Member Info for pauldrayton

If that were true Rookie, you see it as a good thing that they’ve done an unnecessary placing to dilute shareholders and line their own pockets?

Being on Malcy’s bucket list has been the kiss of death for many companies. Does he actually know anything?

Sorry Tincan - I hope you do well out of this but I think an Investor Presentation at this stage is a bad sign. They have nothing material to update so it’s just a pumping exercise.

It will be more of the same: “world class resource, refined development plan, huge potential, attractive fiscal terms, short payback period, still seeking a partner”. Blah blah blah - nothing new but please buy some shares because we’ve got loads from the placing that need to be offloaded.

They did a corporate presentation with the placing, there really is no need for another one now, and I’m afraid if they were in any positive farm out discussions then there would be no need for a presentation at all.

Smells fishy so I would treat it as such.

A presentation with no news?

Looks like they want to push some of those placing shares onto unsuspecting PIs to me. Sorry to be negative but always fishy.

Phil, what is the point of a discussion board if all the relevant information is in an RNS?

Why are the regulars here so resistant to discussion?

It’s not talking BOR down Rookie, it’s just discussing very relevant points.

Can you point to any discovery, anywhere in the world that has attracted that sort of valuation from a single discovery well, regardless of sunk costs?

Rookie on the one hand you’re criticising the deal RKH did with Navitas and on the other saying Darwin is worth $200m+.

HBR had to give away all of their NFB licenses for free despite having Sea Lion ready for development and $1.4bn spent on it.

I don’t see any company paying anything like that for BOR. Can you point to any examples at all? Ever? Anywhere?

I appreciate the reply Rookie.

I suppose the question would be around valuation. Can you point to any other companies that have been taken out for those sort of sums for one discovery well alone? The difficulty BOR have is that they have only drilled a single well - no appraisal and it’s untested as well. There is therefore still significant risk for any potential purchasers. Frankly I don’t see anything like those valuations being achieved.

The other issue BOR have is the one I’ve put to Borderstothemoon about infrastructure. A potential partner looking at the SFB now would have to accept playing second fiddle to the NFB and with Navitas so much more advanced, when would be the next opportunity to even appraise Darwin logistics-wise?

I do think people are getting massively carried away about Darwin’s value from a single well - yes it has potential but it’s not risk free and that would be reflected in a purchase price (if as you say BOR get taken out completely). There are still limited numbers of companies willing to operate in the Falkland Islands as well - Rockhopper got extremely lucky with Navitas.

Marcus, obviously it wouldn’t be great if for any reason Navitas couldn’t go ahead. The positive would be that the project is now so well advanced that RKH ‘might’ be able to secure another partner that is willing & able to proceed. It would be a big setback and push the timeline to first oil back again, but RKH have money in the coffers and more to come so it might not be terminal.

Let’s hope Navitas stay the course though - they certainly come across as very keen and able.

M-D as much as you’d like to control who posts on these boards so that nobody calls out your nonsense, you don’t. My question was for Borders, not you, so I will ask it again as you keep filling up the board with carp:

———

orders. Genuine question: how would Sea Lion FID help BOR?

Yes it would be a positive for the Falklands etc, but infrastructure-wise I don’t think Navitas would have the capacity to share and enable a rig drilling in the SFB as well as the NFB. In some ways it was a race to who got there first, and it was the NFB.

Sea Lion FID could actually be a net negative for BOR because there is no capacity to do anything with the SFB for a long time now. More infrastructure will be built over time but again Navitas will probably want that for Phase 2 and Isobel/Elaine.

Have BOR been squeezed out indefinitely?

Https://www.dno.no/en/investors/announcements/dno-bags-kjoettkake-with-a-bang-2025-03-26/

Not enough money to actually do anything - just to pay the staff wages for a little while.

You’re wrong again M-D. The RKH share price was over £5 after the first Sea Lion flow test, not on any farm out rumours.

BOR haven’t even tested Darwin. They certainly don’t have more valuable assets than RKH and no debt is fine but they’ve got no money and no partner either.

I’ve explained why it’s unlikely BOR will secure a farm in partner now. Progress in the North sets back the South because of lack of infrastructure.

Borders. Genuine question: how would Sea Lion FID help BOR?

Yes it would be a positive for the Falklands etc, but infrastructure-wise I don’t think Navitas would have the capacity to share and enable a rig drilling in the SFB as well as the NFB. In some ways it was a race to who got there first, and it was the NFB.

