Member Info for Phoebus

Yep. Standard operating proceedure. Inital offshore exploration wells are generally not drilled with intention of using them for production. P50 70 MMB recoverable and 30% COS is better than Vebier (P50 52 MMB recoverable and pre drill 29% COS). SP should roar into drilling and will explode on success IMO.

https://www.stabroeknews.com/2018/news/guyana/05/28/exxon-embarks-on-new-well-drilling/

;)

Perhaps they've read the balance sheet. As of end March 2018, total current assets �137K - total current liabilities �336 = -�199K, minus 2 months admin since then at �177K / 2 x 6 give a net current asset position of around minus �258K. Looks like funding is required ASAP. Note that a broker was appointed yesterday.

SOU > Tendrara, ECHO > Tapi Aike.

That's a high quality answer ItsYou. So NMS should automatically increase if higher volumes are maintained or pick up further. Thanks.

sick and tired of the awful liquidity in this share? I'm often unable to get a quote to buy or sell even the dire NMS of 5000 shares. Having a fairly chunky holding here, the appalling liquidity is making it impossible to manage the position with any degree of safety, so despite being very bullish on the stock, I figure I have no choice but to reduce my exposure. Quite how my position can rise or fall in value by multiples of the total value of trades that cause the move is frankly beyond me, yet it seems to happen here frequently. Anyone else feel the same? Also, how come the SP is still unchanged since January with final 3D due anyday and CPR only 2-3 weeks away. Go figure. GLA

Wick farm in completed for both. https://investegate.co.uk/upland-resources-ltd--upl-/rns/completion-of-the-wick-farm-in-agreement/201805241003451737P/

The increase in well costs is very small even for BOIL, who will still be left with a healthy chunk after these two wells are drilled. Including the new 27 MMB P50 recoverable feature adjacent to Colter the total resource size has actually increased by more than 50%. Should be good for a follow on well, which BOIL should easily have the funds to cover. The more advanced seismic interpretation should also assist the operators in fine tuning the well trajectory, which should help increase the COS. Unfortunately I couldn't add any shares on the dip and the MMs want 0.497p to buy. Not surprised. Game on.

3% of the company in 30 seconds!

That's astonishing.

1.20 MMSCF/D gross is only 0.36 MMSCF/D or 60 BOE/D net to EME of which only 8.75 BOE/D is from newly discovered intervals. The other 51.25 BOE/D is from the already discovered field level which we were told only contains 1.2 BCF or 60,000 BOE net to EME. Looks like Dempsey has effectively turned into a production well on a very small field where we have only a 30% interest. World class or pathetic? Still feeling as excited about Alvares now?

UKOG breaking its downtrend and moving up would appear to confirm that HH operations may indeed be getting quite close. Best to buy in advance here as this will likely be marked up 15-20% almost immediately when word officially arrives.

Thanks. Might be time to take a position ahead of a bounce in SP, especially as we are sat at the placement price.

Exactly what I was thinking IG. The dilution has been enormous. Surely there has to be a monster overhang and yet it's > 20% over the placement price to buy. Seems a bit rich after the way we've been treated. Knowing my luck with this share, I'll buy and then won't be able to sell as huge numbers of shares are offloaded. Really could've done with making back some of my biggest ever loss, but the epic size of the placing has really put me off. I'm uncertain what to do for the best now.

I see it differently. Balcome is analogous to HH-1 with its record UK onshore flow rate, but Balcome has1600ft of contact with the KIM where HH-1 had a lot less. Flow rates could be very impressive indeed. I expect SP could rise considerably in anticipation.

No, the story has not changed. Given the poor results to far at Icewine I would not consider it a commercial discovery. There is not enough information about YG to know what to make of it and it will certainly not be central to the valuation thesis of investors.

As for 88E, they haven't mangaed to recover more than a tiny fraction of even the drilling fluids from Icewine-2 despite working on it for ages. If it doesn't flow at all, never mind at a commercial rate, then surely it's no discovery at all, certainly not a commercial one. Their conventional prospects are irrelevant to my point as I said discovery. That's the only part of the portfolio I'd be interested in, but they are not being drilled for the forseeable and are certainly not worth anywhere near �126M at this juncture. As for the other licence holding they've picked up, I assume you mean Yukon Gold. There is little information regarding this. Can we even tell if it's conventional or unconventional? If it's just more of the same as Icewine, then no thanks. The licence was a relinquishment by someone else so why were they not interested and how much did 88E have to pay for it? 88E looks well overvalued compared with MATD IMO.

Given the track record and with seemingly still much to sort out, it wouldn't surprise me if drilling 103 gets punted off into the distance once again.

that sudden spike the other day was down to an oil discovery in the Upper Sokor. Thinking back I seem to remember reading that the upper most prospective interval was only a few days into drilling and this secondary target is the shallower of the two. If we have struck at this interval there will be a strong read across for the rest of the licences. The next well is targeting 70 MMB recoverable in this interval alone. Just a thought.