Member Info for Greenlpe

Clive said on the call they would decide over next couple of days but were leaning towards one option more than the other regarding whether to keep drilling A8 or perforate the 52 meters already found.

He also said the risks increase the further you keep drilling, and given the history to date and the difficulties previously encountered they might consider this risk too great (ie they REALLY don’t want to mess A8 up).

When you also factor in the website faux pas, then in my opinion the option they are leaning towards is the 52m perforation of A8.

If not tomorrow then early next week, I believe we’ll get RNS confirmation to this effect.

24 May: 2 core samples and interval depth at least 37m 29 May: 3rd core sample 18m interval depth then at least 51m So only 5 days to core and announce 18m core sample. With RNS announcements every few days to a week we can expect results of the 18m core by next Monday based on frequency of previous announcements. Interval depth so far = 4440m less 4346m = 94m. If the next 18m proves oil the interval will increase to 112m.

At A5 CASP provided coring updates every 1-2 weeks. I am expecting the same here. From A5: 5 Aug 2014: announced core of 12m 11 Aug 2014: announced core of 21m 19 Aug 2014: announced core of 18m After this they decided to drill and log rather than take additional core samples. Total 105m interval from 4332m to 4437m. For safety reasons at the time they completed the well at 4442m. From A8: Interval/core updates on: 9 May 2019 24 May 2019 28 May 2019 Subsequent to the depth reached on 9 May, a first core was collected at a depth of 4346 to 4350m. A second core was collected over the interval 4370 to 4379m. For the avoidance of doubt, we believe the first two samples are from the same interval (33m). Currently operations are ongoing to collect an 18m core from 4379m to 4397m.

With A5 first core sample of 12m was announced 5 August 2014. Then on 11 August (+1 week) they announced a further 21m core. After this on 19 August (+1 week) they announced a further 18m core. After this they decided to drill and log rather than take additional core samples.

Adrianz - fair point regarding supply/demand economics, but according to London Stock Exchange website OILQ indicates NT. Perhaps the transactions under question are negotiated trades of larger sells or buys which take time to work through, maybe even days. So if a large sell order was put out to NT when price was stable (not going up or down) but it took a few days to process, and in the meantime the price started to shoot up (eg because of RNS) with increased demand/buyers for shares, then the sales would still be marked as OILQ/NT even though in the moment of the transaction buys/demand was outstripping overall sells/supply hence the price was being driven up. In that example a stock sale would be shown an NT to sell even though the price was going up, because the NT sale was initiated before the price started to move. It all comes down to the timing of when buy or sell transactions are initiated not when they are processed.

According to Adrianz observations then on the way down a proportion of buys were marked OILQ (meaning NT) suggesting there wasn’t enough stock on offer for sale hence the NT (would make sense as why would you want to sell at such a low price unless you had to). Then on the way up, the reverse is happening so a proportion of sells are now OILQ (meaning NT) suggesting there aren’t enough buyers against the amount of stock being sold (at that point in time).

CC - are they not just NT hence the matching? Would apply to either a sell or a buy, but not necessarily always to both sides of the transaction depending on supply vs demand. Ie sometimes you can buy no problem but sell is on NT, or vice versa. Doesn’t need to be anymore cloak and dagger than that.

OILQ flag just means bought/sold on negotiated trade: https://www.londonstockexchange.com/prices-and-markets/prices-help/trade-type.htm

Personally I think the risk of main shareholders taking RXP/CASP private is low. Being listed on AIM provides a channel to institutional funding should this be required and helps to provide a market valuation to the assets. Also proving up the assets needs to happen this year if RXP want to move to production (of those assets) in 2018 so talk of going slow on purpose to avoid selling oil at domestic prices doesn't make any sense it my opinion. Plus even with a proved up well the company don't have to sell the oil, but in the event they do sell this has to be at domestic prices until the production licence is granted. Again it's another source of revenue should this be required so to say the company is going slow on proving up the assets to avoid having to sell at domestic prices is nonsense IMO.

Extensive news in the next quarter. Management contend current valuation supported by current production so anything new would be a plus. Extensive news flow expected over next quarter being completion of merger with GM on 24th March, operation news on progress of shallow 808, possible news on review of shallow reserve based on drilling success earlier on in the year, and big news if any of the deep wells started to produce on a consistent basis "all of which should be in the next quarter". CC gave 3 reasons to follow RXP: 1 being fairly extensive news flow expected in the next quarter as per above both in terms of shallow and deep operational issues, 2 completion of merger resulting in c$200m MCAP make more of interest to wider audience in particular some institutional investors, 3 and main reason to follow RXP is potential for 1 of the 3 deep wells to "come in" which would be transformational and management hope to be able to announce 1 or more of those in the next quarter. Exiting times!

From 3800-4000m is through the salt layer. Looks like they are starting over with A5. They know where the oil is based on drilling and sidetracks to date so I think they are now attempting to drill a "clean" well, lined to TD using all the knowledge and experience from A6. Just my opinion but seems logical.