to someone else and we're getting the boot?

Options 1 or 2 would make most sense to me. The amount of cash raised at the placing would indicate something pretty major happening and we have £2m available for works on the project separate to this.

Anyone for a Friday RNS?

Hope you make back your losses - quite a few of us here in that position. Might be worth keeping an eye on this as a short -term trading option if you think the SP will move with the completion of the plant and if PQE can show their clean tech works.

That RNS reads to me as though we have a share in the gas - do we have a share in the oil or would that require a separate license?

That's favouritism!!
Less than an hour earlier I had to pay 0.56

Place your bets and roll dem bones.

Got to agree with that Goooba. Getting rid of the only income stream makes no sense unless they no longer need it. A company doing a reverse takeover with Minoan is the only thing that made sense to me as we cannot sell the project due to the agreement with the church. The BOD is the sticking point for me as they do not have any skin in the game to benefit from this.

Patch, I have come across the forward selling of shares that were not in the market before. I can't recall the companies involved, but it took place at the time of AFR's death throse and when DAN had to issue a speeding ticket when their SP multibagged - I think that was something to do with Quindell assets. Not saying that forward selling has taken place here, but the company I referred to above got their fingers burned - one of the death spiral loaners. The SP crashed as they had flooded the market forward selling the shares - it was so obvious they had done it as most days the volume traded was over 50% of the shares in issue. When it came to the vote, shareholders voted against the issuing of shares and the company had to buy back all they had sold. I believe that was multiples of the number of shares that existed. SP rocketed for a number of days as they bought back but everyone else was buying too. Expensive lesson for them but I don't see that happening here.

We have been getting our share from AJE but are still making a loss.

I know we are looking at getting the gas extracted and sorting the licensing for that, but has anything been confirmed as to how the company is planning on becoming profitable?

Thanks for the reply ontarget.
The 100bopd I had taken as having just started in May, so not even sure that it is a sustained figure.
I see what you are saying about the leases - I had thought there may have been another sinkhole like SC that I had missed. Hopefully when the gas and licensing is sorted we will get more detail.

Which assets would you say are dragging the company down? Just curious as we seem to have got shot of Shoats and have not invested anything in the Mexico plant for a few years. I too would be happier seeing regular production figures, but i'm prepared to wait a little longer for the workovers and gas to come online.

Deano, please feel free to share any news you have if you think they need money for something. They received about $827k in May - have you heard of any investments or are you just venting?

The cash to hand should also be looked at with the 'other receivables' as this is the money from the April placing. They got about US $827k in May so should be flush for a while yet.

Not worked out what the cash burn is with all the changes that have been made, but the market seems to have some confidence in what has been produced. I think we can forgive Simon for being a couple of days late in delivering on his promise of Results in June.

Market definitely still not in favour of Mayan. Not sure if that is because all the potential from previous years never materialised and they are waiting to see what is delivered. The 137bopd value is from May and if that is sustained for a couple of months the some confidence should return.

I had hoped for something like that too, but thought it may be included bi-annually in the financial reports. Looks like that isn't going to be the case. As long as they provide regular updates and it ties in with the approx revenue values, I can live with that. Deloro is a little confusing. They say we have a 17.1% stake, but at the end says it is 17.3% I will assume the lower for now. Deloro had the right "until 13 June 2018 to invest a further US$2.4m in return for the issue of 4 million shares in Petroteq and 4 million warrants over Petroteq stock, exercisable at US$0.91 for 3 years." As everyone had been singing their praises so much, I was surprised that this does not appear to have happened. Deloro have 49% interest in AR so our 17.1% in Deloro would give us 8.3% of AR. 1000 bopd would be 83 for us. So say 63bopd net? Or $2, 200 per day? We invested $1M so depending on how long it takes them to increase the plant limit we could have at least half that back by this time next year even allowing for expansion costs? Debts are about halved, we have got shot of SC and have some wells producing with more being worked on. Lots of positive noises here but we are still trying to get over the hill. Not much in the way of revenue but progress is being made.

I doubt it.

The only production figures we have seen is the well testing data. No idea what has been produced since.

morning or afternoon?

Thanks for the update Simon.
Much appreciated.