Member Info for philpot1001

Would be Good, but for me the telling results will be the interims in Septmeber (unless there is a surprise revenue figure in the June finals indicating higher prod figures).

just checked over Panoro results - seemingly they reduced their stake in Dussafu from 33% to 9% (sold to someone called BW Energy). However moreover, Dussafu wasn't producing before Q1 2018, just exploratory wells - also the reserves there are a fraction of the AJE reserves....for me, this means the SP increase is potentially down to them selling off % of the Dussafu asset, and the AJE developments over the past year? Comments anyone? Have I misunderstood the Panoro situation? Phil

in the very least though, it does show you what kind of rise a company can see in their SP when they get it right with a preforming asset, and a performing CEO.

I was going to ask Bermo - does anyone know how their other asset is performing? Can we be sure their rise is down to AJE, and not Dussafu (sic?)

Mind you a 10% profit would be MOST welcome here ATM lol

Nothing wrong with trading part of your holding b2g, I've done it a few times here. Obvs sometimes you may sell with a 10% profit only for it to rocket up 30% lol but that's life. GL

*EDIT drilling not digging

Jim regarding our conversation last week and pursuing oil development in favour of gas.... there is a valid argument for pursuing gas, as it diversifies the portfolio and derisks the reliance on POO.... that said, as AJE6 sounds like it's so near to being ready, just get that digging first IMO. In fairness that may be what they have planned as I think the .ppt shows 1 horizontal rig first (AJE6 oil?) Then gas development

Good spot on panoro.... but bearing in mind that SP has risen 300% in a year and we are lower than where we were a year ago, I'm.not expecting it to have much effect unfortunately

Becoming savage on the SP now. Yikes

I think what they are saying Bermo is rather than being payment for the physical development of AJE6, the extra 1 million on admin, was admin expenses related to the dev of AJE6 (legal wrangling with panoro by any chance)..... although I have to be honest that sounds high to me, and I could be wrong .......either way, for me as long as it was a one off, I'm more concerned it doesn't happen again, although it would be nice to know what they did with our money!

Agreed Jim. Im assuming it should be minimal cost to get it running as it sounds like infrastructure is in place. IMO focus on deciding what they want to drill and get on with it. Which in fairness "May" be what they are doing..... who the hell knows with the radio silence

That's good news in a way in as much as most of the expense is done with and there's an asset waiting to kick off and add another potential 1-2 thousand barrels per day. Hopefully they get agreement in initiating it soon. Thanks Harry

Well done Harry, that's excellent digging work there!!! I'm still ****ed off we need to do detective digging to find this stuff out though, it should be clearly written in the accounts......also if the money was spent on AJE 6..... does that mean it's producing now? The 3,300 bpd does not include AJE 6 figures to the best of my knowledge

*caveat - thats based on MXO admin expenses of circa 1 - 1.2 million sterling

Come on dandee, this was negative cash flow below 60 dollars a Barrel but it isn't anymore. You could potentially debate the costs of development "May" exceed the profits but to say this is cash flow negative at present is plain wrong IMO..... having said that we can debate till the cows come home - the September interims will be the arbiter on that.

PS JK I personally think the market has priced in abandoning norpalm already

Honestly it's bad timing for me ... I have a rental vacant at present and I'm skint so having to dip into my ISA fund until it's taken, until then I can't buy squat..... otherwise I'd have it all back on by now.... I did buy some back at 8.2p though

That's a much more concise way of describing what I was clumsily attempting to say ;-).. just looking over the CPR announcement on the MXO website and it does get me a bit excited with the talk about all the new wells and performance of AJE5...just wish we knew exactly what that performance was in terms of bpd for that particular well rather than second guessing as usual.

Any drops below 200p (cant see it myself) and I'll be topping up out of my own pocket