Member Info for Juxtapose

Doc

Some of those are rollovers of positions: investors keeping their positions in anticipation of Rexit and the CPO-5 news flow in October.

Did you manage to find the euroclear site and Amer figures? It is very helpful to take a look at these companies and it does explain the SP action: it told a tale on SOLG too and that recent BHP entry at a "premium"

Wuffle

It depends on working capital movements.

Most investors don't read balance sheets and would therefore be unaware of the extent to which at the end of H1, the increase of receivables by 12 million impacted on the cash balance: for those who don't understand, had receivables stayed at 16 million, cash would have been 12 million more ie 60 million.

The big back to back trades are more likely to be rollovers: expectations re Indico spud rerate.

Someone should call Estrella or perhaps they have?

"following completion of civil works at Indico-1 well in CPO-5, located to the south of the prolific Llanos 34 block, rig E-2029, owned by Estrella, is currently mobilising to the site". (extract from the interims)

Doc

euroclear

RH (and son) are billionaires and this is NOT a distressed sale.

The vendetta dates back to 2014, a position of just under 15% was held at that time and it has been liquidated in a way that has wholly trashed the share options to which the BOD helped themselves at that time, causing such anger.

Good volume will see the end of the games shortly and that will be helped by the closing out of the stock on loan position (it was at 20 million and has reduced to 7.6 million, which tells us what the insiders know: share sale drawing to a close.

If the story is correct (and it was reconfirmed at the AGM) RH will not sell as a block: he was offered that in the early stages and refused.

If that story is correct (and it may be that they did find a buyer for his 15% holding, but at a price which then was an insult and yet with the benefit of hindsight would have been a smart move for him), he now is enjoying the privilege of the super wealthy, wasting money to undermine the credibility of those he criticized so heavily and, of course, causing the share options to expire so the troughers got no benefit.

Whatever the back story, it is coming to an end and high volume for even quite a short period will see him off (unless he saves a bit of ammo for the next AGM, to make the mandatory annual bash uncomfortable, with everyone echoing his greed mantra against a manipulated share performance benchmark!).

It has been quite an extraordinary episode i the life of the company, but it is a common problem with these companies, when a major shareholder becomes a back seat driver and then gets the hump: this probably is the most extreme example and RH (or his son) certainly does have stamina. In fairness, he did have a point: the board are greedy and JW and NH both deserved a good slapping for those awards at the last AGM: NH's thought pattern, that many had expired, was particularly offensive: a wholesale failure to see that the ONLY consideration should be performance.

Sections can be co-mingled, but I cannot see that as appropriate for this first well, where they need to establish characteristics and obtain clear data.

I could be wrong, as they do have a good understanding ( particularly of the "U") as most of our existing production in southern Plat is from these sands.

N to M

None of us know when this could hit £1.

Many of the big successes for other companies have come off the back of Llanos (and not necessarily 100% holdings). Unlike us, those companies have high borrowings and our OBA puts us in a different position from most on costs (for the adjacent fields).

With current price of oil all boats will float higher, but Amer looks particularly undervalued at the moment and that has to be partly down to the RH attrition which will end in weeks rather than months at today's volumes.

To illustrate my point, what do you think would have happened to the SP in the run up to these 3 drills had RH not fired 10 million shares into the market over a single month (his reduction from just under 4% to 2.8%)? Where is the next and the next and the next 10 million to come from, once he has gone to satisfy demand?

These oil prices are very good for a producer, but the drill bit will do the talking over the next period of time: success will do far more for the SP than any concerted PR campaign and what we really need is volume to wash the RH liquidity out of the system once and for all.

Being realistic, we do need an operational update on the "T" sands and confirmation of exactly where the Indico rig is physically sitting at this moment in time (ie is it now on site, being set up or already at the testing stage?). ff.

Many of us have held for CPO-5, largely because it is expected to have significant value, as can be seen from that farewell address.

It did not "morph" to 5000 maximum: there have been days when throughput has significantly exceeded this.

"T" sands, if successful, will go through.
Put 8 is a candidate for OBA utilization, particularly the second drill.
We are waiting to see what will happen on the drill pad already built.
There are 3 other anomalies in the "N" sands, which may not necessarily have the same characteristics as the first well: the "N" sands have been producing nearby eg Sur Oriente: the surprise was that they were not going for the "N" sands on the first Put 8 drill.

