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Chesh
I am trying to have a serious debate and you resort to quoting Monty Python.
Madman Rob was correct - you are a stalker.
It is a shame you don't apply the same scrutiny to the BLOE BOD as you do the PRD BOD. IMO you have got it wrong in both camps.
What that means Chesh is when they got around to the November sale of oil they probably sold around 25 Mbbls of oil and they may have received $2m if they were lucky - but so what.
In H2 they managed to spend approx $5.5m and they did not even start any new wells in that half year.
Of course a Strategy can change but they have not issued an RNS to say that, and if they have changed the strategy as you suggest they need to be able to fund it.
TLH1 - I regret to say you are spot on.
Chesh - you are the one that keeps drifting onto Project 3 but as you mention it should be "funded by Oil", I agree, that is how it should be funded, but the problem is we are not producing anywhere near enough of it, flow rates are declining and we are not drilling any new wells - on Project 1.
Ok then - it does look as though it could be a ten minute argument after all, but not of my making.
ShortShrift - I am not debating whether they should have corrected the header text or not, but having reread the text in context I am happy with the general consensus here that the date referred to in the following paragraph is the correct version:
""An independent technical report for the Cory Moruga asset with indicative production profiles and near-term revenue projections is expected to be released before the end of 2023.""
If you wish to think otherwise that is your prerogative.
Extract from RNS dated 30th November, 2023:
""An independent technical report for the Cory Moruga asset with indicative production profiles and near-term revenue projections is expected to be released before the end of 2023.""
Where does the following statement posted by ShortShrift come from:
“ · Cory Moruga Independent Technical and Resources Report to be published in December 2024”
What about the money that went to Quanta where TS was Chief Financial Officer?
31 March 2021
Mobile Streams plc
("MOS" or "the Company")
Mobile Streams grows partnership with, and provides funding to, Quanta Media Group Holdings
Mobile Streams plc, the AIM quoted mobile content and data intelligence company, is extremely pleased to announce that initial work with Quanta Media Group Holdings ("QMGH" or "Quanta") has uncovered significant additional areas of synergy and opportunity.
Quanta is a developer of high-quality sports and iGaming related product, content and destinations which it expects to launch in the next quarter. The company was founded by industry veteran, Andrew Deeks, in 2019 and is headquartered in London, UK. Edward Simons serves as Non-Executive Chairman and Tim Scoffham as Chief Revenue Officer. Quanta is an early stage business which for the period ended 30 September 2020 incurred losses of £155,551 on revenues of £376,851 and as at that date had net assets of £125,829.
Following the announcement on 18 March that Quanta had signed a major contract to use the Streams data platform, it has become clear that there are multiple opportunities to drive revenue growth via the partnership. It is now likely that MOS will be able to drive extra revenue from its legacy business as initially thought, whilst Quanta has also confirmed it should be able to utilise its iGaming platform to drive additional revenue from the legacy MOS IP, including mobilegaming.com.
In order to accelerate development of these opportunities and advance Quanta's business plans, Mobile Streams is providing QMGH a Convertible Loan Note of £250,0000 (the "Loan"), with a further £250,000 to be made available subject to achieving various agreed milestones, centred around its entrance to key markets. The Loan, which accrues interest at 5% per annum until repayment or conversion, and which is redeemable on 31 December 2022, can be converted into Ordinary Shares in QMGH ("Ordinary Shares") earlier on the following agreed basis: at a price per Ordinary Share being the lower of a) £0.07 per Ordinary Share, b) the price any other Ordinary Shares are issued prior to conversion or c) a discount of 20% to the valuation of the Ordinary Shares in connection with Admission to AIM or any other regulated market or on change of control of QMGH. These funds will be used by Quanta to fast track their business plan and deliver on MOS opportunities simultaneously. The management of the two companies will be investigating all avenues and possibilities available to deliver further growth.
Lothbury - I do not understand the last bit of your post - As you say WA Technology website states they operate out of Portugal, however the Registered Office for WA Technology Group Ltd is 86-90 Paul Street, London and TS is now the sole Director. If I have understood the RNS correctly:
WA.Technology Group Limited has invested £400,000
MOS Directors / Management have invested £100,000
Others have invested £175,000
I would assume Stephens presentation will be of a Technical nature - Will PH be there networking?
I notice that Cliff Isaak of Kura Basin Operating Company is also there.
From RNS: "As part of the Subscription, WA.Technology Group Limited, an online betting and gambling platform with significant LATAM experience, has invested £400,000."
Last accounts signed by Tim Scoffham show "WA.Technology Group Limited" as a dormant company.
Chesh - I think you actually get it but you won't admit it.
PH promised continuous back to back drilling this year and you yourself were forecasting 1000 boepd by year end - It has not happened
The lack of progress on Project 1 is totally unrelated to CPR's, etc on long term Projects 3 and 4.
The only logical explanation for lack of progress, as I have said many times, is cash flow or lack of resources, or both.
Block had very good production figures in Q2 off the back of WRB01
Q3 production figures were also quite good but were boosted by WRBO1 and an initial surge on WR34Z
However, come the tail end of Q3 production from both previous wells and WR34Z had fallen back.
I suspect that resources and cash flow has been diverted to prop up production from one or more of the existing wells, possibly introducing a pump in WR34Z to boost production, all guess work I know but I believe it has to something on those lines.
But the problem is, all the time this is going on production and hence cash flow is slipping.