Member Info for PipeDragger

According to the ops update in 2015, production should be 100,000 boepd by now and GTU3 on stream in 2016. However the recent update is saying 3-5 years before they hit full production. Production now is only two thirds of what it was in 2015. Hmmm maybe this is why the share price is under-performing. They need to get a grip. At least they seem to be solvent.

but wait. It should be okay in the long run. The last ops update was good but it was just well below expectation. The placing thing was carefully timed to maximise on the sentiment beforehand. A few announcements like an actual drill programme and an actual confirmation of the debts actually paid off would help. In the meantime I expect it will drift a little. Last year the Board awarded themselves some big incentives to get to 35p. zzzzzzzzz for now.

Longside, I don't think for a moment that LOG would want to run IOG but I am sure that LOG want to get a high return on their investment.
IOG need to raise about 300M. That will mean a mix of funding including equity. It is all there in the Finncap report this year. Long term it is all going to be great. Short term I am expecting a little dip from the dilution of the fundraising. I have seen it often enough before. Finncap target of 50p is good enough for the patient. :-)

IOG may not have much say on when they are taken over. LOG could do it anytime...... but I don't think they will until the field is in operation. LOG provided a 10M facility that converts at 8p per share. The second facility of 10M converts at 19p per share. I don't know if these facilities are fully used but if both were exercised then I think LOG would be at the threshold where they would have to make an offer for the whole company. LOG are financiers rather than operators. Who knows maybe in September IOG will make a comprehensive deal wrapping up everything - just like what happened at TRIN recently.

600T. The true value of IOG shares is tricky to assess. There is existing Debt and future Dilution. They have done quite well on debt management by deferral. Likewise some of the current planning costs have been deferred. Some of the earlier financing from LOG last year is convertible at a very low share price. The full financing of the field development needs a great deal of new money and some of that will change the equity by dilution. The question is of course at what price the new shares will come in. I won't scare the horses by guessing a price but a discount is normal. Even if there is quite a dip It should all recover and be great in the long run. September we will all know. Dividends are unlikely the company is more likely to be bought out within a year or two. That is my view anyway.

Please just go.

The petrol in your car is currently about 62% tax.
Aviation fuel is 0% tax. That's why Ryanair is cheap.

Agreed ...... but NOG are not making it easy when production is slowly declining this year. Next year ought to be great with GTA3 coming online but they are also keeping quiet about any progress on it. Uncertainty and lack of news doesn't help the share price. grrrrrr.

Nice chat from Lisa. For me it confirms this is just one to forget about for a while. Within a year they will run out of cash. Will they have some clinical news before then. hmmmm.

I wonder why no ops update this month.

600T. Yes it is good news and welcome ..... but only really a final confirmation of what was announced last month. It gives a bit of price support but the real change will come when the FDP arrives and the shape of the fund raising is known. By this time next year it should be very exciting for the long term holders.

A fund raise without a discount would be a novelty for me - but we can hope. In any case, final news on the pipeline pigging might give a lift in he meantime.

So I got the other 70% this morning at 16.95. My average before this was about 17. So I am not really much different than where I was 9 months ago. Let's hope the next production figures give it all a new lift.

At some point in the next two months. There will be an equity element so I expect some dilution and a dip in the SP. Hopefully it will all keep well above 20p.

I didn't sell my holding. I applied for a mere 35000 shares and received just under 11000 from IWEB. That isn't a lot but onwards and upwards I hope with the SP.

DaveWin. I read the RNS report 18th June again. Not very encouraging for any gain on the share price. It will be H1 2019 before another medical trial of Porcupine RCXC004 and who knows if it really is any good. On the positive side they have enough cash to get through to March 2019 - this means another fund raise or a big loan. Not much to get excited about any time this year. The only puzzle is why Lisa Anson took it on. She must know something that is not obvious to us. If they do stumble on the secret of eternal life or a hair restorer that works it will be massive. lol.

Maybe 7 months. (I am giving it to end of year)

If a commercial ship doesn't appear it because it is out of range of transmission. For example ocean transits or just a long way out from a lonely shore. Many of the ship tracker software apps only allow shore based data in the free version - not the satellite based tracking. Usually in the North Sea it is hard to avoid as many of the platforms and FPSOs have base stations. (for info)

Hurricane could in theory be early with first oil but that would depend on good winter weather - I have a few seasons working in that area. Some years are dreadful out in the Atlantic. Other years are benign. The H1 2019 target seems reasonable. Better to be deliver early on a safe date than be late on too much optimism.

I was wondering on this one. They could easily have cleared the CLN, BIER and MEII debts from free cash. If they had done then the share price would have shot up. This would have made it more expensive to share out the pie. So short term a huge discounted fund raise so that large pie slices can be acquired or given to friends. This must mean that there is a significant uptick expected in the medium term.