Member Info for miker444

Cadeby Reef on it's own is given an NPV (net) to RBD of between $340m - $425m, that's for 74m barrels. The 45m oil column will come in in excess of 100m barrels so pro rata NPV greater again. Not even taking in to account any gas whatsoevr ( just a few hundred bcf's) and we get an NPV circa $1bn to RBD and that's net.
All for £24m, actually less because £4m ish to further Parta to fruition etc etc ( Parta NPV $1.18bn by the way for the whole license).
Hmmm not a bad deal and the above are probably conersvative estimates judging by Dave Bramhill's grin. Might just stick around for a year, terrible terrible hardship :¬)

Bye then

Yes because of the sheer size, sometimes you have to speculate to accumulate, look at what monetisation will be.

Have to say whilst it's only 0.52% of Connaught they do own approx. a third of Rathlin it does suggest that even then Steve & Sachin were plotting for overall control of Rathlin, if not why take just 0.52%, how savvy could that be, it tips them just over 50% ( by 0.17% my reckoning). Gives them the control in any meetings/ decisions.

Simon and Jack, excellent posts, nuff said.

I personally trust Steve & Sachin and they have been transparent this far, genuinely believe they think they are looking at a gift horse if they can pull it off.
It all comes back as to what on earth must the expected figures be of WN to make two pretty cautious and savvy CEO's go down this route, I wouldn't bet against $1bn net to RBD. The Cadeby Reef alone quoted as between $340m - $425m net to RBD that's without the 45m column of liquid Hydrocarbons and no gas added to the equation either.

can understand people's concerns as a raise of £20m - £24m is very rare on AIM in view of our MarCap, but lets not overlook it will give us 50% of everything that comes out of West Newton which looks like the largest onshore discovery since 1973 / Wytch Farm.
This £20m or so could give us £500m once monetised, we may have to wait a year but we will not be worrying about the sp being 1 / 1.1 / 1.2p then.

UJO have 12.1bn shares, we will have roughly the same as UKOG and less than a lot of others so not necessarily.

That phone no. is 12 digits

Just to add people overlook the fact we have 34.9% interest in Corallian and everything they touch as a Company, if we want that is, we still have to put in but we can cherry pick. It was a cracking deal at the time and as I say overlooked by many. Corallian coming home to roost and the oil figures are what you would expect from the N Sea as opposed to onshore.

Simon no this RNS just released, it's the penultimate paragraph on Corallian section and refers to a license off coast of West Scotland / Shetlands I think, haven't gone back to look but it's there.

Corallian last but 1 paragraph, 12.6 tcf and flowed 5,000 bopd, (license 100% owned by Corallian), we have 34.9% interest, nice when you talk in terms of tcf and not bcf
:¬)

Thanks Helpful for posting that, just shows how much work goes in to one hole. Also good to see updates of detail from the company keeping us informed in method and direction. Hopefully an update soon on the commissioning of the water injection pump being put in to action.

News flow not far away on final production figures followed hopefully by more news flow on other work / deals with CAV as a result.

It values Parta @ $1.18bn that's a lot higher than previous estimates.

The talks regarding the placing would have been happening for weeks to get to this stage, only 4 weeks ago the sp was 1.375 so looking a lot healthier to bargain with then than now.

Indeed and besides UJO have 12.1bn shares over double ours even if we get to 6bn. Also I suspect a hefty buy back once monetization starts hitting the coffers (as well as dividends).

No problem artyth, are you holding mate, a few of the original posters been absent for a while.

I have to say, call it a gut feeling, that I agree with greggreen that its possible that not the entire fund raise £20m - £24m will be done via a placing totally with shares, but a partial one with some funding accepted on asset based very favourable return terms.
To get to where we are today in knowing about the intended fund raise this has not happened overnight. The talks and meetings that Steve & Sachin would probably have taken weeks which suggests if they started that long ago then the content of the volumes of WN would have been pretty well accepted at the time and does now concur with the interviews showing the beaming face of Dave B at that time.
With the additional information they have required since then suggests it has been totally de-risked. My guess is 100m barrels will be overwhelmingly conservative.
Throw in Cadeby Reef Formation being successful and we could approach a figure starting with a 2.
Wytch Farm 480m barrels could we have 40% of that, that doesn't seem beyond feasible to me.

Fergu I do see dividends as a win / win, you get money back without cashing in a single share. A lot of FTSE Companies do dividends twice yearly, greedy or what :¬)
And yes no CGT on ISA's, well not at the moment!
atb

artyth I am referring to the ability of accruing millions of shares in penny stocks and when they are tenths of a penny, I got most of mine in RBD for 0.585p so not 0.1p granted. It was a generic example mate nothing more but accept as regards RBD at no point could you buy at 0.1p ( at least I don't think so)
Now holding 28m all in ISAs, me 15m my wife 13m so any dividend will be a decent wedge.
atb