Member Info for miker444

Jimiam, appreciate you are frustrated as a lot of PI's are. For the sake of a week or so I would contemplate how you would feel selling to cut your losses and move on only to see the sp hit at least 1.5p - 2p on LOI, possibly higher and even more news outlined from MoU and the sheikh.
I know its dragging on mate and it is anyone's guess but unless you have to sell I would just switch off and look at doubling your money fairly soon and then run for the hills with at least a decent profit.
atb mate.

You certainly did and if I remember correctly you also mentioned Africa :¬), very astute and despite posters cynicisms is it such a bad thing that we have a good understanding with a billionaire Sheikh who wants to become even more involved than our partnership in Thar VI.

Hi ismalia mate, you may recognise my moniker and have chatted on various bb's with you in the past, all good and I recognise you as a respected poster. I am heavily invested in RBD and whilst I can't answer on Rubey's behalf, nor should I, my concern is that I also hope that RBD pull out asap.
Not for one second am I going to knock DELT, I am not invested, I know nothing about them and it is not in my character to do such a thing anyway, everyone can either invest or not as is their wish and if I do not like a company and not invested in it I certainly would not talk it down etc etc.

But my concern as a RBD investor is, and it is selfish, is that we have probably the largest onshore discovery in 50 years with possibly several hundred million barrels of oil and similar amounts of hundreds of bcf. It's a company changer if successful and its at appraisal stage not exploration. Add to that on the 176,000 sq m licence area it is believed we have at least another mirror image discovery possibly 2 of the same volume. All the infrastructure is there, gas pipelines, storage and refinery facilities with Operating Companies on site such as Total, Chevron, Petronas, Ineos, Conoco Philips etc. It is a goldmine and for the life of me I cannot for one second see why RBD'S CEO's wanted to trade nearly a quarter of this with no disrespect for approx. £13m cash in DELT plus 2 drills in the N Sea which may not be drilled until the end of next year and possible even shelved indefinitely. WN is a $bn play. Not meaning to put DELT down but we have a lot of appraisal projects in RBD and Parta Romania is expected to be as big as West Newton once 'running room' is factored in for multiple wells.

I actually think as RBD's share price takes off which is happening with the news coming up that the offer for Delt will actually be reduced as our MarCap gets stronger and sp worth more also and possibly an exchange of of just 1 share ratio not 1.5. If a success the news will hit all the mainstream media and the bigger shareholders of DELT may look for a quick return and jump ship in favour for a merger / takeover than wait for a couple of years in reality for Shell / N Sea.
RBD are going to monetise WN asap if proven, with an additional special one off dividend payment likely, and I can see a bidding war of the above mentioned operators, talks have probably already taken place for such a scenario.

I am prepared for an onslaught from DELT posters who do not know me but my post is genuine and honestly believe the move by RBD was not in either Companies interest but Steve and Sachin are ex City Fund Managers with an incredible CV and they would have done a lot of due diligence prior.

All the best mate and I sincerely hope that DELT investors are rewarded via sp moving forward as are RBD absolutely no reason both cannot be successful, fingers crossed :¬)

JackD fair point, it is another way of getting the extra 16.665% that Rathlin pulled out of although a lot of that down to the fact at that stage I believe they realised just how big WN is and didn't want to give that up for a relatively small return.
Not sure Rathlin would be successful (if they were objecting) if it has been agreed between 2 different parties ( Humber & RBD ) and certainly as you say a cash partner being one of them.
Might just be down to nothing else than the slow wheels of administration that has been known in beaurocratic planning depts and the like :¬)

There is a decent article on Reabold acquiring 16.665% of the project from Humber Oil on the Drill or Drop site dated 26th May 2020 by Ruth Hayhurst. ( Titled " Reabold Increases Stake in West Newton Licence" )
If approved then 56% of the whole West Newton project means Steve & Sachin will be in the driving seat and cannot be out voted on decision making, smart lads imo.
atb.

Big Cheese one thing that did come out of a link posted (by GP I think) is that condensates if of a high API quality can command well above the current oil price at the time, as much as $20 per barrel.
Worth thinking about if we have 146m - 280m barrels in Kirkham Abbey and a decent percentage is condensates, (and that's a big leeway, middle average would be approx 210m barrels) so we could probably command near to the industry accepted $11.50 in the ground even with Brent at $44.

Krull I add my thanks to GP for the link, not that it matters but there is another interview where DB goes in to more detail, hence the comparison of quality statement water/ wine etc, but it's not important and do you think I can find it!
Point is they know it's not water so the only question after that is does it flow / can it be brought to the surface.
If it can and we get the volumes we all hope for / expect then I think Total, Chevron, Petronas, Conoco Philips, SSE with all their infrastructure, pipelines, refineries, storage facilities will be knocking on our door.
Why wouldn't they seeing as oil & gas is what they do and this is not just in their backyard its in their living room :¬)
atb

I think your confusing him with David Lenigas who is the complete opposite and hypes up everything he touches and then gets out, UKOG being just one of them, if he was on board then I too would have reservations.
Dave Bramhill is sincere and his main focus is for the good of shareholders, totally different kind of guy.

