Member Info for JoeSoap

If there is something dramatic it is unlikely to be announced in a 2:00pm presentation, but in an earlier RNS.

An evening presentation, when the markets are closed could be dramatic and have a following 7:00am RNS prior to markets opening.

Perhaps you have overlooked the distinct possibilty that four trades were paired.

Just the Algo's ?

"My shares will be going against Major being re elected next year."

aiui, you've got a three year wait:

Directors may be appointed by the Company by ordinary resolution or by the Board.

At each annual general meeting of the Company, any Director then in office: (i) who

has been appointed by the Board since the previous annual general meeting; or (ii) for

whom it is his third annual general meeting following the annual general meeting at

which he was elected or last re-elected shall retire from office but shall be eligible for

re-appointment.

Yes, that would have been your divi based on the f@g packet calculations prevalent before the new loan arrangement was declared, and also the drilling.

Are you still wondering why they opted for Trafigura?

"Lol everyone is to busy trying to trade it around the divi, Ex div tomorrow, today is the last day to buy to get the divi 0.2565 pence per share."

So the options won't qualify for the divi.

I wonder how many of the 573,199 they will need to sell to fund the tax bill?

Jollygoodya, Repsol have also just sold out of Canada.

So, perhaps, it needs to be seen in the context of their strategy:-

https://www.repsol.com/en/press-room/press-releases/2023/repsol-8-esg-day-focused-on-industrial-transformation-and-decarbonization-opportunities/index.cshtml

G_G_G, re your fri 11:00 post (and yesterday & today), it is a sad indictment of the company.

But one earned.

If the company is serious about increasing their Canadian ownership, then they will need to give them that which they are used to getting from other Canadian peers: quarterly updates in a timely fashion. That would immediately cancel all the accusations of lateness and missed self-imposed timelines from the UK holders. Currently, imo, they sit on the data until they have achieved a prior period-beating production output, instead of keeping the market updated.

BUT they cannot repeat their previous campaign using the Market Herald interview.

This was only TWENTY days before the Loan Notes expired and Majid was still waxing lyrical about the 2023 drilling programme and 26,000boepd peak and 22,250 to 23,000 boepd for the year, and continuing the dividend at the higher rate.

We now know that the expectations of that drilling programme had already run aground, as evidenced by the 29 June RNS and the 5 July presentation, with most production increases moved to H2, and guidance reduced to 20,000-21,000boepd.

So this interview was just bravado when he also knew that the [new] loan repayment was going to take precedence over future monthly dividends. The justification of the loan arrangement used in the Company Meet seems somewhat specious.

With the Clear the Decks & System Reset RNS, came a new table of Commodity Assumptions and NTM Income sensitivities.

Only to be followed by another new set with the H1 results, dated for August, but the period ended only one day after the RNS which cannot create confidence in their expectations.

Moreover, why have they set the production guidance so low. They have presented images of the revised production growth for Q3&4, have bagged 20,640boepd for H1, July was 22,065 so for the low of 20,000 the rest of the year would be just over 19,000. What are they not telling us if that is their realistic view? If 22,065 was maintained the yearly boepd would be 21,350+.

Production would also increase if another asset was acquired, but that would most probably involve some dilution which is not much of an incentive for PIs who have just had their monthly income withdrawn whilst watching their capital severely diminish.

But is an acquisition any more likely than real progress at Serenity?

Was it

(a) In August 2023 BNG Ltd. LLP took out a $5 million loan for up to 3 years at an interest rate of 7%. At the date of this report approximately $3.4 million of the loan has been drawn with the funds used to purchase casing for deep wells and the drilling rig.

or

(b) In September 2023, after the period end, the Group signed a $5.0 million loan with a Kazakh bank, of which at the date of this report approximately $3.4 million has been drawn.

Was it

(a) No oil was produced in either the period under review or the corresponding period from either the

Airshagyl or Yelemes Deep structures.

or from Jan 30, RNS

(b) The current production from Deep Well 802 brings the total production from the BNG Contract

Area to in excess of 3,000 bopd.

Did Akku Investments give some of their divi monies back to help keep the lights on? Will that be repaid in stock??

So, the loan to Block 8 for drilling is then counted as income for the drilling services CTS.

And the Interims are, of course, unaudited...

Somm, non-executive Chairman. He dropped the Exec in July.

It's a bit of a Hokey Cokey title, he dropped it in Dec 2020 as well.

He also stepped down as Caspian's Secretary, it was taken on by Erwin Blik; at Eragon Petroleum Ltd too.

d.o.b Jan 1961.

Bottomsup showing the spirit on Positive Thinking Day...

How unfortunate that they have tweeted [is that still current parlance?] the Telegraph tip, highlighting it as a HOLD when the embedded clip begins

"This stock is in the last chance saloon - it needs to start deliveri..."

https://x.com/i3energy/status/1699726727381962959?s=46&t=KHNNXk1Nw1j5lyzHBSnKag

Or to put it more succinctly:

This company can't be relied on.

