Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
As I see it... Between now and year end there are x5 wells scheduled.
These are chasing a potential total of 236MBoE with average probability of success of 33%.
So, by year end LBE would be expected to have discovered 77MBoE.
In theory that could eventually value the company at 77MBoE * $4 per barrel = £308million.
For reference the current market cap is just £40 million.
Of course it wont work like that : however even success in just the smallest prospective well (Mugentined / 24MBoe) could see the share-price double. Nothing is guaranteed here, and exploration is "risky". Conversly the upside potential should be obvious for those prepared to hold medium to longer term.
What happens if the first well is a duster ? Obviously not good news... But they have several more rolls of the dice already lined up. So I wouldn't expect the share price to tank. All x7 drills lined up are in geologically different areas so totally uncorrelated from each other. What makes this share is good value is the Norwegian tax rebate on drilling. If you are going to buy in then might as well strap in for the entire ride, before the first well, rather than hanging about hoping for a 10% discount but possibly missing the boat. The result of first well (good or bad) will have no impact on the other x6 wells.
https://longboatenergy.com/wp-content/uploads/2021/06/Announcement-Idemtisu-PL293B-003-SNEL-2.pdf
spud due 2nd September according to my notes.
some early success on first drill would be fantastic...
His departure immediately after the failed court sanction is telling... Good riddance. The man lied to me on phone several times. An absolute rat.
> Don't you agree HT?
Nope, despite also being from the NE originally I am all for Scottish independence myself ;-)
No shame in being pro UK (that is simply a different form of nationalism). What I object to is patronising, and badly informed, tone used by schlemiel (who previously seemed like a decent poster). Competently unnecessary and no apology for responding in the manner I did.
@schmeil.
The reason Scotland has voted SNP in every single election since 2007 is because of loud brit-nat gob ****es like yourself.
Britian has never put Scotland's interest first : disasterous brexit a prime example of that.
Get off your high horse, cause you clearly don't have a vote up here. If you were politically aware then you would realise that oil isn't devolved (Westminster need the subsidy) and that decision over Cambo field will be made in London. Which of course makes your ill informed rant about Sturgeon all the more comical
This thread is comedy... Bunch of bitter gammons chewing on a wasp and bumping their British nationalist gums over Sturgeon. Like some fat roaster in corner of a pub - no one gives a f--k what you think.
However here is a little home truth : Westminster has happily trousering the north sea oil revenue for the past 50 years. Then the have the audacity to label Scots as subsidy junkies. Look in the mirror pick pockets!
The cult?
The SNP stay in power because 47% of Scots voted for them in May. Understand how democracy works you idiot
Schmeil : if Boris Johnson wasn't such a useless brexit **** then Scotland wouldn't need to vote SNP : have a nice day :-)
https://www.londonstockexchange.com/news-article/HUR/false-high-court-claim-and-egm/15096720
Wow...
Anyone have any insight what the hell is going on here ?
Absolutely bizarre. Never seen an RNS quite like it.
surely next catalyst is the imminent drilling?
Thanks @Reflection - that is great news Corbett is gone...
Until recently he was still listed as working for HUR
Phil Corbett was the official mouth piece of the restructuring plan.
He lied to me on the phone several times, but was always careful never to put anything in writing.
The face he has taken such a long leave immediately after the court sanction was refused says it all.
If investor trust is be restored in the company then Phil Corbett must go.
Anyone know if Phil Corbett is still on "holiday" ?
6 weeks this the sanction hearing now - so he must have been away somewhere special.
The company wont answer my emails asking who the head of investor relations is...
Thank you Andrew Austin!
Great ride so far.
Share price slowly ticking up suggests pressure on the free float available.
Investors, quite rightly, holding tight to their shares for longer-term.
Phil Corbett pretended to be the share holders friend... In reality he was complicit in the restructuring scam. His role was to fend off difficult questions (given lack of formal PR from the board). He frequently told bare faced lies to the very investors he was trying to defraud
Marris is a sock puppet ...
A credible CEO would have given some kind of interview to the market / investors after such long period in the role.
Also : Is Phil Corbett still on "holiday" ? Seems to have taken a convenient timed month-long sabbatical since the court decision. The company wont answer my emails asking who the head of investor relations might currently be...
Solid RNS and very exciting... Ahead of schedule.
Though what caught my eye though is the exceptional low net-cost to LBE of taking part in these drills.
> with a pre-carry net cost to Longboat of c.$5 million (c.$1m post tax).
So : LBE have staked just $1 million to take part in a drill which could discover a 15% share of 200 million barrels.
30 million barrels could be worth ~$120 million ($4 / barrel). So even moderate success in just this first drill could see the share price / market cap significantly higher than the £38 million LBE currently valued at.
> The Geological Chance of Success associated with this prospect is 25%
Exploration always a risk - though teading between lines I think the management has chosen these assets for a reason and believe chance of success to be a little higher? They have had drilling success nearby with Faroe and something made them come back. Also : average drilling success rate in Norway in recent years has been closer to 50%.
Egyptian Vulture seems one of the higher risk / higher reward drills? Early success will see this fly : however if not LBE have lined up x7 bites of the cherry, on similar terms, over next 18 months.
Good luck all!