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Not sure that I am going to the AGM, I am having lunch with PA on the Monday and so probably just pointless duplication.

The bits you quoted are just my view, I could be wrong but I calculated the May revenue figures to within $5k before it was in the public domain.

Work is ongoing at ZR and probably Austin and maybe FW. On these older wells they need lots of TLC. I don't think the results announced on the Austin wells were the optimal production figures. For instance, I expect them to get a better result out of Montsanko/Morris 1. Once they finish adjusting those two wells, they should be able to get 60 bopd.

During June they will have been doing the delayed workovers at ZR and maybe at FW. On FW they said they had to re-engage with the local services provider for the workovers.

So for the work done during June we won't have a full months production and for the early part of the month oil prices were lower. The gas price is weak but I did warn CW about the seasonality of gas prices. Personally, I would do workovers on gas wells (FW) in September to bring extra production online going into the price rises. Spending money now for extra production in July and August is poor timing in my view.

I also think that oil prices are heading to $70: global demand increases about 3% pa but production declines are about 9%. So new production required each year is about 12 mil barrels per day and it is not happening and has not been happening for three years or so.

Overview. June will be a bit better than May: month end production higher but early month cash sales lower. July we will have a full months production for the work done in June/May. So cash sales for July should be pretty good if prices hold up. I pointed out to CW that we used to get a premium price for the gas at OK and he has looked into it: I don't know what the result was. If you look back and read some of the old RNSs relating to OK, Randy was quite excited about the price we could get on the OK gas.

The big one is the Stanhauser well at Austin; at some point they will have to address it. Potentially it is a big producer but it looks like we need a fishing tool on it and then the workover: total cost might be $100k which is a big commitment and no guarantee of succcess. If the downhole pump is stuck and they can't fish it then the well might be abandoned till a later date. If they can sort that well then they might get a similar result to the Ritchie Talley.

Things for us to look at: there are 18 wells at ZR to work over and it may be possible that they can get some production out of the older wells which have not been produced for a while. So where are they up with that process? Next we want to know about the sub-surface surveys and the reserves reports. Third we need to know about future plans.

To really take this forward we need new drills and/or new assets. If they can get this to maybe $380/$400k pm revenue going into September then we will have a good base to w

A few questions that arise out of the update;

1. Why won't Brockham produce without fracking? Is it the well or is it the stratum?
2. According to DL the fractures at Brockham were better than at Horsehill: that being so, why can't they produce at Brockham if they can produce at Horsehill?
3. If the issue is the stratum, why is UKOG buying up acreage all over the place?
4. What does this mean for the rest of the Weald: does this mean that the Nutech//Schlumberger reports are well out. What happens to the updated reports that Nutech/Schlumberger are supposed to be doing for UKOG?
Not all clear what the true position is here.
6. UKOG has just issued an update that materially at odds with what Angus has just said: if Angus is right on the Weald why would anyone buy the license? If Angus is right then UKOG won't be buying it because they too have said that they won't frack..
7. Possibly IGAS is the only potential buyer but it has plenty on its plate already.

DYOR

https://tmxmatrix.com/company/PBR
Moving up. Probably a bit of the gold price being higher and the recent update.

https://twitter.com/RRR_RedRock/status/1144203767673434112?s=19

Mr AB busy in DRC.

Landholder consents being signed in Kenya.

https://twitter.com/RRR_RedRock/status/1144201398483148801?s=19

The AGM is coming up; it is standard for companies to put out an AGM update.

The company also said that June would be transformational; it is nearly the end June. So I expect something not next week but early the week after or on the day of the AGM.

PA is coming over for the AGM and wants to meet the investors so whatever the update will say, he isn't hiding.

DYOR

WTI about to go past $60.

I think you will find that he can't without a full IM.

The derampers were wrong on the CLN calling it a death spiral when it clearly wasn't and they are also wrong on the Indo asset.

I expect we will hear on SC over the next few weeks: ADL can't really say anything without Corallian first going public. I expect that there is serious value at SC and that it will be developed in due course. I expect Purbright to be drilled in due course. All the partners in those four licenses have to agree any AFE and so it is a bit more cumbersome than some might like.

Indo will give ADL cashflow so it doesn't have to constantly fund raise. The DD on this has been extensive as will be shown in due course.

