Member Info for InJamesweTrust

That was my thinking Porters but wording on RNS states application submitted but needs to be granted. Wording is below

Confirmation of entering the First Extension Period requires obtaining the required statutory approvals under the form of an order executed by the Ministry of Energy approving the extension to the Exploration Permits into the First Extension Period.

Bit ambiguous to me.

Does say on PG quote "by entering in to First Extension period we can look forward to re-establiahing operational momentum..."

Sandjet ops theoretically commenced before last Period finished (stretching definitions but there you go).

Anyway, First catalyst is Sandjet test result not MOU-5 outcome. So let's see when that comes in given no ops schedule being published.

Regarding Jimmy's point yesterday about a 10 well programme and $50m - don't believe management are in that game. Think they would like to do minimal drilling and testing required to demonstrate the prospectivity of Jurassic then handover rump to.anothet party and keep stub.

If it takes 2 years to do rigless testing how long does 10 wells and flow testing take. I'd be in my 50s by then!!

Could someone confirm if First Extension Period had started? And we are done with short term amendments/extensions for the foreseeable looks to me that reg approval is still awaited?

Let's get the flow testing results before dreaming of Croesus type existences and spaffing money like a Premier League footballer who has never heard of bankruptcy.

Based on 14 days estimate last time then 3-4 weeks should be sufficient this time and we are around a week in I'd guess.

Jimmy

It does say for gas to.power the price will be lower than $12 as (id imagine) OHNYM presumably control transmission abroad or use domestically.

Having had my fill of looking at a Green VC fund IM and an Electric power source late eries funding proposal I looked over some recent RNS announcements. I'll gloss over the multiple missed deadlines and excuses so as not to lose the audience!😬

5th Oct 23 - following GSA co has opened discussions with a group focused on downstream. O&G to cover costs of CNG wellhead developments and/or potentially sell its share of gas produced at the wellhead subject to approved CNG development plan.

To accelerate negs for sale they have outlined parameters for a Devlaration of Commerciality to be made following rigless testing at MOU3.

Co is in discussion with several parties regarding the financing of CNG and if terms are acceptable- funds currently set aside will be repurposed for drilling.

26 Jan

$12 per mcf and undiscounted value of $6.3m per BCF of CNG production 100mscf per day is 36.5bcf per annum or $200m per annum. Forward selling this on a 5-7yr profile could be very remunerative

5 Feb MOU5 will be drilled between 1 Apr-31 May 😜😜

More importantly, all four zones in MOU-3 and MOU1 were tested with perforation guns ops took 10 days against a forecast 14 days ' this may be indicative of timescale for Sandjet (5 weeks plus included float for customs clearance evidently)

10 Apr seeking to reset valuation of assets through means other than share price. Top priority for 2024.

So I think the aim is to prove up, declare commeciality and sell CNG then move on to MOU-5 and MOU-4 for further value creation.

Dilution before flow results seems unlikely to me based on reading of this but funds likely.needed post Sandjet. So I'd guess end Aug/early Sept for news.

There are various factors such as trap and seal.

Take 4 factors with a probability of 70% and you're at 21% CoS. Nothing in a geological report is a certainty so the CoS often is below 50% even for strong prospects.

They can't raise half way through testing, material info would need to be disclosed (typo in last).

RBS was sued for not disclosing full facts when it raised capital post GFC and the banks were sued for the various structured vehicle issues they issued to unfortunate investors.

They can't raise half way through testing, material info would need to be disposed.

RBS was sued for not disclosing full facts when it raised capital post GFC and the banks were sued for the various structured vehicle issues they issued to unfortunate investors.

Speculation about a placing is just that speculation.

If they decide to raise on good test results then it might be 10-20m shares or 3-4% of the MCAP to complete a transformative drill.

Equally they could agree a Declaration of Commerciality with interested parties, resulting in payment sufficient to materially move the SP and pay for drilling.

Don't see them doing a raise before results as there will be info on gas shows within days and that is material info that would need to be disclosed to any potential investors.

Ibiza

You cam structure trades to cover the downside but leave upside costs a bit more but I'm happy being long as news can come any time now from the next couple of weeks.

Rob

It is the rewards I'm focused on and keen we understand if they are likely or not as soon as reasonably practical.

No specific timescale in RNS but should now know within weeks what we do or don't have in the zones being tested.

Beancounting

Think the G&A is closer to 40k a month and the failed Ph.1 testing closer to 250-500k.

The overhead was an adjustment for the over inflated stock options awarded if I remember correctly and a non-cash item just dilutes the rest of us.

So you can likely knock £3m off your costs and add back to cash.

I'm glad testing has started but to state at least 5 weeks is highly questionable when some of the kit isn't even in country at the point of saying it.

Makes me laugh GRH saying how windy it is with Wacky alluding to Lonny being in country on 8th July as if they had flowed gas and they are in on a big insider secret too.

The 5 week figure was clearly way too short as it is likely to be 14 weeks given it has taken them 9 to get started (53 weeks since the placing to test).

If they'd been better organised we could have had test results fully 9-10 months ago - that isn't vitriol that is just simple facts and the timelines would be unacceptable in most business environments.

I'm glad testing is now underway and hope there are no other unknown unknowns management haven't considered.

People might say those criticising don't have a clue - last year I remediated construction of a $1bn desalination plant - resolving budgets to completion and work packages and critical path because there was a looming long stop date which could see the project rejected and all off take contracts voided.

The RNS from 6 June looks borderline dishonest how can the company not have an idea about customs timelines.

So testing is just starting now, a full year since funds were raised, it's really poor it has taken this length of time. Still hard not to conclude administratively it is all a bit much for the team and that seems likely to only get worse.

Don't think Lonny would be posting in such detail if they weren't confident or already happy with initial phase. Mugs game to guess RNS timing so I won't but is interesting he has tweeted and makes me wonder what stage they are at.

Good to see the images from Lonny - looks like things are well underway. So time will tell likely within 4-12 weeks depending when ops commenced. I'd imagine they've been going for a while but obviously hard to say.

Not my intention to be disingenuous as a poster. I've been fairly consistent about the need to flow and been initially blown out of the water being told it wasn't necessary.

Then urging testing to start while others urged to wait for the drill that never arrives.

I'd like them to just do what they say and communicate it clearly, while appreciating timelines cannot be perfectly predicted

Footandmouth

PG used the term taking his eye off the ball resulting in delay. That moment he was referring to was nigh on a year ago that is quite a delay.

Wasn't referring to management.

Equally not having a dig at anybody just highlighting people here have different horizons and aims.