Member Info for haggis_trap

By the way - I personally don't trust, or rate, Crystal Amber.
One only needs to look at their own share price for judgement of their quality as investors.
I wouldnt invest simply because they are ploughing more money in.

@Genghis15 is correct.
IN SUMMARY : Future success now depends entirely on reservoir performance.

The problem investors have is that the previous board chucked so many smoke bombs that it is impossible to know what / whom to believe. One thing is certain : Lancaster didn't perform as predicted by Robert Trice. That doesn't necessarily mean it is a failure - but the water contact certainly appears to be higher and problematic. Certainly the higher oil price means bonds will now be paid off in time (and the future of Hurricane looks much more certain as result). What we don't know is if production at Lancaster will end sometime mid 2022. Or perhaps the well will keep on producing at 10K bopd (with 30% watercut?) for several years after that? That is the *BIG* question....

Certainly the post-Trice board didn't cover themselves in glory. They should be investigated as the attempt to give the company away to bondholders were an absolute disgrace. Ultimately the Tiernan / Corbett era deliberately trashed investor trust (so the ashes could be given away for free?). F--k them all : I hope they rot in hell. They never acted in wider share holder interest. However, simply removing them doesn't mean the problem of under-performing / uncertain reservoir is fixed.

Someone selling in big chunks - which suggests to me an institution. Completely irrational to be selling out now. Only explanation is they want out of oil & gas. Once they are gone this will surely tick up?

^ true on all fronts Daveri007. As I see LBE is basically riding Equinors coat tails. All of the benefits of larger firms economy of scale & industry clout but with potential upside of a start up.

By the way : Craig David says the party has finally started ;-)

Malcy makes a simple but valid point.
Equinor (the primary partner) don't need to shout about a single drill result.
But for LBE this result appears to be transformational with massive potential upside following appraisal.

Every single trade this morning is a buy.
Share price only going one direction...

https://www.lse.co.uk/ShareTrades.asp?shareprice=LBE&share=Longboat-Energy

@pauldrayton: "work to do" is a reasonable summary / but a very nice problem to have!
As you say the well still needs to be fully appraised before a proper value can be attributed.
Without getting carried away its fair to say this result should give the share price a solid base (... and I am smiling!).

Absolutely fantastic news! An early strike which will shore up the share price. Investors can now relax and enjoy rest of the ride.

Hard to put exact value on it given wide potential gross range (19-60million). However there are plenty hints in RNS that further appraisal will likely see that revised upward in time.
This result seems to justifies the current market cap (£40 million) and more. Not least given there are further drills due in short time frame and we now have a 2/2 strike rate.

At a guess this should open at £1+ then rise as word spreads.
Well done Helge and team.
The Longboat has finally departed!

In theory Rodhete (2 million barrels) already covered cost of the 7 well campaign. However commercialisation dependent on partners in area proving up other resources nearby to make it worthy. So for now it's bit of a no-score draw. Something better than nothing. Suspect it will eventually be traded off at discount (hopefully as part of bigger deal)

One of the video interviews highlight Mugnetind as potentially ideal for early monetisation. I suspect it might the well that gets the Longboat going...

I am near certain that after 7-wells this will eventually come good. However : it would be great if Egyptian Vulture comes up as an early strike - then we can all relax. If not it will be case of closing eyes and strapping in for the remainder of the ride.

Its a fair question to ask what can go wrong here... I am a longer term holder, but as the share price goes up this becomes embarrassing / worrying larger part of portfolio. Nice problem to have. Gut instinct says to grow a pair and less this run.

Traditionally biggest risk for energy companies is price of oil / gas. However with exploration out of fashion it is going to take 4-5 years for supply to catch up with demand. Gas / Dutch TTF clearly won't stay at current silly high prices forever. However the longer it does the more cash is accumulated (... and share price will tick up accordingly). £1 million euros a day not to be sniffed at!

ESG / climate change concerns a big for super majors like BP. However AA has that covered and riding the green wave whilst justifying it with low scope emissions. A clever place to be and another reason this will (eventually) be taken over.

The one niggling concern is that current gas prices will make pricing future acquisitions fairly problematic. However you can't have your cake and eat it.

Thank you AA : (fwiw, this share has recovered some previous oil & gas investment losses for me in short time period. For that I remain grateful!).

Its a fair question to ask what can go wrong here... I am a longer term holder, but as the share price goes up this becomes embarrassing / worrying larger part of portfolio. Nice problem to have. Gut instinct says to grow a pair and less this run.

Traditionally biggest risk for energy companies is price of oil / gas. However with exploration out of fashion it is going to take 4-5 years for supply to catch up with demand. Gas / Dutch TTF clearly won't stay at current silly high prices forever. However the longer it does the more cash is accumulated (... and share price will tick up accordingly). £1 million euros a day not to be sniffed at!

ESG / climate change concerns a big for super majors like BP. However AA has that covered and riding the green wave whilst justifying it with low scope emissions. A clever place to be and another reason this will (eventually) be taken over.

The one niggling concern is that current gas prices will make pricing future acquisitions fairly problematic. However you can't have your cake and eat it.

Thank you AA : (fwiw, this share has recovered some previous oil & gas investment losses for me in short time period. For that I remain grateful!).

Exactly : what is the future vision for this company once bonds are repaid ? (Which they now will be with ease).

All trust in fractured reservoirs, and direction of the company, was lost when Dr Trice was fired. Yes, there were issues with Lancaster reservoir. Throwing the 'baby out with bathwater' was not the longer term solution.

Remember the names involved!

Kistos flying. Having a little in there kept me patient here.

However, as I see it : LBE more likely to x3 bag from currents prices over next 12 months. One good strike and this will motor.

Wonderful stuff... Kistos flying with lots of irons in the fire.
AA really is a likeable city dell-boy. I reckon he knew exactly what he was doing when he get up Kistos as 'green' gas company to ride the energy transition wave.
Happy to hold longer-term

^ @munchbox. you were warned this was a risky / longer-term share...
instead you blindly hoped an RTO of any old rusty field at end of its life meant share price would magically double.

now : here is a positive thought.
this drill just discovered ~2 million barrels (20%) for LBE.
if that is worth £8 million then entire drilling campaign has already paid for itself.

Sure - Rødhette wasn't the drill that will transform the company.
However it seems to have been worthy.
Such is the nature of exploration. Do you feel lucky punk? I am still in...

As I see it : something better than nothing.
Its not (... yet) the transformational result it could have been.
However : it most likely worth something to someone at current oil prices.
Suspect that the LBE share can ebe sold on for near field production in future.

Dutch TTF remains at record highs.
Analysts believe it could rise another 30% by spring.

The drop in share price this morning makes no sense.
Only explanation is market makers trying to flush out some shares?

Welcome aboard the longboat dicky!
An ex-Baillie Gifford fund manager putting in a cool £2 million of his own cash is fantastic vote of confidence