DYOR

Arrived. On Twitter.

PS
And I should point out that this will be the first time that the company has had substantial, sustainable production particularly at decent oil prices.

If they can finish the workovers at ZR, FW and Austin then I can see us being at maybe $300/$350k pm. To move it on further from that I think that they will have to start doing some of the following:

1. Perforation known "behind the pipe" resources on existing wells
2. Perforating and testing new intervals on existing wells
3. Some new drills rather than side tracks (I think Thom Board is very wary of side tracks on old wells).
4. New assets
5. Refracks

These activities are bigger jobs than simple workovers, more complex and more expensive.

There is a lot of wells at Fort Worth and we have not heard much about them. It could be that there is a fair bit of potential there but it falls into the more complex list above.

I expect we will get a fairly comprehensive update before the AGM covering production, future plans, and the very important sub-surface surveys.

Personally, I would be very interested in finding out what the sub-surface surveys say. If you read through all the old RNSs it does appear that there is a lot of potential for extra production over and above workovers at both ZR and Austin. The sub-surface surveys should give us a handle on what is there.

DYOR

Auto correct

*I think this is profitable pre-capex.

This now a bit more complex because of the operator revenue, gas sales and oil sales. At Austin, what matters is that production at Montsanko and Morris 1 is properly sorted: both wells use the Montsanko 1 SWD and so no trucking costs.

An extra 10 barrels at Montsanko and Morris 1 is worth more than 10 barrels at the other 5 Austin wells.

I still think revenue of maybe $220k/$230k for June. Possibly a bit more. I think is profile pre-capex. Then July would be bigger because of the work done in June.

DYOR

WTI at $59+

We will be getting around $63/64 at Austin. Very, very good!

https://goldprice.org/

It would be a good time to have some gold assets and to get some more.

And someone else has noticed about copper M&A deals.

https://twitter.com/AsiametTweets/status/1143411925876977664?s=19

Another copper deal

http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20190625:nRSY3090Da

I have MTR: very nice!

DYOR

You are doing the usual things that the trolls do on here, which is confuse your biased thought process with facts.

Just because you hope and wish something is true doesn't mean that it is. You also assume that you know all the facts of the matter. AB has repeatedly said that he has a JV for Migori. I know you hope it is not true but perhaps it is true and your deep concern about a lack of funding is not a concern for the mining committee?

The problem with the type of analysis you are applying is that you discount anything AB says as a lie but maybe you are wrong in this case.

He said he would get the DRC licenses and he did; we have seven DRC licenses and it looks like one of them is a real cracker and possibly one other is prospective. Luamshimba is probably prospective as well but that has not been confirmed. Why not go to the trouble of getting a mining expert to have a look at the DRC licenses? I have had two of them do it. One comment was that on the smaller licenses it would be difficult to determine anomalies against the background because they were so small (relatively speaking) and so we would need access to other licenses data or obtain it ourselves.

For completeness we have 3 licenses in a JV with VUP where we have 51% and four others where we own 80% (three copper/cobalt and one gold).

Para is going okay. Elephant Oil looks like it is a goer and JMS looks like it is going from strength to strength. On JMS I expect news on the iron ore assets by the end of August.

DYOR

I realise there are a lot of trolls on here, who for whatever reason want RRR to fail but it is not going to happen.

The video on Mid Migori is four years old. Since then there have been legal tooings and froings which resulted in them settling out of court.

Your making asinine remarks won't change anything regardless of how clever it makes you feel. Reinforcing each other's asinine remarks won't help you either.

I anticipate a lot of progress here over the next two months: I may be wrong or I may be right, who knows, but the asinine remarks change nothing.

I see RGM is on the way to being sorted now. Nigel is a good bloke and will sort it out. There is value at RGM but AB was unable to deliver it. I expect a direct shipping operation at Mambare in due course.

DYOR

From 2015.

Since then the company settled with the Government and is going through the process of having a license reissued under the Kenyan Mining Act 2016.

All licenses in Kenya had to be reissued under the 2016 Act including RRR's. Mid Migori is no longer part of the picture we bought them out.

The license will hopefully be issued shortly. As with all these things, many a slip twixt cup and lip.
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RRR/13836460.html

At liberty to apply for the license.

DYOR