The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Sounds feasible, drilling should be pretty much done by now the speed they were going. Wireline logging to be completed in next 2-3 days per schedule, although they have not been hanging around so I expect things to move very quickly from here.
Rmp has history with water (puntland) I remember rns on 2nd well which turned to water. People are naturally nervous
The real money will be made over next week or so When they hit red, complete logging and running DST. They is no way with that amount of shows that this isn’t commercial. I’m very happy now with My 117,000 share purchase at 1.9p.
At the rate they were going it could be sooner than that unless something slows them down.
I suspect that it’s too late to worry about that with news likely tonight fate likely to be decided before we wake in the morning.
Value is approx 0.33p based on option. Still along way to fall.
Probably early next week looking at the drilling plan.
Sure I remember $3.5m for topside upgrades and $8-9m for pipeline.
They will however be generating free cash flow of about £1m per month from may at latest. So if djeno is August drill that’s min $3m cash in hand, myreading is that’s just from AAOGs share of production, they will also get partners share of cash wile loans are outstanding which I get to be about another $0.8m per month so potentially around $5.4m cash in bank. We have been told future costs of drills about $8.5m so only about $3m funding required for next well. Production facility upgrade was $3.5m so two months cash flow with two Mengo wells producing. I do not believe pipeline will be built before Djeno success is confirmed. It is confirmed I would expect Toyal to be very interested in buying to increase utilisation at their export terminal.
The franc is a very small frac and should be simple. I would expect that only a small amount of frac fluid and propellants will be needed and that clean up will be very quick as a result.!I reckon we have until mid April to top up and I fully intend to do so when I get new isa allowance.
At least a couple of months probably
If it’s me Youvare talking about I am here and have just put my little girl to bed, I don’t post often and never during the working day, especially at month end.
Estimated reserves and resources up to of 300 million bbls across three horizons that produce across the region Estimated and upto not proved yet, the objection I have is quoting the number as a definate
I already have all the shares i am happy with but spoutingv300m across the board last is wrong and could suck in more naive investors. I think this could be a fantastic investment but there are still a lot of hoops to jump through, it is not just the case that we are now all sorted because we may have 300m barrels.
I was making the point that the funding is key at this stage. And that 300m barrel was a disingenuous misrepresentation of the presentations actual wording. No one know for sure yet how much we have and without resolving the amounts owed or raising funds in some way we don’t have the cash to do a proper job on the djeno.
The size is. It yet confirmed although it’s looking very good (So please don’t mis-quote) A large resource is only any use if you can have a funding deal to get us out of the ground (Xcite) the key over the coming month is sorting the £10m owed (probably more £11-12m now)
There are lots of potentially creative and less creative funding options out there that could minimise dilution. 1 - refinery owner builds pipeline and AAOG pay tolling charge for shipping oil. 2 - Farm down percentage of each well for drilling services. 3 - DRC give pay what they owe us and pick up their share going forwards. 4 - AAOG increase stake in consideration of amounts owed then farm down to larger operator in exchange for investment. 5 - Development bank loan Options do not have to involve placing. I would be very disappointed if they rushed into 104 funded with placement before they have licence and debtor resolved.
Only think I would say is I believe they will only produce djeno in 104 and will not co produce with upper layers so 6000 bopd, apart from that seems about right
My thought on upcoming news. 1 - We’ll test result 2 - New licence either increase stage or cash from Gov 3 - Funding either cash from gov or farm down increased stake, I’m sure Eni would be interested. 4 - New rig and drill although I would expect this to take months. There may be a small placing required but I don’t think we are looking at massive dilution. My view would be that it’s probably still to risky for debt funding.
Quarterly report due this week could give us a glimpse of what’s going on.