Member Info for InJamesweTrust

Foot and Mouth

GRH has been posting rockets and alluding to imminent take off since the dinosaurs roamed the land and we and we still don't know if it flows.

Is there an opportunity cost arising from management delaying the outcome absolutely it is simple economics.

Do I want his fabled 100 bag TRS or perhaps to see it 10 bag, tip slice and refocus risk capital somewhere else.

This isn't a swansong for all of us as we are not all septuagenarians, hence yes the delay does have a cost.

Examples are Eco and AXL both up variously from lows and both with more running room than the current SP level. If market dislocation continues there would be other opportunities presenting themselves too.

It doesn't pay to be a slave to hubris and yes I know he has a track record.

Ford

It is and I hope they hit a homer or finish like Stuart Broad, with a wicket and a 6.

Dissipline

Yep it is frustrating but hopefully news shortly. Should they not yet be testing it would seriously harm credibility and show comms up as misleading I don't think this is what shall come to pass.

As I've mentioned before the time delay hits opportunity cost elsewhere which is the main frustration. I'm not trading in and out, invested for results.

Carry his bat, he hasn't scored a run yet.

It's like the time Rahul Deavid scored a single off 100 balls, the wait for action is interminable.

Hope it begins to resemble something more like Atherton vs Donald or Goochs 333.

i'm not a big fan of corporate comms by twitter, dangling info snippets without actually revealing anything. or slipping an accidental double negative in around rewards to give you a get out but keep people engaged.

rns properly and stick to a timeline and give actual timelines not at least 5 weeks then take 52!!

i jest somewhat for effect but i'd prefer they stuck to what is the main task. my biggest concern is t&t is worked up in case if the sp needing to be propped up. better to say nothing than dangle meaningless bull****

rob

a different perspective does not make someone a troll.

funds were raised to test last summer, we are nearing the end of this summer and as ever have not a clear timeline nor even confirmation actual testing has begun.

that is not comms it is **** poor and pg admitted part of the delay was him taking his eye off the ball. the current prize is guercif and missing around elsewhere is concerning as ai would hope management is on site in guercif and concentrated on interpretation of results and closing out a deal so they can finally tell is if it flows or not.

most projects have long stop dates appears this is an alien concept here and management are disdainful of anyone who doesn't take part in their deification

is he joking when he is proud of a thimble of oil from t&t before news of flowing any gas in morocco?

****s from elbow and priorities

With the timelines of 5 weeks plus hopefully all is progressing smoothly towards news sometime mid August. Be frustrated to get to the end of August and be at 12 weeks but it takes the time it takes and if they can deliver I'm sure nobody will complain.

I'm pretty sure I mentioned 4 back in mid June as the initial bidders were whittled down in a 2 stage bidding process.

Gives some indication what AOI think 1% of 3B/4B is worth and that is pre-drill. So if they deem it to be worth $1.1bn pre-drill then what is it worth if they hit - something AOI seem confident of.

Means also that a farm out leaves us remaining shareholders with more of the pie in other licences.

Successful drilling in 3B/4B is likely worth £1.50 to Eco and AfricaOil have just told us they think CoS is pretty high.

Brv

If I get time this weekend I'll.post quotes to the relevant RNS but my reading of MOU-3 testing is with the AG off take agreement, there is an investor willing to pay for the asset if testing proves Commrciality. This will be a defined term in the possible framework agreement already in place and if the parameters required are met then a sale may follow very quickly or be announced with results.

Not to say they wouldn't pursue a similar avenue with MOU-5.

This is alluded to in RNS but proof obvs is in the pudding.

Keith

It's just the prospect of collating it over the 3 years which isn't appealing. Understand its in the reports but thanks you're posts are always helpful.

They do publish alot of info some better effort around comms would be good and Camarco.may see that as we get towards results.

There are things I fundamentally disagree with in approach bit in terms of asset we'll see what's there in next days/weeks.

Looking back that RNS had 292m shares in issue, now 570m that's a doubling of the issued capital in the intervening period of 3 years.

Would love to see a breakdown of the spend from.funds raised and shares awarded to management as well as he addituonal paymentsfor things like desktop studies and bonuses when there has been such huge delays in progressing this.

I'm not talking about timing of MOU-3 testing now.more the raise in July 23 and taking 11 months to properly get started after wasting money on Phase 1

Even the most ardent fan of management must think raising £15-30m in this period should have seen us progress more quickly.

A couple of extra analysts to move things along would have cost less than the Phase 1 testing.

Bear in mind there is a Hammerhead shaped elephant in the room now for Farm Out discussions. That is a late curve ball.

Equally it isn't a zero sum game as the developments in SA and drilling timeline may sway Eco in terms of how much cash they need for doing a farm out and what percentage they would need to yield.

Note there is a presentation to accompany results next week.

Ibiza 28

I'd echo what BlueGlow says - even if you.post something not quite right the board is usually good at helping out.

The tone of the Tweet given the person stated we should wait to drill, wait to drill, wait to drill is somewhat ironic. Probably not his best moment and not broadly reflective of his comms.

There is alot of info swirling around and the hive mind of the BB is good at brining it together.

For example some excellent t info I posts from KeithOz and CCC today.

It is somewhat ironic after seemingly waiting interminably for.SV-101 to test and drill simultaneously (supposedly the master plan).that we now know where the inactive SV-101 is but not for certain that all of the Sandjet is on site.

CCC

Hope all is well or at least as well as can be.

Earlier RNS are also useful. There is a gas sales agreement drafted and ready to go. In light of this, the company has been talking to investors in downstream oil & gas to cover costs of the wellhead and/or to sell PRD share of gas to ve sold under the agreement if there is a declaration of commercial viability.

This moved the testing to MOU-3 when announced last autumn.

So from an M&A perspective - testing will need to be detailed on MOU-3 to support such a declaration of commercial viability. The indication of the wording is that rigless testing of MOU-3 should be enough to achieve this if it flows to the required level.

One would think any sales agreement if in place with downstream investors would be predicated on how much it flows.

We will be at 7 weeks on Thur having been guided at minimum of 5 weeks. So a couple of weeks more would be 9 weeks and hopefully sufficient but guess we'll see.

Missed the technological fun and games caused by Crowds trike yesterday as instead watched my sons team progress in the ECB cricket cup to the North Region final.

Glorious afternoon evening in Cumbria (even if A66 traffic was a nightmare). Another two wins and on to Lords possibly for the National Final!

As for CHAR hope shareholders don't lose out and the placing is successful in terms of execution and use of funds (not a fan of Schadenfruede even if some from CHAR seem to be on here).

Hi MEM

The five weeks for MOU-3 I think was speculated to be including time for set up.

Think I remember Keith suggesting testing would be 2-3 weeks.

While poking fun somewhat we are at 6 weeks and if we get a couple of weeks beyond that after being guided at 5 weeks it is frustrating but we must wait for results as little else to do.

I'll enjoy the golf in the meantime the next few days - Troon is looming challenging in the weather.

Today is two weeks beyond the original RNS schedule, another week or two beyond is generous and gives a 10 week schedule - delays beyond this would be very frustrating for an activity that has been a year in the planning since funding.

Previous estimates of the time it would take once kit is on site are 2-3 weeks for MOU-3 and perhaps 5 weeks overall.

Who knows maybe in two weeks Lonny will tweet again, this time maybe something about Shell or BP or Chevron!!

Believe from memory they are targeting 20mscf/d from MOU-3 intervals.

I'd say half of this even a bit less is a success as there are other intervals and holes to test and demonstrates likely viability of CNG.

Believe BoD is aiming to test other areas as part of this testing phase.