Member Info for Odins

As to why the SP has suddenly dropped 15%?

Now lets see how the market reacts.

We are waiting on news for the Biscathorpe appeal and a firm date for when WN is going to be drilled for production.

I couldn't help but notice that in the latest update RND, WN next drill is being described as another appraisal well, not a production well.

You would have thought that having drilled three appraisal wells already, they would know exactly where to drill for production.

If the dynamic duo actually managed to offload the remaining assets acquired under the Corallion sale, instead of spaffing our money up the wall like its going out of fashion.

The local's reasoning is on the drill or drop website.

I see that the yokels have managed to limit their losses to £10k when they lose.

Any and all costs for an Angus win will have to be paid for our of their council tax.

0.1582

Morning TAC, Morning all.

It would appear that Raithlin are looking to farm out some percentage of their share of WN. Not necessarily to UJO.

DB has already made it clear that he is comfortable with UJO's percentage of WN and does not want any more.

RBD, who own a large chunk of Raithlin have said that they may be able to step in and fund some part of any shortfall in Raithlins funding for WN. 'Some part' not the whole shebang.

This is dependent on Shell's 2nd part payment for RBD's Corallion sale and when it lands. That doesn't look like it is going to land before early new year TBH.

In short, it is highly unlikely that WN will be drilled this year.

In the mean-time, I am more interested in Bisc planning appeal being approved. Purely because it will have just stop oil and the Swedish doom goblin crying into their organically sourced Dandelion and locust musli when the RNS lands.

The production plateau will be reached in the summer when the permanent pipework is in place.

The plateau in this case will be the optimal flow rate through the new pipework, which should remain static once all three wells are on line and balanced to provide a steady, sustainable flow through the processing plant and onwards to the national grid.

Morning all,

There is an awful lot of bickering going on, caused by frustration with the lack of news.

There is nothing any of us can do to change this, so just sit back and wait for the RNS or the lunchtime flow rates to confirm the successful connection of the temporary pipework to the processing plant.

Their website states £249m to RBD.

Considering the Corallion sale, that may be rather optimistic.

That said, anything over £250k would actually be a profit.

Even though RBD may be the operator of Dunrobin by default, BOIL (one of the Dunrobin partners) have made it very clear that they are up for sale. Lock stock and barrel, for the right price.

I think that would force the hand of RBD, as their mission statement is to buy cheap assets and sell them on at a profit.
Neither of our board have any experience whatsoever at being the operator of an off shore drill.

Not a financial advisor but I am underwater here too, with quite a sizable holding. Not as severely underwater as yourself mind.
To date, I have never sold at a loss. It has been trying at times, but patience usually wins through in the end.
We have a couple of bits of news to look forward to:
The first is the sale of Dunrobin, which looks like it needs to be decided before June.
The second is the announcement I am guessing we are all here for, which is the firm date for drilling WN. It would appear at the moment that Raithlin may not have the funds for their share of the costs. Neither do RBD, until they get the second tranche of the payment for the sale of Corallion.
When either of these are announced, expect an uptick in the SP.
If nothing is announced, then expect the SP to drift slowly downwards, which I will be using to my advantage to average down.
AIMO - GLA

Give it a couple of minutes for Singhie to work his spreadsheet magic and we will know. :)

Obviously someone didn't, judging by this little gem on Twitter.

"Angs hit gas but forgot to build a pipeline connection to the grid for their sidetrack.

Flaring all the gas off in to thin air. Instead of selling it to Shell.

Idiots!"

I'll just leave this here for anyone who has been following to have a good laugh.

Afternoon Phil,

The connection to the grid has already been made. It is the permanent connection into the existing equipment (compressors etc) that we are waiting for.
A temporary connection is in place and by reading the RNS will be able to deliver a reduced flow from the third producing well.

Wait for Singhie to do his calculations at lunchtime and we will see if there has been an uplift in production.

Thats when things will start to move upwards.

Morning RT.
I can assure you that Rolex dealers throughout the world are unbelievably arrogant and seem to revel in telling prospective customers 'No.' London is no different.
I like to wind them up by wandering in and asking after a Daytona, a submariner and a GMT and offer to pay cash on the spot. The look of disgust they give is hilarious, considering Rolex make over a million mediocre watches a year and aren't in the least bit exclusive.
Try Zenith, Ulysse Nardin or Grand Seiko for a far better customer experience, horological excellence and real exclusivity.

The frustration of waiting for news is obviously getting to some people.

Please can we keep this BB polite and professional as it has been the last few weeks.

Having a go at one another isn't going to make the news we are waiting for come any sooner.

Being invested both here and in BOIL, it is thought that BOIL will be looking to offload their share of the Dunrobin licence in order to finance a much larger project elsewhere.
Assuming that RBD are in agreement in terms of offloading to a major, this could always play to our advantage.
That would make a nice little profit for a bit of a licence that was picked up from Corallion for peanuts.
That is what RBD's mission statement originally was...Pick up licences on the cheap and flog them for a profit.

Hopefully enough profit to actually drill WN this year.

Agreed Paul. In this instance, the dynamic duo are the lesser of two evils. Any Portillion bid is going to be on the low side and it will be the LTH that get shafted.

That said, S&S may actually get something right for once and negotiate for over and above your average. Considering the Corallion offer, I wouldn't hold my breath for that one.