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Oops... further anticipation should read further participation

Well Greg one things for sure the work over drills are definitely going ahead and very soon. So irrespective of the flow rates and bopd we will at last be getting something going in to the coffers, not mind blowing but vital and hopefully room for further anticipation if the workovers are successful.
As for a re-rate I would love to think so especially for those that have bought in closer to 0.9 / 1p but on this news alone I would expect there may be a gentle / steady rise in sp, we may see 0.3p.
For me a re-rate that would take something along the lines and size of Colter South to be monetised.

I am still curious as to what, if anything, was going on with Victor Hwang , Paul Haywood, Alan Soulsby and others involvement of buying in to Eagle Gas. All gone very quiet from the initial excitement.

But bottom line we have something to hear back from and Greg Mawhinney does appear to know his onions :¬)

atb mate.

It's possible that even with small production figures from the workovers that PI's are believing that the sp is at base level and even small amounts of revenue is something that ADL have just not had.
If ADL can get the go ahead to increase the number of work overs then small amounts of bopd will add up to a decent total, certainly for a company with only a 1m MarCap.
Any cash income has to be welcomed.

As big as Grizzly Island is valued NPV wise it is the most riskiest of all the remaining drills and S&S have stated it is more exploration than appraisal. I do still expect it to be successful but bigger drills have more impact when successful or unsuccessful.

I agree the nodding donkeys are small potatoes but with the running room and a quantity of drills in double figures then a possible total of 1000 - 1500 bopd net to RBD is significant. As you know its the running room ( multiple wells ) in Parta that have Steve and Sachin most excited.

Don't get me wrong I like the big plays as much as anyone and if we can replicate West Newton with a second drill next year it will be off the wall but self financing smaller Cali drills add to the bigger picture and reduce the need for dilution / placings certainly for administration running costs.

Guess what I am saying is any drill that strikes oil / gas is welcomed and de -risks the Company as a whole.

atb

Thanks Greg, hopefully it will be the start of increased involvement as CAV have hinted.

at Betun, will ADL have a 20% interest in anything over the current production rate for these 17 wells or just the 4 producing wells at present, same with the gas at Selo?

Struggling a bit for clarification from Podcast.

It's almost as if Simon is aware of the frustration / anger / call it what you will from the shareholders and posts from this board and therefore has put this podcast to say listen to this guy i.e "this is the geologist who we now have on board and I am going to get him to explain to you all what he is about and where we are intending to go with this"

It's a start of at least giving some more detail and I agree it is bread and butter and will just tick over for the time being and very much a bottom drawer situation.

The sp will not see rises, at least not big ones, from this for some time imo.

That will be down to Colter South / extension or anything else such as Eagle IPO / RTO etc IMHO.

And yes there is no guarantee of that but we could get our money back (eventually )

:¬)

Company Presentation, a bit more detail.

Wth the constrained flow rate of VG-4 due to high volume of gas once we 'tie-in' to the existing gas pipe line infrastructure I expect we may surpass the 480 bopd and also 'bag' the extra gas volume to boot from just that well alone.
RBD are looking at the eventual total number of wells to be in double figures, so at least 10. A site nearby has 13 wells so there is plenty of running room.

Admittedly the flow rates are not expected to be as high as VG-4 but if we can get 150 - 200 bopd from each well with net 75 -100 bopd to RBD we will comfortably see 1000+ bopd from California.

Remember the net pay depths exceeded all expectations coming in at 60m & 90m so depletion very slow due to the high volume source area.

The revenue from each well will be self financing for the costs of the next one, and we may be able to spud a new well every 6 weeks or so.

Another asset or not as the case may be but it does beg the question why did BMD buy 3% / TR-1, surely he loses out as well.
Someone or something must have given him the heads up / reason to come on board even if the deal (proposed) no longer exists.

As dan1 says we are producing but asset expectations also driving this up, expect a bigger increase once production figures come in from California and again when flow test results come in from West Newton, especially if it larger than expected.

FB Good post, just about sums it up.

What we need now is something extra to the bread and butter Indonesian deal. Victor Hwang, Paul Haywood with Eagle news involving ADL or something positive from Colter South original deal or Colter South increased license news.

atb

Think that was 20.9
:~)

mm's so transparent :~)

paid and a sea of buys at the moment, mm's will do their best to keep this down before news, may even be a shake planned.
Hold for gold.

Technically Q3 is only 8 days away so testing could be at the very start / early July. I think California results next week would be far enough apart from actual West Newton test results to have an effect on the sp in their own right and not be overshadowed / lost in the mix of WN..

Remember also California will have stages of activity throughout the remainder of the year with Grizzly Island latter part of the year (possible $100m NPV) and extra drills (to double figures) as and when in the 'running room' of the other California licenses.

Parta should be between the 2 of the above time wise (WN &Grizzly) so all in all news and updates practically every month until Xmas at least.

atb

As did the £60k at 16.30 :¬)

It is promising in that it would appear this is not the end game and is a longer term commitment, however, I would like to think with Victor Hwang, Paul Haywood, etc putting in funds to Eagle Gas that there is something else in the offing.

This RNS shores us up for a bit but will not send the sp significantly up imo, we need more news / deals.

Totally agree Simon and fully aware of their exit strategy plans I just meant the sheer amount of smaller deals they could invest in and no need for placings at any point.

Absolutely mate, I just think if we get the returns we expect for just £3m investment then what the hell can Steve & Sachin achieve with £100m at their disposal, the mind boggles and yes it may take a couple of years ( personally think sooner ) but what level can they take the sp before deciding RBD is done and the Company is 'cashed in' returning all to shareholders.
I will wait for that day, I don't need the money now and like it or not the years do roll by quicker than they should these days :¬)