Member Info for Phoebus

It's getting worse. ARG is now �31M market cap with a 5% royalty in its Falklands licences, which values them at �610M on a 100% basis. RKH has a 40% stake in Sea Lion and is valued at only �196M market cap, which values Sea Lion at only �490M on a 100% basis! Are ARG's licences really more valuable than the Sea Lion Field? LOL. No way Jose! ARG looking very overdone here. Sell ARG buy BOIL.

He said first week of June then said mid June.

Folks have mentioned Oulton as a possible other option, which looks juicy. North Kelsey is also a possibility given the planning permission extension their yesterday and the fact that EDR wants to farm out.

schedule is lined up with this one. Just looking at the UK drills, we have Colter first, which looks nailled on IMO with the high 56% COS, fact it is appraisal not exploration and is in such a good postcode. This makes it much safer to stay all in. Then we get the huge Wick drill. I still reckon a Wick discovery for BOIL would be as significant as Verbier has been for for JOG, which is now sitting at �55M for its P50 9.2 MMB share.

market participants are. ARG has risen over �20M in market cap in a few days with no operational newsflow or drilling pending. They only have a 5% royalty in their licences, which means the entire licence with no oil discoveries is now valued at over �520M. Yet here we sit, with piles of cash and 3 drills in 2018 targeting 14-18 MMBOE P50 net recoverable and folks are selling. Utterly ridiculuous.

There is no conflict in logic in what I have said. MATD has made some significant changes and my stance has therefore changed as I feel certain drilling is going ahead regardless of a few minor subsequent delays. Having been invested in UJO for some considerable time and been disappointed with the lack of progress other than more dilution and a planning extension I want to see a bit more meat on the bone before I feel certain about the schedule. Nothing wrong it that or in saying so. Just because your interpretation is different, there's no need to be insulting.

:D

EDR have relentless form for planning drills and delivering nowt. MATD has had delays, but not of the length and breadth at EDR, so I think it best to be a bit cautious until we get some concrete action. In theory today's extensions would allow them to kick the drills into the long grass for another two years if they so desired. Rig contract and then we're talking. EDR presentation 2015-11-03 Biscathorpe expected 2016 H1, North Kelsey 2016 H1, Laughton 2015 Q4. Still none done and Laughton conveniently forgotten. http://www.egdon-resources.com/wp-content/uploads/2015/11/2015-11-03-EDR-Final-Results-Presentation.pdf EDR 2012-07-31 presentation p21 Biscathorpe planned 2013 Q3/2014 Q4, North Kelsey maybe 2014. How about Nooks Farm-2 2012/13, Mariy-1 2013 Q1 (asset now relinquished), Burton on the Wolds-1 2013 Q2, Louth-1 2014 Q1. Were they drilled? No. http://www.egdon-resources.com/wp-content/uploads/2014/10/EDR_Results_Presentation_November-2012-revised-NF.pdf There are many more examples.

You seem to be having trouble reading.

If you look at EDR presentations over the last few years they are filled with plans to drill wells X, Y and Z, yet the goalpost keep being pushed further and further away, and last year for UJO was a complete failure with 0/4 planned projects materialising, so no wonder I'm a bit sceptical. MATD was supposed to drill last year and I said they wouldn't and was proven correct despite being slated for saying so. Change of CEO, early termination of equity death spiral, massive refinancing for expanded drill programme and new rig contract on better terms marks a major wind of change there.

I hope you're right.

Drilling in 2018? I'll believe it when I see it. EDR and UJO were supposed to drill North Kelsey, Biscathorpe, Homwood and get Wressle into production last year and NONE of them happened. Now they can put off NK and Bisc until 2020. I'm not holding my breath.

Shake and vac didn't work this morning? Diddums.

What a terrible SP reaction to the RNS ... if you're a deramper. LOL

this morning. '...appraisal drilling on the Colter structure on course to commence in H2 2018...' Excellent. https://investegate.co.uk/united-oil---38--gas-plc--uog-/rns/completion-of-jamaican-3d-seismic-survey/201805140700108925N/

Permit, check. Rig mobilization, check. New prospect with 200 MMB check. P50 recoverable barrels targeted in current programme increased by 50%! BONZA RNS! Cheers Mr. Buck, you're a star.

I'm here too Pazzuz.

at 12.80p day high. Nice.

Righto. 2017-12 presentation said 2018-10 so sounds like it's been moved up the schedule.

I suppose so. They had the opportunity given SP did not rise in line with the oil price over the last year or two. Perhaps the surging breakout in SP will be what forces their hand.