Member Info for PDMSPiper

Pboo, Oil/gas separators are usually vertically oriented units with a gas knock out pot on top. That looks like a liquid separator to me for oily water collection as part of environmental consent compliance.

Nitrogen injection kit. Nitrogen used for flowing gas normally. They had nowhere to put flowed oil. Perhaps they put it in buckets? Dunno.

I agree. Updates will come, but it won’t be EWT or flow testing updates. WNA-2 won’t be flow tested. It’s that simple.

Older, There is no guarantee that an EWT at WNA2 will re start. In fact, I don’t think it will. They won’t risk testing it at A2 because it didn’t flow initially when the first test was abandoned. The oil was always considered a much more likely commercial target in the deeper Cadeby but was a lower CoS. The cadeby is being drilled from WNB but that isn’t until Q2 2020. The presence of oil in the cadeby is now considerably derisked by the discovery in the Kirkham but the Kirkham discovery didn’t flow. They won’t now flow test WNA-2 for oil. Next news will be a CPR without flow data IMO.

and definitive proof that Rathlin intend to use our £16Mill for drilling. I don’t care what says in that RNS you posted UGGY. If Rathlin want to give that money then Connaught and our BoD are in on it then there’s nothing we can do about it. Result: Connaught get some of their £33Mill back that they “wrote off”, yeah right, WN gets declared as a big mistake. After all it was Rathlin’s numbers, and we all go home. Job done. Nothing happening on the others either is there? Have the other assets performed their function in providing investor confidence so they could raise the cash for Connaught? If you think this is outlandish you need to wake up a bit. Sh17 like this happens all the time.

Trading Lad; Connaught are still owed £33Million by Rathlin. Rathlin are a private company and couldn’t go to the markets and raise that money. RBD could and did, on the back of volumetrics provided by Rathlin. That money has now been poured into Rathlin, an unaccountable private company. Are they going to progress West Newton with it or are they going to give it to Connaught to settle their debt? If they give it to Connaught then what recourse would we have and how would we even know? I’m bearish currently and I’m smelling rats and hearing alarm bells. Until something happens on West Newton this could keep going down in my opinion. Where has that money gone?

Please don’t come on here lecturing about patience Adrian. Some of us have been here over two years and seen £130k+ wiped off the value our portfolios over the last few weeks. Our mistake has been believing the bods bull sheet about news rich periods and not taking profit. Impatience has not caused me to be in this situation. Believing the lies of S&S and expecting news in a timely manner as promised has caused me to be in this situation. If anything, too much trust and patience rather than too little. The only people who have done well here are those who didn’t believe the bull sheet and sold out.

What did they think would happen after 3 months of silence on West Newton. Their placees will soon need a 30% uplift just to get in profit to 0.91. I’ve been in this over two years and it’s never moved 30% on any news. Never. RBD moves 5% on excellent news then drops back and finishes flat. This seller obviously thinks it’s going lower. With no news on WN nothing would surprise me. What a great job they’ve done at destroying sentiment. Gone from celebrations to sleepless nights underwater again. What a fk ng mess. Gutted.

Best of luck in your future investments AD. I’m staying in here for now but my eyes will be more open going forward and my strategy more detached and ruthless. I’m no longer long term optimistic like I was but I’ll be looking to make profit trading it. There’s nothing out there that I fancy buying currently but I’ll be looking at other alternatives going forward. Good luck.

My strategy going forward here has now totally changed. Won’t even be watching the bull shat videos any more. I’ll just trade the sheet out of the news. No more holding. Don’t know when they are going to go quiet like this so I’ll just sell I to any positive news and hope to buy back. Ive totally changed my opinion. RBD has been proven to be like any other AIM stock and suitable only for trading. Holding this hasn’t worked for me. Need to learn from that.

