Member Info for GreyPanther

Hi Mirasol. Your phrase "steady drift towards foreign ventures if they can continue to raise cash" reminds me slightly of Northern Petroleum. They too had onshore licences on the IOW, and elsewhere in Southern England, along with UKOG and some other small companies. They couldn't make a go of it and they then went off to offshore Italy big time, before dropping all of it, I think, except for some small beer stuff in Western Canada. This is now the only place where Cabot Energy, Northern's successor company, still operate. Does this ring any bells?

Now they are called

If this Turkish licence is in such a prospective part of the world from an oil finder's perspective, I wonder why SS couldn't be bothered to include a map, either in the RNS or perhaps on UKOG's website to show where this Turkish block is located. Would that be too much to ask?
I'd really like to know how near it is to all those large Kurdish discoveries. There are some maps on Aladdin's website but they are not too easy to decipher.

Hi Ninetails.GGP and SNG may well be good places to be invested from your personal perspective, and I do appreciate a share tip. But have they anything to do with UJO?

royoboy is absolutely spot on about new investors needing to read the company's RNS and listen to the interviews for themselves. What is it with some people? Are we too lazy to do even a small amount of research before we invest? I know I did, but it doesn't seem the case for everybody. There's even a button at the top of the board called "Live RNS" which makes it very simple. You can find most of what you need to know there

IPGL hold 16.8% of Deltic and they say they won't vote for RBD's bid as it stands. If they keep to that statement there are several possible outcomes: 1. RBD walk away fairly quickly if they get similar messages from the other IIs, 2. RBD Increases its bid and is successful in getting over 90% acceptances. It can then buy out all the remaining minority holders, 3. RBD continues with the current proposal, are successful in getting more than 50% acceptances, but aren't able to get 100% ownership of Deltic's share. I reckon the last outcome would still be acceptable to RBD as they would be able control Deltic in the same way that they do with Rathlin. At the very least they would have seats on the Deltic board. They might even change it completely if they wanted to. They only need to acquire only slightly more than 50% of the Deltic shares. What do you think?

I see our SP is down yet again, and by 4% so far today. I'm wondering if the market is telling us that the result of RBD's approach to Deltic will be successful, and that a lot more RBD shares will soon be issued. I didn't originally think our low bid / approach stood much chance of success. However, I can't believe that Deltic's institutional investors have not already indicated their support, if only in principle. What do others think?

The only thing that really gives a boost to AIM listed shares is a positive RNS. It could either be a well about to be drilled or, even better, one that's been drilled successfully. The start of Wressle production should give us a significant boost too, so I hope it's not too many months

Hi JackDiamonds. Thanks for the warning; I hope I can look after myself technically speaking. What's a group of geologists called, you ask. Well, I once was one and I'm afraid it's "a gaggle". Rather like geese, then! I'm sure you know full well that WN isn't in North Yorks, but it might be worth pointing out that WN's Zechstein geology is surprisingly different to what's seen farther north or offshore. And, as you say, so far we have seen no water beneath the oil or gas. So I'm quite hopeful the Zechstein reservoir will turn out to be much better for us than it is farther north. But we'll never know until the EWT taps are finally turned on. All the best.

Hi there Exploration. Thanks for your very interesting comments, and with almost all of them I'm in complete agreement. I fear we could easily be at risk of boring most of other board participants with our geological chat, or we may want to say more than will fit in to the 3,000 characters we're allowed here. I'm therefore wondering if there's any way of corresponding with you one to one, obviously without revealing our private e-mail addresses. Unfortunately I'm not expert enough to see if / how we might do it here. I know this facility exists on some BB's. All the best, GP

Hello again Rubey. If Shell were to drop their interests in the Deltic licences they have farmed into (which I don't think will happen because it would be very difficult to do legally) Deltic's SP would probably drop below the value of their cash, making RBD's bid more likely to succeed. I think this because there would then be almost no significant activity on the horizon for Deltic, and their cash would ultimately be dribbled away in licence costs and salaries.

