Member Info for Proquo

I must admit I saw the .8 placing as a massive opportunity to average down to just over 1p. In my view it was effectively giving the shares away and not long after we had become a producer for the first time in our history. Only time will tell if I'm right but 6p from here would be a huge boost to my retirement!

Another question I'm asking is how many new wells do we need to bring onstream to be in a position to secure RBL? We know our two wells cover our running costs with a bit to spare. Say either Gobi or H2 comes in at 100bopd bringing in another 100k per month. Could we then borrow for another drill or two, with a view to securing another producing well this season, especially if Sunsteppe monetise an asset in 2026 as we're hoping it will? Lots of ifs and buts I know, but there is a scenario there where going it alone becomes a possibility. Like I said, my thinking is that we need a couple of nudges to unlock the floodgates.

A fair and reasoned perspective Investor. To be clear I actually expect a farm-out to happen, especially as we have multiple suitors in place. My main concern is that the farm-out should be relatively modest with a large element of earn-in attached. We've done, and paid for, the hard miles at Block XX and the deal should reflect this. The minimum I would expect is an upfront cash payment in recognition of our work and spend to be able to offer a ready to go field with proven reserves likely to increase. We're not offering an undeveloped space for wildcatting, and Gobi test is set up ready to go from day one.

Agreed Abzzba. Buck himself said we can go it alone if we have to, it would just take a lot longer but it would mean we keep the whole asset to ourselves. We could easily see one, if not two, new wells come onstream with Gobi and/or H2 for minimal outlay. We are currently covering our running costs with a nice bit on top. I've said before that any raise in this scenario would be hugely accretive as the last raise turned out to be and we haven't even the ROI from Sunsteppe begin to play out yet. This company needs no more than a couple of positive nudges to take it to a new level.

Lovely

PC witheld the payments for a lot longer than 6 months. What's your point, Furry?

Hamm, I not sure what 'caution' means in terms of investing. You're either in or out. If you believe it will come good, you're in. If you don't you're out. Simple, no? 'Caution' only really comes into with regard to how much I choose to invest.

Wrt to stockbashers like Badprophet who claim to be a LTH, a simple thought-experiment makes my point - imagine a poster whose posts about this company are always positive; they've made thousands of posts on this share only and post on nothing else to the same degree and they only ever state the investment case; they know every detail of the company's work, history, personnel because they've researched it in depth for years; however, despite all this they consistently state that they're not invested and have no intention of doing so. Would you still find me credible or trustworthy? How much cognitive dissonance does that generate? That's basically what you are doing if you believe Badprophet is posting in good faith by endlessly denigrating the company's prospects, and predicting a falling share price whilst claiming to be a long-term investor. Like I said, it just isn't credible and has nothing to do with 'caution'.

The Chinese Year of the Horse signifies dynamic and rapid change and progress, forward momentum, independence, bold movement. I think the timing of the operational update was playing to the beliefs of our Chinese interlocutors. Buck has always been culturally and anthropologically aware.

BTW Pilsbury, you often stated that the advent of Chinese New Year celebrations would possible hinder the newsflow here. In fact, we got news of the full payment of outstanding from PC on the second day of the New Year. I actually wondered if that was deliberate on the part of the company.

I'd be careful taking Badprophet's claims at face value. Anyone stating consistently that they believe there will be a raise at .8p and who posts nothing but negative comment but who also claims to be a LTH is clearly someone who is not being truthful. If you believed that there is nothing good about the company and that the share price will fall with another raise then you would sell, obviously. You certainly wouldn't continue to hold. It really is that simple. You are being naive Pilsbury. Critical thinking is needed here.

Brent back over $72. Means we are clearing about 13.5k per day atm, or 400k per month. That's some way beyond our running costs.

Bid 1.2p

Morning all. I hope everyone had a relaxing weekend. Interesting post by Dan, amid the detritus of the weekend. Discussion with Envoi seem to suggest that the issues with payment from PC have held up the farm-out with is pretty understandable. It appears those issues are sorted with the 2026 agreement wording being finalised to iron out the wrinkles in the previous ones. Good news. It also struck me that this also explains the MOU. Maybe something the counterparty wanted, or maybe something we pushed for to reassure the counterparty of no skeletons with PC. Certainly there's a clear sense of clearing the path for the farm-out to get signed. Hardtop imagine that there's much more to do now. It's my feeling we could see something quite soon.

Anyway, a good weekend to all. Feels like we took a step forward this week.

Best wishes, time for a Ricard.

R a c I s t s

sorry corpse but the massive january surplus was through tax receipts primarily. the uk needs massive investment in public services and it can only do that through taxation. we want great education, hospitals etc but don't want to pay for it. 'the market' in its uk incarnation cannot solve these issues. privatisation just hasn't worked. i don't want ******s running a country where 1 in 6 people are from an minority ethnic background. that's a recipe for civil war, as we are seeing in the states unfortunately. as for safety, i've no idea where you would go that's safer than the uk.

Thanks for sharing the email, Manwell.

Hi Corpse. FYI it's information from the parallel universe known as The Office for National Statistics. Happy to help amigo.

Bid still at 1.2p, Brent still over $70, set up nicely going into next week. Just about four weeks or so of the Mongolian winter to go, so it would be good for the farm-out partner to get moving. Very, very little priced in at this MCAP, so oodles of upside to come.

Lovely.

Yes, and a big chunk of cash covers a lot of that Mcap. Very little priced in here.

Lovely.

Ah, I thought it was something like that..

Looking back to the UK from the continent, lovely to see such great economic news coming out in the old place. Highest budget surplus ever recorded, private sector growth climbing, and retail sales looking stronger. Maybe the fightback against Reform is on. I hope so.