Member Info for lsetown

Didn't they say that the previous equivalent well flowed from only 8m and we had found reservoir across 80m ?!?

In the RNS: "Reactivation of the fractured carbonate reservoir has been challenging,"

Anyone know why that could be?

"fancy words from the company or share holders ..will not make us millions"

Sage advice that one.

Lol I think that is a bit optimistic.

£8-36 would be up to a 4500 bagger or a £67 billion market cap.!

Yes - my mistake. Thanks for saying.

One extra day for the RNS then!

Thursday tomorrow and that conference in Texas on Monday is getting very close.

RNS tomorrow!?

Didn't Ed correct himself and say it was the Options they awarded themselves he was talking about?

I wonder who holds those 120m Spreadex shares?

Surely not EXT !?

115 Million purchase just went through.

Art, that is a good point about declaring the Option price. We could also say why did they even RNS it??

I think it may have been them wanting to be 'transparent' in their Option dealings, which came from the fact that they knew they couldn't buy the shares directly with results coming.

If it were some underhanded way of manipulating the share price up, how would they benefit? EXT selling down into a rise would at least show us TR1s and neither a rise or a TR1 has happened yet.

I still think it may just be a sign that they are confident here.

Lol. I am a landlubber but had a quick search on yachts. They look to go from £200 on Ebay to £100m plus new. That has to be one of the widest price ranges ever.

When Corcel come good have you a yacht in mind?

I am hoping for a good chunk of money for retirement, fun and holidays etc.

Yes, it is real murky I reckon - but possibly encouraging for us shareholders.

Personally I don't think these will be exercised before results. The Option gives protection to EXT if the wells don't flow and they can always buy them all if they want later.

If in fact they wanted to buy them before results, why did they create the Option in the first place? Why didn't they just buy them from Jennings?

It could perhaps be argued that a member of the BOD buying 100m shares so close to results implies they know something. A Recused Option is a step away from that.

No accusations from me - these are just possibilities I can see.

I lay claim to the name: 'Arms-Length Recused Option' !

I think it is very interesting that EXT and Jennings agreed that options deal. How else could EXT (with their Corcel BOD insight) get another 100 million shares and approach the 30% holding? - not in the market over the next few weeks as it would push the share price way over 1.2p.

If I were Jennings I would have kept those warrants, but maybe they have done it because they just want to take risk off the table?

I was thinking similar and Ed will have a better reply no doubt but this is what I have gleaned.

For a marginal field the petroleum production tax was reduced from 20 percent to 10 percent, while the petroleum income tax was also reduced from 50 percent to 25 percent.

Of course we have to add in OPEX and CAPEX.

It appears that $70 a barrel is a typical sale price in the area.

EXT are heading for 30% shareholding and are also the ones offering funding.

I wonder if they have a takeover in mind?

It does imply Ext see deep value here. It is also means (I hope) that any future fund raise will convert much above the 0.08p rate.

Ext are definitely heading for majority shareholders now.

"the conversion of £750,000 of outstanding loan notes and associated interest into 98,917,808 new ordinary shares of the Company at a price of £0.008"

I didn't realise that the interest converted too.

"Post conversion, EXT will hold 432,555,025 shares in the business representing 24.37% of the business"

Which is up from 19.91% shown in the recent presentation.

If we do borrow more via this facility then it won't be long before EXT are majority shareholders.

I see on page 14 it talks about 'recoverable resources' at Tobias of 7.7mmbbls which is a reduction on the previously discussed 'prospective resources' of 11.7mmbbls.

The table is a bit difficult to read too: It says "Net to Corcel" but not for all the numbers? Surely the CAPEX to first oil at $28m is not just our 20% and we are raising 20% of it or $5.6m?

If they get to that sort of production level then it must be a 100 bagger!!