Member Info for Madpunter

pyrotech - I agree that most of the fast food smells awful sober, with the exception of Dorothy's chicken curry and chips. They do have a 5 star food hygiene rating as well.
https://www.walesonline.co.uk/whats-on/food-drink-news/food-hygiene-ratings-takeaways-cardiff-14263316

Laks there's a very interesting post by Bluevista on the anticipated behaviour of YA and the shorting crew regarding the shareholder meeting and news.

Richard1032 - It's as much about the place as the food, chippy alley after a few beers. Noodles, Satay etc taste much better in Bangkok, Bali, Singapore; just as Vino Verde is nice in the Algarve with fish; Retsina in Greece with Mousaka; and Sherry with Tapas. Not that I have had much chance of experiencing any of those places, or any others for almost a decade. If the majors buy Block 12, I'll be of within weeks.

I've met a few tax exiles over the years, mainly at rugby internationals, who have to have a chicken curry from chippy alley, as it's the one thing they miss. Cordon Bleu maybe superior, but after a night out the chicken curry from Dorothy's hits the spot.

Chicken curry from Dorothy's, aka chicken curry of the floor. Don't know why it's known by that, as I don't know anyone who's ever been ill. Maybe all the alcohol acts like an antiseptic.

Timster - Is that for a pint of Dirty Dark or Skull Attack?

Not many red filter boxes over the last 24 hours. Have the shorters covered their trades?

dusterhater - It makes a difference if the two are companies like Exxon and BP for example, as others might then be interested. There's 50 majors in the list linked below :-
https://en.wikipedia.org/wiki/List_of_largest_oil_and_gas_companies_by_revenue
If the two majors were companies nearer the bottom of the least, then I would agree with your view. IMHO the fact that they wish to remain anonymous increases the chances of them being further up the list.

dusterhater - If the majors were named it might attract competition from their competitors and cost them a higher price, should they want a JV/farmout or to buy Block 12.

Thanks Mole.

Mole - I understand your point about a production licence, but I think that it hinges on the declaration of commerciality. When fields are on EWT's they are producing, but that doesn't mean they have a full production licence. It all depends on the precise wording.

Timster - Naked shorting is illegal. IMHO the statement from the RNS copied below looks like proof.
In response to market inquiries with respect to the Company's announcement of 17 September 2018 (the "Announcement"), the Company would like to clarify that it has come to the Company's attention that on 28, 29, 30 August 2018 and 3 September 2018, YA II PN, Ltd. arbitrarily sold 82,077,412 ordinary shares in the Company that have not been authorised, issued and admitted to trading by the Company.

Cancelled earlier from 28th and now another 5m sell. Is YA playing games again? Maybe, FRR has agreed to pay YA off in full and YA is naked shorting to force the issue? That is what appeared to happen after the last conversion in April, to force a new agreement before the mid June deadline. I would be happy with either scenario, YA paid off in full or a production licence granted.

IMHO there will be a RNS before the meeting. Did Zaza call a meeting hoping to announce a JV/farmout or sale of Block 12? Highly unlikely, as negotiations could come to a conclusion at any time. Did Zaza call the meeting as the EWT's are to be announced? Possibly, but unlikely, as they are probably part of the NDA. Then, what could Zaza call a meeting about that would be positive, but wasn't discussed in the last meeting and isn't governed by the NDA? Answer, the granting of a production licence. FRR might have applied for a production licence and been told it should be granted by the date of the meeting.

IMHO it's a T20 rollover. The same shares were bought back 17 seconds after being sold for £300 more.

HeidHoncho - Was that Brain's Dirty Dark or Skull Attack?

Laks, I'll have to pay more attention to his sells/deramps/trolls!

Laks EMA cross and 11.72% up.

I am assuming the resource of 4.6kMMbbls of oil BP bought is the amount recoverable, as I haven't found a breakdown for the resource.
FRR has 6.5 times as much recoverable hydrocarbons and 4 times as much profit per barrel, which equates to 26 times as much profit. BP's acquisition is already flowing at 190kbbls/d and is a proven resource. IMHO $11bn for 26 times as much profit, than a resource for $10.5bn with the field already developed, is a good deal.

JetJock - The number of shares you hold has no bearing on the value of Block 12. Remember, I have used a very conservative value of just over 0.5% of the value of the recoverable hydrocarbons. When takeovers are considered, factors that give higher valuations are low costs per barrel; infrastructure in place; market in place; proven resources and fields already in production. BP recently bought 4.6kMMbbls for $10.5bn and FRR has almost 6.5 times as much. The costs for the BP acquisition are well under $50/bbl, whereas for FRR it is under $12/bbl. There are pipelines running through Block 12, with the nearest to Tarabani only 18km away. There's a ready market in place connected to the pipelines. Production apart from the very low zone 9, is only just starting for FRR. Tthe resources are being proven by the current EWT's, plus the seismics and the proven geology of the Kura Basin and Maykop formation. Therefore, IMHO taking everything into consideration, half a percent of the recoverable value is very conservative and not utter tosh.