Hi Rubey. I don't know who would run Deltic's operations if Reabold's bid for them was ultimately successful, but I assume that at least some some Deltic staff would be retained as RBD have no technical staff of their own. When RBD put their cash into Corallian, but obviously without taking them over, they had little option other than to leave existing staff in place to run the business. This has had less than impressive results. There are hints in what has been said so far by RBD that, in the event of a successful Deltic take over, they might do the same thing. I suspect they would have few other options. Regarding Wressle, I can't see Egdon or Europa wanting to dispose of their interest when neither has much other meaningful UK production (except perhaps the offshore gas from Ceres in the case of Egdon).

Hi Miker444. Moon rock would be pretty good as it's both porous and permeable! I've seen reef cores from other places than WN, though, which were apparently saturated with oil but the reservoir didn't flow in test as it had good porosity but only very limited permeability.
JackD, I'd take Deloitte's CPR with a pinch of salt when it talks about reefs. Other than what they have seen at WN (no actual reef) , the Ellerby and Spring Hill prospects are still undrilled. So neither Deloitte or Rathlin can possibly know there's a reef in the last two. It can only be an educated guess but it's most likely wrong, IMHO

Nah! I don't think an auditor would say that kind of thing. They rarely have a sense of humour, but mixster probably does.

Thanks Rubey, that probably explains it. Most of Rathlin's staff, and probably their geologists too, are Canadians. If they were trained in Western Canada any limestone body might well be a reef, but sadly it's not so in the UK

Hi there mixster. Thanks for your illuminating posting(s). I really liked the 'growing concern' bit from the auditors , even if it was a typo! All the best, GP

Hi there Rubey. May I say something about the so-called "Cadeby Reef Formation" as there's been a lot of talk about it on this board. I'm a former geologist with some experience of the onshore exploration scene in England. The Cadeby Formation, to give it its proper name, isn't a reef in any of the wells drilled in this part of Yorkshire …. so far, and certainly not in any of the WN wells that have been published. However, a few small oil shows have been recorded in some wells. The Cadeby Formation has been found to be much better developed / thicker than at WN in some nearby wells, both to the west of WN onshore , and in the Southern North Sea to the east of East Anglia. I'm not sure how this reef concept has come about but, if it came from either Reabold or Rathlin, then I'm afraid they are talking through their hats. I'm sorry to be a wet blanket, and I'm certainly not saying there won't be any oil in it. But I'll eat my own hat if it's found within a genuine reef body in the WN area. OK, that's my geologist's rant over! GP

Hi wasit. You asked what the odds were that the EWT results will be in before 12/8 What's the significance of 12/8 please? The odds are very slight, IMHO. There's a much better chance that the B-1 well will have spudded by then.

Hi there krull. I think this is still the legal situation, but it may have changed. IMHO few or possibly any, of the RNSs we've seen recently from RBD and Deltic are about large new share purchases. What we have been seeing are the statutory announcements which shareholders in both companies are obliged to make at the beginning of an offer period. Institutional holders with more than 1% (rather than the more usual 3% shareholding notifications) are obliged to divulge their holdings even if a bid is only under consideration. They must also update the market if their position changes during an offer period. We should soon be able see if anyone new has bought more than 1% of the Deltic's or our shares, or even a smaller purchase that puts them over 1%.

Tthe operational synergies of a "merger" with Deltic arecertainly slight, especially when you look at the mess our S+S have allowed Corallian's own people to make of the latter's UK offshore assets. Caveat emptor I say.

Hi ivans. It's not corporate espionage, IMHO. Maybe Deltic sent some of their team to take a look at Humber's WN data a few months ago when they were trying to sell their interest to the highest bidder. From a recent RBD RNS I can see that both RBD and Deltic are involved in the Zechstein reservoir. It's interesting to me that Reabold were the successful / highest / maybe only bidder for Humber's 16.665% interest at what looks like a very cheap £3.5 million deal. It valued 100% of WN then at only £21 million I therefore assume it was a distressed sale, and it was done in a bit of a hurry by Humber and their advisors.