Member Info for Helpful

Tragic you have no idea.

CRT is a long term holder as I am I. We have an order in at 0.535p and have had it in for a couple of weeks. WHI have been filling it for us as they pick up stock.

We are here for the exit on this. Our only concern is that it gets sold too cheaply. We want to be in a position to resist it being sold too cheaply. Having said that if someone wants to bid us our price, we will take it. That price is a lot higher than where it is now.

We should hear re Elephant Oil and United Oil & Gas any day now.

DYOR

He has a spreadsheet of things to cut and paste.

He was a big ramper five/six years back when the share price was collapsing. Looks like he lost everything.

So I said that the assets had value, that they would be written back in the books and we could realise value and …..

"Jupiter again commissioned an independent valuation of its Central Yilgarn Iron Ore assets, which has resulted in a reversal of prior year impairments of $1.2 million. The Board remains committed to the inherent value in these projects which are not present in such quantitative valuations, especially in light of recent positive changes in iron ore market conditions. Subsequent to year end, Jupiter announced it launched a process to review its strategic options with regards to these projects"

The big issue here for RRR is not so much the carrying value of the Yilgarn in the JMS books but the value of the Royalty if a deal gets done.

Let's hope Hartleys can get a deal done.

DYOR

I agree.

Changing CW in the last 6 months would have lost all the soft knowledge and history. You do need some continuity on these things. When the company is a bit bigger, if it can attract a suitable big hitter then all well and good. No point in jumping out of the frying pan into the fire.

I can see the combined entity being at 200 boepd net at the end of May. Possibly, the company can then start looking but you will come back to the same issue we had with RC as CEO: remoteness of the management. We are a UK listed company and some of the board needs to be UK based and conversant with how listed companies are run.

Personally, I would run things as they are till March of next year: by then the company should have started to exploit its assets properly and may be at 500 boepd net. If they bring in a big hitting CEO too soon and he/she wants all the goodies that go with the position then the company could be using all its cashflow to feed the CEO and the BOD.

Before the trolls get excited: one horizontal well at ZR and one at Austin (total cost $2.5mil) would probably get us to 500 boepd by March. That would only require 600 boepd gross on each one and for us to have a 25% NRI.

DYOR

Got it:

Acquisition Makes Sense
That the Company has acquired Attis makes sense, especially as Attis provided the Company with the only technical expertise to operate is licences and sign off on the technical content of its releases.

What continues to defy logic, however, is Wood continuing in his role as CEO, especially after the Deloro debacle, which we have covered here many times.

What now needs to happen, now that the Company has proposed its name change (as we suggested in January 2019), is that the historic management team needs to be removed, to give the new company a clean break and a fresh start.

Otherwise, it is a case of "plus ça change, c'est la même chose," which to our mind would be a drag on any value that the new management generates.

Obviously he still has an issue with CW.

DYOR

I am told that Zac Philips likes the deal: anyone got a link?

There is a thing called GDPR and also we have house rules: no one is supposed to disclose names on here and it is in any case unlawful unless the information is in the public domain.

As I said, it has not gone to the PI market.

Large shareholders, not the PI market.

There might be some TR1s

https://twitter.com/AmberMining/status/1123150151739236352?s=19

*without ZR and without FW.

57 bopd net from 6 wells on one field: output is still rising and the 7th well, which is an analogue of the Ritchie Talley, is still to be worked over. Break even was circa 40 bopd. The next update from Austin should look much better. Montsanko is a big well: we won't know how much oil comes out of that till the oil cut settles down. My view is maybe 30/45 bopd gross from Montsanko. If the 7th well turns out like Ritchie Talley we might hit 100 bopd net with ZR and without FW.

DYOR

I am happy re shareholder value. We are now fully aligned with Thom Board and his team. Pretty much all the new money is going in the ground. When we get the final stabilised position for all the 7 wells at Austin, I think we will end up around 100 bopd net Mayan (pre-Attis). That is delivering shareholder value.

If TB can replicate that result at ZR then we are a proper business: it opens up all sorts of possibilities, including RBL.

DYOR

100%

Well they have delivered the first two bits they promised. We should see over the few weeks how this works out;

1. Update on initial results at ZR
2. Update on Austin and getting well 7 online
3. Sub surface survey
4. CPRs at ZR and Austin
5. I expect RBLs

DYOR

The plan is there, they have said what the plan is.

The sub surface surveys should be ready pretty quickly

57bopd is net to Mayan so it is about 80bopd gross and still improving. ZR next.

What Attis get is as follows:

Corporate deal making
Shares in a quoted company
Access to capital raising and RBL
Quality assets
Technical capability to do US PI farm downs
Carried forward losses
A platform to accelerate growth

In my view it is win-win.

DYOR

http://www.mineralholders.com/texas/austin/apeg-palo-pinto-lp/1497094

We have scale now. There is a lot in that RNS, people need to read it a few times.

Being an operator will open a lot of doors for Mayan. The operator gets to see what is happening on other people's wells. Lessons learned can be used on our own assets. It also means we can now execute on the proposed farm ins for the US PI market.

DYOR

Excellent!

57 bopd net from Austin so it is improving.
Cashflow positive
We can now handle more fields and wells.

End of May this will look like a real business.

DYOR

Let's see.

I got involved here because on paper the business model is a doddle. Let's take Austin Chalk five wells cost $500k. Workover cost say $100k for the stage 1 workover. Let's say 50bopd net to Mayan. Valuation is $25k per flowing barrel, so: 50 * $25k = $1.25mil. Plus we have the behind the pipe resources, unexploited intervals and modern enhancement technologies.

We should be able to do 3/5 deals like that a year. Work them over, sell the enhanced asset and reinvest: keep the ones with big upside.

We should be turning these deals over on a regular basis, like they were cookie cutter deals. We should have been doing it for the last two years.

Fingers crossed, we have turned the corner and we are about to bounce hard.

DYOR