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I think a lot of people here will be sensibly waiting on the sidelines for the majors to drill first.
Having said that I do see your point. They will probably only request an extension to the lease mid next year (they applied for an extension previously and were granted it in the announcement on 10th August 2021, cutting it fine). Therefore, I completely agree, no farm out partner will take the risk until this extension is granted for September 2023, this may only happen in August 2022. They may try and bring it forward but we would only be guessing.
I don't think it's irrelevant...
They will apply for an extension to September 2023. This gives plenty of time to acquire the 3D seismic via a farm-out, does it not? Please correct me if I'm wrong
Taken from RNS on 10th August:
Under the terms of the Petroleum Agreement for PEL0094 signed in September 2018, the 4 year Initial Exploration Period ("IEP") was split into 2 sub-periods of 2 years each, with the first sub-period ending in September 2020, subsequently extended to September 2021 with a reduced work programme (see Global's announcement of 29 July 2020).
Global further expects to apply for a 1 year extension to the 4 year IEP at the appropriate time - such extensions are commonly granted by the Ministry, for example in the case of the Company's previous Licence PEL0029.
The work commitment for the upcoming phase of the licence is to acquire and process 2,000 square kilometres of 3D seismic data, a commitment which Global expects to fulfil via a farm-out. This new 3D seismic data would increase the chance of success of the Marula prospect and confirm the prospective resources in the eastern part of the licence, which were announced on 26 January 2021.
Interesting post. Is there an option to increase the lease duration?
Ibyb, great response and always nice to have points raised from both sides of the scale, that is what these boards are for after all. Too often we see squabbling, ramping and deramping posts for people's own gain. I'm also here to learn and pick up snippets of info that I didn't already know.
It just strikes me as odd that the company have not mentioned previously they were to obtain the services of a company to help complete the farm out process (maybe they have and I've missed it). I would have thought it would always have been their plan to bring PEV Consulting (or another) onboard, unless of course they have thought we maybe need to kill a little bit of time here? It's only a thought and can work both ways for sure. On one hand it is good they have the professionals now in to help them but it adds time and we all know the markets are not patient when it comes to penny stocks.
I'm really interested to see how the next couple of weeks play out here. I honestly hope that this is the bottom, I just have my doubts that is all as usually such news as this is received negatively by the market. Now weather today was a false drop or not, its a drop, it may pick up tomorrow and it was all MM games, we shall just have to see, but if not then why did it drop? There is no other real negative points to the RNS other than... delay of farm out? I have been involved in a few junior oil and gas shares in the past and what one may think is a positive RNS, others do think differently but ultimately the market makes that call.
Again, huge potential here just a lot of risk. If Total and Shell's drills go badly then where does that leave GBP? The RNS seems to have added another step into this play with additional risk to boot.
All the very best and GLA
I've been watching this share for a while now as it seems to have potential. However, the RNS is actually not the best if you take off the rose tinted glasses. It all points to delay by the company. Some may say the company are 'lining up their ducks' but others will see this as more killing of time to keep current shareholders and potential investors hanging. Serious investors or farm out companies are not willing to risk anything until results elsewhere are known, that is the long and short of it. How long will this be we wonder? The RNS states that drills by total and shell were due to be undertaken in Q4, however, there are still no guarantees of this as there are still no firms dates. Slightly odd as I believe that firm dates would be known by now if drills by majors were to take place before the year end. This is something GBP would certainly know if any dates were scheduled as they will be keeping a very close eye on these too and will want to update investors to firm things up.
I have a feeling that this could drift down further into the new year unless we hear news of these drills commencing this year, as it stands there are too many unknowns here. We will then have to wait for results from these drills which again takes time. Once these are known, investors and farmees will either jump in or run for the hills. Risky business as always with junior oil and gas companies and as the drop today has shown, too much risk for some.
Just my view, I wish everyone here the very best
I noticed that Afzal Valli has very sadly become unwell and has posted to his followers on twitter stating that he is taking a break from trading and will be changing his portfolio as a result. Firstly, I wish him the very best as health and family always comes first. As a result of this sad news, afzal could be potentially selling up and be one of the main reasons we are seeing the share price stagnate and continuous selling taking place. Only a thought.
I'm sure that we all wish Afzal the very best for the future as he seems like a very genuine bloke and very well liked.
I have never known a share with such great fundamentals and positive news flow not to move up. Usually you expect to see 'FOMO' kicking in when awaiting such news as flow rates.
Slightly disappointed by the way in which the company write their RNS's as they could put a much more positive spin on things to attract more attention from the market. The tweet on the helium yesterday could have been added into news and issued to the market. We seem to never get a 'the company is pleased to announce' or any really positive wording like I have seen elsewhere which really helps to move the price up and spike interest.
I'm absolutely certain that this will come good, with such a small mcap and the potential on all fronts, I just believe it could be given a bit more fuel and excitement from the company which is a little frustrating for shareholders.
GLA
10.14 - yes I noted that too. There is a zoom conference on Wednesday where they will share some of the survey results. I had a good feeling after watching the interview, all very positive and I felt that Andy Carroll was trying to hold back his excitement and positivity for the next few weeks/months. Overall, glad that I have jumped in now before the markets really start to react on the hopefully positive newsflow due soon
MM's showing buys as sells, seems they are trying to manipulate and hold back for some reason. I did read that this share his been held back for a long time at the frustration of a lot of shareholders. Can anyone shed any light on this? Can anyone also just give me a very brief overview of monecor's position and why they seem to be offloading?
Absolutely agree. The market cap here is laughable given the potential and stage that the company are at.
Not many shares in issue at all either, oil prices on the rise and not looking likely to stop. Put all of these together and even a sniff of good news would rerate this into the pennies in the blink of an eye
I've been looking here for a week or so but this morning finally made the move. This really is flying under the radar for now and is massively undervalued in my opinion. This should get some heat in the coming weeks with 10 bag potential
Bye bye then, obviously upset on your loss but don't try and bring others down with you. Too many like you
Looking at your posting history is hilarious!!
Do you remember posting this on 7th May...
"I suggest anyone sitting on the sidelines watch this latest interview with guy. He’s extremely bullish and gives away much more than meets the eye. Game changing news coming here by the end of may IMO."
Then on 10th May you told us all to switch off until the end of May... like you would be doing, oops but you kept on posting and your positive, rampy attitude suddenly changed.
Classic, made my afternoon. Thank you