Member Info for JimSlade

The Company has been very open that there is a low chance of finding commercial oil so assume failure is priced in.

What I can gather is the Company could have sold ATOME shares for the c£500k required but considers these to be highly prospective and feel more value holding on to them. Also ATOME is currently involved in sensitive financing negotiations and this may have sent out wrong signals. Discount was so low as no liquidity in MEN shares.

GHC IPO still on track and update is due soon..

There is value here facts are onshore discovery fully piped in best case 7.24mmbls NPV $140m+ just appears to be having a well issue that they are fully funding to try and fix.

I asked for clarification if the Company believed this was just a local well issue or could be a wider problem and got the below response.

“To confirm, the technical thinking is that this issue is solely related to the well rather than the wider field - hence the frustration but also the reiteration that the results of the actual well provide much optimism for wider field development.”

Even worst case you could sell the field for far more than current mkt cap.

With new placing theoretical price I think should be 66p this is all about confidence. Company has good holding in Atome.

I cannot buy a single share at the moment.

Received 18 December 23

Thank you for your message. Our lengthy legal clean-up process continues to advance, and we are making steady progress on that front. We are trying to dispense with a few outstanding matters, while we continue to advance our interests in Georgia. All of it has taken longer than any of us would wish, but Mr. Nicandros and the new management team continue to make steady progress.

Of course, once we are able to share more detail, we will do so, but the still pending cases continue to hinder our ability to do so now.

Best wishes to you for a happy holiday season,

Cheers Looed. I have sent it to FSHG.

It is genuine happy to have it verified if anyone wants.

Thank you for your message. Our lengthy legal clean-up process continues to advance, and we are making steady progress on that front. We are trying to dispense with a few outstanding matters, while we continue to advance our interests in Georgia. All of it has taken longer than any of us would wish, but Mr. Nicandros and the new management team continue to make steady progress.

Of course, once we are able to share more detail, we will do so, but the still pending cases continue to hinder our ability to do so now.

Best wishes to you for a happy holiday season,

Let’s hope so. Will keep trying to get a response.

I have asked but have not received any response.

Think this relates to Block 10 which is the other license in Kakheti. Schlumberger relinquished the license in 2020 and there was additional GOGC coverage of plan to exploit.

https://www.offshore-technology.com/news/block-energy-reaches-spa-schlumberger/?cf-view

https://interfax.com/newsroom/top-stories/81372/

https://keyfactsenergy.com/news/8237/view/

Still here…I see the new energy guru ambassador has started. Let’s see what magic she can work up.

Not sure what to make if it. All reports related to Argentine oil production show they are desperate to increase output. The timing seems odd with the elections coming up. Would it not be beneficial to wait a few months to see who wins and see their policies. Most of the front runners are very keen to relax or cancel capital controls. If this happens it’s worth far more than $40m. Why the cap at $40m which includes contingent payments based on future cashflow if they are so confident it is not going our way. Begs the question if it is such a basket case why does PL want it.

I think yours is better Looed thanks.

As you have noted, our lengthy legal clean-up process continues to advance. Suffice it to say, we remain a work-in-progress to address a couple outstanding matters, and our objective is to remove them as soon as possible. With this, the company is continuing to unburden itself of litigation as it looks to the future.

As always, once we are able to share more detail, we will do so, but the still pending cases hinder our ability to discuss them now.

I am trying. Nothing yet.

Thank you for your message. We are indeed continuing to make good progress through outstanding legal actions as you have noted. There are other pending cases associated with the one you have seen that require our continued confidentiality at the moment. Once we are able, we will follow up with you with appropriate detail.

I’ll try.

As far as I remember these fields were defined in the arbitration document as being part of the production area. All other areas within Block 12 were the exploration area. The arbitration was only relating to exploration area. As such the area handed back did not include production area.

As far as I know we retained the below which did not form part of the arbitration.

Mirzani field
Taribani field
Patara-Shiraki field
Nazarlebi field,
Bayda field
Mtsarekhev

No problem that’s sent.