Member Info for MadChatter

Im sure he said our jv partners are really keen to drill vanji. But seeing as they now owe us about £13m that's the real issue here...

I think JB needs to clarify this: "This Placing therefore marks a line in the sand for the funding of the TLP-103C well" There is funding to TD, wirelog and flow test. There is also funding to get 103 into production. Which from what I gather is about £300-£600k in steel piping. So we need clarification on what this funding is intended to cover as these costs are massively over running already.

Can you imagine if the rns had read "10p, representing a 48% discount to the closing price on Monday", which it could easily have been.... Would have read very badly.

It's not actually that binary. Say they flow test mengo and up, and also do the work over on 101. That could be 1500bopd which would still put this nearer 25p

We need the license news this week to shift some of the overhang. It's practically done already anyway.

I think we've raised so much on the presumption (or anticipation) that they won't pay. Hence the contingency note.

It looks to me like they are getting nothing from our jv partners???? They *need* to explain this ASAP.

Why are we not compelling our jv partners to pay? This very much reminds me of an oex situation where we have to legally enforce their obligations.

I'm confused. It's £6m but only £5.5m in the breakdown of uses?? Also, doesn't £6m exceed their mandate to raise? If/when they get to dividends off this they better start doing a share buy back instead.

That is rediculous, why such a massive cost to complete the well? This contingency must be huge!? At least the pizza moron scum was factually incorrect.

Unless there have been some massive delayed sells going through, or some posted after close today, there cannot have been a large placing. There simply isn't anywhere close to the sales required.

Who is still holding strong and not sold anything?

For as ll this talk of placing, I've seen one sell £20k, and maybe 6 or 7 around £10k. That cannot be a placing clearing? It's way too small.

They can't deny it I don't think, as what if they actually needed to raise say £1m? They can't say we have not currently placed then a week later place. I would prefer them to do a debt based funding after we have flow rates. Very quick to sort for 104

Basically, even if we did get a 10p placing, 20% very short term downside against 200-300% (or more) potential upside... A strong buy either way tomorrow.

I honestly think we are going to increase our % of the field, if this £4m rumour is correct. They would be silly not to at least try after seeing results so far.

Basically if they stopped drilling right now and flow tested it, could be near 750-1000bopd (with a little tracking). Easily worth at least 25-30p Imo. That's all I'm going to say anyway, if you numpties want to sell and lose money that's up to you.

Would be a great day to drop licence news and no mention of a placing, lol. See people scramble on that one haha

I was meaning more if this morning they had announced an open offer alongside the wirelog. He could have timed it to complete before announcing any djeno results. Anyway, too late now as you say.

The income we have, without investing for workovers, is a drop in the ocean compared to what we might need for the drill after 103. They want to do another back to back as its cheaper to double book the drill rig. So some finance would 100% definitely be required for that, ignoring any exclusivity deals or getting 103 production ready. Personally I would have announced today a 2 week notice open offer for existing shareholders.