Member Info for NoEasy

Thanks Lekka. Looks like the ASX finished up 13% equivalent to 7.09p. The next news is the crucial news and that must be right on the doorstep now, either the gas flows or the RFP result.

He is loyal to his team and they are loyal to him, that loyalty being underwritten by us investors.

I have no doubt that expenditure could have been cut but that is not the same as saving money. It may well have meant longer time required to work on the expanded FDP and ad hoc people brought in who may indeed cost more than salaried staff. Then you add in the expectations of moving forward on numerous occasions only to be thwarted by events/slow government bureaucracy and you question when would have been the right time to cull expenditure. Easier to look back in hindsight.

But if this company was on the verge of going nowhere I suspect we would have seen some of the top jobs excusing themselves from their post by now and latching onto more secure tenures that would no doubt have commanded the same remuneration. Doesn't seem to be any such movement.

Art is leveraging his team to secure plum projects. It has a good chance of working.

Morning Oilberta, My understanding is that the Service Provider (SP) enters an agreement to provide the front end services for a deferred payment. Crucially that payment can only come if the backend is funded and available coupled with an off take. This is where the necessity of the Trafigura/Commercial Bank of Mauritius term sheet becomes hugely apparent.

Essentially they (the SP) take a risk up to the point of getting oil out of the ground, if that occurs and oil is flowing they know everything beyond that is funded and consequently they will get paid from the revenue.

Their risk also keeps their operation and equipment and staff running. If they didn't take the risk a part of their business declines so that is the payoff.

Worth a read to get a feel of a 'large' solar project.

https://edition.cnn.com/style/article/mbr-solar-park-dubai-desert-intl/index.html

A company negotiating an improved deal is a company on the forward foot.

No weakness to be exploited by our JV partner.

Jetxie with all due respect you need to do a lot more research. Firstly this companyis not drilling in Liberia as your earlier post suggests and neither I suspect is this rise due to a month old piece of news.

You sat watching this Dunc. What do you think?

They will take 200k at a premium to bid before going to NT so the volume may show an increase later.

Great to have my knowledge expanded. Thanks guys.

Dear Harry,

Take a couple of weeks off.

Notwithstanding Berta's tongue in cheek timeline and alternatively others who think we are going to hit the high notes on a court non-event we are at seems at a very particular crossroads here. Whether we do have a placing or Art does indeed secure debt this time around its got to the point whereby shareholders cannot be subjected to further dilution after this round. All approvals have to be in, the rig has to be deployed and the drill has to be turning in the next eight months. Even though I still firmly believe that progress in key areas has been out of Arthur's hands to a great extent there can be no more delays in securing funding or approvals whoever is to blame.

I have not lost my belief that we have positive momentum with the project (as opposed to on this board!) and I know that significant progress has been made over the last year. The signpost provided by the PSC extension & governmental support in terms of encouragement for an enhanced and accelerated field development demonstrate how things are undertaken in Nigeria and with our partners. I've learned, whether I like it or not, that progress here isn't conducted with a fanfare or being informed every step of the way, it's very much all done on the quiet. Frustrating as £*!@ but that's what we are dealing with and we're not going to change that.

I am expecting events to unfold repeatedly and rapidly here on the derisking of finance and approvals. With the price of oil to support an SPA and governmental movement on our FDP we must be in the best position we have been in as far as the likelihood of drilling OPL226 is concerned.

'Could have released that during hours! ' My initial thought and still my thought.

Everyone has buggered off home for the long bank holiday weekend. Its all about maxmising exposure. I endeavour to look at all TR1's during office hours and I suspect others will do the same. Not going to over-labour the matter but Its not a coincidence that 'Every little helps' has been a one of the most recognisable slogans of our time.

As far as I was aware the hearing yesterday was to settle whether the application filed by Agamore’s lawyers to disqualify the barrister representing the NNPC, DPR and the two Shorecan directors (I believe that to be Kola & Tunde Karim) from also representing Canadian Overseas & Arthur Millholland.

If they are arguing that It seems fair to assume they haven't reached the stage where the dispute itself is due for resolution.

Thanks for that Pickwick, I needed a right good laugh:-)

Chukkers, I'm negative on the placement as I don't believe it was necessary regardless of who approached whom and whether or not it was at a premium price.

My sentiment on where this is likely to be going in the short term has, on the other hand, remained the same.

Well TG's message in yesterday's podcast has come true, that he wanted more local involvement. I strongly suspect that is the main reason why he did that podcast, to explain today's announcement. But how does he square his response to the interviewer regarding the previous placement to existing long term holders:

'So now more than adequately funded?'

'Indeed more than adequately funded at this point in time'.

I guess he must have not been adequately funded for about about 5 mins after he left that interview and he then had to rush out and secured more funding!

Did he need this extra money now or could it have waited until after the announcements re gas flow and RFP? I think he gave us the answer yesterday. The fact that these placings were not conducted at a discount but rather a premium also supports that view.

That now out of the way we are fully funded and that lays the ground for a series of good news announcements without having an impending placement expectation drawing us back. I am confident that is where we are going.

So

He couldn't give us positive confirmation on the gas flows Tom but he came as close as he could with his explanation again of the dewatering in ratio to gas flow expectancy. It seems the initial very encouraging water flow has not diminished in its significance over the last month. Coupled with the show of gas bubbling from both the Lesedi 3P and 4P drills as they were undertaken I am very upbeat about what awaits us as far as economical gas flow is concerned.

We know there are no certainties but there is a real possibility here that we are very much on course for a positive on both the flows and the RFP in a very, very short time frame. The real start of our company may be but a few days away. That is not intended to diminish in any way the excellent work the team has put in up to now finding the asset, securing it, exploring it, permitting/licensing it and drilling it. Significant economic reality may well be about to be unleashed in truly great fashion here if the pointers TG is giving us are all correct.

Good luck everyone.

Apologies for the grammar in the last post. Trying to jot things down in a bit of a rush is not always a good idea.

Thanks for that parisise. There's settled positivity with TG, no theatrics. Always get the impression he is singularly focused on this and relaxed as to where it is going. the takeaways where continuing good signs with the dewatering and at the higher end of expectations. The recent addition of more acreage and the reason for it. The finance proposal put to the Bots Gov as part of the RFP is very competitive and should be well received. He mentioned the 'published' financial proposal and the 'competitiveness' of that proposal so rightly or wrongly I am taking from that he has also seen the Sekaname financial proposal which allows him to mark ours as competitive.

That's if I'm right Dunc.