Member Info for Helpful

FYI

I was a 10% holder before the pre-IPO round, I took some in the round but nonetheless I will be diluted somewhat. So I know exactly where they are up to. However, I can't comment: not particularly because of RRR but Elephant is going through the SEC process now.

Until everything is agreed with the SEC, nothing is agreed but so far it looks okay.

There is a range of outcomes, it will come down to market conditions at the time and market appetite. Market conditions are favourable to Elephant: when this started oil was around $55 and they thought they could get a decent valuation. Oil is now $90+ and they have the new Namibia license.

But, until it is done, it ain't done. Once it is signed off by the SEC, they will put it in the public domain.

DYOR

https://twitter.com/RRR_RedRock/status/1495740552096137221?s=20&t=cbKWDCmmL_d2znKuqiYXLA

https://reconafrica.com/

Pity we can't do smiley faces on here.

DYOR

Ah moving your ground, we will get there.

Enyo cannot walk away if the conditions precedent are met.

It is how these agreements work otherwise it would not be binding. Do a course in commercial law; you will find it helpful.

As I said binding subject to the conditions precedent. What you should concerned about is, what are the conditions precedent and can they be met?

Conditions precedent is a pretty standard commercial term. All mortgage offers would have them.

DYOR

https://www.upcounsel.com/what-is-binding-agreement

Sorry but you don't understand what you are talking about.

It doesn't say binding on AST, it says binding. AST cannot have signed a binding agreement subject to conditions precedent unless Enyo have signed. If Enyo haven't signed how could it be binding on anyone? If Enyo haven't signed then there are no conditions precedent to fulfill.

You need to go a look at role of the NOMAD on AIM. What you are saying is that the NOMAD has failed in its duties re AIM.

DYOR

https://twitter.com/NTOGplc/status/1494628321828737032?t=TvM4P87Pj_a2z59Ld1irng&s=19

It wouldn't be binding unless both parties had signed.

It wouldn't be binding if there was wriggle room for ENYO. Think of it like a mortgage advance: all advances have conditions precedent. Same here, the conditions precedent will be clearly stated in the binding agreement. They are either met or not. I don't know what they are and likely not many people do but possibly one is a banking facility from Enyo's bank to fund the expenditure by Enyo.

DYOR

Fouke #1. Actually that well did flow at 400 bopd without artificial lift when first tested. The well is flowed on a restricted basis because of RRC regulations. That is evidenced by the lack of a decline rate. Fouke #1 is capable of a much greater flow rate but Cypress would have to approach RRC to get a variation in the permit.

Re proving up Pine Mills this relates only to 80acres of the farm in acreage plus the extra acreage leased post drill plus any acreage they have leased in the run up to this new drill. The Farm In Acreage is now much greater than the original 80 acres. NTOG has a 32.5% WI on the Farm In Acreage but 100% elsewhere on Pine Mills. The next three planned wells will be elsewhere outside the Farm In Acreage

DYOR

https://twitter.com/ernstimfeld/status/1494595379932839943?t=eaKZQAvJ5g7CFR-wgMljjQ&s=19

https://twitter.com/ernstimfeld/status/1494689691790192643?t=dMfeADZApytWhGNPUfEMDQ&s=19

M NTOG has 32.5% Working Interest. That means it picks up 32.5% of the costs on this well. But the mineral rights owners take 25% and so NTOG's Net Interest is 32.5%*75% = 24.375 bopd. Opex is less than $10 a barrel because the oil is dry and no SWD is required.

At current prices we are looking at 24.375 * $78 =$1,901 per day or $57k ish per month.

The main issue is the reserves. When you drill a new well it often permits resources to be moved up to reserves. The second big issue is the other intervals that they are going to look at. It could be (no guarantee) that this well permits a material increase in reserves.

DYOR

"Further to the Company's announcement on 27 May 2021, the Company is now pleased to announce that it has signed a binding damages-based agreement with Enyo Law LLP ("Enyo" or "the Firm"), the specialist arbitration and litigation legal firm who filed the Notice of Dispute and represented the Company in the pre-arbitration negotiations, to commence the arbitration proceedings against the Republic of Slovenia under the Energy Charter Treaty and UK-Slovenia Bilateral Investment Treaty. The Firm - which will also be advancing the disbursements which are expected to be incurred in the pursuit of the claim - will only be paid out of the proceeds of the arbitration in the event of a successful damages award or execution of a binding settlement agreement (if achieved sooner)."

https://twitter.com/SwingTradeBotUK/status/1494654766886141958?s=20&t=Xbtxz0GuwoOm1ZZutN-z1zLNCFVWqz5naCvdJ-W-kMo

$1,892

10 mil funding in place for Tunisia? Do tell more...

Interesting. Evaluating other intervals....

https://twitter.com/chigrl/status/1494051966804238337?t=zxbqhEAtotNZIa8vtN1quw&s=19

https://twitter.com/chigrl/status/1493922038070886400?t=wLEKHn3TF2i6wKAtFO_erg&s=19

Enyo Law LLP have just won a big international arbitration case.