GP, Krull thanks for the input on condensates, appreciated. If either of you have not seen the proactive interview with Dave Bramhill talking about the liquids not being water etc etc then it is well worth a listen, may not be all condensates but a 45m liquid column is substantial full stop.

GP you are absolutely correct, it was Dave Bramhill of UJO in a proactive interview with Andrew when he stated we have a reservoir of liquids and we know its not water, he then says with a big grin that it could be condensates.
I haven't got a clue about condensates but then Dave Bramhill adds with an even bigger grin that condensates and oil are like comparing water to wine ( oil being the water analogy)
GP its obvious you have knowledge but can you give any explanation about condensates and why DB was so excited at the prospect that this what the liquid content could be?
All the above quotes are genuinely in an interview on proactive.
atb.

BH there is some decent info on google and even Wikipedia relating to the detail of IPO's, that's all I get my understanding from. They are pretty well to the point and will show the disadvantages as well as advantages to the company looking to go public.

It can easily backfire if the IPO does not have the excitement of the market behind them and momentum from a Company offering a solid 'product' ( in our case a historical (mega sized for onshore) oil find ) is all important to the backers underpinning the valuation. They will need to know they can get their money back with fast flip profits.

For me the beauty is it will be given a valuation calculated from millions of barrels of oil as cheap as chips to produce from onshore. This is money in the bank.

Bottom line it really favours the company and shareholders already invested, that's it basically irrespective what the sp does after the market opens but enough new retail investors / new Pi' should want a slice and underpin it somewhat certainly long enough to exit imo.

Ponkey is correct, it will be given a valuation of worth to the MarCap and then that will be divided by shares in issue to settle at that sp calculation, it wouldn't work otherwise as there would be nothing to gauge against, that said it is very much a psychological aid to us mortal Pi's.
Good weekend everyone.

Depends on what vehicle is used to monetise West Newton if fully successful. If volumes come in at 300m barrels ( Cadeby incl ) and again 250 bcf - 300 bcf gas then there should be enough strength to even consider an IPO, Steve & Sachin did voice this as an option, amongst others.
IPO's are expensive $1.5m - $1.9m on average and approx. 4 - 6 mths, maybe longer, to process. But if the consensus is that this is the biggest onshore discovery for 50 years and could even eclipse Wytch Farm then Venture Capitalists / Angel Investors / Fund Managers could stump up enough to cover the pre - set valuation. The beauty being no one ( honest :¬) will be privy to the sp until the stock market opening bell. ( Venture Capital / Angel Investors etc will already have an agreement to flip prior to opening ) and pocket a healthy profit, as will RBD when their % of IPO valuation hits their coffers.
Can be a gold mine to those already invested and retail and PI's will have to but in at live prices probably seeing a sharp rise and an equally sharp drop as experienced traders take profit. As cold as it sounds it won't be our problem.
So best case scenario I think 8p - 10p is not unreasonable and I would expect up to 50% of that returned to shareholders via special one off dividend, also maybe a share buyback with a decent amount of cash left in the bank for other ventures.
Of course other options available to S&S but they are ex City Fund Managers and would be very much in their comfort zone and knowledgeable to approach said situation.

Worst case, we know the gas is there and whilst profitable it would be seen as a bit of a failure after all the fanfare of West Newtons potential onshore status.

I tried to buy £10k shortly after opening, approx. 08:15 and it went to fill or kill so I cancelled, tried £5k immediately after and got it, tried smaller amounts for the remaining £5k and refused at £4k, £3k £2k, I had to do the remainder all at £1k. Then saw trades bigger than £10k being allowed not long after, so can only assume mm's wanted to set a limit of stock available or certainly control it. My broker I use is Hargreaves Lansdown and do not normally experience any problems so assume it was not down to them. Holding nearly 30m now and that will do for me.
atb.

Seeing as Naheed Memon said should hear hopefully within a week maybe before ( therefore could have been today ) I will kick it off and say:

RNS Tues 28/07 7am.

atb.

China Coal could not write it any more positive and they are the ones stumping up the cash! So not just LOI but any doubts about funding intentions should now be dead and buried. This is fantastic provenance of full intent.

And signed with todays date!, so not an old article.

Well until news anyone's guess but yesterday £70k Buys and £13k Sells so still of some interest to a fair few PI's, I think the mindset now is might as well stay with it as despite the wait it is still going ahead.
atb.

As far as the interview goes it was ok and no shocks but quite simply we are waiting for LOI to drop and this to kick start further news, that's it basically.

A previous rns stated that the geology in the region typically meant acidisation was pretty much the norm for the vast majority of drills and therefore I would expect them to achieve the desired results, it's certainly not unchartered waters.