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Glad you've seen the light Jimi!

Yes, shows commitment to the cause to take such a radical pay cut when times are tight. You can bet trough-feeders like Milholland and Sanderson et al would never do so the same, let alone buy millions and millions of their company's shares. All this blather from armchair CEO's like Master, Hamm etc about Buck's leadership is just a load of pony. Disappointingly, given how demonstrably uber-bullish Hamm was around Xmas time, one can only conclude that they are currently out and are looking to spread a bit of negativity for a cheaper buy-in. No other explanation fits for such a dramatic volte face. Shame to see them stoop so low.

Ticking up

Obviously block 20, not just Heron.

My view on Heron is that two or three successful drills from where we are and suddenly we can get into exponential growth. I've said before that we could get at least one more from Gobi and H2 with very little capital outlay, so I'm almost hoping the farm-out starts off quite limited on a sort of rolling earn-in basis. Minimal risk to the farminee, and we only give away some of our asset bit by bit. Remember every penny from new wells here on in is pretty much all profit for us. As the field grows, so does the farminee's share of the asset. Up to a maximum 49% interest, say. As each well comes onstream, it becomes easier to pay for the next and our knowledge and understanding of the reservoir dynamics grows too. Moreover, how much proven income do we need to start looking at RBL to really accelerate?

So yes, I think the farm-out might be quite modest, because in my view we are only a nudge or two away from lift-off. Heron is currently our main asset, so unless Buck sells it for something north of 100mill, then I want him to protect our ownership of it as much as possible in these negotiations.

Hamm, what would be a fair farm-out deal for you, given that your own calculations show Heron alone capable of generating a net profit of $258million in a few years time?

That seems a fair question. Genuinely atb and it's nothing personal. I don't loathe you like I loathe Doc, for example. I haven't binned you.

Strangely, I always thought Margaritas was a woman.

Hamm, I've always been fully open about the fact that I'm a ramper as, bizarrely, I'm so confident about Matd that I invested money I it. Just call me weird.

And I'm consistent in that. I've never attacked you personally but I am calling you out for posting according to whether you are in or out. Look at the massive contrast from your posts today compared to the uber-bull you were less than two months ago.

I just dropped the mic Hamm. Was quite satisfying.

Flip-flop-flip Hamm?

You've answered that question for yourself already, Hamm. Take a look through your previous posts. Here's a reminder:

18th December 2025

'Do the math, just a reminder. With 65 million barrels of proven recoverable oil, and a net profit of $40 per barrel, the total net profit would be approximately $2.6 billion net profit just Heron feild. Gazelle? How much is that one?'

23rd December 2025;

'Real investors should focus on the real deal. With a farm-out on the horizon, this is clearly a win-win situation. The farmee makes good money as well, which is exactly why the deal makes sense. That’s why I believe that if and when the farm-out is secured, the rerate will follow — and I’m not talking about 50% or even 100%. I’m talking about a serious revaluation. Ultimately, it doesn’t matter who says what on this site. When it comes, it will come fast'

23rd December 2025:

'Assuming a farmee drills 50 wells over five years, each producing 150 barrels per day with a net profit of $40 per barrel, each well generates about $2.2 million net profit per year. If all profits are reinvested into drilling new wells at an assumed cost of $5 million per well, the project compounds quickly. By the end of year five, instead of just the original 50 wells, reinvestment lifts the total to roughly 118 producing wells entering year six. At that point, production would be around 17,700 barrels per day, or about 6.5 million barrels per year, giving an estimated net profit in year six of approximately $258 million'

Happy to help

It really has Tenbag. They even tried to talk down the million bucks payment yesterday, having spent months and months talking UP how big an issue it was.

It's funny Hamm, but I swear you only ever post when the sp dips, and only ever negative comments. That's some weird coincidence.

Ah, you've gone over to the dark side Hamm. Tenbag has been highlighting the million buys for days, because as you demonstrated so beautifully, the stockbashers only ever highlight the sells. Glad you are getting so much mileage out of the little ISA thing. Fragile ego? Anyway, keep up with your clear stockbashing agenda. Currently out?

QED

Plus the 799k before 9am was a buy.

Just for balance Hamm, the million at 9.04 was a buy, the 1.2mill around 11.08 was a sell. Tenbag's post you are referring to was 10.54.

Looks like Hamm is out again.

Yep, still every chance with H2 and presumably Gobi instill lined up and funded. Even 50 bopd would net us over 800k clear pa at 70 Brent, and take our net income well over 5 million. Worth persevering with in my view.

Tbh that's a pretty poor level of analysis you've demonstrated there Carlos. Atb anyway.