Member Info for InJamesweTrust

Thebold

I think you seriously mistake what is or isn't actionable.

GRH

8 Nov'23 @ 19.42

I now hope to hear or testing ASAP so.pwrhaps not urgently required bur ASAP indicates urgency in my mind. Perhaps you had a different context meaning with use of ASAP.

Not intending to slight you with posts, there is more value to the discussion on the bb with you on it than off it.

Cheers

I would expect the next extension is already in the process or being applied for.

PG indicated the lack of extension was down to him which stopped SJ being done in Autumn. Did it prevent drilling also or has licence uncertainty put us down pecking order for the rig.

Both of these arise from eye off the ball - as a Lender we'd take serious issue with that and impact on business model.

Given his narrative at the shareholder presentation PG considers himself unassailable and I think quite likes pleasing himself.

Don't need updates every 10 minutes but an update prior to end April confirming receipt of Sandjet equipment and timing for testing would be sensible or it is another deadline missed and unexplained.

GRH might call it small stuff but he was posting last September to say flow testing is urgently required and PRD is in play. We still haven't flow tested and are 15% lower in SP than we were then so it seems neither is urgently happening.

The BoD can't just spout crap about Private Equity and value disconnects there is a perception issue in my view on how proven assets are and to a lesser extent around the BoD.

Drilling want firmly defined as a timeline but Sandjet was so come on.lets get on with it.

Bob

Would that be around the Sir John Harvey-Jones review? Forms a good chunk of Ineos now does it not?

Bold

You've made your thoughts on dates clear, repeating them 5x a day is tiresome so I can understand frustration.

Sandjet should be some time in May. Availability of SV-101 is up in the air - the company has contemplated the drill for some time and used SV-101 before so their relationship with the drill owner versus other entities is unknown. So time will tell.

If it is 3 months the worst part will be listening to you bleat about it ad nauseum.

The info posted by many on here is useful in decision making and considering the balance of probabilities but ultimately it.comes down to caveat emptor/DYOR/personal responsibility.

People have confirmed they followed advice to sell out of Sound from GRH, so there isn't really any dubiety around having some credentials.

The BoD need to get their fingers out and test as we don't have a clear timeline on SV-101 but have been given a fairly clear steer on Sandjet commencement and timetable to start. This needs to be adhered too or it will be poor optically if we don't (for this read sometime early-mid May).

MOU-5 has been signposted as a drill for months so if we are at the back of the queue it is disappointing news indeed but not something confirmed yet so keep your panties on/untwisted.

Let's get on with testing and drilling and see what lies in them there hills/sandy flats

Jimmy

I've mentioned before there is potential for communication at drill points within a reservoir which can achieve similar ends to multiple drills around pressures indicating connection/single large accumulation.

If the pressure is there, the prove up drilling is likely to be benefit to stub equity and management likely to fry to sell sooner than hang around for 12-18 months to generate cash and then plan for more drilling.

Need to therefore crack on with the tests.

Oldslow

We get incentivised with options but not at the level of the Board. The bank has different remuneration structures for different areas in terms of Material Risk Takers versus counter staff.

The CEO recently departed and expected to retain options but these were withheld due to negligence.

Sometimes share options remain in place as a good leaver and we in Financial Services need to take our bonus (above a certain level as shares, although these aren't options).

Some of my options will remain in place as I move to my next role, it can be a discretionary thing based on how documented originally and how the leaver is perceived.

Thebold

Who is telepathically sending them to you, Ken Dodd?

Still surprising the share price remains subdued, seller working a position in the background perhaps.

We have a drill in next 12 months on acreage aiming for 4bn barrels with an initial drill that would likely target 500m barrels plus (bear in mind size of fields already discovered).

We have 6.5% of it and a carry so aiming for 260m barrels (big fields get bigger mind you). So at $5 a barrel that's $1bn plus on an MCAP of what £30m.

There is then of course Guyana where there are bidders in the data room for a field again of 4bn barrels plus where we have 100% and likely to get carried with an ongoing share of 15-20% so 600-800m barrels net. Again take 5 bucks a barrel and you get a chunkier number.

This will rerate osignificantly once drill timelines clear and Guyana news is available.

Davwal

The company has the discretion to decide when to release material information. It can gather the info across the testing package and drilling and combine to a single announcement so long as it does not disturb the share price while they are in the process of doing so.

If it looks like info is leaking and questionable trading arises then an earlier release of info/update may be required. Until such time it is at the companies discretion to decide the urgency and impact of news.

Nadia indeed OldSlow - very funny movie

BlueGlow and others

The scaremongering around a raise or cash shortage is more premature than Jim in American Pie (some may not get the reference).

PG has stated the shallow gas encountered can be tested as SJ is deemed capable of penetrating two drill string casings. The gas here if it flows would likely be enough singularly to get CNG up and running and give the company a base to re-rate from.

Also company has been clear we are funded for the testing and drilling currently contemplated. The drilling is relatively low cost.

Androcles

Fairly certain you're right it was 3D to better understand after TE-5/TE-6 if memory serves. Nothing is guaranteed once into the source rock - hence need to flow test.

MOU-4 tested 2M of the Jurassic did it not? If this is in communication with MOU-5 when testing is undertaken then it will give an indication of connection of the areas and thus the potential of size of the prize.

Sufficient likely for purposes of an initial sale with kickers built in one would think.

If we are flowing 50 - 230mm scfs per day from the various intervals then a sale of the CNG on NPV would be significantly remunerative and anything else is gravy.

Jimmy

Can they tests pressure connectivity in MOU-5 (to the 2m MOU-4) as a proxy for seismic. While further drilling would still be required we will not likely be around for the full prove up and the BoD may prefer to indicate the likely multi-TCF potential to a degree of certainty for corporate activity purposes.

deification of paul & lonny does nobody any good.

they may have reasons for waiting to test until mou-5 is done also but haven't necessarily gone about it the right way or explained things brilliantly and by own admission taken their eyes off the ball resulting in several months delay.

we are here because we believe the risks are reasonable for the gas which may be found but those delays have opportunity costs. the bod just dismiss this out of hand, they better have actual gas flowing as he will look a proper **** if not given the hubris.

i would just prefer a more measured style and where timelines slip then revised timelines they can stand behind instead of fall behind.

Wackmesiter

If it is going to be Dosvidanya then I'd imagine the money would need to be routed through Moroccan government as cannot see UK authorities permitting Gazprom to take out a UK corporate.

They are still awash with cash, think they're EBITDA 3 years ago was around $25bn annually

Calculated risk where the potential reward is aligned to, probably in excess of the level of risk based on prevailing info and probabilities. Wouldn't call it gambling, that is picking the Masters/National winners (I am Reckless/John Rahm for those interested!!).

While frustrated I remain invested as believe the gas will show when tested, just the when aspect which vexes.

As an addendum to my earlier post, back in Jan/Feb a pal who is on a WhatsApp with a number of other heavily invested folk here said PG record delivering results isn't the best. There will be an issue with testing and he'll want Sandjet so it will be June before we see see results.

He doesn't trade the stock and has held since 2p but bloody hell maybe he should be a trader as that seems the timescale we are facing.

PG reference to summer holidays is very poor and given previous timelines indicated should be an RNS not a throwaway comment if we are delayed to June/July/August or maybe he meant Summer '25.