Member Info for Quitie

The dizzying heights of 16.5p!! Completely agree though bit of a job it's not.

Will be interesting to see any changes to % of ownership within the major shareholders changes come Friday.. I've already got a screenshot of the current figures. Time for the CEO to get skin in the game? Surely a TR1 incoming of sorts anyways

I'm in the view that this has now bottomed out - the placing was the major doubt hanging over this which is now out of the way and wasn't as near as bad as what it may have been. Time to kick on now

The exact same volume which sold earlier in the afternoon.. hard to decide what to read into it

I am NOT suggesting any sort of manipulation here before anybody starts freaking out, but here is an interesting read of a company coming out publicly stating our their own shares were manipulated by a 3rd party..

Not relevant to us, but maybe some people need a leveler head when they go on about manipulation and mm's etc etc

https://www.lse.co.uk/rns/BUR/burford-capital-ltd-evidence-of-market-manipulation-in-burford-shares-mowk94jan88jgvm.html

Maybe just all they need to tide them through..

From the last lifting update: 'The Company's share of the 10th lifting equates to 17,323 barrels. The lifting was sold by the joint operators at an oil price of $66.97 per barrel meaning that, at the project level, the company's investment produced $1.16 million revenue and net profit of approximately $600,000. The profit from the lifting was applied against the project level debt.'

Lifting update from a few months ago ' https://ir.q4europe.com/Solutions/mxoil2019tf/4000/newsArticle.aspx?storyid=14282734 '

Going forward the lifting profits would go straight into the bank (estimated from the lifting in Q1 next year), making us no longer loss-making, and in turn easier to secure any financing etc.

Again just all my views!

Yeah my thoughts were that this would have been 'Phase 2', with the full field gas development being 'Phase 3'. It is worth remembering that the license is more gas than oil (again see Yinka's website for headline figures, however the updated competent persons report explains it better if you know your oil terms and can gauge volumes etc https://yinkafolawiyogroup.com/upstream/facts-and-figures-28 ).

Either way it would be criminal for it not to happen, and hopefully any further development is announced soon. A more likely scenario would be for the full field development to be announced, but with the below mentioned additional drilling asap, meaning for an initial step up to approx 10k bpd which would simultaneously fund the on-going larger development

And yes Dan I completely agree with you there - not all down to us. This is very much a partners driven prospect atm.

Again I know these things often take a while, here's hoping they hit us with 100% finalised plans, oh how good that would be!

I agree that we only have a tiny share here, but say the development does go ahead, we've only to pay our small share (5%), which won't be the hardest funding in the world to secure knowing what the development would be producing in due course. We'd then be making significant cash growth once the development has ramped up:

Take Yinka's estimates for my examples here..
5% of 50k bdp is 2500 bpd. This x $60 per barrel = $150,000 ~ £125k (every day the field is pumping). Say lift costs are $25 per barrel, this would still leave $87.5k profit per day (financing costs are incorporated into all-in lift costs).

The same maths but for 80k per day leaves 140k per day profit. After the project funding is paid back the all-in lift costs drop again

I'm in the industry myself, and worked on new platforms where they proclaim that after not even a years production they've payed off their 'mortgage' (entire project funding).

I'm by no way saying this is an overnight winner, but even with a 5% things can soon get significant in O&G. Exactly why I'd also love to see them somehow increase their stake in the field.

Larger production volumes then secures further funding and cash-build for further developments, repeat etc etc..

Just browsing our partners previous press publications. Panoro Energy's first quarter report speaks about the next phase of the Aje field, and speaks about it being the 'Gas Field Development Plan'. I always thought this would be phase 3, however looks as though any full-field development will be all encompassing for all of the reservoirs within range. This would always take longer to plan, however if the go-ahead is given, Yinka Folawiyo (main operator) predicts the field will produce between 50-80k bpd.

Any confirmation / sanction of the next phase would obviously send this flying, and would suggest it would be prudent for people to chill and wait for thing to unfold..

Panoro report: https://mb.cision.com/Public/399/2823077/a01e2b103ab91bd9.pdf
Yinka website with field plans / expectations: https://yinkafolawiyogroup.com/upstream/facts-and-figures-28
Energy Equity Resources also go on about further development: http://www.eeras.com/oml-113/

It's a matter of when, not if the phase 2 is sanctioned. The biggest thing I could hope for prior to this would be to somehow increase our stakeholding in the license.

Bit of a grim time just now, but the potential upside is huge. It's all the same guys bashing HH just now that were saying he was a saviour a matter of weeks ago. Just give things a little time, rome wasn't built in a day etc etc...

Yeah i agree with this one, just a company doing things by the book.

It will be interesting any potential changes in % of ownership right enough

Wouldn’t mind an update on the company’s plans now they have the short term funding sorted. All the potential upside is still there, with the queries on funding and placing now cleared up.

Personally quite pleased it was only £500k, essentially covers what they said in their financial results that they needed short term funding. Any major project investments will always be done through institutional funding, as with the phase 1 of Aje.

This was always a long term gig for me. End of the day nothing overly significant has happened since HH bought in, more just a case of getting the house in order before they (surely) kick on.

People are often far too short sighted in this game...

Approx 500k raised. Surely this is all they were hoping for given the nominal amount? Enough to keep us going prior to profit after the next uplift etc etc, with any significant funding coming from said uplifts or banks?

Not the best of news to be getting, but surely things will then kick on once they have funding secured?

Will be interesting to see the changes of major shareholding once this is completed, see who's got the most skin in the game etc. So much potential upside afterwards so fingers crossed it then kicks on over the next month

Quite interesting the several recent filings. Obviously just getting everything properly in line before things really kick off

Investors and traders are fickle people. A bit of patience and this will reap the rewards.

So much potential upside (all the reasons I’ve spelled out previously) - yes taking it’s a bit of time, but anybody banking on the first bit of news then being happy to walk are mad in my eyes..

I agree we need news, but a steady news stream would be far better than too many RNS filled with just drivel, makes the share a bit less volatile. Hopefully something over the next week or two properly outlining plans and where we’re currently at given the passed resolutions would be a good start

All resolutions passed - surely an RNS with their plans to now kick on now they’ve got their way?

A few large 25k sells going through to stunt the rise, bizarre time to be selling!

Anybody on the board attending the AGM? Would be great to hear if there was. So much I’d like to know, including but not limited to:

Any Aje stake increase
Aje Phase 2 development
CEO getting skin in the game by means of buying shares
The status of Front Puffin FPSO going forward
Any news of further exploration in the block (and adjacent block maybe?)
Plans for future financing

Loads to be hearing, good news on any of these could send the SP North. Certainly loads of potential upside that’s for sure!

Some cracking buys today, but also some huge sells! I can see an update of holding coming out before the AGM for sure

Dare I say it, the last chance to be buying at these prices??

I agree with the earlier post saying the CEO should be buying shares to have skin in the game. That or an idea of what his bonuses are based on would be good to know..