Member Info for Oiltdr

My advice to board is to delay drill as far as is practicable so provide time to put some more substance in the company in the phillipines and new ventures. At the moment there’s nothing underpinning the share price given that 9m of dilution at xurrent peices will decimate equity value here. The hope would be that the State Farm out is replaced with a more all encompassing deal with a major

Of course there is - a farm in partner could come along tomorrow on acceptable terms but the boards options are far narrower than previously Any farm in partner what’s them over barrel now on terms as the alternative is an equity wipe out on dilution. Commercially they are in a bind. When I speak to the board I’m hoping that the government is leveraging relationships to find the right partner for Sunda.

It would take more than one well and it would be a huge upside case- so no.

If this was Malaysia or Indonesia we would have more financing options but this really needs a major who has the chance to invest across the patch given the LNG opportunity. The previous farm out partner that nearly closed wanted a high capex approach which would have run their share to 15pc just for the next stage. It wasn’t feasible.

As it stands at the moment if a farmnout and equivalent funding deal was announced similar to that earlier in the year, they would have to find 4 trillion cft of gas for it to be sensible for shareholders at the current price. That is the ball game.

that is my point - i do not know what is going on (save for what i’ve been told of a recent meeting with a capital markets firm)

last year i knew they were in farmnout talks and i subsequently found out who with but they collapsed subsequently as they would have been left with 15pc and a development plan which was not going to sit well with all concerned. it was not capital lite so to speak.

they are **** out of equity markets by virtue of where the share price is which rules out another convertible and warrant deal which would wipe significant equity value of the existing shareholders. until i have clarity it seems they are perhaps relying on a share price recovery to fuel a repeat of the last.

i’m concerned - for me to post i would have to be!

Finance is more pivotal than ever befire here. Why? Because at the current market cap they are completely priced out of equity markets - a farm out remains their onky option as it stands today.

One capital markets finance group they met with recently said they were bullish on signing a license award this side of Christmas but sketchy at best on likelyhood of farm out. Outside of this I Havnt heard a whisper.

Either the share price rebounds hard or they are backed into a very uncomfortable corner. I am hoping to meet board in next three weeks given my holding as I am quite concerned.

On seascape we know they are going after the acreage adjacent to Temaris in the next round this year. I think they are also going after something else. Either way Temaris is much bigger that I think even they knew when they took it on

I don’t comment on the CHAR board as it’s toxic. They know who their farm out partner is and are finalising a development concept to wrap a farm out around.

CPR serves to show what a quality asset Temaris is.

Incredible really.

That makes my life a lot easier.

I won’t post on this board in future.

Good luck to all.

Will try and post this eve tomorrow or weekend. Apols been extremely busy

There’s no liquidity - simple as that. And market makers are working orders in the background

There’s no liquidity - will squeeze

They will be wanting to ensure that the testing well is also used as a producer in the development.

Busy few days for me - will try to listen over the weekend.

The new venture was the backing in to their 10pc back in right not the award of a new license?

They have the right to do this at any time but there’s no point until partner secured and a drill agreed.

Kissen

Unlikely

Jt

For FID you need two things, financing and a field development plan accepted.

They are more advanced than most realise on partnering and financing. As to the structure of development that depends on which route they take on financing but they can’t develop without flow testing and doing a DST. I suspect they will appraise as part of a development campaign. Having 75pc again gives far more optionality.

It’s advanced

I think they will provide more detail re the forward plan and also think they will have the well commitment by then also