Member Info for gus0

PD- The dumb just get dumber.......

Caught a whiff his S on my mobile unfortunately, numpty doesn't realise there will be a rig share late 2025.

MD- JHL/ARGOS won't be drilling anytime soon and I bet my house on that. In regards to NAV farming in here, it's the only thing that makes sense to me and I know lots of rig sharing/other cost sharing discussions have taken place. Personally I prefer a different company altogether to lessen risk and mix the bag up a bit.

Hi Anth

At my meeting with the board, it was a question I asked and they basically said the days of farming in and cash payments are long gone now. Depending who and what the partner farms in for will dictate what gets explored and appraised, either way the appraisals and drilling will be paid for in full by the partner.

As for daily cashflow they advised there are multiple avenues for this because for an oil company, the outgoings are small and with a partner on board this cashflow can be obtained in multiple ways. not least the stock price will much higher as well.

Sealion will be signed off within the next 4 weeks in my opinion by the FI and I reckon FID will be here by end of the year. The benefits that will bring to this stock will be huge in my opinion.

Knock, knock knocking on the door comes to mind

The end of waiting is near.

Typo- 892 million barrels recoverable (ish)

Hi Phil- the " target" as I confirmed last week is

Darwin West

Stewart

Over 1 billion barrels recoverable

Darwin West is predicted to be in the bank already like Darwin East

Stewart on Seismic is a high certainty.

Bor is literally sat on a gold mine

Hey Gasman. I presume Navitas will copy and paste most of the Sealion EIA with a few technical exceptions of course. I know I would and in any event I think FI couldn't face another 1600 page version and would probably speed read it........

Nothing to worry about here

I think forget about taking this private, the salaried board own next to nothing and the big boys still own the minority ( HB was quoting top ten but with 2 big nominees IG and HL) The rest own the most plus it just isn't going to happen anyway..

Watch the news after RKH Fid, that's all I can say. ( RKH- What a stupid price they are at as well)

Well I bought again for my sins, trying to get my % back after the dilution. Not sure what's going on, an aggressive buyer for sure but also a seller which I suspect is happy to make 10% margin these days from the raise. Not sure TBH, but AIM seems to be dead these days for trading at least.

Board did a good job with the small discounted raise, only criticism is lack of foresight again because they should have raised at the same time as the interims ( prior to the drop). and if they did, maybe we were still in the luxurious 2's.

Agreed Phil, Argos was bust and had no discovery. This isn't going private at all but could well get taken over on the cheap which has always been my number 1 concern here. Aim isn't valuing companies correctly, it either goes 2 ways- overvalues or undervalues and we are at the lowest end of under valuation. Even if we were discounted at 99% of our NAV, we should have a minimum market cap of around £30 million. That's how bloody ridiculous this price is!

Newlands were keen, even after buying a load more shares they did a little spread bet because they were so happy. Almost like betting on red with the roulette when the only choices are red and red.... AB is acquiring to questionable levels and will probably go higher, strategic or just plain old greed? Only he knows, one thing though is these guys are no fools and they hate parting with money unless it's returned in a greater number than they last saw it.....

Apart from the investment- follow the money ( as above it rarely let's you down) I'm quite surprised there was zero reaction, AIM seems very depressed right now but like all things in our circular life- what goes around comes around again and again.......

Time to grab these low prices now I think.

For what it's worth I had a long chat with my gut earlier and my gut tells me that it will probably be Nav farming into Bor after RKH FID. I thought it made sense, rather than 2 FI projects it will just be " the project". Rig will be shared, personnel, accommodation, helicopters and all other associated fixed costs will be shared.

It's the only thing that makes sense to me right now............

Hi Anth, totally agree and even more so on the length of time to farm this asset out, possibly the longest time endured in O+G history. Many mistakes made by Obee and his previous crazy plans for full development with multi billion dollar CAPEX required, at a time when oil was at a low point! No wonder many thought Obee was here just for his salary, but now he is long gone and we seem to have immediate progress since Harry joined ( or the timing is finally right- hence stars aligning quote)-who cares. Let's just get this thing over the line and I can look forward to seeing regular positive RNS's on a Monday morning for a change rather than the usual.....

The Chagos issue is completely different in every way, islanders were kicked off the island, they don't want to be British and it was all about the military base anyway. I'm not sure why anyone links it remotely to the FI? Totally different- why no mention about handing back Gibraltar to Spain?- because it doesn't make the news and there's no interest.

Clarification from meeting-"Farm out Progress- Going extremely well" This is not a quote but my opinion only.

Just to clarify in case people were confused!

Tincan- Andrea bang on and well done. We will all know how important this lady is very very soon.

Hi Phil- timescales I have no idea but a lot of chat was sharing costs with RKH, so take that as you find it.

Hi Phil. There is a LOT of talking going on right now and whilst I am completely depressed at looking at the share price here I am probably the most positive that I have ever been. To the point, only the insane would not want to be a BOR shareholder at the price it is right now.

Answers....

Why drilling another Target?- As is suspected looking at Darwin West first and Stewart underneath (extra 600 million barrels recoverable) Darwin East is a given but so is West with more reserves, Stewart with 600 million barrels is parked right underneath.

Any way Darwin impacted by the UK government new attitude to net zero- Absolutely not, Falklands 100% committed to developing their oil industry and no external pressures from UK

Can infastructure cope with 2 developments- 1 campaign right now but FI can react extremely quickly to accommodate 2 campaigns ( sharing infrastructure has been discussed, helicopters, accommodation etc already and multiple times)

Farm out Progress- Going extremely well, hence the need to raise only 12 months cost to cover the licence renewal and fixed costs. I sense something is very near indeed.

Farm out with free carry or receive some back costs- They alluded that back costs were a bit of a thing of the past and a free carry more likely, we are in a different era these days.

A couple other things that were mentioned I am actually keeping to myself to chew on and think about.

All I can say is- Extremely positive and I thanked both Harry and Bruce for the time they spent so I can share with you all here. The private investors invested in Bor are a substantial force and much appreciated by the current board.

Thomas- Buzz off now....... there's a good little fly.