Member Info for InJamesweTrust

Keith

The whole shtick has been to delay Sandjet to coincidence with drilling. I don't see a date for drilling in there?

Looks like SV-101 not being used.

I and others have stated for a long time xrack on with SJ then drill but oh no that would be terrible and result in us being acquired too cheaply stated various Oracles.

I'm glad they're testing but that could have been done months ago

Gudin

Very simply, management may have decided to keep the timings and details confidential for the purpose or negotiating contracts with services providers.

Additionally, if management deem it prudent to complete both legs of testing in conjunction with each other and maintain a lockdown on of info until such time as comfortable in releasing or once there has been time to analyse.

I'd prefer to know but am understand why they may seek to keep a lid on things initially.

Jimmy

While frustrated with the comms I don't think they have left negs until the last minute.

They do need permissions to align with SJ and drill timing now as foresight if waiting means licence expiry should have necessitated SJ before drilling.

Time will tell on each of these 3 planks but I don't believe the BoD have been idle and think activity is imminent if not already underway.

They would need good reason for nothing happening in June.

I should add I can understand why company may wish to keep actual date extended to under wraps and think if there is a commercial rationale it cam trump any governance concerns.

This could be rig/SJ negotiations and/or activity so likely first news we might get is spud date in next 10 days or so.

Couldn't give two hoots about Chariot - would be keen to know the situation with licence extension though. Current info advised to SH was for 5th June, recent renewal didn't stipulate a date.

Hence if SH presume we have no extension at midnight 5th, information to the contrary is material and challenging for company not to update via an RNS. Imagine this is a simple governance matter in terms of how companies should conduct themselves.

Rhwillcoll

We don't know for sure on Sandjet or on the rig coming to us.

Fwiw - think date of extension was omitted as it allows wiggle room so we will have permission to drill and test. Mgmt have stated they will begin procurement of SJ equipment and could easily have started.

If we get the rig say by 14th/15th then pudding would need to be RNS'd. Lonny certainly indicated the drill site has been identified.

Mick

Not trading but months turn in to years (the raise to test was a year ago). We are last with the drill if we have it so want to see some concrete action. There is an opportunity cost to waiting. If this is a success, there are other places I'd like to size up my position with proceeds depending on timing.

The BoD has stated it wants to test so let's just get it done.

I'm not against people trading it but the BoD doesn't owe them an RNS for every little detail to help them. Equally, if they set timelines.via RNS/Presentation they should try to stick to them (not with standing local challenges that may arise).

Hope that helps.some.

Jasper

That's all well and good but we really just need the drill tp spud and Sandjet testing to commence.

To maintain credibility that needs to be in June or they'll have burned through 12 months, 2 licence extensions and half the funds raised for little value.

I believe one and/or other will happen this month if only one I'd like to to be Sandjet. Get on with proving the value - Lonnys tweets/and your post doesn't provide anything definitive merely platitudes about how all will be well in time.

The inflection point you mention should be within the next fortnight and would need an RNS of spudding a well.

Lonny can tweet (the language used isn't really becoming ina Company Director for me) but the ultimate driver of price is action.

Price action will be driven by activity and in two weeks or so when Sou has finished with the rig it will be clear if we have permission and funds to drill and Sandjet.

CCC

Think it pulls.peoples thinking into coming days weeks but that seems to be where most of us think the juice is anyway, the likely upcoming activity.

It is definitely a bullish signal.

Just checking and last time Lonny was active in a burst on Twitter/X there was a placing within days/weeks.

Given that ducks should be in a row/stars aligned for simultaneous Sandjet and drilling as some have stated has been the plan all along, I don't think it is for that reason this time. The tone is much more bullish and seems definitive about news to follow.

Confidence severely dented if all not as it seems with his post and replies.

Just checking and last time Lonny was active in a burst on Twitter/X there was a placing within days/weeks.

Given that ducks should be in a row/stars aligned for simultaneous Sandjet and drilling as some have s

Being demonstrably funded is great news as is the imminent activity on both drilling and SJ fronts I hope.

Let the chips fall where they may now.

Porters

I'd need to check. Drilling costs are not significant onshore. The Sandjet is not technically challenging for 3 or 4 closely spaced wells.

The BoD were clear they are fully funded for MOU-5 and Ph.1 and Ph.2. Ph.1 was limited to test minimum extent of damage so again inexpensive.

We don't have numbers for G&A but that would have been factored in to statements about being fully funded.

They could not have been clearer on this.

Gudin,

If $1.5m is already bonded for the first Phase, is it an additional $2.5m? Drilling MOU-5 is probably $2.0-3.0m and Sandjet c.$1.5m. With £6.5m cash they can enter the next period as they have c.$8.0m in cash I'd estimate remaining.

The BoD has been clear activities are fully funded and i dare say the time taken to award Amendment 4 is reflected in the extension length and the bond amount is a moot point for now.

Hence, either way I believe MOU-5 will be drilled.

Gudin

To some extent mentioning it removes urgency on negs with partners and potentially leads to further delays. I'd like to have more info on plans and the timing has certainly been frustrating.

It isn't beyond the wit of man to see ops have commenced once pad construction begins and in the tradition of Magnus Magnusson on Mastermind for OHNYM to say to PRD; "You've started, so you'll finish."

Equally it is plausible for OHNYM having awarded licences to others to use SV-101 to deem extenuating circumstances and allow a belated start or in fact yo have extended the licence beyond June 5th.

When Sound is finished with the rig it should become clear I suppose. Better if not left to such conjecture and supposition but the BoD has discretion in sharing its plans.

Meant to add, if we do have the still last and have a window perhaps PE that has been mentioned is willing to share cost through a benefit agreement on gas found up to a max IRR.

Providing further funds for extended drilling and likely at a premium to pricing today

It isn't beyond the wit of man to see ops have commenced once pad construction begins and in the tradition of Magnus Magnusson on Mastermind for OHNYM to say to PRD; "You've started, so you'll finish."

Equally it is plausible for OHNYM having awarded licences to others to use SV-101 to deem extenuating circumstances and allow a belated start or in fact yo have extended the licence beyond June 5th.

When Sound is finished with the rig it should become clear I suppose. Better if not left to such conjecture and supposition but the BoD has discretion in sharing its plans.

To the planks questioning Keith, he is clear he is postulating rather than confirmation.

Looks like the rig should be on site within a fortnight or so.

ROB

As long as we aren't the last ones to use it before it's scrapped and it is in the current opportunity window of June and there are no resulting licence restrictions in the delay I can live with it. Not happy with it necessarily but the BoD may have been trying to align the workflows which is reasonable.

If not with PRD after Sou then then there would be some serious questioning.