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Brel - the last RNS where it states Terms by end of Jan and then complete by end of Q1 .... well end of Jan on tuesday, still no sign of any terms sheets and even if it does happen then 2 months before we get any money.

This RBL has been on the cards before CUDA started ... read back to last year when the banks told them no loans until you sort out your bankrupt partner !!

Our Jambo - 15th Nov RNS

· Flaring gas has commenced at Barron Flats with production from restricted wells continues to be brought up incrementally post approval of the flaring permit on October 11. Oil production increases are slowly increasing as the process proceeds. Flowing wells have exhibited additional paraffin plugging issues through the process which require higher frequency condensate treatments and more incremental drops to flowing production pressures.

So basically the magic bullet of flaring promising 300-600 bopd extra is causing increased waxing, so dont expect anywhere near 300-600 bopd extra.

They also now saying that they need to build the high pressure gas gathering system before they can further increase flow - but they have no money to do that until the RBL is signed ... which now looks like months away

Other news due:-
Dec production figures - lets say next Friday. finally get to see if the flaring has made any difference, although feels to me like the excuses about waxing are already appearing.
RBL term sheets signed - latest date was by end of Jan .... I don't know why they keep setting dates to complete this and then miss them, clearly they are waiting for the JV to happen.

Thanks Shouston ... I didn't know that about the ickle birdy not being there.

Right lets crack on then get some drilling done :)

they could quite easily RNS that they have received a formal JV offer and are considering it.... thats RNS-able. But I wont hold my breath!

That being said Art clearly said last year that they intended to drill in January and I assume the plan was the JV partner would be on board by then. so the delay "can we have more time" from the JV partner has pushed things back ... which is not great considering the drill season is nearly over

Ironsnide ... how do you work out its 10 barrels from "· 11-27-35n-77w well is currently pumping 125-135 bbl./d of fluid through 65' of unstimulated perforations, with gasified light oil cuts of up to 86% observed late last week;"

???

"We need the conversion this month to fund the re completion work." errr ? you do know we dont get more cash when a BH converts? its only a debt swap.

Benny you have sold out, as you said last night, so stop being a child and go carry on ramping TNT

nomad ... why would copl wait to do more recompletions to agree the JV if the major has already presented a plan this month? They said in the RNS they dont expect to stimulate until later in the year.

Per 3rd Jan RNS: "The Company anticipates signing a Debt refinancing term sheet in January 2023 and closing the debt refinancing in the first quarter of 2023."

Lets see if we get another RNS this week then or miss another deadline .... place your bets please

Pilot, Copl themselves have stated potentially UPTO 400 barrels per well for the CC recompletions .... but nobody expects that to be on the first day. the well has to be cleaned up before they can even stimulate it ... 86% of 125bopd 3 weeks after reopening is very good ... thats 250k of revenue per month and thats the starting point

Its a game changer just not a share price changer :(

I think Exxon could come in offer to buy us out for $1billion and the SP would maybe go up 4% !!!!!

not sure we will see an extra 30k Bpm from the workover ... I'd be happy with half that at the moment ... been let down so many times by Art but always happy for him to prove me wrong :)

At $81 we are earning what $25 per B more revenue. On the previously unhedged 1000 barrels thats $750k per month additional revenue ... did I get that right ? Thats almost 40% increase in revenue on the current craapy production

Until IT actually happens the market doesn't believe it though.

..... and how many times have we been let down when the reality RNS hits .... everyones assuming 100's million of cash being handed over ... I can't see it, its not how the majors work ... we are more likely to get 20-30 million of drilling funding for a small % of the production and only once the drilling confirms the size of the Fed deep to the major will there then be more money to fund further drills ... could take years before the major comes back and says "ok we'll take it all now"

Can't see that it will take much longer to sort the JV. Discussions have been underway several months and DD is done. The large oiler asked for more time so they must be super keen to get it right .... can't see them putting some silly offer on the table knowing the strong position we are in.

Maybe we won't know for sure until early Feb but maybe we get an RNS "having received a proposal from XXX the board is considering and will update shortly"

looks like the BH that converted today was one of those that didn't agree to holding the price reset as the shares issued are 2,526,846 and not the usual 1,999,000.

Also interesting they state in the RNS how many bondholders hold each year of bonds (I haven't seen this stated before) 2024 5 BH's; 2025 4 BH's

Isthisawhiner ... oh dear you really are getting desperate, trying to make out they can't cover an additional $43k of bond interest per month when they will have an extra 6 wells pumping potentially 3600bopd UNHEDGED.

come on son, try harder

2 things:
1. They always needed funds for the 6 or 7 CC well completions - there was never enough in the current working cash. I got very annoyed when Art announced the spend for the 6 wells, knowing we didn't have the funds to do this without completing the RBL.......

2. The bond reset price - this RNS is really good news, one for the fact there is no reset on existing and two that the new $4m is at a higher price ... oh and 3 that it looks like its all with the cornerstone Investor so there wont be any conversions.

Always good for a decent rise when JBER have run out of shares to sell