Member Info for Oiltdr

The position as of last night as I understand it is as follows:

- Anchois is commercial but initially as a smaller development.

- energean are working with chariot on a scaled back development concept which could get them the ROI they want. If they can’t they will walk away and relinquish.

They only have to repay development cost not the appraisal well cost

There is no shortage of finance for good assets in SE Asia - there isn’t the ESG issue within banking and finance there is here

I think that’s an unfair assessment. Anchois currently valued at zero so any hint that the field is still developable willl re rate the risking in the price.

On renewables you will start to see debt finance raised and projects confirmed this year as a result of the guarantee.

Onshore Loukos has a risked 3p valuation vs anchois of 2p. What they do with Loukos is critical.

Light Production with appraisal upside. Payment terms are flexible these days - often based on the time between exchange and completion a good proportion of the price is covered by the revenue in between.

They have another acquisition in mind but suspect they will need farm out to complete first to complete the other

Correct me if I’m wrong but I didn’t suggest it would.

There is no shortage of finance inSE Asia. The fact that they have chosen an investment fund to invest directly in the SPV subsidiary rather than work with a number of majors also in the data room looking at traditional farm outs should tell you something.

I’m told the signing ceremony is mid January. They have applied for blocks 2 and 3 in the bid round in the sulu region. Block 2 contains 3 potentially significant gas discoveries. Blick three has had 7 wells drilled with gas show in a number but with poor seismic. The partners will be triangle energy and Philodrill corporation.

May not be cost competitive for western exonomies but Africa is a very different market…. Local gas pricing usually higher due to growing demand and scarce resources means that any alternative can be priced more attractively than in a developed nation. You have to read articles like this in context .

PMG and Tom cross have been scouring data rooms over the last 2-3 months - they have have the cash to progress 1-2 transformative deals - which should then give them access to more creative forms of finance for future deals. One will close near term. With PMG trading below projected Q1 end cash it’s a relatively safe play on Tom cross ability to strike a deal.

This drill is going to be one of the most watched well drills in the last 5 years across the globe. This company is going to get a lot of attention!

28p is technical support - I suspect it won’t breach that.

I’ve been buying PMG in size based on asset backing.

I’ve bought a further 300000 shares today but the liquidity is relatively tight.

But that’s for acquisitions not covering general costs at plc level

I had missed the point about the cash balance - we don’t know what was paid for halo post year end - that said they do make cash stretch and have achieved a lot. I’d support an equity raise

Pilot is effectively as most people believed on hold u til the government clarify the fiscal regime post April 2030 in H1 next year. As such Pilot FDP likely back end of 2025 assuming everyone comfortable it can go ahead.

I’ve bought parkmead in size this morning - it trades below Q1 projected cash, values the contingent cash at zero and values the existing productions assets and corresponding 4p per share of annual earnings at zero.

The market will do a value discovery exercise and this deal will unlock the ability to complete earnings enhancing deals.

The issue is that it’s a negotiation with a number of variables. For example , volumes and longevity of supply is one key variable and until the resource estimates are clear I’m not sure we will get a firm agreement just indications - it’s nothing. Negative just pire commercials

I’m not sure that’s strictly true. I worked in M&A in oil and gas for 25 years and GSAs take a lot of time. You are talking 6-9 months so I think it’s unfair at this point. The GSA is something you would do as a pre requisite to FDP - add in that Africa is a big beaurocracy