Member Info for JimPrice

I believe flow rates have stabilised around 3300 bopd. There has been lots of speculation that they have risen but I doubt it. Based on panoro and mxo press releases 3300 is the figure to go by until they role out a drilling program to further increase the flows. The positive is that the groundwork to get AJE 6 running has been laid and the CAPEX covered. We need an update regarding this and with POO soaring the JV partners will inevitably be pushing the oil development as top priority.

My info came directly from stefan

There has been a lifting this past month. Neither panoro or MX have mentioned it. The company has confirmed this in comms

186k is his salary as documented in the last set of financials. He's milking it!

I think 2017 figures will be the last big hit on the expenses. September interims should be an attractive read and show that we are profitable.

The admin expenses should be 'light' on the balance sheet. 2016 got hit by AJE CAPEX and I reckon so will 2017 so fully bracing myself for c. �2m in expenses or thereabouts. This year however with crude booming and a lot of the capex for AJE 6 already expended we are in a much better place. �1m expense is a good figure to use phil. The FPSO is hired on a fixed cost basis which means any material increase to the flows will likely drive the OPEX breakeven into the $20s. At that point MXO becomes a cash cow and 1.5p an easy SP target. I believe the company and partners are currently focussing efforts to this end and we should be hearing about a work program in the not too distant future.

Kentan, I can't disagree however the difference this time is we are actually producing cash and with POO rising it looks like revenue and gross profit will continue to rise. Surely, even SO can't mess this up from here.

Results for 2017 will not show profit and this is all priced in imo with SP at all time lows. Once they come to pass the market will start looking forward. The company is profitable now. We have the $40 break even figure with brent touching $79, that equates to $2.3m gross PROFIT for the year. The big expense from the last 18 months will have been the cash injections into AJE 6 plus the costs incurred from the JV dispute in 2017. This is now behind us. 2018 sees the infrastructure for increasing flows already in place, brent flying, JV partners aligned. I can't see the SP staying below a penny or two by year end. All we require is a work program update to increase flows and we should be off.

My own feeling is that the focus should be AJE 6, increase production whilst Brent is booming. Operational costs will come down as the FPSO has plenty of capacity. Originally it was designed to handle in excess of 19000bopd. The increased flows will help secure project finance for the gas development which is a large project and will require big funds. AJE Oil should be the sole focus as the sector continues to recover.

https://twitter.com/JimPrice83/status/994160665991532545?s=19

My figures for 2017 are very different to the �2m gross profit at current prices. I have calculated a gross profit for the year of c.$500k, there are obviously a lot of unknowns and the bottom line figure will be largely determined by the expenses. I don't think we will see the �2m expense from YE 2016, this should be slashed by a half at least. if not, the company needs to give us a proper breakdown of where the cash is going.

The company will not have hit profit on the bottom line for sure. There were large fluctuations in the flow rates last year, planned shut ins for maintenance and an overall much lower price of Brent with higher opex plus JV dispute costs. The story for 2018 is a lot different. The macro environment for oil is much better, material cuts have been made to the OPEX, JV dispite resolved, upgrade in reserves from the turonian allows scope for new development. We have now stabalised flow rate data from the turonian which can be used to help secure project finance. None of this is priced in. Past performance has been poor but the tide will surely turn this year.

Any further development will involve CAPEX that will increase the NAV. Whether this takes place via equity funding or otherwise is not an issue so long as the financing is infact for growth and asset development. The company has great potential now to scale up production. Stefan tells me that they will fund future development via project finance at asset level. With Brent soaring we are making c.$35 profit per barrel with OPEX taken care of. That is >$2m gross profit for the year and should easily take care of expenses. I hope to see a massive reduction on expenses in the next set of financials.

I hear Stefan is very happy to speak to and meet investors if you reach out to him. I know a few who have received the offer to lunch with him. He seems to be coming out of his shell since the JV dispute was resolved.

Good news no doubt. It will have put the share on a number of radars which is a positive. I think we need to see some directors buying to inject confidence in the stock followed up by PR. This has always been an issue with Stefan but it needs to change. He has a lot to talk about now and I hope we will see him emerge from his closet in the weeks ahead.

Panoro have updated. Significant increase in the reserves!

I have generated my own calculations for p&L and the financials. Twitter allows sharing of graphics which is a lot more convenient. Happy for anyone to get in touch

If people can contact me on twitter @jimprice83 we can collectively share info. There's plenty i'd like to discuss and share and can start a private group for it. My holding is sizeable and I'd be interested in talking further on a more user friendly forum.

That should read �10m+ and not �20m+

FYI fellas I have spoken with Johnny Hon and voiced my concerns regarding Stefan's lack of shareholder engagement. He is still involved in the company as a consultant and put me through to Richard Carter. I have requested an email response to my questions and lo and behold Stefan has ducked them again! I don't know why the Chinese are backing him, there has got to be a bigger story here at play, no one bangs in �20m+ at premiums to get zilch in return.