Member Info for pawnsacrifice

So you won't discuss water coning and its effects on wells 16 and 38. Nor will you discuss how this will restrict flow from all their wells going forward?
Perhaps once their specialist co. has informed them that 16 is terminal you'll look it up and say oh so pawn knew what he was talking about after all.Hope my ramping didn't suck too many in?

reposted so you can reply..

No they can't they given enough hints to discern whats happening. Look up water coning madramperrobber.

No they can't they given enough hints to discern whats happening. Look up water coning madramperrobber.

That'd be nice. A £100m mrkcp but if they're having to restrict flow to >300bpd on 38 due to water coning worries then it might be a stretch.
£100m for 300bpd think Mike would be peeved. lol

Bottom of the RNS they state they're set up to take another $1m through their convertible loan arrangement ($500k immediately and $500k at a later date) but that can be repaid anytime by the co and converts at 5.05p so they actually make a bit of a profit taking them now I suppose.

Yes but it wasn't just a PR mess. It was a well failure and water ingress that brought production down to 50bopd last time they reported and since then they've kept stum.
Calling it a PR issue is nonsense its a can you produce from these wells issue and note that they're already raising the issue of water cut at 38 so quite some caution called for imo.
Do

The company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.

Found a statement I approve of. Couldn't be clearer. Fully funded through 2020.

Thanks Madmanrob. See how that decision plays out then. SP didn't break out from the channel yesterday and has well and truly lost the 200dsma today.
Looks to be heading back to thruppence on the channel?? Hope not as still hold a few guess it would take some mushrooming on 38 for that to occur though which is "obviously" impossible.

If theres no mention of flow rates at 16az this morning then i'd say all those who didn't vote Paul out of office at this AGM have done their fellow holders a great disservice.

16az was always an appraisal well. Its the gas they're "appraising" thats been pretty consistent.
Think the sp is suffering though as they haven't updated on the oil at 16az. Don't see how this can be an ops update without it not after they bigged it up.

I dunno seems you're just teaching him socialist ways.
Far better to put him to work cleaning the neighbours cars, windows and chimneys. Even with your cut he could still make enough for a pushbike in a couple of months.
Got to be better than mollycoddling him don't you think?

Think you'd have to be a bit of a dozey trucker to buy on that tweet Mag but like AJW I appreciate the tweets.
Been in microcaps long enough to understand "if you haven't seen it with your own eyes it likely hasn't happened."

He could be right. Mike did talk of getting a bit of a drilling campaign together for next year and also said they'd drilled 5 of 6 wells so spent most the funds
Can't see heron paying for it not without the exploitation licence?

Nominal amount isn't related directly to the sp its the basic value of the shares without the share premium applied by the market.
Not sure what MATD's nominal value is but it will be quite low imo. Be good to know that one actually.

https://www.quora.com/How-do-you-calculate-the-nominal-value-of-a-share

Thanks VerbierDave, appreciated. thats what I thought from reading it but good to check when its early. lol

Interesting, do they still make the £16m investment in Raithlin?

Yes revenues impressive for such a cheap oiler, 2400BPD under the belt already and growth to come.
With their issues behind them and their partners and the Nigerian Gov now onside they look a much better deal but really the fact they can get project finance rather than having to RNS they've issues shedloads of shares like most oilers shows that imho.
See what the week brings.

Yes Nigeria's a pig to deal with. Anything that can go wrong does and in spades. Just ask SAVP. This from June 2017..

Statement Regarding Suspension
Savannah Petroleum PLC ("Savannah") this afternoon announces that it has entered into a binding exclusivity agreement with a West African focused business (the "Target") in relation to the potential acquisition of substantially all of their oil and gas assets in the region (the "Proposed Transaction"). A detailed transaction structure has also been agreed in outline with the Target.
Savannah has been undertaking legal, financial and technical due diligence on the Proposed Transaction since January 2017. As part of the Proposed Transaction it is envisaged that the transaction consideration will involve a mixture of debt, equity and cash being issued to the vendor. Due to commercial sensitivities, Savannah is at this stage unable to provide further details in relation to the Proposed Transaction, but will provide further updates in due course and is seeking to complete the Proposed Transaction on an accelerated timescale.
If completed on the currently envisaged terms, the Proposed Transaction would be classified as a reverse takeover in accordance with the AIM Rules for Companies. Accordingly, at the request of the Company, the Company's shares are suspended from trading on AIM with immediate effect and will remain so until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.

and don't get me started on CASP and their deeps.

All about patience with these oilers mEm and investing at the right time in their cycle and now is a much better time than when alls believed to be rosey and blue sky but sure you learnt that the hard way with BLOE anyway. Werrn't you quite trusting there for a while too?

Who gets a loan to pay off another loan !

Someone who's confident on making a very good profit on it imho...

Friday 30 August, 2019 RNS
"All LEKOIL's costs will be recovered at a mark-up of 150 per cent plus an additional compounding of 5 per cent per annum in respect of cost of capital to LEKOIL."

Maybe but it needs to take out the 200dsma by end of day first. The early doors rally was impressive after yesterdays move but looking overbought now and not a great candle playing out.
needs a good afternoon but is there any news due Monday for the old "you wouldn't want to be out over the weekend" mantra to kick in?