Member Info for Helpful

It is still going on now. Certain people are not happy that they haven't got their own way. Given the timing on postings recently, I am pretty certain that some posters are linked to the same people. Perhaps they need to be a bit less obvious.

The carried forward losses are worth a multiple of the market cap but only if monetised. ZR will be shown to be a gem in due course but will need capital spending on it. There is a guy next door working a very similar asset and getting a great result.

Austin will be fine in the short term and when we have the capital to spend it could be another gem.

For the record I had people offering me serious money to vote with their proposals.

Anyway, we are nearly there in my view.

When the company updates us we will have a better view.

DYOR

It costs a lot to run an AIM listed company: Chairman, CEO, two NEDs, NOMAD costs, accounting function and legal counsel and that is before you do anything.

I was with Gneiss a few months back and their view was that £500k pa was about the bare minimum.

These wells produce a lot of water, we might be talking about pumping 200/300 barrels a day on each well 24/7 it adds up.

I don't think they will be able to say or want to say we are at break even. Given the past track record they won't want to give a hostage to fortune but we can draw our own conclusions.

As long as we have made progress, we can see that Thom Board knows what he is doing and we have a forward plan I will be happy.

DYOR

$63.28

Looking better. Netbacks at this level should be around $40 a barrel. 50bopd would be $2,000 a day on that basis ie., $60k a month. I still think at 60bopd we are at break even or there abouts.

How much they have to spend on electricity to deal with the SWD will be a factor on the costs.

Not World beating but better than just burning cash.

DYOR

https://twitter.com/TereaAfrica007/status/1114402833200287744?s=19

Hey almost as if you have a personal agenda.

https://youtu.be/sDu2jm4eMRU

https://www.theglobeandmail.com/amp/investing/investment-ideas/article-goldman-tells-investors-no-need-to-fear-commodities-anymore/?__twitter_impression=true

https://www.theglobeandmail.com/amp/investing/investment-ideas/article-goldman-tells-investors-no-need-to-fear-commodities-anymore/?__twitter_impression=true

Perhaps you should be looking closer to home?

https://twitter.com/miningcomau/status/1113904747772239872?s=19

https://www.wsj.com/articles/copper-gains-as-u-s-china-trade-talks-progress-11554312058?redirect=amp#click=https://t.co/gvBjNFu2Ko

I did a long response and then deleted it. I thought was is the point with these type of people who get off on being abusive?
Anyway, as previously posted on here, this is GCW

http://www.gulfcoastwestern.com/aboutus.html

This is Paolo's firm

http://mcgowenfowler.com/firm-profile/

We did a deal with GCW on Shoats Creek at LM 20.

Join the dots up. The company has said it wants to monetise those carried forward losses.

DYOR

Got out of the wrong side of the bed did we?

It seems that there are two volume buyers in the market. Peel Hunt are bidding for 5mil shares at 0.5p and WHI are bidding for 7mil shares at 0.535p. No nibble just yet. Lets see if they can flush the seller out.

As I said...https://twitter.com/RRR_RedRock/status/1113757439248293893?s=19

NB there is no requirement on the company to notify the market if it has turned down an approach (s).

Musonoi is a top notch asset and if RRR sells, it will get top dollar.

DYOR

Commencement of first 2 work-overs
Mayan's new contract operator, Attis Operating I Inc. ("Attis"), has begun preparations over the past week with the rig scheduled on site on Friday, 1 March 2019 to commence work-overs on the Morris #1 and Montsanko wells. The work-over program, fluid testing, and new pump installation at Montsanko is expected to take approximately 21 days

Taken from the RNS. "Approximately" ie some doubt about exactly how long it would take. No promise of an update after 21 days and it is silent on how long the work at Morris 1 would take. Note that although the RNS states, the first two workovers it says nothing about putting other wells on line to see if they flow. The issue at Morris 1 might be that mud from the previous work on the well got into the pump or it could be that it is complete pump failure. Hopefully it is only a pump issue and it is now happily pumping away.

I have not checked but it might be worth someone looking to see if any production figures on the seven wells has been logged at RRC.

It is worth rereading the bit about the Morris 1 lease."allowing Mayan ample time to workover the Morris #1 well without shut-in production worries and evaluate the best means to extract the most value out of the lease." So if the only consideration was working over Morris 1 then the rest of the sentence is superflous. It indicates that they think that there is more value at that lease than just putting Morris 1 back online.

The potential upside at the Morris 1 could one or more of several things: sidetrack(s), new drills, new intervals, exploiting the gas that EG reckoned was there, farming it out, promoting it into the private investor market in the US.

Another consideration on the above, is that if Mayn were after more acreage in the area, they wouldn't want to release any information that might affect the value of any potential transaction. We have seen the same thing with PQE; they have said that they wanted to pick up more acreage before the success of their technology affected the cost of any transaction.

In my view the carried forward losses and the promotes into the private investor market in the US is a big upside for Mayan and they can use those methods and tools both at ZR and at Austion. In each case they have a decent amount of acreage and so they could promote a few wells in each field.

DYOR

He is in DRC meeting with our partners in the VUP JV and dealing with the next steps.

https://www.spe.org/industry/docs/PRMS-Guide-for-Non-Technical-Users-2007.pdf

https://en.wikipedia.org/wiki/Proven_reserves

Good.