I typed it on the UJO board first. In solidarity with Fairview who is obviously as ****ed of as me for exactly the same reasons. I copied it from there and pasted it here, where it actually belongs. Both UJO and RBD have been as incompetent as each other in destroying shareholder value since the West Newton discovery. It’s almost as if they have conspired to fck all the shareholders over between them. Unbelievable.

is my opinion that no BoD could be as stupid and reckless as they have been without some sort of reason. Surely? Surely!!! These muppets have snatched defeat from the jaws of victory and managed, against all odds, to destroy all positive sentiment surrounding the West Newton discovery. If they had sat down and hatched a plan to destroy sentiment, destroy the share price and make it totally uninvestable now for future buyers then they could hardly have hatched a more effective plan than the ****show they have put on here. After all their carp about a news rich period they destroy us with this silence. Reckless mismanagement in my view. Just hoping there’s a reason for it but I’m not happy today. Seething.

To be fair, I’m in RBD and those muppets have done exactly the same. Snatched defeat from the jaws of victory and managed, against all odds, to destroy all positive sentiment surrounding the West Newton discovery. If they had sat down and hatched a plan to destroy sentiment, destroy the share price and make it totally uninvestable now for future buyers then they could hardly have hatched a more effective plan than the ****show they have put on here. Seething.

I’m expecting the CPR to drop before WNA-2 flow test now. It will catch a lot out.

and no obviously glad I didn’t. I’ll wait and see how the flows and production numbers stack up first. To me this says that SS thinks it will be disappointing and decided to raise now as he thinks the shard price will be lower soon. Adrian, Fool on the Hill and UKOG expert seems to concur on twitter...

The fool on the hill
@Adrianwfire
Replying to
@ContrarianShare

Doesnt fill you with confidence about flows does it.

9:14 am · 2 Dec 2019·Twitter for Android

Risk v Reward profile looks poor here now IMO. I will opt to stay in Reabold Resources and await further news on West Newton. GLA UKOG holders.

The market will be updated when negotiations are concluded and a definitive redistribution of the license agreement is filed. Humber defaulted on a £780k payment to progress the Biscathorpe work program in July. The idea that they have suddenly found £2Mill down the back of the couch to maintain their WN percentage is a bit unlikely. They are answerable to the governing body, the OGA. They can’t plead poverty on Bisc and then have the cash for WN. That won’t be happening. Humber are bust. Humber are not going to be in WN going forward unless they pay the £780k for Biscathorpe that they are still liable for, plus their share of the costs for WN. Confident we’ll be told soon enough.

An interesting take Harry. I’m sure it will all come out in the wash pretty soon. Hopefully an announcement of a larger interest for RBD, followed by a CPR signed off by Schlumberger. Now that would be nice. GLA.

Here’s the extract. Forgot to paste it in. Hat tip to GKB47 on ujo board....

“Not sure of the specifics of the Biscathorpe JOA but the stadard template states:

In the event that the default continues for more than sixty (60) days
then each of the Non-Defaulting Participants shall have the right to
have forfeited to it and to acquire, by notice to the other Participants
given within thirty (30) days after such period of sixty (60) days, the
interest of the Defaulting Participant in the Licence and in and under
this Agreement or, if more than one Non-Defaulting Participant
exercises such right, its proportionate share of the interest of the
Defaulting Participant in the Licence and in and under this Agreement,
such share being the proportion in which its Percentage Interest bears
to the total Percentage Interests of such Non-Defaulting Participants;“

Extract from GKB47 post. It was relating to Bisc but the fact is: this is a standard JV contract overseen by the OGA. Furthermore, the OGA are responsible for conducting financial due diligence on all partners before any JV proceeds. This is all standard stuff. If Humber can’t pony up then they lose out. There won’t be any lengthy court battles as it’s all subject to existing precedent. Simple as that.

ADUK look at today’s post by GKB47 on the UJO board. He posted the OGA contract terms from the contract template. Looks like Humber have 60 days max to pony up the dinero then their percentage gets offered to the other partners by the OGA.