Member Info for Novykluk

willec,
The full target depth was reported to be 4,400ft. I don't believe the Market has been given any information on the rate of drilling or the progress to date. In fact I understand this well has be declared a "tight" well. Which I understand means the company have declared the information will be "tightly" held. i.e. There will be no progress information until completion.
And I'm sure someone will remind me that the company had earlier said "Information on drilling will be given as it proceeds". Which of course is contradictory to the well/drill then having been declared "tight"!!
But in a communication before drilling commenced the company did say that the drill AND TESTING would take between 30 days and 45 days. When drilling commenced I noted those "end" dates would respectively become 28th November (30 days) and 11th December (45 days).
My relatively uniformed view is that the Drill should be complete by 28th November and preliminary Testing (sufficient to report) completed by 11th December. But I'm not a Oil Industry specialist, so treat my assumption with caution>

GLTALTH's.

Also a very decent summary Kalan!! +++

Re: The guy was dialling in from Nigeria.....
Well that's really positive!! But doesn't the Internet exist in Nigeria?????

Very very disappointing!!
The use of such a medium i.e. A Telephone call with appalling acoustics, was quite primitive! All other Investee companies which communicate do so via a computerised webinar! The quality of the acoustics and transmission have always been far better.
That, coupled with no real detail of future actions made that presentation a shocker for me!!
Thank goodness one can SEE the potential! If not, today would NOT have inspired me!!
GLTALTH's
NK

Late in the day switch....

Yes!! A late in the switch of Brokers might be an idea!!!
I have to confess that I'm not knowledgeable enough to know if that's feasible at this time. By my emotions say "Do it!!
GLTA

cd66beta, thanks for your Post clarifying the consequences of I.Trading!!
I also acknowledge the valid points made by both Waynesmith and Taverham!

isdeer, my appologies........I was typing a previous Post and didn't see that you had already made "the point" as to who should "do the time"!!
You're too quick for me :-)) :-))!

Waynesmith, ref: "Chris oil got tipped off and should do time"

While I share your anger and frustration Wayne, IMHO it's the individual who leaked the information who should "do time", not Chris Oil!

greedfear, ref: "The info of placing was leaked by an insider. That is the guilty party not DB. Crooked city bull****."

You are SPOT ON!! DB and all of us have been "had over"! I'm certain DB will be as appalled at the leak of inside information as all of us!

I'm sure most investors here will see the EXACT same "Leak model" as happened to Reabold about 3-4 weeks ago! One of our problems we all face is that the FCA take what are presumably their "big fat government salaries" but do absolutely SWFA to address Market Abuse!!!

adoubleuk

I did not think your post was de-ramping at all! You raise concerns many genuine holders will have, particularly in respect of this current news vacuum! You have previously posted some very helpful stuff. So I understand you are a serious holder.
But to answer two of your points;
* It was my non expert opinion that if the Raithlin share swap did not proceed, then those additional shares would just not be issued. I believe that's been quite professionally reported earlier this evening by JackDiamonds.
* Now why didn't S & S wait for the EWT results, and the possibility our share price would have been higher, before going for a Placing? It seems to me the answer is one of straight forward economics.
Logically if the results of a favourable EWT were issued, our price would be higher and we would be diluted less. Agreed! But I believe that S & S judged that when those numbers were confirmed absolutely, the cost of acquiring our additional holding in Raithlin, would have far exceeded the cost of the additional dilution.
I think my view here is kind of supported by the fact that the Raithlin shareholders (who must have been in dialogue with RBD before the Placing announcement) then decided what ever price was being proposed for their equity, wasn't enough. That in my view was likely when the WN numbers were emerging (from progressive analysis) and they realised just how big WN is.
So to my simple mind, the choice was wait for the EWT results and have a higher share price, but pay even more for the Rathlin shares.
Like you and most other LTH's though, I am very disappointed by the total lack of information now. Unlike you though (fortunately for me), I'm not yet feeling "there's a rat"!! I hope we get a news update soon though, before I start getting nervous! At this point in time I still fully trust S & S! But hope I'm not being naive!!

GLTALTH's
NK

One would logically have thought that upon release of the EWT results the share price would increase. pr

Spot on OAW!!

miker444, ref: Raithlin share swap, "will it just disappear due to already mentioned as not definite in the last update."
You raise an interesting point!! It would have been tremendous had that gone through! But if it doesn't proceed I doubt there will be any further formal confirmation to that effect.
Perhaps at some time in the future we might hear in answer to a question at a presentation or the like.

