Member Info for Proquo

Thanks Master. I guess we know there has been a bit of activity at Heron 1 in recent time though, as the beam pump has now been reactivated. Guess that wouldn't take long though and wouldn't look much different from space!

Secondly, whilst I agree with those posters expressing a bit of unease at the potential prospect of getting into bed with the Chinese, so to speak, I would counter this somewhat by pointing out that there is clear evidence of useful data and technical info sharing by our neighbours for quite a long time now. For example, in last week's update there were several references to how wells have behaved in block 19, in terms of flow variations, reservoir pressures etc. Moreover this info is being used by the company to make decision about, for example, now repurposing H2 as an injector well to support the reservoir pressure as this is something they've had to do next door. That's very useful and practical support in other words.

We can perhaps speculate as to why the Chinese have been supportive in this way, but so far it has been a two-way street with them.

I've no idea what 'intellectually invested' actually means in relation to a stockmarket bulletin board. It's not exactly a colloquium on Shakespearan tragedy going on here. I honestly thought the idea with stocks was to invest money, not see it as part of one's intellectual development. Still each person finds their own level I guess so live and let live.

Agreed Hamm. Where we are now requires just a bit of patience but unfortunately that is in short supply.

Great posting this morning, Investor and Realpro. Much appreciated.

My own theory fwiw Investor is that with small-cap oilers in particular the positive sentiment is strongest in the exploration phase when you have the excitement of drilling, hitting oil, expecting a find to be announced etc. Clearly this sentiment can get out of hand as it did when this went to 30p on basically nothing. It's all a bit like a gold-rush when rumours alone can send the sp shooting North. Once you have oil, you start having metrics by which to judge success or otherwise; costings, bopd, cash-burn, funding requirements, timelines, lead-ins and so on. Add to that all the permitting and bureaucracy that goes with the new find. It all takes so long, and delay is seen as a disaster after the excitement of the exploration phase. Those still holding get frustrated as it all takes forever and the stockbashers see their opportunity to strike, to start controlling sentiment and things stall.

The cruel paradox is that while the sp starts tumbling and is unable to break the chains as we have now, the company itself is in far better shape than it ever has been but what it doesn't have is excitement and a bow wave of positive sentiment to ride on.

I suspect they get paid in cigarettes.

Anyway just starting to tick up. Realpro and Investor's bit of TA looking pretty accurate re solid support levels.

It's telling you to ignore them TBT. Liberal use of the filter will help you do this. Once you bin them it's like finding a cure for tinnitus. They offer nothing but need responses, hence their goading and provocation. Do yourself a favour and greenbox the lot. You'll drive yourself nuts trying to wrangle with them.

If GS is sold we might even get a divi!

Yes, Thorn I like the idea of a sale with future production milestone payments factored in.

Master - we have been told that the company is in discussions for a JV to develop the field further. Whether one chooses to believe this will come about or not, it still means we are looking to find a route to developing our resource without raising the cash via a raise. And a sale is a distinct possibility also.

I agree and disagree Master. I disagree with the argument that one is inevitable - there are just too many other elements in play to be so declarative on the topic.

However, if an accretive raise did come along then it could well be the key which unlocks the massive potential, as you imply tangentially. We have no need for money to keep the lights on any more, not with our production and Petrovis support. Hence I wouldn't envisage any raise this year while Buck tries to develop all the other avenues still available.

Yes, an excellent comment. Plus it's very clear from the RNS last week and from the AGM that the neighbours have been very helpful in sharing data and info. Buck references this regularly.

Tbh I think Abzzba posted it and I read it and commented on it.

The main point was that they'd still made good profit on a relatively small amount of OIP and it shows that the Chinese will put their hand in their pockets for a much riskier project than Heron offers at this point. Our field is now basically a plug and play for bigger outfit with most of the hard miles done. Given the cash and effort they've expended just up the road for a lot less than we offer then, I repeat, it would be amazing if they don't make an enquiry for the lot. Hence Buck's 'at the right price' at the AGM. In my opinion of course.

Just for the sake of accuracy, from memory I think the $367million figure in the article included the monies spent on developing the field and not just for the purchase.

Tbh I see no end to the conflict for the foreseeable. Ukraine is just a first step for Putin on his way towards Finland and the Baltic states. He's played the Orange Man-boy like a fiddle. Trump the Chump. Putin has no intention of backing away from anything and the west has to stand up to him starting with 3.5% of GDP spent on rearming across UK and Europe. I certainly wouldn't base any investment case on the Russia-Ukraine war ending. Just my opinion.

Also the Soco field history also offers us a metric by which to judge Heron 1. 350 bopd from 27 wells up North and we're getting 160bopd from a single well with possibly more to come. I've said for a while, the general industry rule of thumb is that 100bopd producing is considered a successful well. Heron 1 seems rock solid.

Bid ticking up nicely. Hopefully JV's comments on GS has piqued some market interest.

I'm happy to wait Thorn. The sp drop is just an expression of a lack of patience. I'm OK with that. The company has been attracting short-termers for quite a while now so no surprise. A simple point - if there is a raise then it would be for accretive reasons ie to add value anyway. We have the lights covered now so no more raises just to keep them on.

In a way, I've never been scared by raises - say we doubled the share count to 3 billion. What would the Mcap have to be for me to cover my 1.72p average? £50million? In a company with 10-15million in cash to grow the production to get RBL in the event of no deal or sale? Plus I would average down on any discount or retail offer anyway. Still a no-brainer for me even on those numbers. This is AIM and it's not for the lily-livered.