I think its really important to highlight the inaccuracies in Stas20's post and in so doing also highlight those that support the post as accurate showing they too have neither understood the situation nor have they taken a position of standing based on fact and not bias.

Yes, £22M.

Interest is due also. That is shown as £7.2M in the Accounts, that's another third. So c38 becomes c50.

The CAD$75M is at 9.521%, and straight line amortised. So about CAD$32M to protect for in the next year. [75/3 plus 7 Int]

Smarty, the trade was done in Switzerland on Monday whilst the share was suspended, and reported to CASP the same day who then chose to sit on it for over a week. The AIM regulations say 2 working days.

When KS sold and Al Marri's bought, there were 4 separate RNSs, but this time it sneaked onto the website in an uncharacteristically prompt update with Ahmed now holding all the remaining 50% of the AlMarri's shares.

And, of course, they knew when they released the results dated the 6th but chose to suppress it...

If they move away from AIM, wouldn't the governance then prevent the NED Chairman from being in the bonus scheme?

So why has Ed joined Tim as ex-NEDs, leaving just young AO as a NED to do his Dad's bidding, oh, not forgetting CC of course...

'Block 8 has 100 bopd for oil that they can't sell abroad at the moment' and 'No mention of depths, timescales, geology, rigs and crews, costs.'

Yes, I agree, but that is not the only info we are missing.

Are the two existing, producing wells on the same structure, or does '4,203 meters and 3,449 maters (sic) respectively' mean two structures?

Does 'Focus on two deep wells' and 'two more underway' mean they are drilling or desktop activity?

Has anything been seen on BICO?

We know there is no CPR, and they need three wells to apply for a production licence.

Are the two new wells 'being drilled' to support the Export Licence or testing for the third structure?

We don't know on what activities the Authorities will base the Export Licence fees, but they could be high if they follow the MJF rates.

.oOo.

I also need to expand on my earlier Block 8 reply to uncertain. btw I fully agree with his comments in the 'Math issue' thread but would add that the 700/900b/d would affect the average by between 4.6 and 5.9b/d over the year to May per day of flowing, so clearly it did not flow very long and BH were able to bring it under control. It just needs 'clearing' now.

And I don't see why K is introducing monthly bopd, the pedant would just divide the period production by 151 to get 1974bopd...

wrt Block 8, it is actually worded very similar to the CE sale.

Casp have an option to "acquire the UAE registered holding company of EPC Munai LLP, which is the Kazakh registered holder of the licence for the Block 8 Contract Area", i.e. the structure is identical, but it does not say that Block 8 is the sole asset, and previously I believe EPC Munai did some survey work for Casp, but those arms could have been stripped out for the transfer to UAE registration of course...

So, aiui, the unnamed UAE company should appear as the subsidiary.

No mention is made of liabilities, but the Interim RNS says ' it is not expected that the acquisition of Block 8 would require additional funding from Caspian Sunrise and the therefore the Group's existing other development plans should be unaffected'.

That word "expected" again: and the results "Expectation is that the accounts will be signed either over the weekend or the next week" will be confirmed tomorrow, or Monday-ish.

jimo

joe

Uncertain, aiui it has been 'gifted' to Casp who have lent them 5M and equipment to keep it alive and Casp will be responsible for all the future activities and licensing etc, in exchange for a 'royalty' payment of $5 per barrel of production upto a total payment of $60M. [That's 12,000,000 barrels and at the current 100b/d that is over 300 years.]

The $5M will then go on the books of this subsidary of Casp.

It has nothing to do with PROFIT.

jimo

joe

Corryvreckan1, perhaps the point should be made that they have already conducted this exercise once before to allow initial payment of dividends which was when BHGE got their reward that i3E then forgot to admit to trading.

After that last Reduction of Capital, a few days later they had an equity fund raising to buy more assets [a bit of Cenovus Energy] which immediately refilled the just-emptied line in the share premium account which now currently stands at approximately £51,000,000.

In the event of a further equity raising, as some are now suggesting to support the CFO Bonus scheme, the Divi would be at risk again when retained earnings are accruing much slower than previously.

jimo

joe

Yesterday Kheldar (13:14) was concerned about having to 'share the $15m isatay contract'.

Whilst the headline that they have bought 50% of the CE is true being the only asset, the detail is that they have 50% of the shares in Prosperity Petroleum FZE which holds KC Caspian Explorer (KCCE) LLP, the asset owners.

From the AR 2021, "The Group operated in two operating segments during 2021: Exploration for and production of crude oil and drilling services at the Caspian shelf using the submersible drilling rig." [BNG Ltd. LLP & KC Caspian Explorer (KCCE) LLP].

Summary of the results of the segments are provided Note 4 page 50.

Therefore in the absence of a contract in 2023, CASP will have reduced the reported loss having shared the burden from the 'start date', but with substantial funding available in 2023.

What Stepping Stone Investments Limited see future income potential as is unknown, but comments here have suggested multiple drills.

The loss to CASP will be more than made up for by the successful implementation of the $22.5M.

Potentially...

jimo

joe