The SP is absolute madness at the current POO and I expect better monthly production figure and the CPO-5 news to give this a boost: that farewell message is most encouraging.

As you say, JTD, the drill results were a styled as a discovery: it is just a shame that all the hype surrounded production in the "N" sands. An actual drill, of course, is always a great asset in understanding the whole area and Pintadillo has extended the area 4Ks to the north of previous drills and closer to the Mecaya drill data.

At least the tendering is for Sol and not Indico!

If the "N" sands had been oil bearing, it would have been heavy and required blending with existing lighter production (mostly from the "U")

The "T" sands, if successful are lighter oil, whereas the "U" would be more of the same.

The "T" sands will therefore increase the API of what already goes through the OBA.

Too much emphasis on the OBA: perhaps sensitive to the (for the moment) underutilized capacity of the OBA.. It makes Put 8 more important: new field that could utilize the capacity.

There is a clear strategy, but it is not what many on here want to hear.

It was very briefly discussed over drinks by Bert, post the presentation (he did a good job on that).

Short term: address life of mine, to maximize the capital outlay,

Then the game is to buy distressed near-term projects with good returns: as they did with Yanfolila, rather than pie in the sky exploration.

Broken hill fits that category. As for saying they don't know anything about it, all they need to do (as for Yanfolila) is hire a competent outfit to deliver the build. Unless management are mining engineers,then turnkey is the only way to go.

It was not possible to develop a sensible conversation, as Bert was clearly sensitive to the negativity and regrettably, the group was dominated by individuals who wanted to speak rather than listen and consider.

I am not currently a holder, but after meeting management, Hum has moved up the watch list.

Jasehem

They will fast forward the Put 9 and 12 prospects, which are far more significant than the "N" sands in Plat.

What is good about this drill is that it extends physical drilling 4 km further north into this block, which is a bridge between Plat 8 on the west and Put 9 and 12 on the east.

It is not yet known what the outcome in the "T" sands will be, but light oil is always easier to produce, with less lifting costs and will add to reserves, if it does come into production.

As others have said, It is not the result we wanted, but it is better that they have drilled and the sooner they identify the next target and get drilling again, the better for us all.

So what if the "t" performs as it did in Plat 20 back in 2014, from similar net pay?

Over a 1000 BOPD initially and into production at 400 BOPD?

Thanks, Samroy, for sharing and always better to see the source than choice quotes.

It has been a long wait for Pintadillo, but at least the route to market has been sorted out in the intervening period and margin is equally, if not more important, than volume (particularly if "fixed overhead costs" rise with volume).

GLA

That will be the final notification of RH holdings and it will take more than a couple of weeks for the disposal of the last 34m (assuming that he is intending to dump every last share right now).

Good news on Pintadillo and the associated volume should make a significant dent. Stock on loan has reduced to 8.6 million at the end of August, in anticipation of the cheap shares drying up shortly. Good news will also have those positions closing, which always fuels buying pressure.

GLA

BH

I could not disagree with you more.

From my perspective, the company has set out a full stall of jam and marmalade, promising home delivery for today and then it appears that jam can only be made tomorrow.

The AGM was chock full of promises.

Presentations show squillions of drills

RNSs abound promising drills on so many blocks.

Never mind the marmalade, but if jam doesn't start arriving as promised, I am contemplating quite the opposite case from you.

If anyone does not think that positive spin is the order of the day, just analyse this latest carefully crafted RNS.

Yours is one point of view and mine is diametrically opposed, but that is the purpose of these discussions.

FWIW, I am still expecting my jam, but at this rate of delivery, it might be past its sell by date.

Bluebelly

My comment was specific to Tjate and not the tailings operations.

On platinum, it is wait and see. Particularly look out for the effect of Ivanhoe's ozs coming to market: they may well outweigh the immediate closures.

A word from a non holder.

Be objective focused in any action.

It is not what has happened, but what is going to happen that matters most: to preserve the remaining assets for shareholders.

Currently, those assets are the JLP shares and the licences in which it holds %s.

The focus needs to be on tight monetary control and running the company on a shoestring until income is received.

The main historical item to chase is any outstanding monies, such as ACI: interesting to note that LC offered to help with that in a recent web interview.: available finance reduces dilution.

Company money should not be wasted.......and that includes frivolous legal actions (and possibly, unnecessary listings for the moment).

Good luck whatever you do (particularly decimating Borrelli's salary, as LC now does all the work and has all the responsibility!).