Member Info for GreyPanther

It's "All Quiet" from our two CEOs again. .I'll give anyone on this board three quesses who I hold responsible for RBD's share price disaster over the last year or so.

IMO Wressle isn't yet producing five tankers full of oil each day as that would be over 1,000 bopd. I've heard that it's actually producing four tankers worth on most days and occasionally three, which would mean about 750 to 800 bopd. Only time will tell, I guess.

UJO's annual results usually come out in mid May. This means they'll appear not long after our and Egdon's 31 Jan '23 interims. I think this means that we and they are all in closed periods. This may explain why UJO (or their broker) aren't currently buying back any further shares. It would be good if our board started doing what UJO's has doing for a while: paying a divi and a organising a share B/B. We can only dream, I suppose

Until the WN drilling programme is "set in stone" I can't see anyone being very interested in RBD. The company has, to my way of thinking, very little else that would be of interest to a serious oil company.

And soon after the news that there was to be no bid, the SP has fallen by 2.6% Still, |I guess it could be worse.

Portillion have until 5pm today to make their bid. However, the SP is still less than the possible 0.2035p bid price indicated 30 days ago which suggests to me that it's not likely to be successful at that level.

I thought this was the UJO board. Right now it doesn't seem anything like it.

Providence Resources (PVR) is now Barryroe Offshore Energy (BEY). They are AIM listed and currently trading at ca. 1.5p.

Let's hope so Uggy. All the best, GP

Hi Uggy. If there's a Portillion bid and they secure only slightly more than 50% of the shares, then they would control the company. Those who haven't accepted the offer would still presumably be able to stay on for the ride. Of course, it's game over if they get over 90% as the bidder could compulsorily acquire the other shares if they wanted to. I'm not saying this will happen, but it's how it might possibly work out.

Ho PAUL1DEANO. Why would I want to do that, I wonder? They can readily afford - at our expense, I would add - to over-pay someone to wash their fancy cars.

I too would like a management change at Reabold. It would preferably involve both of our expensive CEOs who have not exactly over-achieved for us. However, I suspect that a successful bid by Portillion would not be the best answer to my wish.

The NSTA has recently reported the daily production figures for Wressle in January. It averaged 832.49 bopd (barrels of oil per day) and gas at 84.51 boepd (barrels of oil equivalent per day). Because the NSTA uses a 5,800 cu of gas to one boe conversion factor, this means that the daily gas production averaged 490,158 cu. feet / day, which represents a GOR (gas to oil ratio) of 588.8 cu. ft per barrel of oil.

Here's the relevant extract from Reabold's 15 March RNS:
"In accordance with Rule 2.6(a) of the Code, the Possible Offeror is now required, by not later than 5.00 p.m. (London time) on 12 April 2023, being the 28th day following the date of this announcement, either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code."

The NSTA has today reported Wressle's average daily production figures for January. The well produced 832.49 bopd (barrels of oil per day) and gas at 84.51 boepd (barrels of oil equivalent per day). The NSTA used a 5,800 cu ft of gas to one boe conversion factor. This means that the average daily gas production was 490,158 cu. feet / day which represents a GOR (gas to oil ratio) of 588.8 cu. ft per barrel of oil.

In the light of the falling share price, I'm wondering if the potential bidders are reducing their offer price from the 0.21p the SP briefly reached when a possible offer was first mentioned .

Hi JustBe. Is that a question, or do you think the Wressle flow rate is now in the high 900's? I'd be quite pleased personally if it stayed somewhere around 800 bopd for a lengthy period. I might add that this is 10 x the Ashover flow rate during the original DST when the well was first drilled. IMO this would be a fantastic rate as it's still on natural flow.

Hi cashforquestions. Regarding my earlier remark: "I THINK it was WH who brought us the Serenity deal". I can't offer any proof of this but it was a short-lived rumour that went around the oil industry - with which I'm still quite well connected. Presumably all (or a majority of our board must have voted for the deal. And it's only fair to say that, if Serenity had succeeded, the management would have been regarded as heroes, including the former CEO.

Hi Serif. I can only endorse your sensible comment: "Have to hope that our new CEO can navigate this successfully, without staking all our cash on red to try to be the hero." Only time will tell if he will be successful. However, I think it was WH who brought us the Serenity deal, so be warned!

Hi itsawrap. No doubt there's quite a lot going on at the moment but IMO it would make sense to make any such announcement part of RBD'sformal defence document. But who knows what our management have on their minds.