Member Info for Proquo

The rate of production at Heron 1 is already very healthy compared to other wells in the Basin. Moreover, an industry rule of thumb is anything over 100bopd is considered a good well. Buck is in discussions for a JV to develop the field more quickly and in the meantime the company is looking at bringing other existing wells onstream using low-cost workovers and existing infrastructure. It has access to a soft loan from Petrovis which it has triggered, and paid off, previously. We have no current debt at all.

Robsaunders, you suggest however that somebody might come in to buy out Ntog. Isn't the debt a problem there? This seems to me to be unrealistic.

The main requirement now is patience. It's clear that Buck is shying away from any further dilution or he would have done it by now for further drills etc. This is clear and undeniable. With our income we can tick over comfortably, we have Petrovis backing us up and we have a cushion now to really work the JV deal. The costs for Gobi and Gazelle are said to be low and it might well be that this payment will now trigger the works to start. My feeling is that Petrovis will lend again as they would be affected by further dilution.

Like I said, a great milestone has been reached. Stay patient and this will come together. Buck is showing such patience in avoiding further dilution.

Absolutely agree Velocoraptor. A great milestone on our journey. Lovely to see after all this time. A massive achievement to get this far with no debt as well. So 800k bucks now, with about 250k to come, then monthly income. Given that we've got this far without any borrowing, we are in a great position now whilst we pursue our JV.

Morning all. Good comments Realpro.

Just my opinion, but I feel selling up now seems a strange thing to do after holding for a long time; we have only just started producing oil for the first time ever, we have been told we have external interest in a JV for Heron, we still have no debt, we have Petrovis behind us, we have Sunsteppe in talks with multiple potential investors, we have sorted so many regulatory obstacles, we have further fields to develop, we have the Mongolian government behind us now.

After years of no progress, dusters, regulatory problems, Covid etc it seems a bit of boredom trade or being spooked by stockbashers to sell now.

Obviously each to their own and sellers may be proved right as this is AIM after all, but selling now doesn't seem to be based on rational analysis of the facts as we know them.

Anyway, that's my check-in for the day. Off for my swim in the lake.

Lovely

Morning all. Back from a little break on the coast. Beautiful weather, cracking swimming. Anyway, some good comments already today and people are learning to greenbox and ignore the criminal stockbashers. Oil price looks like it will stay in our favour for a while to come and if the Strait of Hormuz closes the oil price could easily jump to 100 bucks per barrel. Waiting game here now until news drops so won't be posting very often, just the odd check-in. Got some free cash to top up and average down so looking to take about another 200k or so while the sp is so ridiculously low.

Don't get involved with the lowlifes, just wait for the updates. Plenty of news in the pipeline,for sure.

Lovely.

Totally agree TT. This is not the place to spend a precious Spring weekend. Or any weekend come to that. Surely everyone has something, anything, better to do with their time.

And with that I'll bid you adios. Nice Spring weather and I have a lovely Albariño chilling for later. Always disappoints the French neighbours if I drink non-French wine!

Bon weekend à tous. Next week could be a big one. In a good way, natch.

Yes, it looks like our TA advisors on here are right in identifying good support at these levels. No sense of drift while we await news. Onwards!

I agree, there's plenty going on at Sunsteppe to get excited about. Those confidentiality agreements with multiple investors for a start. Money is sloshing about all over the place for renewables contracts and one would hope that our JV can attract a good chunk of it. The CEO is clearly a regional mover. Exciting times.

The only thing the stockbashers fear is being ignored by the majority of genuine investors.

If you engage with the stockbashers then you give then what they want and need. It's quite simple.

It's a dilemma tbh TT - if MAFL's Golden Sun investment gets sold in the near-term then that stock could go absolutely ballistic. I mean, huge. However I've already doubled my investment there so topslicing would be sensible. Nice dilemma to have, like a football manager with two world-class strikers but only able to play one. Cogitating on it over breakfast.

Good move TT. Thinking of it myself. Currently 105.33% up on my investment in MAFL so might topslice there and buy another 200k here. No-brainer.

Agreed Realpro - the money is flooding into renewables and the Mongolians are pushing hard on this. Buck made this clear at the AGM. The company has positioned itself to ride this wave with its Sunsteppe JV. Oil may be the bread and butter here but the renewables are the exciting bit if you're a LTH.

*reputational

Just a point of law - you cannot sustain reputation damage if you are anonymous

Not sure I believe in karma as an extraneous organising principle in human affairs but I certainly think there's some purchase in the old idea that 'character is fate' or 'character is destiny' as construed by thinkers such as Novalis or Heraclitus.

Thorn, I think H1's current flow rate is more than acceptable for the basin. Very good in fact. What's clear is that they are feeling their way with the well a bit, and using the experience of the neighbours to inform our management and nurturing of it. Don't forget, the stockbashers said that H2 was a wasted and worthless well. In fact, they are going to look at repurposing it so support the production of H1 so that it will therefore play a crucial role going forward. My feeling that all this is absolutely normal for the early days of field development.

I accept however that the company fed the over-enthusiasm of investors for H1's potential bopd by over-egging estimates. This is a valid criticism although I tend to ascribe this to c*ck-up rather than conspiracy. Don't forget the AGM update stressed that they were looking for experience and expertise in any potential partner which I took as a tacit admission that the company weren't quite managing things as well as they would like.

However, a first well producing an good bopd is a great offer to potential buyers or partners and as others have said, the proximity to block 19 offers a source of info to help develop our field with greater precisi9n and predictability.

Still exciting times for me and I haven't even mentioned Sunsteppe, Gobi, Gazelle etc.

Just ignore them Gravy. Slap 'em in the compost bin. Life is too short to mess about with such types.

Yes, in my more cynical moments I ask myself what's in it for the Chinese to help us. Tbh that's probably more realistic.