Sea Lion FID could actually be a net negative for BOR because there is no capacity to do anything with the SFB for a long time now. More infrastructure will be built over time but again Navitas will probably want that for Phase 2 and Isobel/Elaine.

Have BOR been squeezed out indefinitely?

You’re wrong again Rookie.

Unlike others on here, you will note that I have never made any share price predictions or advised anybody to buy or sell.

It doesn’t surprise me that BOR has seen an uplift in the share price on the back of progress in the NFB, but what I am saying is that I think that uplift is on false hope that it somehow helps the SFB.

You say it’s a blatant lie that nobody is interested in the SFB at the moment but Darwin was discovered 13 years ago and BOR have failed to attract a partner in all that time. So it’s not really a lie is it. If BOR do miraculously find a partner now then I will be the first to hold my hands up and say I got it wrong, but I can’t see it happening. And if they do then then the ‘shafting with hefty loans’ that RKH have secured will look extremely tame compared to the full blown rogering that BOR will receive.

Once again, I ask - how much do you think BOR will have to give away just to fund an appraisal well? What about two appraisal wells and a well test? What about FEED (assuming the appraisals & test are successful which isn’t guaranteed)? What about an EIS & FDP? What about funding the development.

Do you really think BOR will be able to hold onto anything meaningful at all? Because if you do then you see the market very differently from me.

M-D you’ve been trying your best to tell people to sell RKH and buy BOR but unsurprisingly nobody seems to be listening to you.

The market is waking up to the fact that progress in the NFB is of no benefit to BOR and could even be a big negative because there isn’t the infrastructure to develop both at the same time. I can’t see any partner coming for Darwin at this point.

You clearly don’t have a clue what you’re talking about Rookie. Navitas actually took HBR’s share and RKH have managed to retain 35% which is huge at this stage of the game.

BOR have 100% of nothing. Darwin was discovered 13 years ago and they still haven’t been able to find a partner. There has been literally zero progress since.

Do you have any idea what a potential partner (even if they could find one) would want just to fund an appraisal well? Add in a well test and all the engineering work - BOR have no finance and would likely end up with nothing.

But as things stand they haven’t been able to attract anybody in 13 years. Do you have any idea how long it would take to find a partner, secure a rig, appraise and test, do all the FEED work, get an EIS and FDP signed off, secure development funding? I’m probably being generous with a decade.

You don’t fool anybody Anthrazit - I can tell from your tone. Once a clown always a clown. You haven’t got a clue.

What is the point of a 100% owned discovery if you don’t have the means to develop it? BOR have owned 100% the entire time and it has got them nowhere. No partner, no appraisal, no well test, no FEED, no FDP, no EIS, no potential FID.

BOR are at least a decade behind RKH and probably more. Any potential partner (even if BOR could find one which they haven’t been able to) would want a significant chunk of that just to drill an appraisal well, let alone anything else.

Be thankful that RKH have progressed because BOR have hung onto their shirttails a bit, but the market is starting to realise that Darwin has nothing to do with the NFB and Navitas are not going to save BOR.

BOR and the SFB is a decade or more behind. Come back in 10 years, although I suspect it will end up like ARG.

With the odd exception (including a couple of posters here), the BOR forum seems to have attracted some very odd rampers (including M-D and Anthrazit for those who remember him) who are very resistant to reality.

At least Gus has moved on - his supposed cosy chats with the CEO were a massive red flag despite the regulars there lapping it up.

Anth72 - I assume from your tone that you are the same person as Anthrazit from ADVFN.

If I’m correct (and I’m sure I am), your presence here is the biggest warning sign for other investors of all. One of the most deceitful rampers of rubbish going. You’ve peppered numerous small cap oil company boards with your nonsense over the years, all of which have turned out to be duds.

So get off your high horse and stop pretending to know about oil or the oil industry - you don’t.

You’re a tinpot ramper and a signal for others to run for the hills.

Every transaction you see listed is simply a trade rather than being a buy or a sell. Buyers buy from sellers.

LSE just characterises them as buys or sells depending on whether they are above or below the midpoint at the time of the transaction.

So for 4m shares to have been bought by somebody, they have to have been sold by somebody else.

The share price direction tells you much more about the buying/selling pressure and at the moment it’s quite static, so it’s pretty much even.