Member Info for HeidHoncho

But then again, you already knew that.

By definition, a position of great prominence or advantage.

Having now read the article I can now see the context in which the point was raised.

Through the utilisation of Premier’s facilities, rather than in a partnership for our FB assets.

That may work, subject to the fee to utilise the asset being rock bottom.

Given that in relation to Premier’s need to reduce costs/debt we should be in the catbird seat during negotiations.

Unfortunately Premier are a bust flush just now.

They haven’t as yet found a buyer for Zama, they have yet to raise a large sum to progress Sealion, and the revenue from their current other programmes are necessary to pay down the large debt that they have.

I just cannot see where they would be able to generate significant funds enough from to enter into a deal with us.

IMHO

seadoc, but with an anticipated 3200 feet section entirely within the Portland you would have to be damned near horizontal whilst transversing through it.

Get yourself a piece of paper and a pen, scale it down and draw a line 3200 feet long, then on the vertical axis draw a similarly scaled down thickness of the reservoir, and calculate what angle you would require to transverse through the Portland at to achieve 3200’ fully within it.

You may be surprised.

Depends on their definition of “horizontal”, but as sure as eggs are eggs it will not be the layman’s definition of horizontal (i.e. 90 degrees), but that’s okay to call it horizontal at sub 90 degrees, it just doesn’t tell me at what inclination that they will transverse through the Portland.

Additionally, they will not necessarily conducted an open hole sidetrack from below the casing point of the 12-1/4” hole (circa 2000 feet), and may well be doing a cased hole whipstock sidetrack out of a window to be milled in the 9-5/8” (assumed casing size in 12-1/4” hole) casing higher up in the well.

Especially so given that the dogleg severity increases the lower down the well that you sidetrack from.

I’m sure that someone will have greater detail of the planned wellbore trajectory, but Amy points are based solely from the scant info in today’s RNS.

IMHO

You wouldn’t be looking for a dogleg severity greater than 3-4 degrees per 100 feet, as a general rule of thumb.

That’s the point however.

Circa 20-25% of ALL shareholders require to be in a position to finance doubling down on their entire current shareholding, or other shareholders to more than double down, for the OO to meet its necessary end.

That’s a tough ask, and one that there should be credible concern will not be met.

IMHO

“Upon reaching a total depth of approximately 3,000 ft, HH-2 will be electric logged”

There is the change to plan right there.

The RNS today stated they would drill to just 2300 feet, so no entry into the Kim, and no logging of the same.

A mere £1,200 of sells over two trades and they drop the sell sp from 7.66 to 7.25p

Whatever next ?

Averaging up in a now stagnant market.

Brave man.

Yup, looks like the previously planned Kimmeridge entry for logging has been binned.

But no explanation why.

On that basis, isdeer as a shareholder in UJO, must be bricking himself that he will have to pay his proportionate (to his shareholding) cost of UJO’s costs for drilling/testing out of his own pocket.

That’s a special type of stupid right there ..... lmao

“he came across as a regular guy in the past” ?

We are surely not talking about the same individual then, as the posts I witnessed were from a disingenuous denialist with confirmation bias and contrarian views to the reality plain for all to see in front of them.

IMHO

There are other reasons that the drill MAY not happen, even if the OO is fully taken up.

They still don’t currently have a signed off contract/commitment from Seadrill that the rig will be made available (I’m not even sure that they have a signed LOI in place, and they aren’t worth the paper they are written on).

Additionally, the other necessary piece of financing, the CLN, is only conditional at the moment, and there are a number of conditions that still need finalised/agreed/passed.

Without all the necessary government approvals, a signed rig contract, and the CLN being finalised, then there will be no drill, even if the OO is successful.

Were that ultimately to be the case, and they weren’t able to drill if only one of the above isn’t met, would the company return the money raised in the OO to the shareholders ?

Or would it be retained, and help pay the salaries until the next time they could plan a drilling campaign, if ever ?

And I say if ever, as the license itself has a “use by” date.

isdeer, I will keep it simple for you, so that even you can understand.

As a shareholder in this company, or any other company, when drill costs are incurred do you as a shareholder have to pay a proportionate (to your % shareholding in the company) amount of the drill costs out of your own pocket ?

No ?

I thought not.

Fredd, I did similar to yourself.

I offloaded 25% of my shares (latest tranche only, as bought them at.15) so that I could reduce (albeit it minimally) the level of loss on my core holding built up over the years.

Likewise, and we have all been there too many times previously, if this is indeed a spike to get a placing away, then I’m not going to get caught out again this time, and I will be able to buy back in but for even more shares this time round.

And if it is a true relate, and the price keeps climbing, then tranche by tranche the shares in my core shareholding will become profitable.

So, it’s a hedged win:win scenario for me.

Personally I’m not a fan of this suggestion to dispose of our 55% holding in 401, with a belief that it will then give us the finances to allow 201 to be progressed.

Although the money generated from disposing of our share of 401 at this stage would allow us to start progressing 201, it would be but a drop in the ocean of the total of level of funding required to go it alone on 201 to get it to a stage where it could be significantly commercialised.

Were we to go down this route we would end up in no mans land, whereas, if we kept our 55% of 401, which we are led to believe does have partners waiting in the wings to further commercialise it, means that we have our fingers in two pies.

Selling out our 55% of 401, which is currently likely to be the first product to be progressed past phase 2 and with willing partners in the wings, at a low/cheap price, would be a big red flag for me.

IMHO

I’m sorry to say, but this suggestion is a special kind of stupid.

Don’t buy now, when you can readily buy under 2P, and wait until the open offer when you need to pay 2P.

Simple as this, if you believe the open offer will be fully taken up then buy now at under 2P, and if you believe they may struggle to get full take up of the open offer then don’t buy either now or at the open offer as the sp will then tank.

It’s simple logic people, don’t get suckered in.

IMHO

Val301 has been tested ?