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If there's a sale for even a fifth of true value then this will go past 10p overnight. It's that simple. If it's the Chinese we know it will take time but I would expect at some point a RNS along the lines of an oofer being made but we can say who due to confidentiality agreement etc. Buck hints at this in the AGM. Things have been going on in the background for months imo, hence the holding pattern on drilling announced at the AGM. As clear as day to me.

Just a waiting game here now, plenty of news to drop in the coming weeks. I'm pretty clear that whether it's JV or sale of Heron it will involve the Chinese in some way. There's just no way they are not interested and they know us and we know them. They have all the infrastructure in place so the field is basically a plug and play for them. As Mike Buck said, it's a question of the price being right. My gut feeling is it will be sale rather than JV which suits me fine. The lack of spending commitments back in the AGM supports my hypothesis, and it's worth re-listening to the AGM - there are clearly hints in there. Sunsteppe is, and always has been, very exciting going forward and I await imminent updates from there.

Her name.

It takes longer to write a bulletin board post than it does to Google the name of the Sunsteppe CEO. Weird. Just look it up.

Erm, you need to look again GKahn.

Just my impression, but it seem to me that at the AGM Mike Buck seemed more engaged with what Sunsteppe have going on than in the oil side of the business. He certainly seemed very well briefed and versed on all the projects Sunsteppe has on the go. Moreover, the Sunsteppe CEO is clearly very well connected with a growing influence regionally, hence the invite on intergovernmental junkets. This is the sector where the huge bucks are coming in and it seems our JV is front and centre of it.

There is clearly a direct correlation between being a stockbasher and being an abject failure as an investor.

I blocked Doc about five months ago. They were doomongering about an imminent raise back then. They warned investors to expect a raise every single day. Are they still hammering away at this trope? These one-trick stockbashers really aren't very good. More yer Poundland derampers.

Yes Investor, that's how I see things playing out. We've brought Heron to production, sorted out distribution and have made the Mongolians streamline their permitting and regulatory protocol regime for future ventures. We've done the hard miles, in other words. We now sell this as a plug and play acquisition to a bigger entity, prob the Chinese in this instance and then rinse and repeat for new PSC'S as we acquire them ie find oil, establish production and distribution and flog it as a proven asset.

The big money is flooding into renewables so the cash we make is the used to expedite our pivot to this burgeoning sector in the region. An energy company, not just an oil company. This second phase is already well underway. And we still have NO DEBT which really puts us in a great position. Patience needed but...

Well, some people are posting asking why people are posting.

Thanks Roxy. Weather lovely here in France and forecast is set fair for the next week. Luckily I have my local lake to swim in when it gets warm. Little cafe there has WiFi too so I can post between dips. Hahaha

Very happy with my investment and average here.

As per my calculations yesterday, a fair price for anyone looking our reserves is about £500 million. I would happily accept half of that, with a forward plan to rinse and repeat at the new PSC's with the much more streamlined permitting and regulatory framework in place now, and then put as much as we can afford into Sunsteppe, which is the future for us. Minus a little divi of course. Keep everyone sweet.

Correct Tenbag. We have teamed up with an operation just up the road who have a long-established routine for distributing their product. The refinery is a huge attraction for any buyer as the field has decades of life in it but when it comes onstream is irrelevant to where we are now. These are just facts. As I've said its hard to imagine that the Chinese aren't taking a careful, covetous look at our assets right next door to them. We've already teamed up with them effectively and Buck has been at pains to express his gratitude to them many times for their ongoing support.

Go figure

The industry rule of thumb for valuations of in-ground reserves for buyouts is one third the current value of the oil in place. The other two thirds is therefore to cover costs, opex and eventually profit.

The refinery and pipeline is a huge plus for anyone developing the field. We are talking about a field with a projected lifespan running into decades. 2028 won't bother the Chinese as they already have a long-established route to market just up the road from Heron. They've been doing it for years.

I absolutely love when my post triggers a deluge of green compost bins. Lovely

The other interesting thing is that the Chinese have extracted just over 7 million barrels since they opened that field so are actually well in profit wrt their costs, based on oil prices over the 20 odd year period. They must be licking their lips at our pristine new field, with its high-grade, easy-flowing oil with all their existing infrastructure already in place for managing it.

Really interesting detail in that article Abzzba is that the Chinese have invested $367million in a Mongolian field with less than 15 million barrels of recoverable oil. Our lowest estimate of recoverable oil at Heron is more than double that. Would be frankly astonishing if the Chinese aren't thinking of buying the whole lot from us.

The market is just people with opinions so I am the market. And also the valuation rubric or accepted rule of thumb generally factors in the future variables. Moreover the 33mill estimate is the lowest one. Don't forget there's also the little matter of a refinery to take all the oil being produced for decades to come with a dedicated pipeline to connect our field to the refinery currently under construction. This alone would really increase projected netbacks.

Valuation would be a tad lower as I've based it on Brent and the Chinese market trades at slight discount to that.