Member Info for GreyPanther

What follows was posted on the ADVFN board by Steelwatch:
"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."

Thanks Uggy. Companies House website shows that Portillion Investments Ltd changed its name to Portillion SPV O&G Ltd on 15 March '23. Does this maybe suggest that Portillion are gearing up for their possible bid for RBD quite soon? Also, regarding today's RNS about the Capital Reduction Court Approval, I wonder when / if we will see any of the Corallian Victory cash, or whether a lot of it will be put into Rathlin's pot to fund West Newtion?

Can someone please tell me if Portillion have submitted a formal bid yet. If they've already done this, I missed it. But there were several RNSs from RBD shareholding institutions suggesting that a formal bid has been made. However, I've not seen any official documents yet. Thanks.

Hi itsawrap. I agree that last December's 0.8p was a termed a "special divi" by UJO. Even so, I'm not expecting less than that amount, and maybe slightly more, if / when UJO declares a final divi in respect of 2022. I assume, as for last year, we'll get the 2022 results in mid May, so there's not long to wait to see who's right. All the best.

This morning's news is to be welcomed as it indicates that David Bramhill is very confident about UJO's financial future. The 0.8p dividend last December and the 0.3 p interim one comes to 1.1p in total. Compared with the current 24.75p SP this gives a yield of over 4.4%, which is very unusual for an AIM listed company. So I say "Well done Mr B and UJO".

I'm assuming that most of us know exactly who you mean by the 2 idiots". Well, if you were unfortunate and saw Boris Johnson in front of yesterday's Select Committee, you would have witnessed a similar inability to tell the whole truth or even to understand what the term "in good faith" really means. IMHO, of course!

Hi Uggy. You are right about it being something of a "Catch 22" situation. I still thank my lucky stars that I'm only very modestly invested here. The bulk of my limited AIM oily investments is in Egdon, Europa and UJO, aka the Wressle triplets. If invested here, I suppose we can still hope!

Could Kamran possibly be any worse than our current terrible twins? In all honesty, it's hard to see how he coud be. Maybe he'd have a hard look at all our other assets, including WN, if he were to gain control ofRBD. IMO that wouldn't be too bad an outcome.

Sorry about the premature posting!

Regarding Parta, Reabold have said the following in their latest presentation: "Formulation of work programme and farm out opportunities under way" and
"Actively chosen to pause investment in Romania and prioritise other investments that were closer to monetisation, including West Newton".
In my opinion, they aren't being nearly as transparent here as one would wish, and I struggle to understand why not. Is the Parta licence still in force?

Reabold have said this about Parta in :
"Formulation of work programme and farm out opportunities underway" and
"Actively chosen to pause investment in Romania and prioritise other investments that were closer to monetisation, including West Newton".
You can call me an old cynic, but I think they are being slightly "eliptical with thte truth"

IMO anyone who thinks WN will be drilled any time soon, or that "Parta is very much in play" is day dreaming.

Hi K3VMC . I too was expecting an update from EOG quite soon. The 31 January date of our interim results is the same as Egdon's, although there's no legal requirement for us and Egdon to announce our results on the same day.

Egdon have reported that their average production for the 6 months to 31 January was 253 boe per day. The vast majority of this relates to Wressle since Keddington isn't producing very much according to the NSTA. Egdon have 30% of Wressle, so this probably represents average production of about 840 boepd gross over the six months, which I reckon is pretty good.

Egdon have reported that their average production for the 6 months to 31 January was 253 boe per day. I assume the vast majority relates to Wressle since Keddington isn't producing very much according to the NSTA. Egdon have 30% of Wressle, so this probably represents average production of about 840 bopd gross over the six months. This is pretty good as it represents an average of about 337 bopd for UJO over the 6 months.

Hi CynderLad. IMO you are off the mark with your estimate of "well(s) at Wressle is going to cost £8mm+". Even if a new well site was needed (which it apparently won't be) I'd expect an all-in cost of about £5 million. but if they use the existing Wressle site, then £4 million for a deviated and tested well would seem about right to me.

Another piece of interesting Wressle data is that 341,100 barrels of oil were produced up to 12 January '23, and it's 390,000 up to 15 March. The difference is 48,900 over 62 days, or a daily average of about 789 bopd.

I wonder why a certain person is "just speaking to Kamran now"? Maybe it's to offer him a few helpful tips on how to mount a successful bid for Reaboldd. For heaven's sake, Heid, please spare us from this pointless wittering.

The current SP of 0.2025p is less than the implied 0.2035p bid value. Isn't this telling us that a bid at that level is likely to be successful?

Isn't Will Holland the person who brought EOG the Serenity deal? But fair enough, I guess. It was Oddie that sanctioned it.