Member Info for happysparrow

anthony - I email them, and usually get a reply within 48 hours.
We get quarterly update reports already, which is more than most companies.
As I stated a few days ago - in addition to quarterly reports, I'm expecting an update on the Aksa LOI by the end of this month.
Any news that is 'regulatory' will have an RNS provided.

that's ' directors talk interviews dot com ' as one word.

Courtesy of Spangle on advfn:
https://www.***************************/touchstone-exploration-a-busy-year-with-plenty-of-upside-interview/412966908

Apologies, that was warbaby on Advfn BLVN.

not likely to be anyone else's.

News expected one way or another on this by the end of the month.
Thanks to Warbaby on Advfn VOG.
'Counting down to 31st March - RNS of 5th February 2020: "Under the terms of the LOI, VOG and New Age will seek to enter into a gas supply agreement ("GSA"). The LOI envisages that New Age will supply processed Gas to Gaz du Cameroun S.A. ("GDC"), a wholly owned subsidiary of Victoria Oil & Gas Plc, at Limbe. GDC would then transport the gas to Douala The LOI anticipates that the GSA would be for a period of 20 years and would see New Age supply a minimum of 25mmscf per day of gas to GDC for the first three years, increasing to a minimum of 30mmscf per day. The LOI remains in force until the earlier of the signature of a GSA or 31 March 2021. Ultimately, finalisation of the proposed GSA terms and conditions is directly linked to the Final Investment Decision ("FID") in relation to the Etinde field development project." The Aksa project has been bobbing around for a couple of years, but as to whether it ever gets off the ground, place your bets now. Indeed, it might very well suit the JVP if both the 150MW Douala plant and the putative 350MW Limbe plant bit the dust.'

one of our clients:
https://www.lesbrasseriesducameroun.com/fr/nous-connaitre/le-groupe-sabc-en-bref/socaver

https://www.energymixreport.com/new-ceo-vows-to-continue-construction-of-420mw-nachtigal-dam-in-cameroon/

https://www.theafricareport.com/68732/cameroon-the-rivalry-between-douala-and-yaounde/

Reread my post.
Perhaps slightly misleading.
Total price paid is for 100% of assets.
Cairn WI is 50% of assets.

Perhaps this gives us some idea of TXP value?

$646m + $200m dependent on oil price over next 4 years (scaled between $55 - $75 for amount due) + $80m based on results of next 9 exploration wells).

Egypt
Opex $6/bbl
Two thirds gas (largely sold domestically)

From RNS:
Ø Adds working interest 2P reserves of 113 mmboe as at 31 December 2020
Ø Adds low-cost 2021 forecast working interest production of between 33,000-38,000 boepd with an opex/bbl of Ø Two-thirds of production from the Assets is gas weighted, adjusting Cairn's current hydrocarbon split towards gas
Ø Significant Cashflow from Operations (CFFO) contribution: average CFFO[1] for previous three reported years (2017 - 2019) was ~US$140 million net to the interests being acquired by Cairn
Ø Enhances near-term growth opportunities with 2C contingent resources working interest of 49 mmboe as at 31 December 2020 to Cairn and significant exploration potential remaining

Presumably, with delay, sidetrack-drilling, and with the possible need to complete testing next year, further funding will be needed soon (April/May). The good news is that the top zone, the initial prime target will be the last to be tested and, if needed, the one to return to next year. This will provide good reason to raise funds for another year, making such funding easier, and less damaging to the share price. They would have had no such option if all zones had been tested this year and found wanting, and with no prospect of farm-out, the likely complete decimation of the share price. That risk is reduced/postponed if testing the top zone is put off until next year.

Delays are an irritation, but I was very pleased with the unexpected oil prospects, and bought more. Full test results will probably be end of April. This gives me the opportunity to liquidate my other holdings probably at a much higher price (PANR, UJO, perhaps VOG). I now expect to go into the TXP April/May results 100% invested in TXP. A silver lining indeed.

Lea - 2016 Logbaba report from company website:
https://www.victoriaoilandgas.com/wp-content/uploads/2017/07/160815-Blackwatch-Logbaba-Reserves-Report-August-2016-Final.pdf
RNS 28/01/21:
· La-108 Remediation work was completed mid November 2020 and during initial testing the well flowed at the 19 to 20 MMscf/d limit of the surface equipment, with a Flowing Well Head Pressure (FWHP) of 3,580 psig. The full potential of the well is highly likely to exceed the capacity of the plant, which is 20 MMscf/d.

