Member Info for gordon1237

You are both right. Yes 77h was to prove the concept, which Roland insists that it has done and that the potential jv is satisfied.

However, it is also the case that if they plug and get it flowing it should certainly provide more income than it would cost to do that. I don't know how likely it is that they will achieve the revised target of 1 mmscfd in the August presentation but if they did it could be enough to make the company cash positive. Doubt if it will happen will happen quickly enough to avoid another raise, unfortunately. Might possibly be avoided if the jv came through very quickly. Who knows ?

And 10 Halloweens. Lol.

We also know that we need a jv. PDQ. More important than anything else.

Sausage. The answer to that is I really don't know what to think at the moment. Atb.

Wow. Yes. A massive 700 quid traded. Loads of posts. Roland's PR campaign is certainly paying off. Lol.

The exercise date is sooner than I thought, the 13th November. At the time the loan of £650,000 was arranged in February the conversion price of 0.08p was at a substantial discount to the then sp.

Unfortunately, not any more. The lower the conversion price the more dilution. At the moment it's probably just about worth making the conversion to 850 million shares, which would bring the total shares to about 10 billion. The loan maturity date is 13th February.

By short term I meant they need the cash pretty quickly. Don't really care whether it's a raise or a convertible loan. Only difference with the latter is that the dilution is delayed. Like the one that can be exercised from December.

Yes it did occur to me that Plan B might be to flog the lot.

SS. I think you are nitpicking over exact wording. What you are saying is not impossible just very unlikely. Roland's Plan B was for an alternative to a jv not short term funding.

I see three possibilities for the next communication.(

(1) Timescale for 77h. Rig procurement, plugging etc.

(2) JV news.

(3) Another raise.

Whilst (1) would obviously be welcome, we really need (2) pretty soon otherwise it's hard to see how (3) can be avoided.

Before the usual suspects accuse me of talking it down, wanting to get in lower etc, I really, really hope it doesn't happen but I doubt they have much cash left, especially after the cost of removing the plug and now replacing it. Was considering topping up but will now just wait and see what happens. Might miss the boat but wouldn't be that bothered if a great deal came through. Gla.

That's a bit optimistic Toptuf. Lol.

Thanks pj. Laphroaig is one of my favourites.

Tell me about it. I was a mere lad of 66 when I first bought. Lol.

Well there's been nearly £160 of buys today !

SS. What causes it is Capex of 40 million usd in the first year and 25 million in the second year.

The tabulated list of questions now on the Investor Meet site includes one of mine not answered on the day

" Q16: In the recent presentation it says " Field development is self-funding after first two new wells". How does this reconcile with the graphs which show that when Capex is taken into account the break even point is not until after at least 3 years ?

I posted this query on here a couple of times with no response. This is the answer they gave, which is also what Briana said when I emailed her at the time.

" Even in the base case, net cash flow is positive after 2 years. "

What they seem to be saying is that in the second year it makes a profit even though overall there is still a loss and break even is not until 3 years. Is this the same as being self financing after two wells ?

I can publish the full numbers if anyone's interested enough which I doubt. Lol.

Probably all irrelevant when we get full details of the jv but still an irritating answer.

SS. What Carrot13 was referring to was that on the Investor Meet Website, as well as the presentation there is now a tabulated list of questions, including some that weren't answered at the time.

Thanks Sausage. No, the walk goes along the harbour from Bosham, then cross country to a place called Dell Quay, with picturesque views across the Harbour then back via Fishbourne.

We go to Bognor often. Had a nice afternoon on the beach a couple of Saturdays ago. Atb.

Thanks Steven. I looked in the mirror this morning and thought, 75 ? How the f**** did that happen ? Lol.

I am actually having a nice pub lunch in Sussex part way through a 10 mile walk near Chichester Harbour. Starts at a place called Bosham which is supposed to be the place where Canute tried to turn back the tide. It's also where Harold prayed before the battle of Hastings. Features on the Bayeux Tapestry. Atb.

Agreed Elegance. We certainly need it soon otherwise further dilution seems inevitable.

Elegance. I thought I had conceded that you could be right. Not really a question of playing fair. We don't have enough information to know the exact situation. Incidentally l, Roland said in the meeting that they were increasing the pump rate from the then 40 bpd towards the maximum 250 bpd, so presumably it could be close to that now.

Anyway the end result is the same, that we are still waiting. Great if the jv drops very soon. Gla.