Member Info for gordon1237

I think you are confused Qs. We did not sell it on. That was the Australian assets,which we did sell on for a modest profit as it needed million just in start up fees.
There was never any question of my selling up for about an 80% loss. Not only me but everybody else could have lost the lot if Cambay hadn't fallen into their laps for peanuts.
The one thing I will give Joe credit for is keeping Oilex alive by cutting cash burn to the bone during the pandemic,but for that they wouldn't have survived. Apart from that his obsession with the cash calls was a disaster. He spent 3 ir 4 years doing littke else but pursue them during which time their loses wete many times their value. If he had simply written them off a year into his tenure in say 2017, they would no doubt have got a new partner and have drilled many Wells by now.
Atb.

Hi Steven. Full details can be accessed by scrolling back through the rns section on thus site to 23rd of December 2019. The assets were acquired for around £200k in cash and shares plus a share of any future revenues. It sounds like a good prospect but I don't really have enough knowledge to judge. No doubt will need a lot of cash to get to production. Joe was very bullish at the time.
"The EIS licences provide an attractive entry particularly as they lie adjacent to existing producing fields in a proven gas fairway in the centre of the East Irish Sea Basin. The Doyle-Peel prospects have the potential to host substantial prospective resources and Castletown has discovered gas in multiple reservoirs with the next step being the preparation of a field development plan including appraisal/development drilling.
Importantly, the Doyle-Peel licence is the Company's first committed entry into the UKCS. In 2020, the Company will seek to build the Company's critical mass in the UK with further synergistic acquisitions including the potential Castletown acquisition." Atb.

Nope. Wouldn't put you in that category Hannay. You're more optimistic than me, but have reasoned arguments rather than figures plucked out of the air. We don't seem to have many out and out rampers at the moment. No doubt they'll reappear at the first bit of news. Gla.

Steven. We all know your story and no one would accuse you of ramping. I sincerely hope I am wrong and some unexpected developments will produce a boost quicker than expected. Good luck.

Qs. Agree wholeheartedly that the rns's is the best place for research. Far better to spend a few hours reading through the last two or three years of relevant rns's (many are irrelevant, you can tell from the titles) than rely on some idiot on twitter saying its going to the moon on some small bit of news. Atb.

Well oiled machine. Lol

Same here Qs. I tend to wake up when it gets light, around 5 am.
There's an awful lot needs to happen before we get to drilling the new Wells. You would hope that once GOI approval comes through, details of finance will follow pretty quickly. Then they will need to order the kit needed to drill. Years ago they used to talk about ordering long lead items. Guess we could be talking about a good few months there. Joe himself mentioned they had lost a lot of staff during the pandemic and that they needed to start recruiting. Then they need to assemble the kit and infrastructure. Finally, drilling and evaluation of the results. They've had a long time to plan this so you'd hope it would run like a well piled machine (pun intended) but there always seems to be unexpected delays with these sort of projects. Hopefully we might see some results by early next year. Gla.

BTW. I am actually quite optimistic that we we will see 0.5 or more at some point. Just doubt it will be this year. Gla.

Not at all.

Not all. I bought back in for a bit of fun at around 0.24 ish. Invested a little bit more than my previous profit. I am prepared to wait longer than the end of this year. If it went to 0.5 next year I might sell. Or not depending on how it looked.

Sorry Steven. Not trying to depress you. The only reason I say that it because I think anything above that is dependent on the drill results which we are unlikely to see this year. I suppose a really good jv deal where they don't give too much away could push it up. Who knows. Not me. Lol.

As for the short term sp, my gut feeling is we may have already seen the high for this year at around 0.5. Happy to be proved wrong though.

Yes he certainly indicated a desire to branch out. The question is how it will all be financed.

It's nothing to do with Roland's experience. It's a technical issue to do with how well the Baker Hughes recommendations work.
Joe himself called the 960 bcf a contingent resource. This definition from the Society of Petroleum Engineers.
"Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable."
I guess we will find out in due course. Atb.

Of course it could go up if prices continue to rise into next year when hopefully the new Wells will be producing.

Hi MrMolla. That was Callum's calculation which in turn was based on the 2P (proved and probable) reserves of 93 bcf reserves from the company website. This is far more realistic than the 960 bcf contingent resource mentioned by Joe. A contingent resource is by definition no thought to be commercially recoverable. Hope that helps. Atb.

Nice open debate today with zero acrimony. Just what a board should be. Gla.

Wow Hannay! That's a great average. Well done. Atb.

Hi Sausageface. Thanks for your comments.
There have been plenty of seismic reports. They know the gas is there. The question is how much and at what cost is commercial recoverable. That is what the techniques recommended by Baker Hughes hope to address. Nothing is certain until they try.
Steven, you are quite right that sentiment/hype can carry an sp much higher than the proven worth of a company. Never quite believed it until I was, against all expectations, able to get out with a profit, at 0.407 on April 6th. Have now reinvested that profit, plus a little bit more at around 0.24. Gla.

Hannay. Fully agree. There's obviously a plan we don't know about. Just hope it doesn't involve a big injection of cash that massively dilutes existing shareholders. Atb.