Member Info for Ibiza28

I tend to agree it will not be until well after the election and then holidays are over and what happens if the government changes God knows what happens just hope MB has something guaranteed in writing.

I am not so convinced we will need another equity rise. I think the first well will test up and cover the CNG local market and still have a lot of gas left over. This will all get sold on to AG. This money should be more than enough to cover future testing around Guercif and still enough left over to cover any or all works in TT and the rest hopefully will get returned to us a shareholders in way of a Special Dividend. I see the SD as way of quickly monetizing this share without the markets taking charge of the SP and would mean that we have effectively De Risked this share without having to sell of any of our holdings.

Is there a risk involved damn right there is but that is why the SP in 9p with the potential to reach £9. Will it reach £9 again the answer is yes but only if we hit big if we do not it will come up short of that price. If it fails thought then yes it will need another equity rise. Unless we do a farm out by convincing a major there is gas there. Would this compromise end value yes it would but should ensure us with some value on our shares.

I do not take any of the figures quoted on here as anything like being quotes but estimates of their belief in the final end game. Also if we test up to a degree that this share reaches £9-£10 or even more then yes all the US Majors will be jumping all over us. If you want safety and security stick to the Post Office savings account.; If you want risk reward and can afford to wait it out and also possibly lose your money then stay here. It could be a very interesting second half of the year. GLA

Beg your pardon yes.

As i understand the rig is currently doing a second drill for Chariot and that i think is just about to finish and the rig is then on its way SDX who have i believe for a week. So that is right and things run smoothly then hopefully we get it from around the first week of June. Hopefully good news before end of June but i am not sure how long we have it for and how many wells we can test before our time is up or the money runs out.

I would be very surprised if some one was going to plan or execute a hostile takeover of the company..The reason is simply ONHYM, any party would need to be convinced on having them on side. They could hold anything up for years and years if they so wished. Especially if the initial purpose of the test (to find CNG for Morocco) had already been delivered through AG. Without their support this would be a pointless buy.

But the most likely scenario for me and my simple mind is we will test and flow test for CNG. Sell this on to AG and then part of that money will then get used to pay for further tests (thus no dilution) of what is left some will be used to get TT up and running strongly and a chunk of the rest returned to us as a Special Dividend. How much this would be i have absolutely no idea as we do not know how more than the CNG requirements we will find. We have heard the rumours or the beliefs very soon we will get the proof. Personally i would like to see a £1 per share. GLA

WOS

We have been waiting for final few days for 6 months now.

Just as a matter of interest how long is a few days. to me it is three days not much more but but we have been in that period for six months now.

Is not the problem that we have been approved not refused just that the government cannot get this signed off. It is sending all the wrong signals for Mongolia to the world that the left hand does not know what the right hand is doing and everything needs to be done twice and nobody knows who is in charge of what.

We have all the approvals but no permission despite full government backing because one person in a remote province will not sign what by all accounts has been granted.

I would also send a copy through to MB at PM more so that he knows just in case what we think is the case ie We have full government backing is not the case ie he has been spinning us a line.

I support you all the way except i am unable to be there for other reasons.

Please make sure you have your argument all laid out properly and not just emotionally that will get you no where i fear.

Ok i think a lot of us are agreed we need a new CEO the question is how do we change the one we have and can we. Also who do we want to take over. Unless someone has some clear ideas as to how to change current one and also have a suitable replacement in mind this is a bit of an esoteric exercise unfortunately.

You could not script this, it is a complete farce.

So Mongolia is short of oil yet is sitting on potentially a massive amount of the stuff. They have proven up enough and they probably have a hell of a lot more left unproven.

They have a preferred producer in PC who is either running out of oil or running out of the knowledge as to how to extract it what they have.profitably

Mongolia are consequently looking for more Foreign Oil investors. They have one readily at hand who has oil and got permission but because of red tape they cannot produce and because they cannot produce they cannot explore for more and because of government in action they are not attracting any over seas oil companies. Surprise Surprise!

There one of two things and maybe even both.

1) Government is waiting till after the General Election before pressurising the local Governor into signing.

or

2) Whilst shortage a problem they do not want it meandering its way into China so waiting for their refinery to finish.

I think this could be a long wait and tend to agree with Hamm that why is the government going to rush if they the MD of our company lives 6153 KM from Mongolia. I know the digital age works miracles in making the world smaller but feet on the ground always and always make a difference.

I am waiting this out or certainly for the moment. But the time will come when i will need to think long and hard about what i do. But i have mentally written any of these 1p shares off completely.

Am sorry maybe i meant another country. One was mentioned i am sure.

This is what i am hoping will happen.

We will prove up for the CNG and sell on the overflow from the first test. This will be sold on to AG as per the MoU that was signed last year (assuming it is still good) no reason to think otherwise.

1) Retain some money against Namibia project

2) Retain some for TT

3) Retain against further planned and unplanned tests in Morocco

4) Monetize the remainder back to us shareholders as a dividend. I would hope somewhere around £1 per share maybe even a bit more..

Madman Rob

Interesting quote from Joyce Meyer. the only Joyce Meyer i knew was from a school in Somerset.

Must admit i cannot see a M&A before we have even realized an asset. The current MC of the entire company is less than £50m at the moment and that includes T&T and Ireland. That would probably make Morocco less than £40m. That would be a steel and cannot see PG accepting anything like that so what are we worth right now without a test. On the other hand what could we be worth after a test. The difference is mind boggling.

If you were to say that M&A would happen after the first test drill then that might well be possible. But the result of the test would go a long way to determining any price.

My view no one is going to take that chance because if they were they would have done so months ago rather than now. Also no one is going to do hostile take over as 1) Reckon PG and Lonny own too many shares to take a chance. and 2) Reaction of ONHYM to any hostile bid.

So IMO nothing before a test and then we will see. I think PG is not too worried about being last in line as he maybe wants to test all sites or (as many as possible) in one go. And realize this in one fell swoop so to speak.

The Bold is right let us not go over board on this yet. This is possibly maybe a very high quality find that in time might rival a supergiant but as yet we are not even in the foothills of this mountain. We have no idea how tall this might be that all we have is this couple of BCF's.

Having said all of that is the potential there for this to be mega i think that is possible but by no means am i assuming it to be a given and am not even sure i want to stay in that long to find out. That could take a few years and i do not think it will be us that finds it. I think we would have sold on long before then.

I think we find hopefully a significant find and sell on the potential as much as the reality. If we are lucky we get taken over part of the buy out will a share for share deal with a major as their pockets will not be big enough to buy out right. Now that is hype and maybe excessively so but who knows. I know i do not. GLA

Bad Prophet

Absolutely you have the right to say what you think but then everyone else has the right to disagree with you. That is what free speech is all about a two way dialogue. Not a one way set of opinions.

Bad prophet

You are right not very pleasant but let's be honest you bring it on yourself so do not start running to us for support.

I think a bit of a surprise that we have not had a RNS on Ireland as yet. The news came out in the press over the weekend so i would assume that PG was informed at the back end of last week. Is it possible there is more going on behind the scenes. Just wondering.

Thank you i had not realized that it had been tried on other rigs and people got badly burnt. explains a lot.

I am going to ask a silly question here but if this rig is so good and so useful and everyone, well at least 4 businesses are after it at the same time, why is there only one of it around. I would have thought they would least one more.