Gr33nings68 ref: "What news flow can we expect over the next few weeks?"
Sorry not to be able the claim all of the following will happen truly within "weeks"! But from this morning's interview with Malcy, AK did outline his expectations for the next 12 months. And of course a number of the enabling actions for his expectations will have to begin shortly in order to chaive his 12 month goals! These were the aspects he mentioned:
* The flow-test of wells in Niger is CRITICAL he emphasised that! So news of that I think that must be one of early positives.
* It was not specifically mentioned, but by implication it is evident that oil from Niger will be trucked and sold quite soon after the well flow testing is complete.
* Expect confirmed additional gas contract(s) in Nigeria. From another interview he gave about a week ago, I got the impression there is one such contract very close to being finalised.
* There was reference to closing deals in Nigeria for additional supplies of oil and gas (I think) from the "marginal fields". That appears to be a "just go and do" opportunity. So perhaps not too far away for news?
* Restarted the drilling campaign in Niger. Though he did say the timing has not yet been defined, which I personally find disappointing!
Certainly within the next 12 months, but beyond your "next few weeks", he also expects to have;
* Proven the company's ability to generate high free-cash flow from the Nigerian assets!
* Made further oil discoveries in Niger!!
* Grown the business very substantially over the next 12-18 months. And I personally have no doubt that he and his team will have done that!!
NK

ThomasTT:
An excellent summary!! Many thanks for sharing the report with those of us who don't normally have access!! Very much appreciated!!
NK

Diversified, yours is a really decent perspective IMHO!
Your 40p sets a realistic "floor" price value, recognising as you did, that;
* The Seven Energy assets were "distressed" when purchased and extremely under valued!!
* No account is taken of the substantial free-cashflow which will be generated (virtually underwritten by the World Bank) when SAVP resumes production.
* There are over 100 drill targets already identified in Niger. And we all now the historical high percentage of drill success raters achieved there!
* No account is taken of Nigeria's increasing gas demand.
* And still no one seems to know (a) Whether the Severn assets have been producing whilst these protracted negotiations have been ongoing, and if so (b) Who benefits from the substantial cash which will have generated??

GLTALTH's
NK

I'm definitely not knock Snowking!! One doesn't need to be a brain surgeon, just look at the fundamentals!

The signed EPO is about to land.......very likely next week.
We're getting close to the CIRCM liquidation event, communicated by the company to their shareholders earlier in the year!
PREM is aggressively pursuing the MNH deal!
When that deal happens GR is very likely to step down!!
All of these fundamentals are aligned, just as the T/A chart for PREM is at the point of a golden cross occurring!
For those with courage to add, this will "bag" immediately on announcement of the EPO......least, that's my humble opinion!
GLTA LTH's

MrMagoo31, ref; "Why is LSE showing 3.70 still for share price when it finished at 4.325 last night???
I completely agree!!
That caused me to mis-inform another group of people who I was sharing the potential of CERP with last night!! Grrrr!!
GLTALTH's
NK

get_rich_quick, re: "I didn't think it would take around 40 days"

Your reaction was the same as mine on initial reading of the RNS. From the AGM presentation Leo gave, I understood the well would take about 27 days to drill.
But upon reading the RNS more carefully I note that the wording is, "The Company expects the well will take approximately 30-45 days to complete and evaluate"
Note: to complete AND EVALUATE.

I suspect that by giving this longer time frame which includes the testing, Leo is very wisely attempting to manage investors expectations. i.e. Whilst it might be possible to drill the well in about 27 days, but without the evaluation of the results (testing) definitive results can't be given. The only thing we'll probably know after 27 days is whether the well is an oil discovery or if it's a duster.
A good example of this is Raithlin/Reabold Resources/UJO et al. Where they have declared a very large oil and gas discovery at West Newton near Humberside. But yet the evaluation/testing will take some weeks.
If we can drill and have results in 45 days, that will be brilliant IMHO!!

CF73, your 18:23 post is truly excellent IMHO!!

Ref: "There is discussion that we may go in to suspension following EPO announcement, prior to the merger as part of the MNH deal. Looking at the details to the mine, we would be coming out a monster (with MNH's Otjozondu Manganese project, Zulu with EPO, and EPO JV to come, RHA etc.) with a vastly higher SP, then also looking forward to a Circum announcement (word is November is a key month!)."

I am aware from "others", that your comments are very close to the current "behind the scenes" discussions that are taking place! Perhaps you too have a "meaningful steer" and insights as to the reality of what's about to happen with PREM???
A few weeks ago I sold out of PREM completely (and at a massive loss), disgusted as I was with my very substantial losses!
So I can well understand the very valid criticisms of continual Placings and perpetual dilution!!!
Ironically I always knew and understood that;
(a) The company has assets with truly massive potential, and
(b) No debt of any significance!!
BUT now with so many catalysts for a massive re-rating, all aligned AND IMMINENT, I have bought back in and now have a holding much higher than previously!
You make a very valid assertion that upon award of the EPO, the company is very likely to go "immediately" in to suspension!! That is the information I am hearing from other sources too, and is the reason I judge that I cannot afford to be "out", when the EPO lands!! and I think that will be during next week!

GLTALTH's
NK