RNS 12/11/20:
La-108 Remediation and Initial Testing (details below)
· We are pleased to confirm that the fishing operation in well La-108 has been successful and the well was cleaned out to below the target perforation intervals
· Following the perforation of 2 of the sand intervals in the Upper Logbaba formation, an initial clean-up flow test was commenced on 11 November 2020
· These operations were conducted safely, with sensitivity to environmental impact, and with frequent consultation with local communities
· The well was opened up on a 16/64" choke and was beaned up to 32/64", and as of 5 p.m. GMT yesterday was flowing approximately 19 MMscf/d with a Flowing Well Head Pressure (FWHP) of 3,580 psig. The full potential of the well is highly likely to exceed the capacity of the plant, which is 20 MMscf/d

Matanda licence (RNS 24/11/20):
The project has progressed well in the first two years of GDC's involvement, and notably in July 2020 the Company was pleased to report a material increase in management's estimate of Prospective Resources, onshore Matanda. Gross unrisked, mean Prospective Resources increased to 1,196 Bcf in the Matanda Licence (onshore) from the previously reported 903 Bcf (ERCL Consultants Evaluation: 'Prospectivity and Volumetrics Report, Matanda Block, Cameroon', 2017).
This increase was the result of a detailed internal prospect evaluation which identified 19 gas prospects in shallower Tertiary-aged reservoirs, plus 7 prospects in deeper, Cretaceous-aged prospects. The Company believes the larger of these prospects has mean unrisked, Prospective Resources of over 65 Bcf, with geological Chance of Success estimated at better than 40%.
(See 'Background on Matanda' at end of RNS).

Hadron Capital have just taken 6.11% in SEY. YF Finance have about 5% of SEY. SEY is now a cash shell, new management (ex-Tullow) who wish to buy production in West Africa.
Hadron Capital own 10.7% of VOG - and YF Finance own 23.71% of VOG.
I've long thought SEY's target could be VOG.

It should be noted that Hadron Capital own 10.7% of VOG - and YF Finance own 23.71% of VOG.
I've long thought VOG is SEY's target.

Today's RNS: '...It is estimated that the sidetrack will take 2-3 days to drill some 650 feet through the Kuparuk Formation approximately 25-50 feet lateral distance from the discovery location, which should allow a better testing operation.'
RNS of 15/02/21: '... The Talitha #A well has successfully reached target depth at 10,452 ft...... #A penetrated over 100 ft of Kuparuk approximately 400 ft updip from the PS#1 well at a depth of 10,050 ft. The top 55 ft of this interval calculates as good reservoir quality, meeting pre-drill estimates of thickening Kuparuk and improving reservoir quality.'

My basic understanding is that TD will now be 10,050 + 650 = 10,700 feet (previously 10,452 feet). They met the Kuparak formation between 10,050 and 10150 feet, and between 10,050 and 10,105 was good quality reservoir. Why then are they going to 10.700 feet, 595 feet below the good quality reservoir? - or have I completely misunderstood what is going on here?

Not yet, Shep, still chirpy, just taking a break, full of the joy of spring. Too, not much to report. Forest doing a good job with BinC.
Perhaps, just Rayfenn's naming of the customers being referred to in the RNS:
'The Flour mill are now connected and will consume up to 0.56 mmscf/d from next week. Prometal and Dangote the other 2 big users are connected and will start consuming the extra 0.95 mmscf/d by the summer. This 0.95 is in addition to their current gas usage. '

Kite Lake focuses on shorter dated events, with a multi-month time frame. The average holding period is between three and four months for merger arb trades and longer, but preferably shorter than one year, for the credit positions. The portfolio turns over around three times per year. For the credit investments, the team do not buy and hold to maturity but rather need to see a catalyst within a year to create the exit.

Kite Lake focuses on shorter dated events, with a multi-month time frame. The average holding period is between three and four months for merger arb trades and longer, but preferably shorter than one year, for the credit positions. The portfolio turns over around three times per year. For the credit investments, the team do not buy and hold to maturity but rather need to see a catalyst within a year to create the exit.