Member Info for investor33

Finding a buyer I meant.

It's a way to flip shares without ever having to own them. Like a futures contract.

With futures contacts no doubt many did not expect to take delivery of a consignment of pork bellies...they simply flipped the contract through finding a seller before the delivery date.

"We are currently arranging an Investor Meet Company presentation to answer shareholders’ questions and will announce the date through RNS Reach next week."

Good news - I was calling for a Q&A session last week. The company have got to work on their communication.

My question would be " why was the raise done at the low of the year, given that with forward selling ( which presumably happened ) the agreement can be signed any time you like before the new shares are actually issued ? "

When a forward sales agreement is signed with an institution, a price is agreed and an issue date also agreed. In that time period between the the signing and the agreed issue date at some point in the future, the party who signed the agreement can freely sell their shares on the open market without formally owning them yet. It's a dead cert win for them. When the new shares are eventually issued they go out to the various people who bought their shares, not to the institution itself.

Hamm : re DQE you need to read again what you quoted from.

" Part of the drilling expenditure could be paid from future oil production " is not the same thing as " paying later for from future oil production " is it ? DQE never said that they would do it for free initially.

Well said Hamm. In fact the trolling which goes on here from the likes of SM, adw, doc, aquitwat and espen constitute a form of harassment of existing shareholders.

It's not debate - it's just spiteful harassment.

And ORCP has a float of 12bn shares by the way....

It's time that admin banned Adw, SM and Aquisace completely from the board/LSE. They have all been highly abusive.

Just reposting what I wrote yesterday ;

"So PC bought block 19 ( the next one up from us ) from Soco in 2005, and like our block 20 it's in the Tamsag Basin.

Apparently out of the two, block 19 is the more productive field, with the peak of just over 8 million barrels for 19 and 21 combined being reached in 2015- - it's been tailing off ever since then. After purchasing block 19 from Soco, the number of barrels rose very rapidly each year, particularly from about 2007.

To date the total number of barrels of oil from blocks 19 and 21 combined has been around 82m barrels - so based on our current PSC terms, and with oil at an average of say $67 that would have resulted so far in about $3.5b of gross profit.

When PC bought block 19 for about $145m in today's money, Soco had only been producing 350 bopd from 27 wells. And there was no 3D seismic data when they bought it.

Given that purchasing block 19 from Soco has been a massive success for PC, and was bought at an incredibly low price of $145m in today's money, it's no wonder that they will want to buy block 20. So just $145m to buy block 19, and it's produced so far the largest part of the 80m + barrels of oil from blocks 19 and 21 combined. It's highly likely that block 19 alone has given them so far well over $2b worth of gross profit under their PSC, yet Soco were only extracting 350 bopd !

PC will be well aware that junior oilers are limited in how much they can develop a field - as proven by Soco's efforts - and their drilling and finishing costs for a well are no doubt much lower than those for a junior oil company. "

An interesting idea Manx.

It's been nearly 2 months now since this tax issue was first mentioned - what the hell are the MG playing at ? Do they actually want more oil for this refinery ?

It may have cost a bit more to use the other route to market for the oil, but it's a hell of a lot cheaper than allowing PC to withhold 30% and for it to then drag on for months. We are far too beholden to PC.

It beggars belief what goes on out there.

In fairness Hamm you have often been a huge ramper in the past - didn't you assure everyone that once the local access was granted that the share price would be 15p and then 40p on production ?

I'm sure you said that by the end of last year it would be 40p.

And in the past when there was now and again a sudden price surge which turned out to be a spike, from what I remember you were saying things like ' get in there now guys, we won't see these prices again " etc.

They are at their peak normally in the evenings and on weekends. It's probably proportional to an intake of alcohol and drugs.

TenBag ; just filter them.

If you saw a lunatic in the street shouting, swearing his head off and trying to taunt people, would you keep going up to him, engage with him in conversation and keep asking him why he is here ?

And PC's wells in block 19 produce an average of 40 bopd each. And the very best producers 200 to 300 bopd.

So H1 if it was in block 19 would be considered to be one of the better performers - 4 times higher than the average well.

So PC bought block 19 ( the next one up from us ) from Soco in 2005, and like our block 20 it's in the Tamsag Basin.

Apparently out of the two, block 19 is the more productive field, with the peak of just over 8 million barrels for 19 and 21 combined being reached in 2015- - it's been tailing off ever since then. After purchasing block 19 from Soco, the number of barrels rose very rapidly each year, particularly from about 2007.

To date the total number of barrels of oil from blocks 19 and 21 combined has been around 82m barrels - so based on our current PSC, and with oil at an average of say $67 that would have resulted so far in about $3.5b of gross profit for PC.

When PC bought block 19 for about $145m in today's money, Soco had only been producing 350 bopd from 27 wells. And there was no 3D seismic data when they bought it.

Given that purchasing block 19 from Soco has been a massive success for PC, and was bought at an incredibly low price of $145m in today's money, it's no wonder that they will want to buy block 20. $145m to buy block 19, and it's produced so far the largest part of the 80m + barrels of oil from blocks 19 and 21 combined. It's highly likely that block 19 alone has given them so far well over $2b worth of gross profit under their PSC, yet Soco were only extracting 350 bopd !

PC will be well aware that junior oilers are highly limited in how much they can develop a field - as proven by Soco's efforts - and their drilling and finishing costs for a well much be much lower than those of a junior oil company.

Abzzba - true. The factor of a scarcity of recoverable oil has increased in recent years, plus the urgency as regards the refinery. It surely all adds value to block 20.

Abzzba ; my two benchmarks for the value of block 20 are ; firstly the value of the 2005 Soco sale of block 19, and secondly the CPR report with the figures it stated for estimated recoverable reserves

* be the

I hate typing on a phone !

In a way Wigster it would be reassuring if we knew that they had received a low ball offer already of say 100m Dollars. That would then be too he worst case scenario for investors.

That would be a huge discount to the 145m ( in today's money ) which PC paid for block 19, when oil prices were significantly lower in the years prior to the sale in 2005.

It's very possible Wigster. My overall feeling is that they are desperate to squeeze more out of Gazelle and H2 so as to bump up the perceived value of block 20.

And Gobi would really ramp up the value if the work was successful.

I'm not even that keen on a JV given the " complex geology " of block 20 mentioned in the Progressive report I think it was. And apparently in blocks 19 and 21 the success rate with drills was only about 55 to 60%

If all else fails, then block 20 should simply be sold for between 100 to120m Dollars. The lower figure would value the oil at just 3 Dollars a barrel based on the lower estimate of recoverable reserves stated in the CPR.

The company could then focus on block 7 which hopefully may have less complex geology, plus the renewables side of the business.