Member Info for highlandmatt

Unlikely to contradict their friend in public. Plus, the potential rise in gas prices caused by the fear would be welcomed.

I would guess the tidal range on the Shannon would be good for hydro, but the greens would baulk at a concrete wall across it. Affects habitats in ways not easy to predict.

It's Russian gas. That will only happen if Moscow approved, otherwise, it's hitting Moscow's income (and Belarus would lose transit fees).

I know, very frustrating as a long term holder with an eye for the future. Production hook up progressing, another successful exploration well, I'm not sure what else the company can do. I can only assume it is a temporary retrace from either traders having made their 50%, or folks looking at the current income / profits only.

Up here we have a lot of hydro. I do wonder about tidal barrages and lagoons - very reliable.

I see your point JL, and agree with your conclusion. Delay, debt, raise, or combination. I'm happy with a delay, and PB has stated he is happy with debt for development. So it's really only the exploration program that is out of existing cash/revenues. 4 new oil wells and Coho 1 should provide $10m extra. If want to accelerate, debt for Coho 2 gives another few million as a first step. Either way, if PB decides to raise, I'm sure it will be put to good use and nothing to worry about.

Thank you JS, Sturm. I think that puts any concerns Re bank balance to bed.

Agreed. I don't think it's a poor situation. An accurate projection is difficult as there are many variables / details we don't know, and that is the remit of the CFO. Is the company well managed and making progress? Most definitely. Income and resources are increasing. It might not be as fast as some might like, but end of Q1 should be a step change - Coho and the 4 new wells on stream.

Expecting these wells to come on stream fairly quickly. I can't recall any flow rates being published, but if the payback is a year on $1m well, then netbacks at $25/barrel = around 100bopd.

$5m in the bank. Income from oil about $3m a quarter? Another $15m credit line? When are the 4 western wells due to be paid for? Do I remember they are $1m a piece, with a 1 year payback estimated? What is left to do this quarter, other than Royston testing and Coho pipe? Cost of these? Can always stop the exploration for a quarter if needed?

Indeed. But that would require time and effort. This seems to be a very part-time job for our BOD. We do have a renewables chap on the BOD.

No cash. Got to fund the Ruvuma seismic.

A value accretive acquisition shouldn't hit the SP, but seems to. Everyone sees the debt and the dilution, but not the NAV and cashflow growth.

Wrong board Frank.

Indeed. Once Cascadura is online, mcap should be £450m, over £2. Add in development wells at Coho and Cascadura, max out that 200mcfd plant, we'll be pushing £1bn, £4.50. Then there's Royston. I've been grateful of the opportunity to add 50% to my holding over the last 6months.

Plus, Paul has stated 'Equity for exploration, debt for development'. If we want to accelerate development (Cascadura is biggest bang for buck), then the CEO has stated debt is the preferred option.

To clarify my response, I don't think any raise would be associated with Royston. Bringing that on production is way off down the line. With the price of oil up, 4 new wells due on shortly, cash flow from ops should be ok, with Coho to add shortly. A second well at Coho would speed up the cash flow, but wouldn't be that expensive. With 2 rigs already working, I'm not seeing the need to accelerate?

TXP won't need any additional funding to complete the tests at Royston. 4 new oil wells currently being drilled in the west are a bigger expense. Coho to be hooked up shortly. Cascadura application shouldn't cost much. Large credit line available. I'd be very surprised if a raise happened. Just my opinion.

Yes, it's strange. SASA has basically paid for itself, and will be throwing off cash from here on.

I think there is also something else. TXP has proved it can drill deep and make a discovery. This opens the door to further targets. The confidence has returned.