Member Info for JD-Nau

"Potential farm in partners" sounds interesting. It feels like somethign is brewing here.

Pretty simple BP. They fund any short-term capex/opex expenses from additional borrowing when they refinance the loan. If, and it is an if, they need to drill an additional well then they would probably fund this through an equity raise at a much higher price in 12 months time. They just need to deal with one problem at a time.

Agreed.

Agreed, but better company PR would be extremely welcome.

So revenues of approximately £16 million per year with production low, when less than £10 million per year would be more than enough to service £10 million of debt. Despite all of the doubt cast by the doom-mongers I do not think that Angus are going to have any more problems financing their debt, not getting production sorted.

I can think of two others like that, and they are currently directors of the company...

It's only £5k in cash though.

I'm still a believer too, even in spite of the PR silence for the company. Hopefully this means that they are working on a farmout. We shall see.

Well, good news for those who follow the micromovements, production seems to be creeping up slightly.

I hope I am wrong, but it does not feel to me like the development and production consent will be given before Friday, though obviously have a lot of pull in the UK and so I would be happy to be wrong.

If it is not granted, then I assume that Shell will pay the £5.1 million to extend the deal, as there is no reason that they would want to back out of it after all this time but, as itsawrap has pointed out we do not know when this would be paid. I imagine that they would string it out as long as possible.

It's going to be an interesting week, that's for sure.

I have no idea what you are talking about.

I looked into this earlier this week. According to the Companies Act 2006 they have 21 days before they have to can announce a date for the meeting and then a further 28 days from that date to actually have the meeting. So the last date it could be would be the 10th January 2024.

However, if these are working days then it could be longer because it would then be delayed by weekends and bank holidays.

Companies Act is here - section 304 https://www.legislation.gov.uk/ukpga/2006/46/part/13/chapter/3/crossheading/calling-meetings/enacted?view=plain

I'm not wasting my time on you Sarah, I am exposing you as a fantasist and a liar. It is my pleasure.

Heid, I appreciate your response, but I believe that you are misinformed. Reabold have a legal responsibility to be truthful in RNS releases that they make to shareholders and while I am perfectly willing to believe that they will find any means within their power to delay the holding of the requisition for as long as possible, I do not believe that they would simply lie about the dates they received the requisition in the RNS. There would simply be no point.

BP - sorry for misunderstanding. I presume you still agree that the issue is solveable though?

That is not true is it Heid? The company have been very clear in the RNS that the requisition was dated the 15th but was only received by courier on the 21st after 5pm and by email yesterday on the 22nd. They released the RNS yesterday. Why are you claiming differently and where is your evidence?

I want a vote on who should run the company. I want both sides to put forwards their plans for the future and I want both sides to tell the truth, which does not seem to be happening at the moment. I have my concerns with the behaviour of S&S but I do not want to replace one set of liars with another set.

The ones who are honest will get my vote.

I thought that we had clearly established last week that there were some issues with the gas pressure in the reservoir but that these were not insurmountable and were just part and parcel of running a gas field.

There is no way that Angus will let the pressure drop to a stage where the reservoir is unusable and it seems obvious to me that the remedial work is already in process. In short I don't really see where BV and BP are disagreeing. People are getting caught up analysing minute to minute actions. You need to step back and look at the bigger picture which is simple: as long as Angus are making a profit from gas production they can refinance their loans and all will be fine.

Heid, you said that KS would release all the information on Daybreak from the Strand Hanson minutes this week, but it is already Thursday and there has not been any information released. How long do we have to wait to get your allegations confirmed?

But that is not the case is it? They are not buying the company with 8% of the stock at no premium. They are saying that they are unhappy with the running of the company, which I agree with, and are using their 8% to call a vote on who should run the company in future.

When the date for the requisition is announced every one of the other 92% of shareholders will get a chance to vote on whether they want S&S to continue being in charge or if they want KS and crew to take over. All will have to put forward their concerns and their future plans for the company and then we get to decide who we think should run it in future. If KS can't convince us that he has a better plan than S&S do then he will not win. Simple.

Noveckinggood, I agree with a lot of what you say. there. West Newton is not a guaranteed cure for the company share price. It may be a complete company maker or it may be a total bust, we won't know until it is drilled. The sort-term company maker is Colle Santo, We know the gas is there and we know it will produce millions of dollars worth of gas per year for RBD if the production license is granted. This will act as a revenue generator and a hedge against any lack of success from West Newton as it will continue delivering cash to the company whether West Newton is successful or not. But now there is the big question on whether it will ever be granted a production license. The RBD board have said that this is already in the bag but in the light of all of the information that has come out from Heid they need to clarify this situation as soon as possible, because it makes a huge difference to the future of the company.