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There is no overhang. Just sentiment decimated from previous failures and poor management. A $6mil cheque, however, will go a long way to improving sentiment.

That should read "production at West Brentwood" WB not WN.

Really disappointed to see the SP at these levels considering we are in the middle of the long-anticipated drilling campaign.

Putting it down to City Financial as a forced seller, if that is the case then selling pressure will have to end at some point and we should move up to a more realistic level representing recent success at MS and production at WN.

The whole Colter fiasco wasn't great and any value from that looks to be delayed which is unfortunate as I think this was the asset RBD wanted to sell to prove their business model.

It's onwards to the next drill for positive news. I'd expect an update when VG-4 comes online and there will be test results coming from Burnet-2 in the short term. Would like to see the 2nd well at MS drilled before the West Newton appraisal kicks off in a few months time. Hopefully CF will be long gone by then.

PREM teetering in the brink of delivering positive news for the first time in a very long time! Ministry of Industry secured the funding, get the thing signed!!!!!!

$6mil injection for a company who's mcap is a litter over £6m. Can see another 100%+ day soon on the right news.

Thanks for the inputs ukred.

I have to seriously question the KME + HBR "comes as a package" statement though as this clearly contradicts what GR said yesterday. They are 2 separate companies, 2 separate deals. HBR and KME do not come as one.

With regards HBR the plant is not ready for production - upgrades and modifications are required which will cost. Currently PREM cannot afford to bring Zulu to DFS or bring RHA back online themselves let alone fund yet another venture by GR.

The HBR asset isnt going anywhere. Get the house in order first. Rectify the poor decision-making made to date. Strengthen the board with KME additions. Turn a consistent profit at RHA. Exit the Circum fiasco with a profit. Deliver the DFS on Zulu. Then GR can start shopping with more of shareholders money.

Is this what BLOE are up to?

Fishbone Drilling https://www.youtube.com/watch?v=LqDBw12_6R0

Correct - that's pretty much exactly whats in the RNS :)

...on the wonderful world of KIBO.

Like minermate, I would not at all be surprised to see a future RNS to say MCPP is back on track with Tanesco - it's been such a shambolic process (if you can even call it a process) that anything could happen. Realistically though, I would prefer KIBO to completely exit Tanzania, selling the MCPP for whatever they can get and just draw a line under the whole sorry saga.

In relation to funding, I can't believe I never noticed the SP was under par value (did anyone bring it up on here?) The Sanderson deal was the only option on the table hence the crippling dilution. The comment from LC about altering par value/share capital is terrifying - more dilution incoming. Deliver something of real value and the share price will appreciate, don't spend what little money we have on altering the current share capital so that you can place again.

Shareholders here have seen more than enough dilution with no value returned. Sure, you have a Bankable project but that is worth diddly squat when it is stuck in the middle of a country who can't tell their elbow from their arse.

Not good enough.

Persimmon, RE commerciality- "Corallian's most recent assessment of the Colter South Prospect prior to drilling the 98/11a-6 well had estimated a mean recoverable volume of 15 mmbbls. This would exceed the threshold for commerciality."

RE Monroe Swell - I wasn't suggesting it would "get us out of the woods", just pointing out that investing in the Reabold portfolio of assets is a much safer play than e.g. pinning your hopes on an AIM tiddler who has a small slice of a single asset and nothing else.

With the West Brentwood cash cow having scope for many more wells, an upcoming strike at Monroe Swell and more company-making drilling in the next few quarters, I have no qualms about holding RBD even on days of pure AIM stupidity such as today.

The joys of AIM.

The net result of the Colter campaign is a 15MMBO oil discovery. And the SP result? Yearly low :)

Monroe Swell result next week, potentially as early as Monday. The beauty of a diversified portfolio.

2 workovers down, 6 to go. The numbers are not huge on a per well basis but whats important is the workovers are improving flow rates and cumulatively chasing down the 250bopd target.

Post-workovers a sidetrack at Norio should see the 250bopd target smashed if the sidetrack performs anywhere near as well as previous local horizontal sidetracks which have seen on average x10 uplift.

Still all to play for here, can see this trading below IPO price for some time but West Rustavi in addition to more workover results at Norio should see this well above 4p in the not too distant future. I'lll be buying all I can sub 4p.

6 weeks today since the latest potential equity provider commenced their DD. Expecting an announcement next week.

Yup, don't give up the day job Drax.

Still managed to make more money on a drax horse tip than I have investing in KIBO for 4 years though. Oh the joys.

If CF were a persistent seller and they are now clear we may finally start to move - certainly looks like it today. Add to that a positive looking technical set up and game changing news on multiple fronts within a week away and dare I say it but we may well have the perfect storm brewing here

Does anyone know the netback RBD get for the well(s) at West Brentwood?

Let's see if you can make it 2 from 2 Drax.

Stuck 20 quid on SMARTY WILD yesterday, cashed out at >50% loss when he was last not too far from home, then watched him romp home for the win in the closing stages!

MORTENS LEARN to start the recovery of making back all my KIBO losses (no cash outs this time).

Sanderson have moved from an illiquid asset to a liquid asset - no brainer for them.

I can't believe people are struggling to see how terrible todays announcement was.

Sanderson held a minority 2.5% in ONE of KIBOs assets - namely the MCPP which as we all know is in absolute turmoil at the moment.

Todays deal see's Sanderson relinquish their 2.5% in the MCPP for ~15% holding of KIBO the group i.e. the entity holding ALL of our assets.

That is a terrible deal no matter how you look at it. Seems to me that KIBO are in no place (financially) to handle Sanderson and Sanderson have secured themselves a great(er) deal at the expense of KIBO shareholders.

LC obviously has to spin it as much as possible but everyone must see that this is not good. Right?

So to summarise:

I thought both Norio and WR targets were for end H1 2019.
Ezhik thought Norio was Q1 and WR was H1.
SwearinNige referenced an RNS stating it is Norio H1 and WR Q1
And Paul Haywood is telling us we've started drilling, we're about to drill and we're mid way through drilling!

Glad we cleared that up!

23rd Jan update stated the sidetrack drilling device had been lowered into the (existing) 16a well. What has happened from 23rd Jan until now if they are only just "looking to drill a 600m horizontal section in the well"? I was under the assumption the deviation would start immediately post-23rd Jan and the horizontal section was being drilled although this now seems unlikely based on what PH is saying on the 1st March Q&A

I can't see how it will be possible to produce 650bopd from WR by end Q1 considering that is only 3 weeks away, 16a is still to be drilled and operations at 38 haven't even started (bar testing of equipment).

Has there been some slippage or am I talking shite?